LeadDesk Oy (LEADD.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

-10.3%

€1.87

vs €2.08 price

Levered DCF

-€2.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.6

Distress zone

Rating

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	-17.46×	60.2×	-22.9×	-24.55×	-87.5×	800.92×	64.71×	105.16×
P/B	2.53×	2×	2.42×	2.53×	5.85×	17.62×	6.46×	48.6×
P/S	1.05×	1.04×	1.32×	1.56×	4.51×	11.84×	3.95×	3.19×
EV / EBITDA	7.74×	5.68×	11.59×	14.7×	36.6×	92.95×	19.16×	20.66×
Gross margin	29.0%	43.6%	41.6%	72.5%	74.6%	76.7%	78.4%	79.3%
Operating margin	-2.8%	-1.3%	-3.7%	-5.5%	-4.0%	2.2%	17.9%	7.0%
Net margin	-6.0%	1.8%	-5.7%	-6.3%	-5.2%	1.5%	6.1%	3.0%
Current ratio	0.73×	0.86×	0.78×	0.77×	0.95×	1.68×	2.69×	0.61×
Debt / equity	0.77×	0.4×	0.47×	0.46×	0.49×	0.06×	0.09×	2.87×
Interest coverage	-1.01×	-0.57×	-2.81×	-6.89×	-3.33×	4.06×	9.49×	2.11×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-14.3%	3.4%	-10.5%	-10.3%	-6.8%	2.2%	10.0%	46.2%
Return on invested capital	-3.8%	-1.4%	-4.6%	-6.0%	-3.5%	2.5%	23.8%	21.0%
Return on assets	-5.7%	1.7%	-5.3%	-5.4%	-3.4%	1.6%	7.2%	6.4%
Free cash flow yield	2.8%	1.8%	0.8%	-2.6%	-0.8%	0.6%	0.4%	2.0%
Earnings yield	-5.7%	1.7%	-4.3%	-4.1%	-1.2%	0.1%	1.6%	1.0%
Enterprise value	€51.6M	€36M	€44.1M	€49.3M	€113.8M	€159.1M	€44M	€36.4M
Net debt / EBITDA	1.53×	0.48×	1.4×	1.6×	0.96×	-2.52×	-2.1×	0.69×
Cash conversion cycle (days)	51	21	48	12	-45	-48	-47	-86