Inderes Oyj (INDERES.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

-2.6%

€15.93

vs €16.35 price

Levered DCF

€24.49

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.12

Safe zone

Rating

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
P/E	131.67×	76.54×	400×	110.87×	47.47×	63.68×	115.63×
P/B	5.46×	5.4×	4.74×	5.35×	9.18×	35.41×	55.47×
P/S	1.43×	1.83×	1.98×	3.16×	5.18×	8.24×	14.48×
EV / EBITDA	15.35×	13.97×	16.4×	29.45×	21.87×	34.37×	73.71×
Gross margin	38.5%	56.5%	55.8%	39.2%	45.4%	46.5%	41.8%
Operating margin	4.0%	6.4%	4.5%	6.0%	16.6%	15.9%	16.0%
Net margin	1.1%	2.4%	0.5%	2.8%	11.0%	12.9%	12.4%
Current ratio	8.66×	0.83×	0.9×	1.39×	2.37×	1.08×	0.92×
Debt / equity	0.27×	0.29×	0.29×	0.26×	0.01×	0.15×	0.24×
Interest coverage	5.43×	5.1×	4.94×	25.79×	6.76×	42.12×	142.33×
Dividend yield	5.6%	4.4%	4.1%	3.1%	1.8%	0.9%	0.0%
Payout ratio	737.4%	337.2%	1659.1%	345.2%	84.2%	59.4%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.2%	7.1%	1.2%	4.8%	19.4%	55.3%	47.6%
Return on invested capital	2.4%	8.0%	2.4%	3.8%	22.2%	41.1%	35.7%
Return on assets	1.7%	3.3%	0.5%	2.2%	12.3%	20.3%	12.9%
Free cash flow yield	5.0%	8.4%	4.0%	2.1%	4.8%	0.9%	0.0%
Earnings yield	0.8%	1.3%	0.2%	0.9%	2.1%	1.6%	0.9%
Enterprise value	€26.8M	€33.2M	€31.9M	€41.1M	€54.4M	€71M	€70.9M
Net debt / EBITDA	-0.28×	-0.21×	-1.03×	-1.1×	-2.77×	-0.37×	-0.91×
Cash conversion cycle (days)	25	22	40	49	41	61	85