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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
-119.6%
-€0.12
vs €0.61 price
Levered DCF
-€6.74
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-5.25
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.26×11.58×11.76×12.6×20.65×40.38×648.15×237.56×
P/B-0.55×2.71×3.33×2.76×3.65×6.3×8.16×8.26×
P/S0.77×1.07×1.22×1.03×1.82×2.24×2.8×4.08×
EV / EBITDA-3.48×5.16×6.85×7.13×11.57×18.71×47.22×52.75×
Gross margin-31.8%42.6%36.8%38.8%36.6%28.8%34.7%42.4%
Operating margin-50.3%18.2%14.3%11.4%11.4%8.7%3.0%4.1%
Net margin-60.9%9.3%10.4%8.2%8.8%5.5%0.4%0.7%
Current ratio0.13×1.31×1.18×1.09×1.44×1.08×1.12×1.34×
Debt / equity-0.38×0.5×0.57×0.84×0.46×0.54×0.53×0.58×
Interest coverage-13.03×6.83×7.88×7.79×5.8×4.36×1.7×1.56×
Dividend yield6.0%5.0%3.3%3.2%1.8%0.0%0.0%0.0%
Payout ratio-7.6%57.9%39.1%40.4%38.2%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity44.0%23.4%28.1%22.1%17.6%15.5%1.3%1.4%
Return on invested capital97.0%16.8%19.6%13.2%13.5%11.4%1.8%2.1%
Return on assets-64.2%8.3%9.8%7.0%6.9%5.1%0.5%0.5%
Free cash flow yield-48.4%-3.4%5.2%14.8%3.8%6.3%1.6%1.6%
Earnings yield-79.4%8.6%8.5%8.0%4.8%2.5%0.2%0.2%
Enterprise value€344.7M€405.2M€434.3M€310.6M€296.4M€257.2M€290.5M€293.9M
Net debt / EBITDA-1.31×0.16×-0.03×0.23×-1.67×0.28×1.99×2.8×
Cash conversion cycle (days)-1275040-20-5146225