Digital Workforce Services Oyj (DWF.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

-309.1%

-€5.12

vs €2.45 price

Levered DCF

-€3.63

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

1.18

Distress zone

Rating

Overall 2 / 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	-35.76×	76.34×	-48.63×	-14.61×	-20.56×	-44.93×	-33.11×	-15.34×
P/B	2.16×	3.03×	2.3×	2.86×	3.96×	-64.98×	186.26×	27.74×
P/S	1.06×	1.65×	1.33×	1.73×	3.24×	2.07×	2.3×	3.37×
EV / EBITDA	7.52×	60.65×	-45.21×	-4.48×	-11.28×	-95.18×	-51.07×	-17.27×
Gross margin	10.8%	58.2%	12.5%	51.5%	23.3%	36.5%	30.7%	24.5%
Operating margin	-2.3%	1.0%	-3.3%	-10.2%	-5.5%	-3.1%	-6.3%	-20.4%
Net margin	-3.0%	2.2%	-2.7%	-11.8%	-16.0%	-4.7%	-6.9%	-22.0%
Current ratio	1.28×	2.47×	2.68×	2.58×	3.72×	1.02×	1.16×	1.76×
Debt / equity	0.36×	0.05×	0.06×	0.16×	0.08×	-3.33×	9.03×	1.47×
Interest coverage	-1.77×	53.85×	-14.91×	-18.03×	-0.52×	-1.23×	-5.76×	-16.74×
Dividend yield	3.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-118.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-6.0%	4.0%	-4.7%	-19.5%	-19.5%	148.8%	-560.9%	-180.6%
Return on invested capital	-2.9%	1.7%	-5.3%	-14.5%	-6.2%	-34.1%	-51.0%	-67.9%
Return on assets	-2.1%	2.4%	-3.0%	-10.8%	-13.5%	-9.7%	-15.9%	-36.9%
Free cash flow yield	-11.2%	0.7%	-9.7%	-3.6%	-2.2%	-1.6%	-2.0%	-5.7%
Earnings yield	-2.8%	1.3%	-2.1%	-6.8%	-4.9%	-2.3%	-3.0%	-6.5%
Enterprise value	€28.4M	€37.3M	€29.3M	€37.1M	€54.2M	€38.6M	€39.5M	€38.7M
Net debt / EBITDA	-0.55×	-12.57×	6.97×	0.85×	3.8×	2.35×	0.09×	0.38×
Cash conversion cycle (days)	140	6	41	16	37	23	75	98