Alma Media Oyj (ALMA.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

+34.8%

€18.40

vs €13.65 price

Levered DCF

€15.89

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.2

Safe zone

Rating

B+

Overall 3 / 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	21.42×	17.19×	13.91×	10.8×	20.42×	7.89×	15.61×	11.14×
P/B	4.75×	3.89×	3.58×	3.78×	5.44×	4×	3.81×	2.91×
P/S	3.61×	2.89×	2.58×	2.5×	3.23×	3.19×	2.62×	1.32×
EV / EBITDA	13.28×	11.24×	10.18×	8.68×	14.36×	12.3×	9.11×	7.32×
Gross margin	45.0%	88.9%	88.5%	87.8%	87.1%	85.8%	84.7%	81.7%
Operating margin	23.8%	23.5%	23.9%	23.6%	20.6%	18.7%	19.8%	13.4%
Net margin	16.9%	16.7%	18.5%	23.3%	15.8%	40.5%	16.9%	11.8%
Current ratio	0.72×	0.84×	1.01×	0.67×	0.97×	1.07×	1.1×	0.92×
Debt / equity	0.64×	0.78×	0.9×	0.84×	1.43×	0.21×	0.27×	0.32×
Interest coverage	9.26×	8.07×	11.23×	29.2×	25.82×	43.1×	55×	118.75×
Dividend yield	3.2%	4.1%	4.6%	3.7%	2.8%	5.1%	4.4%	4.9%
Payout ratio	69.0%	71.5%	64.3%	40.2%	57.1%	40.3%	68.2%	54.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.3%	22.5%	25.6%	35.2%	26.7%	50.8%	24.5%	26.0%
Return on invested capital	14.2%	13.2%	13.5%	14.7%	10.2%	12.6%	15.5%	13.2%
Return on assets	10.6%	9.9%	10.7%	14.5%	8.4%	27.9%	10.5%	12.1%
Free cash flow yield	6.8%	7.7%	6.8%	9.1%	8.1%	7.2%	10.7%	11.3%
Earnings yield	4.7%	5.8%	7.1%	9.3%	4.9%	12.7%	6.4%	8.9%
Enterprise value	€1.3B	€1B	€933.6M	€915.2M	€1.1B	€724.7M	€653M	€468.6M
Net debt / EBITDA	1.28×	1.51×	1.59×	1.35×	2.44×	-0.15×	-0.03×	0.03×
Cash conversion cycle (days)	-35	10	-7	11	8	-5	13	34