Ovaro Kiinteistösijoitus Oyj (OVARO.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

-314.5%

-€5.96

vs €2.78 price

Levered DCF

-€13.00

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-0.32

Distress 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	17.89×	48.24×	11.7×	55.4×	-2.13×	-3.35×	-6.16×	-3.18×
P/B	0.6×	0.63×	0.65×	0.55×	0.62×	0.65×	0.55×	0.59×
P/S	3.59×	5.38×	5.36×	4.56×	3.41×	3.98×	3.6×	3.65×
EV / EBITDA	5.1×	217.17×	10.62×	48.68×	-2.51×	-6.7×	-20.04×	100.86×
Gross margin	-6.0%	45.3%	41.9%	39.7%	46.3%	48.4%	50.7%	54.7%
Operating margin	-1.5%	-8.9%	56.2%	11.8%	-142.3%	-121.3%	-43.6%	-69.8%
Net margin	20.1%	11.1%	46.2%	8.2%	-160.6%	-118.8%	-58.2%	-114.6%
Current ratio	8.34×	1.51×	2.65×	6.5×	6.39×	3.68×	0.89×	0.85×
Debt / equity	0.39×	0.27×	0.33×	0.38×	0.27×	0.85×	1.02×	1.17×
Interest coverage	-0.11×	-0.4×	4.95×	2.81×	-5.93×	-6.24×	-1.89×	-3.44×
Dividend yield	11.2%	3.8%	0.9%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	200.0%	185.2%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.4%	1.3%	5.6%	1.0%	-29.1%	-19.5%	-9.0%	-18.7%
Return on invested capital	-0.1%	0.3%	5.7%	1.0%	-18.9%	-8.1%	-2.7%	-5.1%
Return on assets	1.9%	0.9%	4.1%	0.7%	-22.1%	-9.9%	-4.0%	-8.0%
Free cash flow yield	-23.1%	-19.5%	0.9%	-1.7%	-3.9%	-2.4%	-25.9%	5.3%
Earnings yield	5.6%	2.1%	8.6%	1.8%	-47.1%	-29.9%	-16.2%	-31.4%
Enterprise value	€37.6M	€38.9M	€36.8M	€35.3M	€30.1M	€83.6M	€102.8M	€135.3M
Net debt / EBITDA	1.55×	59.16×	1.95×	14.51×	-0.19×	-3.61×	-12.35×	66.02×
Cash conversion cycle (days)	-105	-314	-40	178	-6	796	1,340	746