Apetit Oyj (APETIT.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

+1140.2%

€151.30

vs €12.20 price

Levered DCF

€33.14

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.73

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	9.55×	10.18×	8.38×	12.29×	32.95×	20.98×	-8.91×	-7.35×
P/B	0.77×	0.81×	0.79×	0.66×	0.86×	0.7×	0.52×	0.55×
P/S	0.51×	0.53×	0.47×	0.35×	0.54×	0.23×	0.16×	0.2×
EV / EBITDA	4.84×	5.02×	5.53×	5.2×	8.74×	8.72×	51.53×	16.4×
Gross margin	16.7%	35.5%	27.9%	24.4%	33.1%	18.0%	15.0%	21.8%
Operating margin	8.1%	5.7%	4.3%	1.9%	3.9%	1.3%	-1.5%	-2.4%
Net margin	5.4%	5.2%	5.5%	2.9%	1.6%	1.1%	-1.5%	-2.6%
Current ratio	2.57×	2.81×	2.69×	2.65×	1.45×	1.73×	1.48×	1.64×
Debt / equity	0.17×	0.07×	0.08×	0.02×	0.35×	0.23×	0.39×	0.24×
Interest coverage	13.6×	9.3×	9.38×	4.38×	8.29×	13×	-5.63×	-69×
Dividend yield	5.5%	5.4%	3.8%	3.9%	3.9%	4.2%	5.1%	7.8%
Payout ratio	52.2%	55.3%	32.0%	48.1%	129.2%	87.5%	-56.8%	-57.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.1%	7.9%	9.4%	5.4%	2.6%	3.4%	-4.7%	-7.4%
Return on invested capital	9.3%	6.6%	5.8%	2.9%	3.8%	2.8%	-2.9%	-4.4%
Return on assets	6.0%	6.3%	7.4%	4.4%	1.5%	2.2%	-2.6%	-4.6%
Free cash flow yield	7.9%	-7.3%	2.7%	36.8%	-2.0%	28.4%	-37.3%	-54.6%
Earnings yield	10.5%	9.8%	11.8%	8.2%	3.0%	4.8%	-9.0%	-13.6%
Enterprise value	€101.7M	€89.9M	€76.3M	€50.9M	€104.9M	€87.2M	€82.4M	€77.1M
Net debt / EBITDA	0.74×	0.18×	-0.43×	-1.3×	2.07×	2.06×	21.06×	4.64×
Cash conversion cycle (days)	108	113	92	71	91	77	101	103