Aspo Oyj (ASPO.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

+284.2%

€25.82

vs €6.72 price

Levered DCF

€15.40

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.36

Grey zone

Rating

A+

Overall 4 / 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	9.06×	34.64×	-409.59×	13.44×	14.95×	21.54×	16.21×	17.78×
P/B	1.48×	0.94×	1.34×	1.79×	2.74×	2.31×	1.94×	2.16×
P/S	0.45×	0.26×	0.35×	0.4×	0.62×	0.52×	0.4×	0.47×
EV / EBITDA	7.05×	5.91×	6.06×	5.73×	6.94×	9.37×	8.45×	12.26×
Gross margin	24.3%	36.0%	36.9%	37.4%	39.0%	36.9%	33.8%	29.3%
Operating margin	7.0%	3.1%	4.8%	5.3%	6.4%	3.9%	3.6%	3.8%
Net margin	5.0%	1.1%	0.3%	3.2%	4.4%	2.7%	2.7%	2.6%
Current ratio	1.69×	2.15×	1.41×	1.64×	1.39×	1.26×	1.17×	1.61×
Debt / equity	1.75×	1.39×	1.39×	1.31×	1.43×	1.78×	1.82×	1.71×
Interest coverage	4.39×	1.57×	2.76×	8×	9.19×	4.35×	4.56×	5.14×
Dividend yield	2.8%	4.9%	7.7%	5.5%	3.1%	2.6%	5.8%	5.3%
Payout ratio	25.5%	117.9%	902.8%	68.2%	43.3%	51.1%	85.0%	93.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.4%	3.9%	1.1%	14.4%	19.5%	11.8%	13.2%	12.2%
Return on invested capital	7.1%	3.1%	7.4%	8.5%	9.9%	5.5%	5.4%	5.5%
Return on assets	4.6%	1.2%	0.4%	5.0%	6.2%	3.5%	3.9%	3.5%
Free cash flow yield	5.6%	-11.4%	13.7%	19.4%	7.6%	22.0%	19.9%	-9.0%
Earnings yield	11.0%	4.2%	0.9%	8.1%	7.1%	5.1%	6.8%	5.6%
Enterprise value	€414M	€340.4M	€352.9M	€423.6M	€522.5M	€431.9M	€435.1M	€432.1M
Net debt / EBITDA	3.43×	3.27×	2.84×	2.25×	2.22×	3.69×	3.84×	5.11×
Cash conversion cycle (days)	45	94	57	65	67	63	67	71