Lumo Kodit Oyj (LUMO.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

-224.7%

-€8.79

vs €7.05 price

Levered DCF

€2.40

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.82

Distress 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	121.07×	109.44×	-32.58×	-8.52×	5.13×	14.25×	4.85×	8.87×
P/B	0.7×	0.64×	0.8×	0.89×	1.23×	1.35×	1.3×	0.84×
P/S	5.48×	5.13×	6.56×	8.24×	13.4×	11.65×	10.67×	5.5×
EV / EBITDA	38.38×	35.24×	-421.07×	-15.96×	6.28×	16.42×	6.05×	13.32×
Gross margin	67.4%	66.9%	67.2%	67.7%	67.0%	67.1%	65.9%	65.2%
Operating margin	58.7%	28.8%	-9.3%	57.9%	340.5%	116.3%	288.3%	90.4%
Net margin	4.5%	4.7%	-20.1%	-96.8%	261.3%	81.5%	219.9%	61.8%
Current ratio	0.81×	0.65×	0.07×	0.56×	1.85×	1.18×	0.89×	1.92×
Debt / equity	0.96×	1.05×	0.99×	0.96×	0.78×	0.92×	0.87×	1.05×
Interest coverage	2.19×	0.95×	-0.43×	3.85×	23.73×	8.44×	21.99×	7.16×
Dividend yield	0.0%	0.0%	3.3%	2.8%	1.7%	1.9%	1.8%	2.5%
Payout ratio	0.0%	0.0%	-108.3%	-23.5%	8.9%	26.8%	8.7%	22.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.6%	0.6%	-2.5%	-10.4%	24.0%	9.5%	26.7%	9.4%
Return on invested capital	2.7%	1.3%	-0.4%	2.3%	12.4%	5.0%	13.3%	4.8%
Return on assets	0.3%	0.3%	-1.1%	-4.7%	11.7%	4.3%	12.5%	4.0%
Free cash flow yield	6.0%	6.8%	5.3%	4.7%	2.9%	3.3%	3.5%	5.7%
Earnings yield	0.8%	0.9%	-3.1%	-11.7%	19.5%	7.0%	20.6%	11.2%
Enterprise value	€5.8B	€5.8B	€6.5B	€7B	€8.4B	€7.3B	€6.5B	€4.3B
Net debt / EBITDA	21.73×	21.18×	-232.82×	-8.15×	2.35×	6.38×	2.35×	7.22×
Cash conversion cycle (days)	-22	-16	3	-46	-71	-55	-181	-33