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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
+445.5%
€15.22
vs €2.79 price
Levered DCF
€13.96
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.91
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-90.83×15.33×17.05×19.78×22.17×84.48×-35×-87.27×
P/B4.85×6.87×10.74×26.98×-73.18×-6.55×-3.17×-3.53×
P/S1.02×1.63×1.61×1.97×2.41×1.7×0.91×0.95×
EV / EBITDA15.96×10.81×10.7×12.83×15.85×15.68×16.6×23.2×
Gross margin8.8%17.7%18.0%47.2%45.9%43.9%41.1%41.1%
Operating margin0.5%9.1%9.6%9.6%8.8%7.4%-0.4%-2.7%
Net margin-1.1%10.6%9.5%10.0%11.0%2.0%-3.1%-1.1%
Current ratio0.88×1.01×0.92×0.82×0.72×0.59×0.56×0.7×
Debt / equity0.28×0.32×0.21×0.49×-2.36×-0.84×-0.25×-0.05×
Interest coverage0.99×24.45×27.66×23.47×11.04×4.31×-0.22×-2.14×
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 equity-5.3%44.8%63.3%136.8%-332.3%-7.8%10.9%4.0%
Return on invested capital-7.2%24.8%46.9%76.1%143.5%-151.4%7.6%30.6%
Return on assets-1.6%14.8%16.5%20.2%20.8%4.3%-7.3%-2.5%
Free cash flow yield9.4%6.8%7.5%2.7%3.7%0.5%4.2%-11.8%
Earnings yield-1.1%6.5%5.9%5.1%4.5%1.2%-3.4%-1.1%
Enterprise value€36M€55.7M€47.2M€45.2M€45.2M€28.8M€13.9M€13.3M
Net debt / EBITDA-0.85×-0.26×-0.45×-0.25×-0.11×1.36×0.1×-0.81×
Cash conversion cycle (days)26253920-37-75-32