Evli Oyj (EVLI.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

+76.7%

€38.69

vs €21.90 price

Levered DCF

€67.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.54

Grey zone

Rating

A-

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	16.38×	10.36×	17.98×	18.25×	16.27×	9.04×	14.86×	10.91×
P/B	3.87×	3.1×	3.89×	2.74×	6.52×	0.66×	3.2×	2.29×
P/S	4.32×	3.78×	4.52×	3.77×	5.28×	3.41×	3.38×	2.55×
EV / EBITDA	11.9×	8.63×	13.17×	13.25×	11.74×	8.74×	3.44×	3.86×
Gross margin	85.8%	62.9%	68.6%	64.9%	73.7%	87.2%	100.0%	100.0%
Operating margin	42.5%	47.6%	35.1%	30.7%	47.3%	7.1%	33.5%	33.5%
Net margin	26.4%	36.5%	25.1%	20.5%	32.4%	37.8%	22.8%	23.3%
Current ratio	3.19×	2.4×	2.45×	2.03×	1.65×	1.92×	16.83×	9.34×
Debt / equity	0.8×	0.77×	0.94×	0.87×	1.03×	0.01×	1.92×	2.11×
Interest coverage	19×	12.13×	9.8×	20.6×	70.75×	4.62×	7.94×	8.21×
Dividend yield	5.2%	6.6%	5.8%	6.7%	2.8%	5.3%	0.0%	0.0%
Payout ratio	85.5%	68.8%	104.9%	122.2%	44.8%	48.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.6%	29.9%	21.7%	14.9%	40.0%	7.3%	21.6%	21.0%
Return on invested capital	16.1%	18.1%	11.9%	9.6%	21.5%	0.3%	2.3%	2.4%
Return on assets	10.0%	12.3%	8.4%	5.6%	10.5%	322.2%	1.9%	2.0%
Free cash flow yield	10.5%	9.2%	8.2%	28.2%	9.3%	6.5%	31.7%	-73.3%
Earnings yield	6.1%	9.7%	5.6%	5.5%	6.1%	11.1%	6.7%	9.1%
Enterprise value	€721M	€576.7M	€642.8M	€499.7M	€731.3M	€342.5M	€104.3M	€96.5M
Net debt / EBITDA	2.03×	1.72×	2.56×	3.18×	1.6×	1.39×	-5.02×	-3.14×
Cash conversion cycle (days)	605	652	709	1	678	-1,094	276	295