Mandatum Oyj (MANTA.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

+0.1%

€5.86

vs €5.85 price

Levered DCF

€3.77

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.29

Distress zone

Rating

C+

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
P/E	22.19×	13.58×	13.16×	3.4×	9.41×	15.96×
P/B	2.42×	1.4×	1.32×	1.09×	1.03×	1.16×
P/S	7.64×	5.03×	6.34×	5.3×	0.62×	1.13×
EV / EBITDA	14.65×	7.51×	7.26×	2.13×	5.54×	8.68×
Gross margin	94.9%	96.4%	96.5%	97.2%	100.0%	100.0%
Operating margin	40.2%	45.4%	63.2%	196.3%	0.0%	0.0%
Net margin	34.4%	36.9%	48.3%	156.3%	6.6%	7.2%
Current ratio	0×	193.27×	216.23×	138.75×	0×	0.22×
Debt / equity	0.21×	0.2×	0.17×	0.22×	0.31×	0.22×
Interest coverage	7.92×	12.68×	18.14×	70.98×	0.04×	0×
Dividend yield	9.6%	7.4%	7.1%	8.1%	10.9%	0.0%
Payout ratio	212.7%	100.4%	93.3%	27.6%	101.9%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	10.9%	10.3%	10.0%	32.1%	11.0%	7.4%
Return on invested capital	0.8%	0.9%	1.0%	3.7%	0.0%	0.0%
Return on assets	0.8%	0.9%	1.0%	3.7%	1.2%	0.8%
Free cash flow yield	3.6%	3.1%	13.0%	-1.1%	21.6%	-15.5%
Earnings yield	4.5%	7.3%	7.6%	29.5%	10.7%	6.4%
Enterprise value	€3.1B	€1.7B	€1.6B	€1.5B	€1.5B	€1.5B
Net debt / EBITDA	-1.85×	-2.55×	-2.05×	-0.51×	-1.4×	-1.92×
Cash conversion cycle (days)	0	-43	-31	-126	0	0