Looking ahead towards the end of 2025, we reiterate our guidance as communicated at the end of Q1. We expect a 2025 revenue of between €430m and €480m, an adjusted EBITDA margin of between 5% and 8% and CAPEX remaining below 4% of revenue.

Very optimistic:

Say 2026 (or 2027, 2028) has earnings of €500m x 8% = €40m earnings x a multiple of 15 = €600m

Market Cap September 8th 2025: $ 200M

Price is not much too high