Alisa Pankki Oyj (ALISA.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

+554.5%

€0.71

vs €0.11 price

Levered DCF

€1.43

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.75

Distress zone

Rating

C-

Overall 1 / 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	-22.8×	-17.4×	-110.62×	-2.59×	-10.47×	0.42×	0.52×	0.55×
P/B	1.38×	0.57×	0.61×	1.08×	1.39×	0.1×	0.11×	0.12×
P/S	2.15×	0.67×	0.71×	2.28×	2.07×	0.11×	0.11×	0.12×
EV / EBITDA	-523.57×	7,880.65×	-206.76×	10.12×	-25.67×	-5.18×	-5.28×	-2.72×
Gross margin	55.7%	54.0%	75.7%	83.3%	90.3%	96.7%	96.0%	96.1%
Operating margin	-9.4%	-4.2%	-0.6%	-78.8%	-18.5%	35.9%	29.7%	30.2%
Net margin	-9.4%	-3.8%	-0.6%	-86.2%	-19.8%	26.6%	21.7%	22.4%
Current ratio	0.82×	0.72×	0.5×	0.51×	3.34×	0.93×	0.62×	0.56×
Debt / equity	0.18×	0.19×	0.26×	0.24×	0.72×	1.52×	1.92×	2.19×
Interest coverage	-0.32×	-0.09×	-0.03×	-4.73×	-1.91×	10.93×	7.34×	7.68×
Dividend yield	0.0%	0.0%	0.0%	292.0%	106.4%	167.7%	159.3%	138.5%
Payout ratio	0.0%	0.0%	0.0%	-771.2%	-1112.5%	69.9%	83.7%	76.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-6.1%	-3.3%	-0.5%	-40.7%	-13.3%	23.7%	21.5%	21.0%
Return on invested capital	-4.2%	-2.4%	-0.3%	-22.5%	-4.9%	7.0%	5.5%	6.0%
Return on assets	-0.7%	-0.3%	-0.0%	-3.6%	-7.0%	2.8%	1.9%	2.0%
Free cash flow yield	-144.2%	811.1%	53.7%	405.9%	29.4%	479.1%	899.1%	-1452.9%
Earnings yield	-4.4%	-5.8%	-0.9%	-37.9%	-9.6%	240.1%	190.2%	181.6%
Enterprise value	-€156.5M	-€260.1M	-€112.5M	-€92.2M	€24.9M	-€181.7M	-€143M	-€64M
Net debt / EBITDA	-684.09×	8,514.85×	-235.5×	13.19×	-8.79×	-5.44×	-5.61×	-3.1×
Cash conversion cycle (days)	4	-129	-220	-317	-269	-7,068	-3,454	-6,547