Pihlajalinna Oyj (PIHLIS.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

+4754.4%

€416.03

vs €8.57 price

Levered DCF

€260.79

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.52

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	8.74×	9.29×	37.16×	20.29×	14.2×	24.68×	101.87×	55.24×
P/B	1.93×	1.38×	1.24×	1.55×	2.4×	1.93×	3.42×	1.71×
P/S	0.5×	0.34×	0.22×	0.28×	0.49×	0.42×	0.67×	0.43×
EV / EBITDA	5.49×	4.13×	7.22×	10.75×	7.69×	7.84×	11.21×	6.71×
Gross margin	18.8%	71.6%	19.7%	61.3%	63.7%	61.1%	61.4%	61.2%
Operating margin	9.1%	6.9%	2.9%	1.2%	4.8%	3.6%	2.0%	2.6%
Net margin	5.8%	3.9%	0.8%	1.4%	3.5%	1.7%	0.6%	0.8%
Current ratio	0.73×	0.63×	0.58×	0.63×	0.68×	0.71×	0.61×	0.89×
Debt / equity	1.77×	1.25×	2.95×	3.23×	1.67×	1.89×	2.17×	1.03×
Interest coverage	7.4×	4.44×	1.78×	1×	7.06×	3.92×	2.52×	3.29×
Dividend yield	3.0%	0.9%	0.9%	4.5%	1.7%	0.1%	1.9%	2.4%
Payout ratio	26.3%	7.9%	25.8%	90.2%	24.5%	2.4%	197.7%	131.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.0%	16.0%	4.5%	7.7%	16.9%	7.9%	3.3%	3.1%
Return on invested capital	9.9%	7.4%	2.2%	1.5%	6.7%	3.6%	2.2%	3.3%
Return on assets	6.3%	4.3%	0.9%	1.4%	4.4%	2.0%	0.8%	1.1%
Free cash flow yield	18.0%	38.0%	35.2%	18.7%	14.7%	17.6%	6.2%	8.7%
Earnings yield	11.4%	11.6%	3.6%	5.0%	7.0%	4.1%	1.0%	1.8%
Enterprise value	€599.9M	€419.2M	€512.3M	€579.2M	€479.6M	€406M	€537.7M	€298M
Net debt / EBITDA	2.48×	1.8×	4.97×	7.18×	3.11×	3.75×	4×	2.01×
Cash conversion cycle (days)	-27	-4	17	-9	-31	-32	-0	-3