Kamux Oyj (KAMUX.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

+851.9%

€12.28

vs €1.29 price

Levered DCF

€10.93

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.68

Safe zone

Rating

B+

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	-37.61×	22×	23.38×	16.04×	23.41×	23.45×	15.42×	15.46×
P/B	0.83×	0.97×	2.01×	1.6×	4.33×	5.68×	3.63×	3.32×
P/S	0.1×	0.1×	0.22×	0.18×	0.49×	0.75×	0.45×	0.43×
EV / EBITDA	7.6×	8.02×	9.69×	8.01×	13.48×	15.23×	9.93×	11.8×
Gross margin	2.0%	9.5%	10.1%	9.6%	10.7%	12.5%	12.0%	12.1%
Operating margin	0.1%	0.8%	1.6%	1.8%	3.0%	4.3%	3.8%	3.6%
Net margin	-0.3%	0.5%	1.0%	1.1%	2.1%	3.2%	2.9%	2.8%
Current ratio	2.66×	2.13×	2.53×	2.79×	2.2×	2.95×	2.64×	3.76×
Debt / equity	0.5×	0.71×	0.56×	0.58×	0.68×	0.68×	0.81×	0.33×
Interest coverage	0.14×	3.04×	8.32×	13.08×	31.11×	31.2×	31.63×	31.5×
Dividend yield	3.2%	6.5%	2.7%	4.6%	2.1%	1.7%	2.2%	2.1%
Payout ratio	-121.7%	147.8%	62.5%	74.1%	49.0%	39.5%	33.7%	32.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.2%	4.2%	8.6%	10.0%	18.5%	24.4%	23.3%	21.2%
Return on invested capital	0.2%	3.7%	6.2%	7.0%	11.7%	15.8%	13.2%	15.6%
Return on assets	-1.2%	2.0%	4.5%	5.3%	8.7%	12.2%	10.5%	12.7%
Free cash flow yield	51.9%	-1.0%	10.4%	13.3%	-0.0%	1.0%	10.3%	0.6%
Earnings yield	-2.7%	4.4%	4.3%	6.2%	4.3%	4.3%	6.4%	6.4%
Enterprise value	€120.2M	€179.7M	€278.2M	€232.2M	€528.5M	€597.1M	€334.6M	€238.3M
Net debt / EBITDA	2.13×	3.32×	1.87×	2.04×	1.8×	1.38×	1.15×	0.48×
Cash conversion cycle (days)	46	56	50	50	62	60	47	57