Gofore Oyj (GOFORE.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

+1001.4%

€134.37

vs €12.20 price

Levered DCF

€76.94

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.97

Grey 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	22.85×	21.76×	19.13×	28.46×	39.34×	35×	20.83×	23.58×
P/B	1.91×	3.37×	3.69×	4.31×	5.8×	6.68×	3.34×	5.06×
P/S	1.1×	1.9×	1.81×	2.28×	3.39×	3.09×	1.64×	2.2×
EV / EBITDA	5.76×	10.68×	10.67×	14.31×	19.25×	19.11×	9.67×	14.49×
Gross margin	15.6%	23.8%	25.4%	34.6%	34.8%	33.0%	30.5%	31.9%
Operating margin	5.5%	11.2%	12.2%	11.1%	11.7%	11.2%	9.5%	12.0%
Net margin	4.8%	8.8%	9.5%	8.0%	8.7%	8.8%	6.9%	9.4%
Current ratio	1.27×	1.89×	1.65×	1.59×	2.07×	1.32×	2.19×	2.69×
Debt / equity	0.49×	0.21×	0.29×	0.27×	0.24×	0.45×	0.19×	0.17×
Interest coverage	8.94×	26.47×	31.75×	25.71×	54.7×	68.36×	73.08×	103.27×
Dividend yield	3.6%	2.1%	1.5%	1.3%	1.0%	1.2%	2.4%	1.7%
Payout ratio	81.7%	45.1%	29.5%	36.0%	37.2%	40.6%	56.1%	41.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	15.5%	19.3%	15.1%	14.9%	19.1%	14.1%	21.5%
Return on invested capital	5.2%	12.4%	14.6%	11.7%	12.5%	12.7%	11.4%	18.1%
Return on assets	4.2%	9.5%	10.7%	8.1%	8.9%	8.8%	8.8%	13.7%
Free cash flow yield	10.3%	10.1%	5.1%	6.2%	4.0%	3.4%	9.8%	6.9%
Earnings yield	4.4%	4.6%	5.2%	3.5%	2.6%	2.9%	4.2%	4.2%
Enterprise value	€222M	€318.9M	€331.2M	€319.1M	€329.3M	€235.7M	€89.6M	€101.6M
Net debt / EBITDA	0.28×	-1.16×	-0.37×	-1.01×	-1.44×	-0.41×	-1.67×	-1.39×
Cash conversion cycle (days)	23	0	48	33	38	37	33	41