Elisa Oyj (ELISA.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

+70.2%

€56.61

vs €33.26 price

Levered DCF

€55.69

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.82

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	17.72×	18.74×	17.89×	21.23×	25.17×	21.89×	25.92×	18.59×
P/B	4.84×	5.22×	5.2×	6.36×	7.24×	6.07×	6.85×	5.22×
P/S	2.68×	3.06×	3.08×	3.72×	4.34×	3.79×	4.27×	3.21×
EV / EBITDA	9.88×	10.69×	10.55×	12.55×	14.17×	12.12×	13.72×	10.85×
Gross margin	65.2%	64.2%	62.5%	61.5%	61.8%	62.3%	62.4%	61.5%
Operating margin	20.5%	22.2%	21.9%	22.1%	21.5%	0.0%	21.1%	21.5%
Net margin	15.2%	16.4%	17.2%	17.6%	17.2%	17.3%	16.4%	17.2%
Current ratio	1.08×	0.82×	0.98×	1.01×	1.34×	1.31×	1.16×	0.94×
Debt / equity	1.36×	1.22×	1.06×	1.09×	1.11×	1.21×	1.08×	1.02×
Interest coverage	10.94×	12.58×	17.22×	33.79×	33×	0×	13.47×	15.76×
Dividend yield	6.3%	5.4%	5.1%	4.1%	3.6%	4.1%	3.6%	4.5%
Payout ratio	111.5%	100.4%	91.6%	87.7%	90.5%	90.2%	92.3%	83.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.3%	27.9%	29.1%	30.0%	28.7%	27.7%	26.4%	28.0%
Return on invested capital	12.2%	13.2%	14.3%	14.3%	13.4%	0.0%	12.9%	13.9%
Return on assets	9.7%	10.7%	12.0%	12.1%	11.3%	10.8%	10.8%	11.8%
Free cash flow yield	6.8%	5.1%	5.1%	4.0%	3.9%	4.9%	4.1%	4.8%
Earnings yield	5.6%	5.3%	5.6%	4.7%	4.0%	4.6%	3.8%	5.4%
Enterprise value	€7.6B	€8.2B	€8B	€9.2B	€9.9B	€8.4B	€9.1B	€6.9B
Net debt / EBITDA	1.97×	1.92×	1.72×	1.74×	1.75×	1.74×	1.79×	1.67×
Cash conversion cycle (days)	-87	45	42	46	35	31	35	34