Qt Group Oyj (QTCOM.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

-45.9%

€17.15

vs €31.70 price

Levered DCF

€33.49

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.66

Safe 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	26.35×	29.87×	46.07×	32.72×	146.81×	108.68×	-1,418.92×	-80.2×
P/B	4×	9.56×	13.35×	12.91×	63.9×	46.24×	29.42×	10.42×
P/S	3.87×	8.16×	9.04×	7.21×	27.2×	17.39×	8.54×	4.19×
EV / EBITDA	16.85×	19.84×	27.68×	24.26×	97.07×	71.94×	173.29×	-126.82×
Gross margin	40.0%	52.5%	42.8%	47.4%	44.7%	41.3%	94.7%	24.1%
Operating margin	19.7%	30.2%	26.2%	23.7%	23.8%	21.4%	0.4%	-5.1%
Net margin	14.7%	27.4%	19.6%	22.1%	18.5%	16.1%	-0.6%	-5.2%
Current ratio	1.47×	3.53×	1.79×	1.83×	1.16×	1.72×	1.09×	1.25×
Debt / equity	0.68×	0.02×	0.17×	0.32×	0.33×	0.09×	0.24×	0.03×
Interest coverage	18.68×	55.12×	0×	89.27×	193.37×	137.23×	1.54×	-154.8×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	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	15.2%	32.1%	29.0%	39.6%	43.5%	42.9%	-2.1%	-13.1%
Return on invested capital	8.7%	25.8%	22.3%	23.4%	27.2%	37.6%	-2.8%	-10.8%
Return on assets	7.2%	24.0%	17.2%	19.3%	19.1%	20.9%	-0.7%	-6.2%
Free cash flow yield	4.7%	3.1%	2.4%	-0.5%	0.5%	0.9%	1.1%	-1.1%
Earnings yield	3.8%	3.4%	2.2%	3.1%	0.7%	0.9%	-0.1%	-1.3%
Enterprise value	€940.7M	€1.6B	€1.6B	€1.1B	€3.3B	€1.4B	€490.6M	€181.7M
Net debt / EBITDA	1.85×	-0.73×	-0.22×	0.41×	-0.01×	-1.02×	-2.78×	6.33×
Cash conversion cycle (days)	144	125	108	-134	42	46	-45	-1