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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
+67.7%
€101.43
vs €60.50 price
Levered DCF
€193.56
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
4.18
Safe zone
Rating
A+
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E16.18×14.77×13.15×13.47×17.67×16.28×14.93×14.69×
P/B1.75×1.73×2.14×2.49×3.36×2.44×2.2×2.11×
P/S1.42×1.31×1.32×1.43×1.92×1.49×1.31×1.38×
EV / EBITDA9.38×8.63×8.47×9.46×11.68×10.23×9.28×9.49×
Gross margin12.8%36.2%35.5%34.8%36.0%36.2%36.4%36.8%
Operating margin11.8%11.9%13.9%14.4%15.0%13.0%13.0%14.0%
Net margin8.8%8.9%10.0%10.6%10.9%9.1%8.8%9.4%
Current ratio3.33×3.2×2.82×2.34×2.19×2.41×2.38×2.63×
Debt / equity0.13×0.09×0.13×0.17×0.12×0.18×0.2×0.23×
Interest coverage39.79×54.95×61.06×136.99×331.23×203.21×224.51×337.42×
Dividend yield2.7%2.9%2.5%2.3%1.8%2.8%3.3%3.6%
Payout ratio43.3%42.8%32.8%31.2%31.7%45.3%49.2%53.1%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity10.8%11.7%16.2%18.5%19.0%15.0%14.7%14.3%
Return on invested capital9.4%10.4%14.2%15.5%16.6%12.5%12.0%11.3%
Return on assets7.8%8.6%11.2%11.6%12.1%9.5%9.1%8.9%
Free cash flow yield8.9%9.8%6.4%1.8%1.7%4.9%7.2%3.0%
Earnings yield6.2%6.8%7.6%7.4%5.7%6.1%6.7%6.8%
Enterprise value€667.8M€632M€779M€829.9M€939.9M€590.8M€494.9M€451.7M
Net debt / EBITDA-0.64×-0.4×0.13×0.42×0.07×0.04×0.23×0.5×
Cash conversion cycle (days)164202193191179174186226