Modulight Oyj (MODU.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

-307.1%

-€2.09

vs €1.01 price

Levered DCF

-€2.38

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.81

Safe 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	-10.18×	-6.4×	-4.18×	-8.58×	-94.58×	124.89×	246.95×	203.72×
P/B	1.05×	0.83×	0.89×	1.19×	6.35×	48.81×	72.56×	102.49×
P/S	6.63×	9.96×	12.31×	17.5×	53.32×	46.34×	64.83×	75.51×
EV / EBITDA	-1,000.64×	-10.21×	-5.2×	-13.28×	-133.65×	81.55×	105.51×	144.95×
Gross margin	-18.4%	145.6%	123.8%	122.2%	103.9%	106.0%	104.7%	104.6%
Operating margin	-65.8%	-203.6%	-301.4%	-169.4%	-8.3%	46.8%	40.8%	39.6%
Net margin	-65.1%	-157.4%	-294.7%	-202.5%	-55.8%	37.1%	26.3%	37.0%
Current ratio	4.46×	5×	8.17×	12.26×	22.79×	2.18×	2.37×	3.85×
Debt / equity	0.06×	0.09×	0.12×	0.12×	0.13×	0.6×	0.82×	1.04×
Interest coverage	-21.72×	-39.7×	-12,132×	-59.95×	-4.65×	43.23×	2.96×	21.85×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-12.1%	14.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-10.3%	-13.1%	-21.3%	-13.8%	-6.6%	39.1%	29.4%	50.3%
Return on invested capital	-9.8%	-15.5%	-19.5%	-10.3%	-0.9%	30.0%	24.3%	25.7%
Return on assets	-9.4%	-11.5%	-18.5%	-11.9%	-5.8%	19.0%	13.4%	22.3%
Free cash flow yield	-12.9%	-14.3%	-46.4%	-16.5%	-3.0%	0.3%	-0.2%	0.2%
Earnings yield	-9.8%	-15.8%	-23.9%	-11.6%	-1.0%	0.8%	0.4%	0.5%
Enterprise value	€40M	€27.9M	€55.7M	€87.2M	€492.8M	€470.2M	€470.8M	€469.6M
Net debt / EBITDA	171.55×	4.7×	-0.57×	-1.03×	-2.46×	0.68×	1.02×	1.05×
Cash conversion cycle (days)	204	-202	-673	-43	-105	544	523	-194