HIAB Oyj (HIAB.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

-36.8%

€30.30

vs €47.92 price

Levered DCF

€23.29

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.66

Grey zone

Rating

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	19.42×	2.98×	9.2×	133.76×	12.96×	380.69×	35.6×	29.81×
P/B	3.15×	3.1×	1.82×	2.09×	2.07×	2.45×	2.24×	2.24×
P/S	2.05×	1.93×	1.79×	0.78×	0.96×	0.98×	0.86×	0.97×
EV / EBITDA	10.79×	6.28×	10.17×	11.86×	7.67×	19.03×	12.3×	14.35×
Gross margin	30.1%	29.1%	26.9%	21.0%	22.1%	22.3%	23.7%	24.6%
Operating margin	13.3%	13.2%	12.3%	2.6%	10.7%	2.2%	4.9%	5.8%
Net margin	10.5%	64.8%	19.4%	0.6%	7.4%	0.2%	2.4%	3.2%
Current ratio	2.12×	1.68×	1.6×	1.48×	1.59×	1.51×	1.29×	1.37×
Debt / equity	0.25×	0.36×	0.49×	0.55×	0.6×	0.91×	0.7×	0.53×
Interest coverage	14.22×	18.24×	17.13×	3.67×	12.66×	2.19×	6.34×	8.37×
Dividend yield	5.6%	4.4%	2.7%	2.2%	2.2%	2.4%	2.2%	2.1%
Payout ratio	108.8%	13.0%	25.1%	294.6%	28.3%	960.5%	79.4%	63.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.2%	104.0%	19.8%	1.6%	16.0%	0.6%	6.3%	7.5%
Return on invested capital	12.0%	10.9%	5.8%	1.2%	9.8%	0.6%	4.2%	5.4%
Return on assets	10.1%	43.5%	7.9%	0.6%	6.1%	0.2%	2.1%	2.9%
Free cash flow yield	5.4%	13.6%	11.1%	3.0%	0.4%	6.1%	7.4%	-1.0%
Earnings yield	5.1%	33.6%	10.9%	0.7%	7.7%	0.3%	2.8%	3.3%
Enterprise value	€3B	€3.1B	€3.4B	€3.6B	€3.6B	€3.9B	€3.8B	€3.7B
Net debt / EBITDA	-0.76×	-0.14×	0.55×	1.28×	0.91×	3.42×	1.87×	1.96×
Cash conversion cycle (days)	104	108	295	115	117	99	108	112