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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
+149.7%
€12.64
vs €5.06 price
Levered DCF
€19.14
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.69
Distress zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-44.43×-1.93×8.9×-4.94×12.63×-24.75×127.1×10×
P/B0.45×0.42×0.41×0.54×0.78×1.29×0.61×0.51×
P/S0.17×0.15×0.19×0.25×0.43×0.68×0.3×0.26×
EV / EBITDA4.47×1.16×3.36×6.81×3.14×5.85×2.46×2.85×
Gross margin22.8%22.1%21.8%18.8%21.6%19.2%18.8%21.8%
Operating margin2.2%3.2%4.5%-2.3%6.3%1.9%3.5%5.7%
Net margin-0.4%-7.6%2.1%-5.0%3.4%-2.8%0.2%2.6%
Current ratio1.26×1.41×1.4×1.61×1.47×1.36×1.73×1.5×
Debt / equity0.66×0.09×0.53×0.13×0.1×0.14×0.07×0.21×
Interest coverage1.13×2.15×2.84×-8.67×228.77×1.3×3.12×6.18×
Dividend yield3.5%3.6%2.7%3.2%1.0%0.2%0.2%7.7%
Payout ratio-154.6%-6.9%24.2%-16.0%13.0%-4.2%19.3%76.6%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-1.0%-21.6%4.7%-10.8%6.2%-5.2%0.5%5.1%
Return on invested capital1.7%4.8%3.5%-2.7%3.5%1.9%0.4%3.3%
Return on assets-0.3%-7.8%2.0%-4.4%2.7%-2.1%0.2%2.1%
Free cash flow yield13.4%14.3%8.8%2.2%9.7%14.6%32.2%-19.9%
Earnings yield-2.3%-51.8%11.2%-20.2%7.9%-4.1%0.8%10.0%
Enterprise value€564.4M€212.8M€686M€428.1M€684.6M€984.7M€444.2M€571.2M
Net debt / EBITDA2.31×-0.29×1.65×-0.21×-0.09×-0.11×-0.4×0.67×
Cash conversion cycle (days)1148110610210312350135