Nanoform Finland Oyj (NANOFH.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

-239.2%

-€1.09

vs €0.78 price

Levered DCF

-€2.42

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-1.22

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	-5.57×	-4.96×	-6.04×	-11.03×	-22.69×	-20.23×	-25.25×	-100.6×
P/B	2.33×	1.93×	1.84×	2.83×	5.31×	6.36×	24.9×	41.49×
P/S	28.12×	41.69×	47.97×	70.68×	229.38×	580.1×	4,022.81×	888.59×
EV / EBITDA	-4.3×	-4.21×	-6.45×	-9.59×	-22.12×	-19.19×	-27.94×	-112.48×
Gross margin	-419.8%	80.1%	66.9%	90.2%	91.7%	68.5%	-1129.2%	31.2%
Operating margin	-627.6%	-872.6%	-875.7%	-613.9%	-1008.2%	-2828.2%	-14959.9%	-845.5%
Net margin	-504.7%	-843.5%	-808.7%	-633.0%	-1007.4%	-2830.9%	-15669.3%	-882.7%
Current ratio	4.31×	5.91×	8.2×	9.41×	9.43×	11.49×	4.3×	6.61×
Debt / equity	0.15×	0.09×	0.09×	0.08×	0.09×	0.11×	0.46×	0.48×
Interest coverage	-99.79×	-584.85×	-110.94×	-51×	-25.16×	-69.97×	-43.09×	-23.03×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-41.8%	-39.0%	-31.0%	-25.3%	-23.3%	-31.0%	-97.0%	-41.2%
Return on invested capital	-45.3%	-36.9%	-30.7%	-22.7%	-21.6%	-27.9%	-63.3%	-27.5%
Return on assets	-33.2%	-32.6%	-26.6%	-21.9%	-19.8%	-26.3%	-59.6%	-25.3%
Free cash flow yield	-18.7%	-17.3%	-17.7%	-11.8%	-5.0%	-4.2%	-3.9%	-0.9%
Earnings yield	-17.9%	-20.2%	-16.9%	-9.0%	-4.4%	-4.9%	-3.9%	-1.0%
Enterprise value	€81.9M	€84.9M	€115.1M	€184.7M	€380.3M	€344.2M	€193.9M	€205.6M
Net debt / EBITDA	0.93×	1.53×	0.45×	3.21×	3.96×	3.02×	0.52×	1.75×
Cash conversion cycle (days)	117	-414	-118	-1,052	-4,002	-1,748	2,932	-635