Puuilo Oyj (PUUILO.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

+19.6%

€22.25

vs €18.60 price

Levered DCF

€19.98

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

6.67

Safe 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	18.65×	17.95×	19.39×	15.05×	21.03×	21.35×	38.21×	48.4×
P/B	10.56×	8.46×	8.83×	7.02×	9.99×	89.08×	19.27×	14.48×
P/S	2.36×	2.25×	2.22×	1.8×	2.51×	2.58×	3.42×	4.27×
EV / EBITDA	12.07×	11.53×	12.36×	10.4×	13.86×	14.54×	21.15×	26.31×
Gross margin	23.2%	37.7%	35.3%	36.1%	36.8%	36.5%	35.3%	34.6%
Operating margin	17.0%	17.0%	15.6%	15.9%	16.5%	17.4%	13.5%	13.1%
Net margin	12.7%	12.5%	11.4%	11.8%	11.8%	12.1%	8.9%	9.0%
Current ratio	2.5×	2.47×	2.35×	3.27×	3.13×	1.61×	0.7×	0.77×
Debt / equity	1.65×	1.31×	1.44×	1.62×	1.68×	19.24×	3.39×	2.11×
Interest coverage	12.75×	11.22×	9.96×	18.08×	9.89×	7.55×	5.86×	7.2×
Dividend yield	5.6%	3.7%	3.8%	4.8%	7.4%	8.1%	0.5%	0.0%
Payout ratio	105.4%	66.8%	74.2%	72.4%	157.1%	174.0%	19.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	56.6%	47.1%	45.5%	46.1%	47.1%	416.8%	50.4%	30.6%
Return on invested capital	22.7%	21.8%	20.0%	18.5%	19.6%	23.1%	13.4%	11.1%
Return on assets	17.7%	17.1%	15.6%	15.2%	14.9%	16.6%	9.8%	8.5%
Free cash flow yield	6.7%	4.9%	7.1%	8.9%	0.8%	5.5%	3.7%	1.3%
Earnings yield	5.4%	5.6%	5.2%	6.6%	4.7%	4.7%	2.6%	2.1%
Enterprise value	€1.2B	€976.4M	€851.7M	€629.1M	€775M	€737.3M	€675.1M	€662.3M
Net debt / EBITDA	1.34×	1.36×	1.47×	1.56×	1.75×	2.4×	2.91×	3.17×
Cash conversion cycle (days)	109	145	125	147	174	112	135	163