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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
+294.1%
€7.37
vs €1.87 price
Levered DCF
€11.42
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.49
Distress zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E23.28×31.97×-8.93×0.08×-0.05×-0.07×-1.16×-1.5×
P/B-2.28×-1.68×-1.37×-1.03×-1.07×-2.49×7.22×11.43×
P/S0.42×0.35×0.32×0.23×1.13×1.19×1.14×2.28×
EV / EBITDA12.66×7.04×8.1×3.44×41.12×63.22×32.44×43.93×
Gross margin14.5%31.8%31.9%33.0%15.0%12.3%5.8%5.2%
Operating margin13.9%12.4%10.6%14.7%-13.6%-9.7%1.7%1.1%
Net margin1.8%1.1%-3.5%18.1%-45.5%-36.3%-2.1%-3.2%
Current ratio0.57×0.57×0.84×1.04×0.71×0.84×0.96×0.99×
Debt / equity-18.12×-8.53×-8.97×-9×-3.74×-6.09×1.37×1.27×
Interest coverage1.35×0.99×0.75×0.74×-0.56×-0.66×1.3×0.38×
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 equity-9.8%-5.2%15.4%-81.7%43.2%75.7%-13.1%-16.1%
Return on invested capital5.9%7.5%5.7%7.1%-4.5%-3.8%4.7%2.7%
Return on assets0.9%0.5%-1.4%7.5%-11.1%-11.0%-2.2%-3.1%
Free cash flow yield28.9%30.5%35.6%7.4%-2.6%-2.4%1.0%-1.6%
Earnings yield4.3%3.1%-11.2%79.6%-40.4%-30.4%-1.8%-1.4%
Enterprise value€6.9B€3.8B€3.8B€3.1B€4.3B€4.6B€2B€3.5B
Net debt / EBITDA11.23×5.86×6.89×3.03×31.03×44.05×3.63×3.1×
Cash conversion cycle (days)22-8113065954433