Admicom Oyj (ADMCM.HE) Valuation

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

+246.7%

€95.17

vs €27.45 price

Levered DCF

€81.53

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

17.45

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	40.66×	40.56×	34.06×	29.06×	51.84×	99.26×	59.08×	30.28×
P/B	6.14×	7.26×	7.36×	7.89×	13.26×	29.5×	19.17×	8.68×
P/S	5.72×	6.64×	6.27×	7.33×	16.74×	30.29×	20.01×	8.59×
EV / EBITDA	17.24×	18.98×	16.33×	16.25×	33.68×	65.27×	41.38×	18.22×
Gross margin	34.2%	56.7%	55.4%	63.1%	60.4%	63.5%	64.2%	62.0%
Operating margin	20.1%	23.2%	25.7%	34.2%	41.7%	39.3%	42.3%	37.5%
Net margin	14.1%	16.5%	18.4%	25.2%	32.4%	30.6%	33.8%	28.4%
Current ratio	1.96×	1.08×	2.35×	2.86×	3.25×	4.2×	4.94×	5.02×
Debt / equity	0.01×	0.13×	0.14×	0.45×	0×	0×	0×	0×
Interest coverage	97.91×	43.6×	41.33×	55.57×	223.75×	524.58×	2,302.67×	18.62×
Dividend yield	1.5%	1.5%	3.1%	4.3%	1.1%	0.5%	0.7%	0.0%
Payout ratio	61.7%	60.3%	104.4%	125.0%	55.6%	52.5%	43.9%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.1%	18.1%	21.6%	27.1%	25.7%	29.8%	32.4%	28.7%
Return on invested capital	15.1%	16.0%	19.2%	18.9%	25.7%	29.8%	32.3%	30.2%
Return on assets	12.9%	13.5%	16.3%	16.1%	21.2%	25.4%	26.3%	23.6%
Free cash flow yield	3.6%	3.7%	4.6%	4.8%	2.7%	1.1%	1.9%	4.0%
Earnings yield	2.5%	2.5%	2.9%	3.4%	1.9%	1.0%	1.7%	3.3%
Enterprise value	€206.8M	€231.1M	€209.3M	€229.4M	€398.1M	€650.1M	€296.7M	€87.7M
Net debt / EBITDA	-0.75×	-0.42×	-0.46×	-0.17×	-1.53×	-1.39×	-2.28×	-2.24×
Cash conversion cycle (days)	13	6	-2	24	37	34	36	36