Kreate Group Oyj (KREATE.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

-38.3%

€17.33

vs €28.10 price

Levered DCF

€197.03

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.5

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	17.43×	14.28×	16.41×	12.45×	14.19×	12.15×	14.45×	33.41×
P/B	2.44×	1.44×	1.42×	1.68×	2.39×	3.54×	3.47×	4.21×
P/S	0.35×	0.23×	0.19×	0.26×	0.41×	0.4×	0.57×	0.66×
EV / EBITDA	8.33×	6.23×	5.69×	8.22×	8.37×	8.66×	10.34×	17.54×
Gross margin	8.1%	26.1%	21.5%	20.9%	23.4%	23.2%	9.0%	7.0%
Operating margin	2.9%	3.2%	2.4%	3.2%	4.4%	4.4%	4.7%	3.0%
Net margin	2.0%	1.6%	1.2%	2.1%	2.9%	3.3%	3.9%	2.0%
Current ratio	0.8×	0.98×	0.97×	1.02×	0.98×	0.89×	1.02×	1.03×
Debt / equity	1.21×	0.94×	0.94×	1×	0.66×	1.35×	0.82×	1.12×
Interest coverage	4.09×	2.94×	2.56×	4.5×	4.85×	8.86×	8.53×	1.83×
Dividend yield	4.0%	6.7%	6.7%	5.6%	4.0%	0.0%	0.0%	0.0%
Payout ratio	69.8%	96.0%	110.1%	69.1%	56.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.0%	10.1%	8.6%	13.6%	16.8%	29.2%	24.0%	12.7%
Return on invested capital	7.0%	7.9%	7.5%	8.4%	12.5%	13.7%	13.0%	6.5%
Return on assets	3.4%	3.3%	2.7%	4.3%	6.5%	7.7%	8.3%	4.0%
Free cash flow yield	31.4%	-9.9%	37.4%	1.9%	-0.2%	8.5%	10.3%	0.9%
Earnings yield	5.7%	7.0%	6.1%	8.1%	7.0%	8.2%	6.9%	3.0%
Enterprise value	€145.8M	€92.3M	€77.4M	€105.1M	€119M	€122.2M	€143.6M	€153.8M
Net debt / EBITDA	2.05×	2.01×	1.23×	2.61×	1.47×	1.98×	1.24×	3.13×
Cash conversion cycle (days)	42	37	18	40	28	29	34	33