Fondia Oyj (FONDIA.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

-26.8%

€3.48

vs €4.75 price

Levered DCF

€1.13

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.4

Safe 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	32.93×	27.88×	17.89×	15.05×	108.23×	38.1×	114.66×	31.95×
P/B	7.62×	5.98×	4.87×	4.83×	5.52×	5.27×	6.7×	7.22×
P/S	0.77×	0.69×	0.92×	1×	1.33×	1.61×	2.03×	2.54×
EV / EBITDA	9.25×	7.99×	7.47×	6.94×	21.48×	13.66×	30.38×	16.93×
Gross margin	29.1%	32.1%	34.5%	46.7%	96.4%	34.8%	97.1%	96.9%
Operating margin	4.1%	4.0%	7.0%	8.5%	1.9%	6.5%	3.1%	10.6%
Net margin	2.4%	2.5%	5.2%	6.7%	1.2%	4.2%	1.8%	8.0%
Current ratio	1.04×	1.16×	1.55×	1.51×	2.37×	2.71×	1.93×	2.13×
Debt / equity	0.09×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	87.12×	13.68×	85.76×	49.91×	134.98×
Dividend yield	6.1%	11.1%	4.9%	4.5%	3.9%	3.2%	3.6%	2.7%
Payout ratio	197.5%	302.6%	85.9%	66.7%	426.2%	123.7%	407.6%	85.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.4%	22.0%	27.5%	32.3%	5.1%	13.8%	5.8%	22.7%
Return on invested capital	21.9%	21.0%	27.2%	33.2%	4.5%	11.5%	5.9%	21.3%
Return on assets	8.6%	8.7%	14.2%	15.9%	2.8%	8.1%	3.4%	13.3%
Free cash flow yield	-5.6%	3.9%	3.7%	9.3%	-3.3%	1.2%	1.4%	4.1%
Earnings yield	3.1%	3.7%	5.7%	6.7%	0.9%	2.6%	0.9%	3.1%
Enterprise value	€18.4M	€15.5M	€19.8M	€19.7M	€24.4M	€26.4M	€35.1M	€44.7M
Net debt / EBITDA	-0.04×	-1.16×	-1.56×	-1.68×	-3.17×	-2.7×	-5.06×	-2.57×
Cash conversion cycle (days)	45	25	23	20	-193	-523	-19	-1,920