Outokumpu Oyj (OUT1V.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

+15.1%

€5.22

vs €4.53 price

Levered DCF

€1.90

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.63

Distress zone

Rating

B-

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	-14.93×	-30.86×	-18.67×	1.86×	4.3×	-11.5×	-15.61×	10.31×
P/B	0.59×	0.33×	0.52×	0.52×	0.77×	0.56×	0.45×	0.49×
P/S	0.37×	0.21×	0.28×	0.23×	0.31×	0.24×	0.18×	0.2×
EV / EBITDA	16.3×	7.26×	4.13×	1.75×	2.88×	13.84×	9.03×	5.54×
Gross margin	3.5%	3.9%	7.0%	14.2%	12.7%	4.2%	4.6%	6.9%
Operating margin	-1.5%	-1.5%	-1.0%	10.3%	9.1%	-1.1%	-0.1%	4.1%
Net margin	-2.5%	-0.7%	-1.5%	12.0%	7.2%	-2.1%	-1.2%	1.9%
Current ratio	1.63×	1.56×	1.9×	1.93×	1.28×	1.17×	1.17×	1.14×
Debt / equity	0.18×	0.13×	0.11×	0.15×	0.23×	0.59×	0.58×	0.48×
Interest coverage	-1.52×	-1.28×	-1.22×	16.02×	8.54×	-0.7×	-0.09×	3.11×
Dividend yield	5.7%	8.9%	7.8%	3.2%	0.0%	0.0%	5.4%	7.7%
Payout ratio	-84.7%	-275.0%	-143.4%	6.0%	0.0%	0.0%	-83.8%	79.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.0%	-1.1%	-2.8%	27.7%	17.7%	-5.0%	-2.9%	4.7%
Return on invested capital	-1.5%	-0.9%	-1.4%	18.5%	14.3%	-1.1%	-0.2%	4.6%
Return on assets	-2.4%	-0.7%	-1.8%	16.3%	8.5%	-2.0%	-1.2%	2.2%
Free cash flow yield	-1.9%	-2.1%	9.2%	29.1%	18.3%	11.8%	15.8%	-1.2%
Earnings yield	-6.8%	-3.2%	-5.4%	53.3%	22.9%	-8.8%	-6.4%	9.7%
Enterprise value	€2.3B	€1.4B	€1.9B	€2.2B	€2.8B	€2.4B	€2.3B	€2.6B
Net debt / EBITDA	1.89×	0.96×	-0.22×	0.08×	0.42×	6.04×	4.51×	2.66×
Cash conversion cycle (days)	73	67	60	50	41	31	37	52