Citycon Oyj (CTY1S.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

-643.8%

-€16.31

vs €3.00 price

Levered DCF

-€9.34

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.62

Distress 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	13.76×	-8.05×	-7.43×	-41.73×	12.73×	-31.72×	231.93×	86.82×
P/B	0.55×	0.32×	0.63×	0.46×	0.5×	0.65×	0.72×	0.69×
P/S	2.46×	1.84×	3.02×	3.49×	4.24×	4.78×	5.39×	4.56×
EV / EBITDA	13.66×	72.99×	-40.72×	44.25×	14.79×	901.54×	64.63×	31.52×
Gross margin	66.7%	66.8%	67.5%	67.6%	69.2%	69.6%	70.3%	67.9%
Operating margin	59.4%	9.3%	-13.1%	29.1%	74.5%	11.5%	23.6%	33.1%
Net margin	31.9%	-11.8%	-39.7%	1.8%	41.4%	-9.5%	2.9%	5.3%
Current ratio	1.16×	4.37×	0.18×	0.65×	1.09×	0.22×	0.25×	0.22×
Debt / equity	1.79×	1.15×	1.35×	0.78×	0.74×	0.98×	0.81×	1.02×
Interest coverage	1.89×	0.39×	-0.72×	1.92×	4.75×	0.73×	1.46×	2.01×
Dividend yield	0.0%	9.3%	9.6%	8.0%	7.1%	6.8%	6.9%	8.0%
Payout ratio	0.0%	-145.6%	-73.4%	1584.9%	72.6%	-341.8%	1291.0%	697.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	-2.0%	-8.3%	0.2%	4.9%	-1.3%	0.4%	0.8%
Return on invested capital	3.3%	0.6%	-0.9%	0.7%	3.6%	0.5%	1.6%	1.8%
Return on assets	2.3%	-0.9%	-2.7%	0.1%	2.5%	-0.6%	0.2%	0.4%
Free cash flow yield	11.2%	13.6%	10.9%	-7.1%	-7.3%	-2.3%	2.1%	-0.2%
Earnings yield	12.9%	-6.4%	-13.1%	0.5%	9.8%	-2.0%	0.5%	1.2%
Enterprise value	€3B	€2.4B	€2.7B	€2.8B	€3B	€3.5B	€3.5B	€3.6B
Net debt / EBITDA	10.36×	54.74×	-27.62×	27.61×	8.75×	539.62×	34.14×	18.82×
Cash conversion cycle (days)	12	9	-57	-28	-57	-38	-2	29