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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
+7.4%
€27.35
vs €25.45 price
Levered DCF
€12.30
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.34
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/E54.73×55.26×61.35×60×-2,268.35×164.98×45.9×26.07×
P/B26.55×14.99×15.63×11.93×20.95×28.65×11.54×4.25×
P/S3.46×3.19×3.92×4.03×12.05×7.71×6.95×3.74×
EV / EBITDA15.29×12.92×15.32×16.5×46.35×30.31×19.83×9.76×
Gross margin13.9%35.7%42.4%34.4%32.7%33.1%36.9%40.8%
Operating margin15.6%13.3%15.1%13.7%6.6%9.5%15.4%19.3%
Net margin6.4%5.8%6.4%6.6%-0.5%4.7%14.8%13.9%
Current ratio1.27×0.8×1.02×1.43×1.8×1.01×1.08×1.63×
Debt / equity21.76×6.78×6.99×5.21×4.24×7.23×1.02×0.78×
Interest coverage2.45×2.5×2.51×3.41×1.18×3.59×11.9×9.6×
Dividend yield1.4%1.5%1.5%1.7%0.3%1.0%1.0%2.3%
Payout ratio74.3%84.5%94.4%106.7%-776.1%166.2%46.5%60.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity49.1%27.1%25.6%19.6%-0.9%17.4%24.5%15.7%
Return on invested capital3.4%5.5%5.0%4.1%-1.0%2.4%8.2%9.0%
Return on assets1.9%2.8%2.7%2.6%-0.1%1.6%6.9%6.4%
Free cash flow yield6.5%7.1%2.8%0.6%1.6%1.6%2.4%1.7%
Earnings yield1.8%1.8%1.6%1.6%-0.0%0.6%2.1%3.7%
Enterprise value€968.7M€728M€718.2M€656.1M€1.1B€492.7M€244.8M€93.8M
Net debt / EBITDA6.34×3.83×4.53×4.47×6.46×5.21×0.73×-0.07×
Cash conversion cycle (days)2811-1628-12192-127