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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
-22.6%
€2.00
vs €2.59 price
Levered DCF
€3.79
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
2.06
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/E11.37×10.85×11.56×15.68×19.87×33.94×22.92×18.63×
P/B1.11×1.03×1.17×1.13×1.5×1.61×1.35×3.02×
P/S0.75×0.77×0.86×0.92×0.78×1.22×0.93×0.87×
EV / EBITDA4.74×4.25×4.15×5.29×7.22×17.64×15.13×19.76×
Gross margin35.2%39.1%40.2%40.1%34.3%15.2%16.3%16.9%
Operating margin13.9%8.0%6.9%4.6%10.9%0.2%1.2%2.5%
Net margin6.5%7.1%7.3%5.9%3.9%3.6%4.1%4.8%
Current ratio1.33×1.35×1.42×1.51×1.21×1.12×1.09×1.11×
Debt / equity0.06×0.04×0.04×0.05×0.2×0.35×0.28×1.72×
Interest coverage0×48.94×41.47×14.55×0×0.12×1.55×4.94×
Dividend yield3.3%3.4%2.0%0.7%0.5%0.9%0.0%0.0%
Payout ratio37.6%37.3%24.0%11.1%9.3%29.9%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity9.6%9.5%9.9%7.2%7.5%4.7%5.9%16.5%
Return on invested capital12.9%6.7%5.9%4.3%12.8%-0.7%1.3%3.0%
Return on assets5.2%5.1%4.7%4.0%3.2%2.3%2.9%3.6%
Free cash flow yield7.0%-12.8%-6.1%6.8%26.1%-2.0%-5.2%-5.3%
Earnings yield8.7%9.2%8.5%6.4%5.0%2.9%4.4%5.5%
Enterprise value€933.1M€827.4M€701.4M€665.6M€651.4M€878.4M€690.7M€805.4M
Net debt / EBITDA-0.54×-0.65×-1.64×-2.21×-1.06×2.63×1.89×6.58×
Cash conversion cycle (days)908416-17-61106990