Nurminen Logistics Oyj (NLG1V.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

+3532.0%

€18.81

vs €0.52 price

Levered DCF

€19.02

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.96

Grey 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	24.66×	11.56×	6.67×	31.75×	12.25×	-7.21×	-1.02×	-1.54×
P/B	2.22×	2.52×	3.41×	3.62×	9.79×	5.14×	-13.18×	1.13×
P/S	0.7×	0.78×	0.73×	0.38×	1.05×	0.25×	0.17×	0.17×
EV / EBITDA	4.49×	4.44×	3.39×	12.53×	14.27×	12.72×	-14.62×	-4.74×
Gross margin	24.0%	27.8%	24.8%	10.5%	15.6%	8.9%	-1.9%	14.2%
Operating margin	13.2%	18.4%	25.9%	2.8%	6.8%	-0.6%	-12.5%	-7.7%
Net margin	2.8%	6.8%	11.2%	1.2%	8.4%	-3.5%	-16.5%	-11.2%
Current ratio	1.51×	1.33×	0.68×	0.74×	1.2×	1.12×	1.15×	1.57×
Debt / equity	1.56×	1.35×	1.76×	2.72×	2.44×	10.36×	-48.1×	1.57×
Interest coverage	2.85×	5.73×	8.94×	2.39×	5.4×	-0.25×	-3.69×	-4.4×
Dividend yield	3.2%	5.7%	0.0%	4.3%	0.0%	0.0%	8.0%	8.2%
Payout ratio	78.2%	66.1%	0.0%	134.9%	0.0%	0.0%	-8.2%	-12.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	21.8%	52.1%	11.4%	78.0%	-71.3%	1279.0%	-73.2%
Return on invested capital	10.9%	18.0%	27.0%	4.4%	15.3%	-0.9%	-19.8%	-18.7%
Return on assets	3.2%	7.0%	12.6%	2.1%	14.4%	-4.3%	-22.0%	-21.2%
Free cash flow yield	24.5%	12.0%	25.9%	10.3%	5.1%	-25.9%	-2.3%	-11.6%
Earnings yield	4.1%	8.7%	15.3%	3.2%	8.0%	-13.9%	-97.0%	-64.9%
Enterprise value	€109.7M	€109.6M	€129.3M	€75.6M	€178M	€57.2M	€50.7M	€20.9M
Net debt / EBITDA	1.37×	1.11×	0.93×	4.79×	2.4×	8.17×	-11.23×	-1.66×
Cash conversion cycle (days)	19	28	6	12	25	18	19	7