A brief comparison using Kamux as a benchmark, as it shares many similarities with Duell.
Kamux equity ratio 53.5%, Duell equity ratio 52.5%
The industry is performing poorly, loss-making countries are weighing down operating profit, etc.
Kamux market cap ~€65 million, net debt €33.7 million, and inventory value €100 million, resulting in a difference of €66.3 million—pretty much the current market cap.
Duell market cap ~€6.6 million, net debt €25 million (actually €21 million), and inventory value €50 million, resulting in a difference of €25 million—which is ~3.78 times the difference in market cap relative to assets.
Of course, there are detailed differences in the businesses, but this gives an indication of how absurd the current valuation is.