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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
-154.2%
-€3.27
vs €6.04 price
Levered DCF
-€2.85
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.83
Grey zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-6.85×-3.15×23.53×14.56×48.79×-19.4×26×16.65×
P/B0.84×0.58×1.18×1.31×2.22×1.62×1.38×2.2×
P/S0.45×0.35×0.6×0.75×1.58×1.41×0.92×1.4×
EV / EBITDA13.72×-8.24×9.55×7.71×14.87×-122.09×9.76×9.82×
Gross margin11.8%61.2%62.5%63.7%63.1%58.6%62.7%64.8%
Operating margin-1.6%-14.1%5.6%7.8%5.3%-10.4%4.6%11.8%
Net margin-6.6%-11.2%2.6%5.1%3.3%-7.2%3.5%8.4%
Current ratio1.68×1.91×1.83×2.1×2.53×3.45×3.71×3.59×
Debt / equity0.81×0.61×0.72×0.61×0.45×0.28×0.25×0.06×
Interest coverage-0.61×-6.17×3.21×10.62×10.11×-19.8×13×111.67×
Dividend yield0.0%1.5%3.8%2.3%0.0%0.5%4.9%4.1%
Payout ratio0.0%-4.7%87.8%33.1%0.0%-10.1%128.9%68.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-12.3%-18.6%5.1%8.9%4.6%-8.3%5.3%13.2%
Return on invested capital-1.5%-10.0%4.2%5.8%3.4%-6.3%3.9%12.3%
Return on assets-5.5%-10.0%2.4%4.6%2.6%-5.5%3.5%9.6%
Free cash flow yield-19.2%70.9%1.4%-8.4%-5.8%8.0%4.2%-3.0%
Earnings yield-14.6%-31.8%4.3%6.8%2.1%-5.1%3.8%6.0%
Enterprise value€69M€54.9M€108.7M€111.2M€146.7M€94.3M€91.6M€127.8M
Net debt / EBITDA6.34×-3.79×3.31×2.24×2.13×-10.45×1.14×-0.18×
Cash conversion cycle (days)238385434471482435409417