Olvi Oyj (OLVAS.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

+288.8%

€106.92

vs €27.50 price

Levered DCF

€65.00

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.22

Safe zone

Rating

A+

Overall 4 / 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	10.15×	9.8×	15.16×	85×	22.16×	24.74×	20.4×	16.04×
P/B	1.77×	1.86×	2.01×	2.46×	3.61×	3.79×	3.27×	2.8×
P/S	0.98×	0.92×	0.92×	1.18×	2.3×	2.42×	2.09×	1.7×
EV / EBITDA	6.03×	5.18×	6.98×	7.53×	11.6×	12.13×	10.58×	9.06×
Gross margin	41.7%	40.6%	37.4%	37.7%	41.7%	50.8%	51.0%	50.3%
Operating margin	12.1%	12.4%	8.7%	-2.9%	12.9%	13.6%	12.8%	13.0%
Net margin	9.6%	9.4%	6.1%	1.4%	10.4%	9.8%	10.2%	10.6%
Current ratio	1.47×	1.35×	1.28×	1.28×	1.26×	1.31×	1.25×	1.14×
Debt / equity	0.12×	0.03×	0.02×	0.01×	0.01×	0.01×	0.01×	0.02×
Interest coverage	42.09×	68.16×	61.64×	-25.2×	100.4×	64.57×	124.44×	35.09×
Dividend yield	4.2%	4.1%	4.4%	3.7%	2.2%	2.1%	2.2%	2.5%
Payout ratio	42.2%	40.4%	66.2%	316.8%	48.6%	51.2%	45.0%	40.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.4%	19.0%	13.3%	2.9%	16.3%	15.3%	16.0%	17.4%
Return on invested capital	14.9%	17.7%	12.5%	-2.3%	15.3%	14.9%	14.8%	16.5%
Return on assets	10.5%	11.4%	7.8%	1.6%	9.8%	9.6%	10.5%	11.2%
Free cash flow yield	4.1%	7.7%	0.4%	4.3%	5.5%	3.4%	4.2%	4.7%
Earnings yield	9.9%	10.2%	6.6%	1.2%	4.5%	4.0%	4.9%	6.2%
Enterprise value	€635.4M	€564.1M	€555.9M	€629.2M	€1B	€962.9M	€823M	€640.3M
Net debt / EBITDA	-0.13×	-0.37×	-0.31×	-0.68×	-0.64×	-0.52×	-0.39×	-0.2×
Cash conversion cycle (days)	75	73	71	76	77	-21	51	42