Raisio plc (RAIKV.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

+196.6%

€6.69

vs €2.26 price

Levered DCF

€4.72

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.76

Safe zone

Rating

A-

Overall 4 / 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	17.6×	19.55×	18.18×	31.6×	25.92×	21.27×	21.25×	13.33×
P/B	1.63×	1.32×	1.2×	1.5×	1.89×	1.86×	1.97×	1.43×
P/S	1.86×	1.5×	1.42×	1.79×	2.15×	2.15×	2.26×	1.65×
EV / EBITDA	10.24×	9.51×	9.04×	15.18×	18.01×	13.63×	14.15×	14.85×
Gross margin	29.8%	28.7%	27.5%	24.4%	24.8%	27.7%	28.4%	29.5%
Operating margin	12.6%	8.8%	11.0%	8.3%	10.0%	12.6%	12.1%	6.7%
Net margin	10.3%	7.5%	7.8%	5.7%	8.5%	10.0%	10.8%	12.2%
Current ratio	4.55×	4.44×	4.34×	4.33×	4.19×	5.44×	5.51×	3.78×
Debt / equity	0.07×	0.07×	0.09×	0.1×	0.1×	0.04×	0×	0.09×
Interest coverage	21.66×	11.06×	15.06×	20.33×	49.2×	73.5×	19.07×	7.33×
Dividend yield	5.3%	6.5%	7.1%	5.6%	3.9%	4.1%	4.7%	7.0%
Payout ratio	95.3%	130.8%	128.5%	176.8%	98.1%	87.2%	98.0%	95.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	6.5%	6.6%	4.8%	7.4%	8.7%	9.4%	10.5%
Return on invested capital	7.4%	4.9%	6.4%	5.1%	6.5%	8.1%	9.2%	4.0%
Return on assets	7.3%	5.3%	5.3%	3.8%	5.9%	7.4%	8.3%	8.6%
Free cash flow yield	5.4%	9.5%	9.1%	1.8%	4.5%	2.9%	1.0%	1.2%
Earnings yield	5.6%	5.0%	5.5%	3.2%	3.9%	4.7%	4.8%	7.4%
Enterprise value	€420.7M	€331.8M	€306.3M	€390M	€538.6M	€490.8M	€517.8M	€347.4M
Net debt / EBITDA	0.09×	-0.22×	-0.19×	-0.19×	0.27×	-0.32×	-0.47×	-1.29×
Cash conversion cycle (days)	49	65	80	98	72	76	83	33