Musti Group Oyj (MUSTI.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

+677.4%

€113.11

vs €14.55 price

Levered DCF

€105.20

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.95

Grey 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	-181.09×	233.18×	22.78×	26.6×	49.05×	56.22×	103×	-51.5×
P/B	3.93×	5.18×	3.67×	3.71×	6.58×	4.31×	2.98×	3.47×
P/S	1.31×	1.95×	1.42×	1.52×	3.03×	2.32×	1.19×	1.53×
EV / EBITDA	15.46×	19.63×	9.76×	11.18×	19.56×	17.61×	12.44×	23.59×
Gross margin	14.1%	25.3%	45.7%	46.4%	45.7%	30.5%	29.9%	28.7%
Operating margin	1.6%	2.7%	8.9%	7.9%	8.3%	6.9%	5.1%	0.7%
Net margin	-0.7%	0.8%	6.2%	5.7%	6.1%	4.1%	1.2%	-2.9%
Current ratio	0.83×	0.96×	0.96×	0.93×	0.95×	1.16×	0.87×	0.83×
Debt / equity	1.32×	1.07×	0.97×	0.97×	0.81×	0.76×	1.34×	1.42×
Interest coverage	0.84×	1.11×	6.69×	9.45×	9.07×	3.97×	1.65×	0.21×
Dividend yield	0.0%	0.0%	2.8%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-0.9%	0.7%	63.3%	0.1%	0.4%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.2%	2.2%	16.1%	13.9%	13.3%	7.6%	3.0%	-6.7%
Return on invested capital	2.1%	2.6%	9.0%	7.6%	7.7%	6.2%	3.9%	0.5%
Return on assets	-0.8%	0.9%	6.7%	6.0%	6.2%	3.8%	1.1%	-2.2%
Free cash flow yield	6.7%	2.9%	11.2%	5.4%	4.1%	5.1%	11.3%	3.6%
Earnings yield	-0.6%	0.4%	4.4%	3.8%	2.0%	1.8%	1.0%	-1.9%
Enterprise value	€872.2M	€1B	€739.8M	€739.6M	€1.1B	€754M	€415.4M	€463.3M
Net debt / EBITDA	3.67×	2.95×	1.81×	2.2×	1.94×	2.21×	3.68×	6.78×
Cash conversion cycle (days)	36	55	45	89	41	36	34	32