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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
+13.3%
€12.24
vs €10.80 price
Levered DCF
€10.06
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
2.84
Grey zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E14.8×13.31×13.88×13×19.93×18.26×17.65×11.95×
P/B1.28×1.22×1.18×1.26×1.87×1.87×1.81×1.79×
P/S1.01×0.95×0.89×1.02×1.62×1.68×1.71×1.44×
EV / EBITDA8.6×6.92×6.87×6.91×9.22×10.21×9.18×9.66×
Gross margin7.8%8.5%37.3%39.0%42.0%44.9%45.7%43.0%
Operating margin9.3%9.7%8.6%9.6%11.8%11.3%11.7%10.0%
Net margin6.8%7.1%6.4%7.9%8.1%9.2%9.6%12.1%
Current ratio1.25×1.48×1.56×1.56×2.41×2.08×2.95×3.01×
Debt / equity0.16×0.08×0.11×0.15×0.2×0.11×0.15×0.16×
Interest coverage0×0×69.96×68.22×145.09×95.96×47.34×39.96×
Dividend yield3.5%3.7%4.1%3.9%2.8%2.9%3.2%2.9%
Payout ratio51.0%49.5%56.7%51.0%55.1%52.9%56.0%34.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity8.7%9.1%8.5%9.7%9.4%10.2%10.2%15.0%
Return on invested capital6.8%7.7%6.8%7.3%7.7%9.2%8.9%10.6%
Return on assets5.8%6.5%5.8%6.4%6.3%7.4%7.4%10.8%
Free cash flow yield-2.8%3.9%4.8%5.6%6.3%9.7%7.9%8.4%
Earnings yield6.8%7.5%7.2%7.7%5.0%5.4%5.6%8.4%
Enterprise value€120.7M€101.9M€91.8M€96M€121.9M€118.9M€102.5M€101.9M
Net debt / EBITDA0.14×-0.59×-0.63×-0.55×-1.92×-1.84×-2.28×-1.76×
Cash conversion cycle (days)1211-14-1616-23-41