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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
+278.2%
€22.77
vs €6.02 price
Levered DCF
€14.33
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
1.42
Distress zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E11.57×7.55×7.85×8.52×8.16×25.35×10×11.61×
P/B0.85×0.76×0.77×0.81×1.04×0.87×1×0.94×
P/S0.77×0.66×0.66×0.6×0.76×0.67×0.67×0.65×
EV / EBITDA2.11×1.55×1.53×1.57×2.35×3.16×3.22×3.67×
Gross margin19.3%63.3%42.4%71.1%70.5%66.8%62.8%60.1%
Operating margin8.3%11.5%11.0%12.0%13.7%5.5%10.9%7.6%
Net margin6.7%8.7%8.4%7.0%9.3%2.7%6.6%5.6%
Current ratio1.52×1.49×1.51×1.49×1.3×1.28×1.31×1.32×
Debt / equity0.11×0.13×0.07×0.1×0.14×0.17×0.21×0.09×
Interest coverage11.89×13.96×16.23×18.59×36.99×7.99×22.38×43.43×
Dividend yield7.2%7.5%7.0%6.3%5.2%0.0%5.4%4.9%
Payout ratio82.9%56.5%54.8%53.8%42.0%0.0%54.3%57.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity7.4%10.1%9.8%9.5%12.7%3.5%9.9%8.1%
Return on invested capital5.7%8.4%8.9%11.5%12.4%3.7%8.5%6.9%
Return on assets4.1%5.3%5.2%4.8%6.1%1.6%4.6%4.1%
Free cash flow yield5.6%10.0%21.7%10.0%16.9%14.1%9.2%10.1%
Earnings yield8.7%13.3%12.7%11.7%12.3%4.0%9.9%8.6%
Enterprise value€1.3B€1.1B€980.4M€1.2B€1.7B€1.5B€1.8B€1.5B
Net debt / EBITDA-0.75×-0.61×-0.82×-0.39×-0.19×0.2×0.41×0.07×
Cash conversion cycle (days)11844134316586-51-44