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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
-574.3%
-€645.04
vs €136.00 price
Levered DCF
€721.58
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.32
Safe zone
Rating
A+
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E23.42×-102.72×27.05×101.67×417.78×-84.2×-36.86×-43.29×
P/B7.67×11.45×8.66×9.84×6.44×3.54×2.7×1.72×
P/S2.34×2.98×3.03×3.1×2.81×2.01×1.87×1.35×
EV / EBITDA14.11×46.76×16.78×35.11×39.57×38.2×-6,953.81×47.49×
Gross margin22.6%27.5%27.8%22.8%24.5%25.0%23.5%28.7%
Operating margin7.4%2.4%6.4%5.1%1.2%-1.7%-5.9%-4.5%
Net margin9.7%-2.9%9.9%3.1%0.7%-2.4%-5.0%-3.1%
Current ratio1×0.96×1.22×1.29×1.4×1.49×1.65×1.85×
Debt / equity0.12×0.61×0.65×0.42×0.48×0.54×0.45×0.32×
Interest coverage6.58×0.66×4.02×8.83×1.7×-1.16×-6.38×-4.82×
Dividend yield0.3%0.2%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio6.7%-17.2%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity32.0%-11.2%28.4%9.7%1.5%-4.2%-7.3%-4.0%
Return on invested capital14.1%5.3%8.6%7.9%0.9%-1.7%-4.4%-2.8%
Return on assets9.2%-1.7%7.6%3.5%0.5%-1.5%-3.2%-1.9%
Free cash flow yield1.9%13.6%6.6%-1.6%-0.3%-0.5%-3.4%-10.7%
Earnings yield4.2%-1.0%3.3%1.0%0.2%-1.2%-2.7%-2.3%
Enterprise value€3.1B€2.5B€2.4B€2B€1.2B€584M€465.9M€271.2M
Net debt / EBITDA-1.35×-7.27×-0.12×0.86×-0.04×0.02×-50.4×3.04×
Cash conversion cycle (days)9817816010716721495160