Etteplan Oyj (ETTE.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

+1114.9%

€85.29

vs €7.02 price

Levered DCF

€59.09

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.7

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	22.57×	24.39×	20.91×	20.28×	20.86×	18.77×	14.5×	13.29×
P/B	1.96×	2.14×	3.05×	3.44×	4.25×	3.7×	3.28×	3.03×
P/S	0.66×	0.7×	0.97×	1.04×	1.4×	1.24×	0.96×	0.86×
EV / EBITDA	8.53×	8.64×	9.26×	9.93×	10.6×	9.01×	7.79×	8.61×
Gross margin	15.1%	86.0%	23.4%	88.5%	89.4%	91.0%	89.9%	90.8%
Operating margin	4.9%	5.1%	7.1%	8.2%	8.6%	8.6%	8.7%	8.5%
Net margin	2.9%	2.9%	4.6%	5.2%	6.7%	6.6%	6.6%	6.5%
Current ratio	0.98×	1.09×	1.1×	1.1×	0.99×	0.79×	0.91×	1.12×
Debt / equity	0.84×	0.81×	0.76×	0.85×	0.79×	0.75×	0.73×	0.54×
Interest coverage	3.71×	3.13×	5.61×	13.41×	28.97×	19.55×	20.97×	22.53×
Dividend yield	2.3%	3.0%	2.6%	2.7%	2.0%	2.7%	3.0%	2.8%
Payout ratio	52.5%	72.4%	54.2%	54.9%	42.2%	50.8%	42.9%	37.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.7%	8.8%	14.6%	17.1%	20.3%	19.6%	22.7%	22.6%
Return on invested capital	5.9%	6.2%	9.5%	11.0%	11.2%	11.4%	13.0%	14.4%
Return on assets	3.5%	3.5%	5.8%	6.5%	7.9%	7.8%	8.6%	9.5%
Free cash flow yield	13.0%	11.3%	9.6%	7.2%	5.9%	11.3%	12.2%	10.4%
Earnings yield	4.4%	4.1%	4.8%	5.0%	4.8%	5.3%	6.9%	7.5%
Enterprise value	€311.1M	€323.1M	€411.2M	€436.6M	€468.3M	€362.5M	€292.4M	€224.6M
Net debt / EBITDA	1.97×	1.89×	1.42×	1.62×	1.09×	1.01×	1.08×	0.77×
Cash conversion cycle (days)	16	-11	70	239	-67	-114	-103	270