KH Group Oyj (KHG.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

+5060.0%

€37.26

vs €0.72 price

Levered DCF

€5.23

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.17

Grey zone

Rating

B-

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	FY2018
P/E	-46.3×	-1.28×	-4.63×	-8.41×	5.99×	6.35×	5.8×	5.3×
P/B	0.54×	0.63×	0.65×	0.8×	1.19×	0.81×	0.94×	1.05×
P/S	0.13×	0.16×	0.39×	0×	9.69×	160.74×	5.94×	23.07×
EV / EBITDA	2.87×	1.42×	12.59×	-7.59×	5.67×	4.63×	2.59×	4.54×
Gross margin	26.5%	27.3%	21.0%	0.0%	91.6%	83.8%	87.8%	76.9%
Operating margin	2.5%	3.0%	-5.4%	0.0%	176.1%	2993.3%	128.8%	532.9%
Net margin	-0.3%	-12.7%	-8.4%	0.0%	160.7%	2541.9%	103.2%	443.1%
Current ratio	1.43×	1.2×	0.92×	2.62×	1.79×	25.72×	118.89×	13.25×
Debt / equity	1.45×	1.59×	2.22×	0.12×	0.06×	0×	0×	0.09×
Interest coverage	1.2×	1.08×	-1.72×	-68.46×	1,347.73×	11,651×	153.65×	64.6×
Dividend yield	0.0%	0.0%	0.0%	0.0%	2.1%	17.6%	2.4%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	12.6%	111.0%	13.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.1%	-49.5%	-14.0%	-9.7%	19.7%	12.8%	16.4%	20.2%
Return on invested capital	3.1%	3.9%	-2.2%	-7.5%	16.4%	12.0%	15.9%	17.3%
Return on assets	-0.4%	-9.1%	-3.0%	-7.5%	16.3%	11.8%	15.7%	17.0%
Free cash flow yield	97.2%	24.3%	42.8%	-5.7%	-8.9%	-20.4%	50.7%	18.3%
Earnings yield	-2.1%	-78.7%	-21.6%	-12.0%	16.6%	15.8%	17.4%	19.2%
Enterprise value	€95.3M	€101.4M	€203.3M	€76.3M	€115.1M	€54M	€41.5M	€73.8M
Net debt / EBITDA	2.06×	0.98×	9.59×	-0.78×	0.19×	-0.74×	-2.01×	0.2×
Cash conversion cycle (days)	126	145	238	-122	-245	-510	-3	-16