Kemira Oyj (KEMIRA.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

+93.8%

€29.58

vs €15.26 price

Levered DCF

€29.23

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.33

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	16.59×	12.05×	12.74×	9.49×	18.77×	15.05×	18.42×	17.12×
P/B	1.79×	1.68×	1.53×	1.32×	1.54×	1.66×	1.66×	1.27×
P/S	1.09×	1.02×	0.75×	0.62×	0.76×	0.82×	0.76×	0.58×
EV / EBITDA	7×	5.87×	5.7×	5.3×	7.76×	6.72×	7.37×	7.49×
Gross margin	19.4%	51.6%	48.2%	43.0%	46.2%	50.9%	47.9%	36.4%
Operating margin	10.9%	12.3%	9.9%	9.7%	6.4%	8.9%	7.3%	5.7%
Net margin	6.6%	8.5%	5.9%	6.5%	4.0%	5.4%	4.1%	3.4%
Current ratio	1.61×	1.58×	1.45×	1.46×	1.25×	1.15×	1.11×	1.23×
Debt / equity	0.45×	0.45×	0.56×	0.61×	0.75×	0.77×	0.78×	0.74×
Interest coverage	8.17×	8.45×	6.82×	8.22×	4.99×	6.28×	5.21×	4.44×
Dividend yield	3.8%	3.5%	3.7%	4.0%	4.7%	4.3%	4.0%	5.8%
Payout ratio	62.4%	42.0%	47.8%	38.4%	88.2%	65.3%	73.4%	98.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	14.0%	12.0%	13.9%	8.1%	11.0%	9.0%	7.5%
Return on invested capital	8.8%	10.1%	8.6%	9.1%	5.3%	7.1%	6.1%	5.0%
Return on assets	5.8%	7.4%	5.7%	6.3%	3.4%	4.7%	3.8%	3.2%
Free cash flow yield	6.1%	10.6%	13.4%	9.2%	2.5%	8.9%	9.0%	3.9%
Earnings yield	6.0%	8.3%	7.8%	10.5%	5.3%	6.6%	5.4%	5.9%
Enterprise value	€3.5B	€3.3B	€3.1B	€3B	€2.9B	€2.7B	€2.8B	€2.3B
Net debt / EBITDA	1.01×	0.52×	0.99×	1.38×	2.28×	1.86×	2.11×	2.46×
Cash conversion cycle (days)	18	69	53	88	73	70	70	80