Glaston Oyj Abp (GLA1V.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

+1015.7%

€10.84

vs €0.97 price

Levered DCF

€2.60

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.35

Distress zone

Rating

A+

Overall 5 / 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	39.65×	26.44×	24.54×	49.05×	172.73×	-27.47×	-28.18×	72.51×
P/B	0.74×	0.98×	1.79×	2.22×	2.82×	2.18×	2.45×	4.23×
P/S	0.23×	0.3×	0.56×	0.71×	1.05×	0.88×	1×	1.55×
EV / EBITDA	4.14×	6.7×	9.04×	11.1×	19.18×	28.34×	36.08×	18.53×
Gross margin	21.7%	59.6%	57.5%	54.9%	55.1%	52.5%	51.9%	50.0%
Operating margin	4.2%	2.7%	3.5%	2.1%	1.7%	-0.8%	-1.2%	3.4%
Net margin	0.6%	1.1%	2.3%	1.4%	0.6%	-3.2%	-3.5%	2.1%
Current ratio	1.03×	0.95×	0.96×	1×	1.04×	1.18×	1.13×	0.9×
Debt / equity	0.58×	0.48×	0.45×	0.52×	0.66×	0.83×	0.72×	0.34×
Interest coverage	3.52×	2.57×	3.64×	1.85×	0.69×	-0.51×	-0.7×	2.63×
Dividend yield	5.3%	6.4%	2.7%	1.7%	0.9%	0.0%	0.6%	1.2%
Payout ratio	208.3%	168.3%	66.9%	81.8%	151.8%	0.0%	-18.1%	89.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.9%	3.7%	7.3%	4.5%	1.6%	-7.9%	-8.7%	5.8%
Return on invested capital	5.1%	3.5%	5.2%	2.6%	2.4%	-1.0%	-1.6%	4.8%
Return on assets	0.7%	1.3%	2.6%	1.6%	0.6%	-2.6%	-3.0%	2.4%
Free cash flow yield	-6.7%	-3.9%	11.1%	2.8%	7.4%	-1.8%	3.5%	-1.2%
Earnings yield	2.5%	3.8%	4.1%	2.0%	0.6%	-3.6%	-3.5%	1.4%
Enterprise value	€75.4M	€85.3M	€134.7M	€165M	€210.4M	€183.7M	€213.2M	€161.9M
Net debt / EBITDA	1.53×	1.55×	0.73×	0.9×	1.67×	5.19×	5.59×	0.56×
Cash conversion cycle (days)	88	113	112	114	113	151	189	55