Enento Group Oyj (ENENTO.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

+64.5%

€26.06

vs €15.84 price

Levered DCF

€20.32

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.84

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	27.82×	34.27×	26.32×	29.72×	30.56×	41.48×	38.41×	44.29×
P/B	1.44×	1.57×	1.64×	1.74×	2.51×	2.56×	2.43×	1.51×
P/S	2.48×	2.75×	2.97×	3.07×	4.85×	5.33×	5.18×	4.95×
EV / EBITDA	10.03×	12.08×	11.83×	15.53×	16.05×	19.46×	18.77×	23.38×
Gross margin	49.8%	64.6%	60.8%	67.7%	67.7%	66.9%	58.3%	55.7%
Operating margin	21.7%	16.3%	19.5%	20.9%	21.6%	18.4%	19.0%	17.0%
Net margin	8.9%	8.1%	11.3%	10.4%	15.8%	12.9%	13.5%	11.1%
Current ratio	1.18×	1.15×	1.27×	1.44×	1.43×	1.32×	1.27×	2.23×
Debt / equity	0.59×	0.59×	0.55×	0.52×	0.53×	0.54×	0.54×	0.53×
Interest coverage	4.69×	3.06×	4.14×	11.55×	14.72×	11.62×	10.17×	7.79×
Dividend yield	6.3%	5.7%	5.2%	4.7%	2.9%	2.8%	3.0%	3.0%
Payout ratio	173.9%	195.0%	136.9%	138.6%	88.3%	117.3%	115.6%	131.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.2%	4.6%	6.2%	5.9%	8.2%	6.2%	6.3%	3.4%
Return on invested capital	6.0%	4.4%	5.3%	5.9%	5.5%	4.2%	4.5%	2.4%
Return on assets	2.9%	2.6%	3.6%	3.5%	4.8%	3.5%	3.6%	2.0%
Free cash flow yield	9.2%	5.6%	5.6%	6.1%	3.5%	3.7%	3.9%	2.8%
Earnings yield	3.6%	2.9%	3.8%	3.4%	3.3%	2.4%	2.6%	2.2%
Enterprise value	€521.9M	€556.8M	€603.1M	€646.2M	€934.6M	€949.6M	€903.7M	€623.2M
Net debt / EBITDA	2.75×	3.09×	2.74×	3.17×	2.43×	2.93×	3.08×	5.14×
Cash conversion cycle (days)	-28	11	14	-190	5	-13	3	30