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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
+149.4%
€32.79
vs €13.15 price
Levered DCF
€41.52
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.97
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/E7.42×-29.44×-14.49×-6.11×37.53×22.23×-1.87×-105.6×
P/B2.43×2.48×2.39×2.19×3.8×5.96×0.95×2.28×
P/S0.48×0.33×0.42×0.46×0.87×1.53×0.27×0.97×
EV / EBITDA4.14×6.53×10.84×-14.84×11.97×14.56×-1.25×-14.4×
Gross margin49.6%50.8%49.7%47.1%49.1%49.4%44.6%42.7%
Operating margin5.0%-1.1%-2.0%-6.4%4.0%7.3%-12.8%-7.7%
Net margin6.5%-1.1%-2.9%-7.5%2.3%6.9%-14.6%-0.9%
Current ratio1.51×1.31×1.49×1.57×1.82×1.83×1.77×2.73×
Debt / equity0.34×0.56×0.49×0.5×0.38×0.26×0.4×0.31×
Interest coverage17.23×-3.2×-4.42×-15.39×13.19×15.7×-8.37×-2.32×
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 equity32.6%-8.4%-16.5%-36.0%10.1%26.7%-50.5%-2.1%
Return on invested capital15.5%-4.7%-6.8%-19.1%7.3%22.1%-32.3%-13.8%
Return on assets12.3%-2.5%-6.1%-14.2%4.3%13.0%-23.6%-1.2%
Free cash flow yield15.9%4.4%15.6%-10.8%0.8%5.9%-30.9%-6.1%
Earnings yield13.5%-3.4%-6.9%-16.4%2.6%4.5%-53.4%-0.9%
Enterprise value€154.8M€111.7M€134.4M€166.2M€402.1M€588.2M€32M€155.5M
Net debt / EBITDA-1.64×-2.07×-3.61×2.79×-1.53×-1.88×1.61×8.33×
Cash conversion cycle (days)474044592619299