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Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value
-163.5%
-€0.26
vs €0.41 price
Levered DCF
€0.93
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
1.37
Distress zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-40×-7.5×-23.6×10.7×53.5×-7.1×25.78×2,095×
P/B1.37×0.52×0.94×1.04×0.89×0.7×1.66×1.87×
P/S0.38×0.16×0.28×0.39×0.36×0.28×0.4×0.43×
EV / EBITDA6.03×5.49×9.7×5.31×6.78×9.52×7.62×8.84×
Gross margin28.9%55.0%16.3%43.3%43.2%36.3%40.2%38.5%
Operating margin8.0%8.7%4.4%6.0%4.9%-1.5%4.4%1.9%
Net margin-0.9%-2.2%-1.2%3.6%0.7%-3.9%1.5%0.0%
Current ratio1.18×1.14×1.24×1.3×1.51×1.31×1.11×1.13×
Debt / equity2.73×2.84×3.11×2.43×2.59×2.72×3.21×3.02×
Interest coverage1.16×1.1×0.89×1.97×1.93×-0.57×1.3×0.78×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-3.4%-7.0%-3.9%9.7%1.6%-9.8%6.4%0.1%
Return on invested capital7.5%0.4%2.0%3.1%1.5%-0.7%2.9%0.3%
Return on assets-0.6%-1.2%-0.7%1.9%0.3%-1.9%1.0%0.0%
Free cash flow yield28.4%-43.2%-42.9%-9.7%-40.7%-3.4%-32.5%3.6%
Earnings yield-2.5%-13.3%-4.2%9.3%1.9%-14.1%3.9%0.1%
Enterprise value€250M€221.3M€252.4M€229.9M€202.1M€166.2M€206.7M€168.8M
Net debt / EBITDA3.68×4.53×6.97×3.36×4.62×6.75×4.8×4.61×
Cash conversion cycle (days)97248164227243196212149