Martela Oyj (MARAS.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

+747.4%

€4.86

vs €0.57 price

Levered DCF

-€1.65

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.08

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	-0.96×	-0.45×	-1.65×	4.3×	-4.32×	-2.66×	-5.51×	-5.42×
P/B	-1.69×	3.4×	0.61×	0.8×	0.95×	1.14×	0.88×	0.68×
P/S	0.04×	0.05×	0.06×	0.1×	0.11×	0.14×	0.13×	0.12×
EV / EBITDA	3.45×	35.73×	4.28×	2.35×	5.06×	7.28×	6.47×	26.11×
Gross margin	38.4%	6.5%	42.5%	39.7%	40.9%	40.2%	40.0%	40.7%
Operating margin	-1.3%	-7.5%	-2.5%	-0.0%	-2.0%	-4.9%	-2.1%	-2.0%
Net margin	-3.7%	-10.0%	-3.7%	2.4%	-2.6%	-5.4%	-2.4%	-2.3%
Current ratio	0.75×	0.84×	1.05×	1.24×	0.97×	1.06×	1.15×	1.46×
Debt / equity	-10.48×	17.87×	1.89×	1.39×	1.18×	1.33×	0.9×	0.55×
Interest coverage	-0.58×	-4.33×	-2.32×	-0.02×	-2.42×	-6.01×	-3.79×	-5.86×
Dividend yield	0.0%	0.0%	7.8%	0.0%	0.0%	0.0%	3.0%	10.4%
Payout ratio	0.0%	0.0%	-12.9%	0.0%	0.0%	0.0%	-16.3%	-56.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	175.0%	-750.6%	-36.8%	18.4%	-22.2%	-42.9%	-16.2%	-12.6%
Return on invested capital	-6.3%	-29.3%	-8.5%	-0.1%	-7.8%	-15.9%	-6.9%	-6.7%
Return on assets	-7.6%	-15.9%	-6.3%	4.1%	-4.7%	-9.3%	-4.6%	-4.7%
Free cash flow yield	109.4%	-7.0%	-34.7%	67.2%	-36.6%	35.1%	23.2%	50.2%
Earnings yield	-103.6%	-221.0%	-60.6%	23.1%	-23.2%	-37.5%	-18.3%	-18.5%
Enterprise value	€21.5M	€20.7M	€18.8M	€19M	€18.1M	€16.6M	€18.4M	€12.5M
Net debt / EBITDA	2.91×	28.95×	2.96×	0.98×	2.19×	1.65×	1.58×	-0.67×
Cash conversion cycle (days)	47	56	63	70	71	56	48	61