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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
+158.8%
€13.20
vs €5.10 price
Levered DCF
€13.79
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
15.8
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E13.4×14.29×18.46×13.64×16.48×17.5×18.08×12.15×
P/B4.35×5.8×8×6.03×6.44×5.83×4.26×3.1×
P/S3.5×4.69×6.93×5.75×6.61×6.49×5.12×4.46×
EV / EBITDA7.94×9.28×11.38×8.09×9.74×9.77×8.03×6.4×
Gross margin84.0%62.0%68.4%73.8%83.9%82.1%68.1%70.8%
Operating margin33.9%41.6%48.5%54.6%50.9%48.2%37.7%48.7%
Net margin26.3%32.6%37.5%42.0%40.1%37.2%28.2%36.7%
Current ratio16.59×7.16×7.68×7.77×4.9×6.86×5.84×8.63×
Debt / equity0.05×0.08×0.08×0.05×0.05×0×0×0×
Interest coverage0×125.13×173.37×175.71×97.56×0×187.89×472.51×
Dividend yield9.5%11.7%7.8%5.8%5.4%5.5%7.4%6.6%
Payout ratio126.1%168.5%144.2%79.8%88.9%96.7%134.9%80.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity32.7%40.3%43.3%44.0%39.0%33.4%23.4%25.5%
Return on invested capital26.3%33.4%36.2%40.8%36.5%32.8%22.6%25.1%
Return on assets26.3%32.4%35.4%36.8%32.1%29.4%20.4%23.6%
Free cash flow yield7.4%7.7%6.5%8.6%7.6%7.2%9.4%9.5%
Earnings yield7.5%7.0%5.4%7.3%6.1%5.7%5.5%8.2%
Enterprise value€59.3M€89.7M€163.3M€140.1M€137.8M€118.1M€82.5M€63.9M
Net debt / EBITDA-1.55×-1.3×-1.12×-1.12×-1.09×-1.16×-1.16×-1.05×
Cash conversion cycle (days)-78-11-111,4572,374-1251,256