Ålandsbanken Abp (ALBAV.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

+210.5%

€126.98

vs €40.90 price

Levered DCF

-€40.52

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.27

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	12.7×	9.71×	9.75×	15.27×	12.35×	10.35×	9.79×	8.85×
P/B	2.13×	1.51×	1.41×	1.77×	1.48×	1.11×	0.99×	0.84×
P/S	2.34×	1.61×	1.59×	2.85×	2.77×	2.07×	1.8×	1.5×
EV / EBITDA	18.11×	6.75×	5.92×	7.42×	3.2×	4.83×	5.86×	10.51×
Gross margin	79.0%	68.3%	68.0%	93.2%	98.8%	95.2%	93.8%	94.3%
Operating margin	22.8%	20.6%	20.7%	23.4%	27.7%	25.2%	23.3%	21.4%
Net margin	18.4%	16.6%	16.3%	18.7%	22.4%	20.0%	18.4%	16.9%
Current ratio	0.4×	0.1×	0.13×	0.1×	0.22×	0.2×	0.16×	0.17×
Debt / equity	2.95×	0.91×	0.94×	0.69×	1.82×	2.02×	1.92×	2.83×
Interest coverage	1.1×	0.65×	0.65×	3.44×	22.42×	5.2×	3.77×	3.73×
Dividend yield	6.3%	8.0%	6.6%	5.5%	6.3%	0.0%	4.2%	5.0%
Payout ratio	80.6%	77.8%	64.4%	84.7%	78.3%	0.0%	41.3%	43.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.8%	15.6%	14.5%	11.6%	12.0%	10.8%	10.2%	9.5%
Return on invested capital	1.1%	4.0%	3.2%	2.2%	1.7%	1.4%	1.2%	1.1%
Return on assets	1.1%	1.1%	0.9%	0.6%	0.6%	0.5%	0.5%	0.4%
Free cash flow yield	-1.1%	-1.4%	11.0%	-86.5%	50.7%	56.2%	-16.2%	-46.5%
Earnings yield	7.9%	10.3%	10.3%	6.5%	8.1%	9.7%	10.2%	11.3%
Enterprise value	€1.4B	€522.1M	€437.7M	€439.8M	€202.8M	€251.3M	€263.6M	€381.4M
Net debt / EBITDA	9.38×	0.19×	-0.49×	-2.06×	-4.55×	-1.43×	0.15×	4.93×
Cash conversion cycle (days)	-162	-20	56	-277	-2,069	-388	-205	-292