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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
-85.8%
€17.45
vs €123.00 price
Levered DCF
€13.28
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
51.87
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E239.53×138.16×-65.81×64.88×0.04×0.38×-8.92×-13.12×
P/B18.11×10×5.81×3.28×0.04×0.32×1.17×1.03×
P/S25.35×13.91×12.2×7.72×0.34×0.24×1.02×0.87×
EV / EBITDA120.5×0×0×67.78×0.04×0.35×0×-4.36×
Gross margin99.7%95.6%101.6%101.4%100.0%37.2%81.9%98.5%
Operating margin13.6%13.3%-26.4%3.4%44.5%66.2%-28.2%-24.2%
Net margin10.6%10.1%-18.5%11.8%911.2%62.9%-11.4%-6.8%
Current ratio0.04×1.5×0.17×0.08×0.16×0.13×0.15×0.14×
Debt / equity0×0×0.09×0×0×0×0×0×
Interest coverage45.61×21.21×-59.34×0.48×70,830.17×2,965.4×-192.04×-361.53×
Dividend yield0.0%0.0%9.9%210.5%130.9%39.9%0.0%4.5%
Payout ratio0.0%0.0%-652.7%13755.3%4.9%15.0%0.0%-57.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity7.6%7.2%-8.8%5.0%93.7%85.3%-13.1%-8.0%
Return on invested capital7.0%5.9%-4.7%3.6%111.9%145.7%-31.4%-102.7%
Return on assets6.4%6.2%-7.2%4.4%90.8%72.8%-10.5%-4.8%
Free cash flow yield1.1%-1.3%5.8%48.2%-833.6%148.0%-45.5%-21.9%
Earnings yield0.4%0.7%-1.5%1.5%2674.8%266.4%-11.2%-7.8%
Enterprise value€240.3M€122.7M€67.1M€62.1M€5.2M€5.2M€5.2M€5.1M
Net debt / EBITDA-0.02×0×0×-0.06×-0×-0×0×0.07×
Cash conversion cycle (days)-6,204-89257392-1,283,116-11519-539