Huhtamäki Oyj (HUH1V.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

+100.0%

€52.12

vs €26.06 price

Levered DCF

€102.94

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.31

Grey zone

Rating

A-

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	16.25×	15.97×	18.38×	12.08×	20.47×	25.01×	22.74×	18.67×
P/B	1.69×	1.76×	2.06×	1.81×	2.67×	3.43×	3.2×	2.39×
P/S	0.79×	0.87×	0.91×	0.75×	1.14×	1.34×	1.27×	0.94×
EV / EBITDA	8.27×	8.01×	8.38×	7.86×	11.93×	11.27×	11.66×	9.53×
Gross margin	16.5%	18.9%	18.1%	16.4%	16.6%	16.8%	17.1%	15.2%
Operating margin	7.8%	8.5%	8.1%	8.0%	8.0%	7.9%	8.6%	6.6%
Net margin	4.8%	5.4%	4.9%	6.2%	5.6%	5.4%	5.6%	5.0%
Current ratio	1.59×	1.52×	1.6×	1.5×	1.22×	1.42×	1.39×	1.31×
Debt / equity	0.86×	0.77×	0.9×	0.97×	1.12×	0.93×	0.83×	0.75×
Interest coverage	3.98×	4.56×	4.19×	6.91×	9.12×	7.04×	8.43×	6.87×
Dividend yield	3.7%	3.1%	2.8%	2.9%	2.4%	2.1%	2.0%	2.9%
Payout ratio	60.2%	49.1%	50.7%	35.5%	48.3%	52.5%	46.1%	53.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.4%	11.0%	11.2%	15.0%	13.1%	13.8%	14.1%	12.8%
Return on invested capital	6.2%	6.8%	6.3%	7.3%	6.0%	6.9%	7.8%	6.4%
Return on assets	4.2%	4.6%	4.4%	5.7%	4.4%	4.9%	5.3%	5.0%
Free cash flow yield	9.8%	5.2%	6.8%	0.1%	-0.9%	4.7%	5.2%	1.9%
Earnings yield	6.1%	6.3%	5.4%	8.3%	4.9%	4.0%	4.4%	5.4%
Enterprise value	€4.3B	€4.8B	€5.1B	€4.8B	€5.6B	€5.3B	€5.2B	€3.7B
Net debt / EBITDA	2.31×	2.07×	2.15×	2.42×	3.26×	1.87×	2.05×	2.09×
Cash conversion cycle (days)	53	79	79	86	93	74	78	84