Panostaja Oyj (PNA1V.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

+1906.6%

€5.82

vs €0.29 price

Levered DCF

€1.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.9

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	-7.27×	-6.23×	-9.07×	23.72×	-21.3×	-8.55×	25.29×	2.17×
P/B	0.79×	0.86×	0.8×	0.85×	0.92×	0.87×	0.81×	0.99×
P/S	0.15×	0.18×	0.19×	0.23×	0.27×	0.28×	0.22×	0.28×
EV / EBITDA	6.45×	4.44×	6.3×	3.93×	5.84×	4.26×	6.23×	8.68×
Gross margin	8.4%	9.9%	7.9%	27.0%	30.9%	33.0%	31.3%	31.6%
Operating margin	-1.2%	1.9%	-0.8%	-4.4%	1.5%	3.2%	1.6%	3.5%
Net margin	-2.0%	-2.9%	-2.1%	1.0%	-1.3%	-3.3%	0.9%	13.0%
Current ratio	0.97×	0.92×	0.94×	1.08×	0.97×	1.01×	1×	1.16×
Debt / equity	1.69×	1.74×	1.76×	1.64×	1.91×	2.41×	1.49×	1.56×
Interest coverage	-0.73×	1×	-0.44×	-2.82×	0.86×	1.49×	1.09×	2.5×
Dividend yield	1.6%	0.3%	6.1%	43.9%	6.7%	8.6%	13.0%	7.4%
Payout ratio	-11.5%	-1.6%	-55.0%	1041.5%	-143.7%	-73.9%	325.2%	16.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-10.8%	-13.7%	-8.8%	3.6%	-4.3%	-10.2%	3.3%	45.6%
Return on invested capital	-1.6%	2.4%	-0.8%	-4.8%	-2.5%	0.7%	0.6%	-0.9%
Return on assets	-2.3%	-3.0%	-2.0%	0.9%	-0.9%	-2.1%	0.8%	11.5%
Free cash flow yield	34.4%	34.5%	29.4%	-5.7%	-4.8%	64.7%	13.9%	3.3%
Earnings yield	-13.8%	-16.0%	-11.0%	4.2%	-4.7%	-11.7%	4.0%	46.2%
Enterprise value	€62.9M	€65.6M	€73.1M	€78.3M	€97.5M	€106.3M	€99.9M	€115.4M
Net debt / EBITDA	4.23×	2.77×	4.05×	2.34×	3.67×	2.77×	3.67×	4.76×
Cash conversion cycle (days)	47	44	0	-9	53	51	40	61