Kesla Oyj (KELAS.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

-102.6%

-€0.10

vs €3.65 price

Levered DCF

-€4.84

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.41

Distress zone

Rating

D+

Overall 1 / 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	-1.74×	-20.67×	26.33×	-11.8×	11.76×	47.5×	17.36×	10.74×
P/B	1.04×	0.9×	1.05×	1.13×	1.4×	1.12×	1.27×	1.11×
P/S	0.23×	0.24×	0.24×	0.3×	0.44×	0.36×	0.35×	0.31×
EV / EBITDA	-5.77×	13.87×	9.06×	105.19×	8.4×	13.72×	9.71×	6.95×
Gross margin	-4.0%	48.4%	45.2%	37.2%	41.2%	41.0%	41.9%	42.4%
Operating margin	-13.6%	0.1%	2.5%	-3.3%	4.9%	1.4%	3.4%	5.0%
Net margin	-13.0%	-1.2%	0.9%	-2.6%	3.7%	0.8%	2.0%	2.9%
Current ratio	0.96×	1.65×	1.93×	1.73×	2.27×	2.79×	2.55×	1.66×
Debt / equity	1.43×	1.01×	1.05×	1.38×	0.74×	0.85×	0.93×	0.87×
Interest coverage	-7.16×	0.05×	2.16×	-5.34×	11.83×	3.61×	5.92×	7.26×
Dividend yield	0.0%	3.1%	0.0%	4.8%	1.7%	3.5%	3.1%	2.5%
Payout ratio	0.0%	-64.8%	0.0%	-57.1%	20.0%	167.0%	53.3%	26.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-59.6%	-4.4%	4.0%	-9.6%	11.9%	2.4%	7.4%	10.4%
Return on invested capital	-20.6%	0.1%	3.9%	-3.9%	7.0%	1.6%	5.5%	7.2%
Return on assets	-18.1%	-1.6%	1.4%	-3.0%	4.9%	1.0%	2.9%	4.1%
Free cash flow yield	13.8%	17.1%	26.0%	-49.9%	-2.6%	32.1%	-2.9%	13.9%
Earnings yield	-57.4%	-4.8%	3.8%	-8.5%	8.5%	2.1%	5.8%	9.4%
Enterprise value	€18.4M	€22.4M	€26.5M	€30.4M	€28.3M	€22.1M	€27.9M	€23.8M
Net debt / EBITDA	-3.33×	7.23×	4.47×	57.02×	2.52×	4.77×	4.01×	2.94×
Cash conversion cycle (days)	100	234	201	261	192	205	226	210