Lindex Group Oyj (LINDEX.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

+539.0%

€15.91

vs €2.49 price

Levered DCF

€3.01

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.58

Distress 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	15.44×	32.69×	8.73×	3.03×	5.14×	-0.3×	-2.86×	-2.84×
P/B	0.89×	1.09×	1.16×	0.91×	0.92×	0.42×	0.32×	0.19×
P/S	0.42×	0.46×	0.48×	0.31×	0.27×	0.11×	0.15×	0.14×
EV / EBITDA	5.31×	5.86×	5.25×	2.87×	4.36×	2.2×	4.8×	7.32×
Gross margin	24.7%	25.6%	25.4%	25.8%	25.5%	16.8%	20.9%	29.4%
Operating margin	8.0%	8.5%	8.3%	9.1%	7.4%	-2.2%	9.7%	8.7%
Net margin	2.8%	1.4%	5.4%	10.3%	5.3%	-36.9%	-4.7%	-4.4%
Current ratio	0.96×	1.17×	1.2×	1.07×	0.88×	0.65×	0.57×	0.83×
Debt / equity	1.5×	1.73×	1.68×	1.85×	2.93×	4.17×	2.01×	1.5×
Interest coverage	1.68×	1.86×	2.04×	2.75×	3.43×	-0.39×	1.75×	2.66×
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	5.8%	3.4%	13.2%	30.3%	17.9%	-141.5%	-9.7%	-6.0%
Return on invested capital	5.6%	3.3%	7.2%	7.0%	4.3%	-1.3%	6.4%	5.2%
Return on assets	1.9%	1.0%	3.9%	7.9%	3.4%	-20.5%	-2.7%	-2.3%
Free cash flow yield	2.1%	12.0%	8.1%	-2.5%	54.2%	147.8%	46.1%	38.2%
Earnings yield	6.5%	3.1%	11.4%	33.2%	19.5%	-334.9%	-30.7%	-31.5%
Enterprise value	€945.4M	€1B	€975.6M	€760.7M	€817.3M	€794.2M	€1.1B	€1.2B
Net debt / EBITDA	3.05×	3.33×	2.81×	1.72×	3.05×	1.95×	4.13×	6.47×
Cash conversion cycle (days)	56	67	58	61	59	-37	43	7