Metsä Board Oyj (METSB.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

-129.9%

-€0.88

vs €2.94 price

Levered DCF

€1.14

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.57

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	FY2019	FY2018
P/E	-7.07×	59.47×	26.63×	7.63×	10.5×	17.96×	14.63×	9.18×
P/B	0.69×	0.86×	1.33×	1.5×	1.8×	2.21×	1.59×	1.41×
P/S	0.62×	0.78×	1.3×	1.26×	1.47×	1.62×	1.1×	0.96×
EV / EBITDA	42.18×	10.23×	14.03×	7.15×	8.65×	10.39×	10.48×	10.51×
Gross margin	-1.0%	24.2%	23.5%	27.1%	28.4%	29.4%	24.3%	24.1%
Operating margin	-7.4%	3.2%	6.2%	21.4%	18.0%	12.0%	9.4%	12.7%
Net margin	-8.8%	1.3%	4.9%	16.5%	14.0%	9.0%	7.5%	10.5%
Current ratio	1.65×	1.76×	2.31×	2.37×	2.45×	2.49×	2.13×	1.61×
Debt / equity	0.35×	0.26×	0.23×	0.22×	0.26×	0.33×	0.33×	0.34×
Interest coverage	-8.21×	3.69×	9.74×	113.09×	47.58×	19.1×	11.3×	12.83×
Dividend yield	2.3%	5.9%	9.1%	5.0%	3.0%	2.8%	4.8%	4.0%
Payout ratio	-15.9%	351.0%	242.3%	38.3%	31.6%	50.1%	71.3%	36.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.9%	1.5%	5.0%	19.7%	17.2%	12.3%	10.8%	15.4%
Return on invested capital	-4.8%	1.9%	3.8%	16.3%	13.4%	9.3%	8.3%	12.1%
Return on assets	-5.4%	0.8%	3.1%	12.0%	10.0%	7.4%	6.4%	8.9%
Free cash flow yield	9.4%	-8.4%	4.9%	-1.4%	3.8%	5.0%	5.0%	4.5%
Earnings yield	-14.2%	1.7%	3.8%	13.2%	9.5%	5.6%	6.8%	10.9%
Enterprise value	€1.4B	€1.8B	€2.7B	€3.2B	€3B	€3.3B	€2.4B	€2.2B
Net debt / EBITDA	7.93×	1.6×	0.77×	0.21×	-0.22×	0.75×	1.33×	1.6×
Cash conversion cycle (days)	27	101	72	93	77	87	134	69