eQ Oyj (EQV1V.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

+53.0%

€11.94

vs €7.80 price

Levered DCF

€10.24

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

9.21

Safe zone

Rating

Overall 4 / 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	21.25×	19.62×	20.49×	28.28×	26.82×	26.17×	22.64×	16.81×
P/B	6.63×	7.31×	8.52×	12.58×	12.76×	9.53×	7.32×	4.77×
P/S	7.54×	8.06×	8.89×	12.91×	13.54×	11.21×	9.22×	6.49×
EV / EBITDA	15.85×	14.83×	15.17×	21.52×	20.26×	19.6×	16.76×	12.41×
Gross margin	95.1%	99.1%	70.7%	71.9%	69.0%	66.9%	66.7%	66.3%
Operating margin	45.1%	51.9%	55.0%	57.4%	63.2%	53.6%	50.9%	49.0%
Net margin	35.6%	41.2%	43.6%	45.6%	50.5%	42.8%	40.7%	38.9%
Current ratio	28.57×	1.95×	1.92×	1.62×	1.38×	1.31×	1.54×	1.42×
Debt / equity	0.07×	0.06×	0.07×	0.07×	0.03×	0.03×	0.04×	0×
Interest coverage	214.01×	152.14×	214.86×	703.62×	2,508.42×	1,337.26×	1,011.23×	22,450×
Dividend yield	6.0%	6.2%	6.3%	3.9%	2.7%	3.7%	4.3%	6.3%
Payout ratio	126.6%	120.6%	128.3%	109.1%	71.5%	96.5%	97.7%	105.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	31.3%	37.4%	41.8%	44.4%	47.6%	36.4%	32.3%	28.6%
Return on invested capital	23.9%	35.2%	38.8%	41.4%	46.1%	35.1%	30.7%	28.3%
Return on assets	24.5%	28.8%	31.4%	32.8%	34.4%	26.9%	24.6%	22.8%
Free cash flow yield	5.8%	2.7%	4.5%	2.4%	4.5%	4.2%	5.3%	6.7%
Earnings yield	4.7%	5.1%	4.9%	3.5%	3.7%	3.8%	4.4%	6.0%
Enterprise value	€451.8M	€532.5M	€625M	€1B	€987.5M	€624.6M	€457.2M	€281.3M
Net debt / EBITDA	-0.2×	-0.1×	-0.44×	-0.38×	-0.68×	-0.61×	-0.72×	-0.7×
Cash conversion cycle (days)	-589	-3,575	-27	-38	-68	-40	-56	-35