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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
-1051.4%
-€20.74
vs €2.18 price
Levered DCF
-€24.27
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
-1.83
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/E-0.76×-0.72×-1.43×-1.08×-3.87×2.58×-1.45×-6.48×
P/B-0.38×-0.42×-1.27×-1.98×3.13×1.01×2.65×1.69×
P/S0.57×0.42×0.35×0.3×0.44×0.48×0.34×0.53×
EV / EBITDA-8.06×-5.5×133.08×-10.6×14.13×-4.41×-66.63×2,213.26×
Gross margin10.0%74.9%80.6%80.3%80.7%78.0%81.6%81.2%
Operating margin-46.1%-45.2%-13.7%-23.5%-6.5%-24.6%-21.9%-7.2%
Net margin-75.7%-58.5%-24.4%-27.8%-11.3%18.8%-23.1%-8.1%
Current ratio0.28×0.34×0.62×0.68×1.14×1.62×0.9×1.14×
Debt / equity-1.43×-1.5×-3.31×-4.88×4.66×0×6.67×0.77×
Interest coverage-2.36×-3.5×-2.01×-4.86×-1.7×-6.75×-4.05×-7.27×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%1.1%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%-7.1%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity49.9%58.4%89.4%183.0%-80.9%39.2%-182.6%-26.0%
Return on invested capital-51.1%-69.7%-18.5%-34.0%-6.9%-20.7%-15.1%-10.3%
Return on assets-61.6%-52.5%-22.9%-27.1%-9.2%13.8%-17.0%-9.4%
Free cash flow yield-89.9%-49.0%-24.3%-34.3%-2.6%-56.9%9.6%-12.9%
Earnings yield-132.1%-138.5%-70.3%-92.2%-25.8%38.8%-68.9%-15.4%
Enterprise value€199.2M€166.8M€151.3M€127.1M€109.7M€35.3M€135.4M€93M
Net debt / EBITDA-6.31×-4.27×94.59×-7.45×7.98×1.77×-47.05×497.79×
Cash conversion cycle (days)12664235-332-227-179455412