HKFoods Oyj (HKFOODS.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

-165.1%

-€1.05

vs €1.62 price

Levered DCF

€1.00

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.82

Grey zone

Rating

C+

Overall 2 / 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	-121.31×	-2.14×	-2.88×	-17.24×	-133.87×	39.6×	-5.87×	-1.57×
P/B	0.93×	0.38×	0.41×	0.33×	0.52×	0.62×	0.72×	0.27×
P/S	0.13×	0.07×	0.07×	0.05×	0.09×	0.11×	0.13×	0.05×
EV / EBITDA	5.84×	3.99×	5.77×	8.04×	6.25×	6.19×	15.23×	58.2×
Gross margin	13.2%	32.2%	10.4%	29.3%	32.8%	31.8%	30.6%	29.4%
Operating margin	2.9%	2.2%	2.5%	0.6%	0.8%	0.9%	-0.6%	-2.9%
Net margin	-0.1%	-2.9%	-2.3%	-0.3%	-0.1%	0.3%	-2.1%	-3.1%
Current ratio	1.18×	1.32×	1.13×	1.24×	0.78×	0.88×	1×	0.94×
Debt / equity	2.08×	1×	1.8×	1.43×	1.11×	1.12×	1.02×	1.02×
Interest coverage	1.49×	0.95×	0.95×	0.59×	0.97×	1.22×	-0.88×	-4.34×
Dividend yield	10.4%	2.4%	2.5%	6.3%	2.7%	0.4%	0.3%	6.6%
Payout ratio	-1390.0%	-5.8%	-7.2%	-108.2%	-366.7%	14.6%	-1.6%	-10.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.7%	-15.6%	-14.3%	-1.9%	-0.4%	1.6%	-12.2%	-17.0%
Return on invested capital	5.5%	-2.4%	4.2%	1.5%	-0.3%	0.8%	-1.6%	-6.1%
Return on assets	-0.2%	-5.5%	-3.1%	-0.5%	-0.1%	0.5%	-4.0%	-5.7%
Free cash flow yield	17.1%	86.4%	19.3%	-32.2%	2.2%	-10.5%	12.4%	-140.7%
Earnings yield	-0.7%	-41.5%	-35.0%	-5.8%	-0.7%	2.5%	-17.0%	-63.7%
Enterprise value	€379.9M	€220.1M	€379.7M	€431.7M	€475.7M	€489.5M	€496.5M	€372.5M
Net debt / EBITDA	3.79×	2.72×	4.62×	6.47×	4.13×	3.79×	8.46×	45.23×
Cash conversion cycle (days)	19	22	23	24	25	25	22	24,507