Aktia Pankki Oyj (AKTIA.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

+1582.6%

€186.77

vs €11.10 price

Levered DCF

-€60.74

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.29

Distress zone

Rating

C+

Overall 2 / 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	88.57×	8.86×	8.24×	14.19×	12.93×	16.05×	10.38×	11.2×
P/B	1.4×	0.9×	0.98×	1.15×	1.17×	1.03×	1.06×	1.06×
P/S	1.34×	1.15×	1.36×	2.28×	3.32×	3.36×	2.99×	3.08×
EV / EBITDA	46.04×	33.98×	35.12×	26.42×	33.24×	50.28×	36.35×	37.09×
Gross margin	71.3%	53.1%	56.6%	93.7%	101.1%	98.8%	98.2%	101.1%
Operating margin	3.7%	16.3%	20.2%	38.2%	32.5%	26.9%	34.7%	33.3%
Net margin	1.5%	13.0%	16.0%	30.4%	25.8%	21.0%	28.7%	27.6%
Current ratio	0.52×	0.04×	0.04×	0.05×	0.16×	0.08×	0.09×	0.09×
Debt / equity	7.26×	5.6×	5.28×	4.99×	4.38×	4.5×	4.67×	4.52×
Interest coverage	0.14×	0.35×	0.47×	6.07×	0×	22.93×	19.35×	0×
Dividend yield	6.6%	7.6%	4.5%	5.5%	7.8%	0.0%	6.5%	6.1%
Payout ratio	581.6%	67.1%	38.2%	41.0%	100.5%	0.0%	68.1%	67.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.6%	10.2%	11.5%	15.4%	9.1%	6.4%	10.1%	9.5%
Return on invested capital	0.1%	1.1%	1.2%	1.5%	1.0%	0.7%	1.2%	1.1%
Return on assets	0.1%	0.6%	0.7%	0.8%	0.6%	0.4%	0.6%	0.6%
Free cash flow yield	3.8%	0.3%	0.4%	-70.9%	65.5%	6.5%	7.0%	5.6%
Earnings yield	1.1%	11.3%	11.8%	13.4%	7.8%	6.2%	9.6%	9.0%
Enterprise value	€5B	€4.8B	€4.3B	€3.8B	€3.4B	€3.4B	€3.2B	€3B
Net debt / EBITDA	37.74×	29.19×	29.5×	21.26×	24.69×	40.13×	28.98×	29.38×
Cash conversion cycle (days)	-90	-15	-32	-7	1,739	-1,861	-1,193	3,088