Kesko Oyj (KESKOB.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

-3.8%

€23.82

vs €24.75 price

Levered DCF

€19.17

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.84

Grey 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	18.88×	19.01×	14.42×	13.3×	18.85×	18.35×	17.71×	27.88×
P/B	2.74×	2.64×	2.6×	2.95×	4.26×	3.62×	2.88×	2.12×
P/S	0.61×	0.6×	0.61×	0.68×	0.95×	0.74×	0.54×	0.43×
EV / EBITDA	11.13×	8.27×	7.79×	7.75×	10.07×	9.34×	9.22×	5.43×
Gross margin	2.4%	14.4%	14.2%	14.7%	14.6%	14.2%	14.3%	13.4%
Operating margin	3.3%	4.9%	5.9%	6.9%	6.9%	5.6%	4.2%	3.0%
Net margin	3.2%	3.2%	4.2%	5.2%	5.1%	4.1%	3.2%	1.5%
Current ratio	0.97×	0.97×	1.02×	1×	0.98×	0.97×	1.03×	1.2×
Debt / equity	1.28×	1.25×	1.01×	0.88×	0.91×	1.2×	1.5×	0.2×
Interest coverage	2.95×	4.54×	6.97×	13.68×	10.25×	6.43×	4.29×	2.77×
Dividend yield	4.8%	4.5%	6.0%	5.0%	2.8%	3.2%	4.0%	5.1%
Payout ratio	91.6%	84.5%	86.8%	66.7%	52.1%	57.7%	68.4%	141.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.4%	13.9%	18.0%	22.2%	22.6%	19.8%	16.7%	7.7%
Return on invested capital	5.0%	7.5%	9.9%	12.4%	12.7%	10.2%	7.1%	8.0%
Return on assets	4.6%	4.5%	6.4%	8.2%	8.2%	6.5%	4.9%	3.7%
Free cash flow yield	2.9%	7.2%	7.1%	7.0%	8.5%	12.0%	8.9%	4.3%
Earnings yield	5.3%	5.3%	6.9%	7.5%	5.3%	5.5%	5.8%	3.6%
Enterprise value	€11.1B	€10.1B	€9.7B	€10.3B	€12.8B	€10.4B	€8.7B	€4.7B
Net debt / EBITDA	3.42×	2.39×	2.06×	1.64×	1.59×	2.21×	3.07×	0.35×
Cash conversion cycle (days)	34	20	-12	19	14	-10	-0	-3