Netum Group Oyj (NETUM.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

+4652.7%

€34.69

vs €0.73 price

Levered DCF

€39.67

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.22

Distress zone

Rating

Overall 3 / 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	16.43×	-64×	-29.11×	237.34×	96.96×	40.45×	373.95×	63.85×
P/B	0.92×	2.36×	2.45×	3.69×	4.18×	10.11×	15.85×	19.53×
P/S	0.37×	0.66×	0.84×	1.5×	2.29×	2.93×	3.84×	4.23×
EV / EBITDA	10.21×	7.64×	16.93×	15.12×	15.78×	16.7×	32.32×	24.59×
Gross margin	14.4%	21.4%	19.4%	98.2%	82.5%	79.9%	84.5%	81.7%
Operating margin	4.1%	2.6%	-0.6%	2.6%	8.5%	11.5%	5.0%	11.2%
Net margin	2.3%	-1.0%	-2.9%	0.6%	2.4%	7.5%	1.0%	6.6%
Current ratio	0.55×	0.78×	0.78×	1.36×	1.3×	1.17×	0.88×	0.99×
Debt / equity	0.54×	0.64×	0.74×	0.21×	0.26×	0.81×	1.7×	1.96×
Interest coverage	3.26×	2.35×	-0.74×	5.32×	1.98×	10.16×	3.6×	6.84×
Dividend yield	4.5%	0.0%	4.1%	2.9%	2.6%	0.8%	0.8%	0.0%
Payout ratio	73.9%	0.0%	-120.4%	685.2%	249.9%	32.4%	291.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.6%	-3.7%	-8.4%	1.6%	4.3%	25.8%	4.2%	30.6%
Return on invested capital	5.3%	-8.1%	-1.0%	1.5%	6.9%	15.8%	2.2%	12.1%
Return on assets	2.8%	-1.6%	-3.3%	0.9%	2.6%	10.8%	1.2%	8.1%
Free cash flow yield	19.6%	16.5%	-0.1%	6.0%	1.5%	3.6%	2.2%	0.0%
Earnings yield	6.1%	-1.6%	-3.4%	0.4%	1.0%	2.6%	0.3%	1.6%
Enterprise value	€22.3M	€35.2M	€40.4M	€42.8M	€53.6M	€54.2M	€56.2M	€54.5M
Net debt / EBITDA	3.77×	1.31×	3.83×	-0.37×	0.66×	0.87×	2.78×	1.92×
Cash conversion cycle (days)	42	40	61	-527	24	-20	-81	-349