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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
-77.1%
€6.48
vs €28.32 price
Levered DCF
€3.35
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
3.95
Safe zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E61.62×10.35×17.54×22.91×74.82×33.22×43.71×41.85×
P/B3.29×1.87×3.35×3.88×11.01×6.15×5.81×4.83×
P/S1.93×1.04×1.62×1.97×5.85×3.11×2.54×2.54×
EV / EBITDA20.77×5.76×10.33×13.31×37.7×17.9×19.24×17.06×
Gross margin31.9%32.6%29.4%28.8%30.0%31.5%28.8%32.1%
Operating margin5.7%14.7%13.0%12.2%11.8%13.5%9.4%9.8%
Net margin3.1%10.0%9.3%8.6%7.8%9.3%5.8%6.2%
Current ratio1.8×1.97×1.62×1.35×1.26×1.53×1.29×1.27×
Debt / equity0.34×0.15×0.14×0.09×0.03×0.04×0.08×0.06×
Interest coverage4.87×22.01×38.76×115.08×74.82×76.84×25.96×19.44×
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 equity5.3%18.0%19.2%17.0%14.7%18.4%13.3%11.7%
Return on invested capital5.8%14.0%14.3%13.7%11.7%14.1%9.8%62.8%
Return on assets2.7%9.0%8.0%6.1%5.1%7.2%4.2%3.7%
Free cash flow yield-3.4%7.8%-2.2%-5.1%6.1%1.7%-1.0%3.8%
Earnings yield1.6%9.6%5.7%4.4%1.3%3.0%2.3%2.4%
Enterprise value€500.8M€272.2M€431M€385.4M€855.8M€399.5M€311.7M€208.8M
Net debt / EBITDA1.26×-0.19×0.09×-0.63×-2.45×-1.2×-1.3×-3.02×
Cash conversion cycle (days)232241298315267311308313