Lemonsoft Oyj (LEMON.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

+92.7%

€9.29

vs €4.82 price

Levered DCF

€9.85

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.41

Safe zone

Rating

A-

Overall 4 / 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	24.48×	25.91×	21.45×	44.22×	138.46×	97.5×	111.43×	156×
P/B	3.78×	3.28×	3.82×	5.99×	14.78×	40.79×	51.71×	67.03×
P/S	3.77×	3.67×	4.37×	6.48×	18.87×	16.41×	26.8×	30.06×
EV / EBITDA	12.41×	14.51×	13.89×	18.61×	72.46×	58.74×	80.12×	101.46×
Gross margin	33.8%	30.7%	48.5%	93.8%	94.2%	93.4%	93.0%	95.8%
Operating margin	20.2%	19.4%	24.3%	20.7%	17.8%	29.1%	29.6%	25.7%
Net margin	15.4%	14.3%	20.1%	14.3%	13.2%	17.1%	23.3%	20.2%
Current ratio	1.03×	1.2×	1.19×	1.61×	3.89×	1.8×	2.26×	1.98×
Debt / equity	0.37×	0.32×	0.28×	0.1×	0.15×	0.29×	0×	0.19×
Interest coverage	3.68×	8.56×	19.57×	142.61×	134.31×	133.5×	1,100.58×	261.73×
Dividend yield	2.3%	2.5%	2.3%	1.6%	0.7%	0.5%	0.4%	0.3%
Payout ratio	57.1%	62.7%	48.9%	73.6%	97.3%	51.4%	49.3%	42.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.4%	12.8%	17.6%	13.3%	10.3%	42.6%	45.1%	44.9%
Return on invested capital	11.4%	10.3%	12.7%	12.3%	9.0%	43.1%	45.1%	38.0%
Return on assets	9.4%	7.7%	10.8%	9.2%	7.6%	25.2%	32.8%	28.0%
Free cash flow yield	7.0%	4.3%	2.1%	2.4%	0.4%	1.5%	1.0%	0.6%
Earnings yield	4.1%	3.9%	4.6%	2.2%	0.7%	1.0%	0.9%	0.7%
Enterprise value	€115.3M	€108.8M	€116.3M	€136.7M	€309.3M	€282M	€281.3M	€282.8M
Net debt / EBITDA	0.45×	0.37×	0.12×	-1.27×	-3.69×	-0.65×	-1.08×	-0.81×
Cash conversion cycle (days)	-79	64	40	-258	-372	-116	-198	-166