NoHo Partners Oyj (NOHO.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

+2482.2%

€192.37

vs €7.45 price

Levered DCF

€193.83

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.92

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	5.3×	14.7×	23.21×	95.86×	-14.11×	-5.23×	8.17×	46.84×
P/B	1.7×	2.08×	2.35×	1.82×	2.28×	2.03×	1.51×	2.4×
P/S	0.48×	0.39×	0.49×	0.44×	0.79×	0.98×	0.72×	0.49×
EV / EBITDA	5.77×	5.55×	6.46×	6.24×	10.62×	18.06×	6.06×	9.51×
Gross margin	25.5%	41.3%	27.8%	41.4%	37.4%	36.9%	49.5%	32.7%
Operating margin	9.0%	7.8%	9.2%	7.4%	1.0%	-15.4%	11.1%	2.2%
Net margin	9.1%	2.6%	2.1%	0.5%	-5.6%	-18.8%	8.7%	1.1%
Current ratio	0.31×	0.36×	0.36×	0.28×	0.22×	0.15×	0.3×	0.41×
Debt / equity	3.17×	4.44×	4.62×	3.95×	5.11×	4.21×	2.1×	2.16×
Interest coverage	1.63×	1.48×	3.44×	2.9×	0.15×	-2.26×	4.05×	2.97×
Dividend yield	6.2%	6.1%	5.5%	0.6%	0.5%	0.5%	4.4%	4.7%
Payout ratio	33.1%	90.3%	127.8%	53.3%	-7.1%	-2.6%	36.3%	212.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	32.1%	14.1%	10.1%	2.0%	-16.1%	-38.7%	18.4%	5.3%
Return on invested capital	5.7%	5.7%	5.6%	3.1%	0.4%	-4.9%	6.7%	2.3%
Return on assets	6.0%	1.9%	1.4%	0.3%	-2.3%	-6.6%	5.1%	1.1%
Free cash flow yield	32.0%	37.5%	29.3%	41.0%	24.5%	1.5%	21.0%	5.3%
Earnings yield	18.8%	6.8%	4.3%	1.1%	-7.1%	-19.1%	12.2%	2.2%
Enterprise value	€491.2M	€508.6M	€532.7M	€426.8M	€468.7M	€472M	€463.6M	€298.2M
Net debt / EBITDA	3.73×	3.73×	4.24×	4.25×	7.3×	12.16×	3.51×	4.42×
Cash conversion cycle (days)	-68	-11	5	-7	-18	-1	-9	7