Atria Oyj (ATRAV.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

+238.3%

€53.11

vs €15.70 price

Levered DCF

€70.74

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.59

Grey zone

Rating

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	10.63×	7.66×	-14.94×	-66.21×	-60.63×	12.16×	18.59×	12.03×
P/B	1×	0.76×	0.76×	0.58×	0.71×	0.66×	0.67×	0.47×
P/S	0.24×	0.17×	0.17×	0.15×	0.21×	0.18×	0.19×	0.14×
EV / EBITDA	4.95×	4.25×	9.11×	9.06×	7.41×	4.78×	5.9×	5.83×
Gross margin	10.4%	10.9%	9.6%	9.9%	11.5%	11.1%	11.2%	10.6%
Operating margin	3.7%	3.6%	0.0%	-0.5%	0.5%	3.0%	2.1%	2.0%
Net margin	2.2%	2.3%	-1.1%	-0.2%	-0.4%	1.5%	1.0%	1.1%
Current ratio	1.04×	1.06×	0.99×	1.18×	1.12×	0.83×	0.83×	0.83×
Debt / equity	0.58×	0.7×	0.73×	0.59×	0.46×	0.52×	0.54×	0.55×
Interest coverage	4.76×	3.33×	0.02×	-1.68×	1.22×	7.29×	4.91×	5.15×
Dividend yield	4.5%	6.2%	6.7%	6.8%	4.3%	4.3%	4.0%	7.5%
Payout ratio	47.9%	47.9%	-99.8%	-461.0%	-260.9%	51.6%	74.7%	90.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.4%	9.9%	-5.1%	-0.9%	-1.2%	5.4%	3.6%	3.9%
Return on invested capital	7.2%	7.0%	0.0%	2.6%	-1.1%	4.2%	2.8%	3.2%
Return on assets	4.1%	4.0%	-2.0%	-0.4%	-0.6%	2.4%	1.6%	1.8%
Free cash flow yield	15.2%	17.7%	-5.5%	-48.7%	10.0%	22.1%	17.4%	1.4%
Earnings yield	9.4%	13.0%	-6.7%	-1.5%	-1.7%	8.3%	5.3%	8.3%
Enterprise value	€651.1M	€566.1M	€569M	€496M	€477.1M	€469M	€506.7M	€419.8M
Net debt / EBITDA	1.66×	1.97×	4.39×	4.29×	2.37×	1.95×	2.61×	3.1×
Cash conversion cycle (days)	-4	26	19	32	21	22	27	32