Boreo Oyj (BOREO.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

+30.0%

€35.09

vs €27.00 price

Levered DCF

€24.97

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.31

Grey 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	9.66×	29.59×	61.06×	22.17×	29.65×	32.67×	11.78×	7.35×
P/B	1.78×	0.68×	3.66×	2.41×	7.19×	4.81×	1.78×	1.43×
P/S	0.25×	0.22×	0.48×	0.61×	1.05×	0.77×	0.45×	0.33×
EV / EBITDA	5.29×	6.35×	9.76×	11.46×	20.85×	16.64×	4.62×	3.17×
Gross margin	9.3%	29.1%	27.2%	24.6%	25.3%	26.7%	27.4%	27.9%
Operating margin	4.4%	1.7%	3.9%	4.1%	5.5%	4.4%	5.8%	6.2%
Net margin	2.5%	0.8%	1.6%	3.2%	3.5%	2.4%	3.8%	4.5%
Current ratio	1.38×	1.47×	1.41×	1.63×	1.46×	1.42×	2.77×	2.35×
Debt / equity	1.79×	0.96×	2.06×	1.09×	2.07×	1.83×	0.17×	0.09×
Interest coverage	2.43×	0.74×	2.1×	3.82×	8.1×	2.53×	62×	5.1×
Dividend yield	0.0%	0.7%	1.8%	1.4%	0.8%	0.3%	3.1%	5.0%
Payout ratio	0.0%	18.2%	53.8%	26.9%	23.1%	8.7%	36.6%	36.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.4%	2.6%	12.3%	12.9%	24.3%	14.7%	15.1%	19.5%
Return on invested capital	6.8%	2.4%	5.6%	5.8%	9.7%	6.9%	14.9%	18.7%
Return on assets	3.1%	1.0%	2.2%	4.3%	5.3%	3.5%	8.9%	11.1%
Free cash flow yield	8.0%	34.6%	12.0%	2.3%	0.7%	11.6%	11.0%	13.1%
Earnings yield	10.3%	3.7%	3.4%	5.3%	3.4%	3.1%	8.5%	13.6%
Enterprise value	€66.6M	€60.9M	€114.2M	€128.3M	€191.8M	€94.9M	€23M	€15.2M
Net debt / EBITDA	2.29×	3.28×	3.16×	2.77×	4.12×	3.47×	-0.81×	-0.73×
Cash conversion cycle (days)	38	94	87	104	119	90	80	27