Keskisuomalainen Oyj (KSL.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

+169.2%

€25.57

vs €9.50 price

Levered DCF

€40.31

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.51

Grey zone

Rating

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	10.75×	-10.97×	-6.91×	16.28×	23.7×	5.37×	9.19×	17.25×
P/B	1.76×	1.43×	1.56×	1.46×	1.82×	1.19×	1.56×	1.19×
P/S	0.44×	0.33×	0.43×	0.55×	0.78×	0.53×	0.52×	0.57×
EV / EBITDA	5.86×	19.22×	12.43×	6.42×	8.1×	2.91×	5.78×	6.78×
Gross margin	22.5%	70.5%	-7.0%	68.9%	74.6%	71.3%	72.1%	71.3%
Operating margin	6.3%	-3.0%	-0.8%	1.9%	5.9%	3.8%	6.3%	7.1%
Net margin	4.1%	-3.1%	-6.3%	3.4%	3.3%	9.9%	5.7%	3.3%
Current ratio	0.74×	0.52×	0.64×	0.91×	0.72×	0.66×	0.7×	0.92×
Debt / equity	1.4×	1.49×	0.87×	0.72×	0.76×	0.75×	0.88×	0.69×
Interest coverage	5.02×	-2.39×	-0.8×	5.99×	16.47×	9.75×	15.21×	11×
Dividend yield	6.4%	8.2%	11.1%	8.3%	6.1%	6.9%	5.7%	8.0%
Payout ratio	68.7%	-88.9%	-76.7%	134.5%	145.8%	36.9%	51.9%	137.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.4%	-13.1%	-22.7%	9.0%	7.6%	22.0%	17.0%	7.0%
Return on invested capital	8.0%	-4.2%	-1.4%	1.8%	4.9%	4.3%	7.7%	5.9%
Return on assets	4.6%	-3.5%	-8.2%	3.8%	3.2%	9.6%	6.1%	3.2%
Free cash flow yield	23.7%	3.4%	8.0%	13.3%	17.4%	15.0%	17.0%	11.9%
Earnings yield	9.3%	-9.2%	-14.5%	6.2%	4.2%	18.6%	10.9%	5.8%
Enterprise value	€153M	€130.3M	€130.8M	€166.3M	€211.5M	€159.1M	€165M	€135.9M
Net debt / EBITDA	2.25×	9.22×	3.86×	1.75×	1.81×	0.9×	1.54×	2.07×
Cash conversion cycle (days)	36	-11	20	4	-158	-7	3	12