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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
+4868.7%
€96.64
vs €1.95 price
Levered DCF
€63.20
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
0.7
Distress zone
Rating
A+
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E4.17×9.21×3.58×10.68×42.08×11.99×13.01×9.92×
P/B0.35×0.38×0.55×0.8×1.72×1.32×1.49×1.13×
P/S2.05×2.97×4.3×5.22×12.22×8.39×9.03×6.59×
EV / EBITDA8.16×5.64×13.4×11.75×24.15×15.86×15.96×13.57×
Gross margin19.0%80.3%57.0%83.4%27.9%81.6%82.4%82.8%
Operating margin28.9%-54.6%50.2%44.9%50.5%76.3%61.2%59.8%
Net margin49.2%32.4%120.0%48.8%29.1%69.9%69.4%66.4%
Current ratio0.45×1.77×7.86×76.86×1.33×1.49×1.1×0.91×
Debt / equity1.02×1×1.05×1.03×1.02×1.25×1.28×1.27×
Interest coverage1.47×-1.77×1.77×4.01×3.83×5.09×3.72×3.33×
Dividend yield0.4%0.4%0.0%2.2%1.3%2.4%2.2%2.9%
Payout ratio1.6%3.7%0.0%23.1%54.4%29.3%28.4%28.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity8.5%4.1%15.4%7.5%4.1%11.0%11.4%11.4%
Return on invested capital2.1%-3.3%2.5%2.5%2.7%4.2%3.4%3.6%
Return on assets3.7%1.9%6.8%3.4%1.9%4.5%4.6%4.7%
Free cash flow yield19.3%27.4%16.1%11.7%5.9%8.1%8.1%10.6%
Earnings yield24.0%10.9%27.9%9.3%2.4%8.3%7.7%10.1%
Enterprise value€1.3B€1.1B€1.1B€1.2B€1.9B€1.5B€1.5B€1.2B
Net debt / EBITDA6.04×3.9×7.82×6.32×8.48×7.5×7.18×7×
Cash conversion cycle (days)39158918,092419345-10-16