Sampo Oyj (SAMPO.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

+11.3%

€10.60

vs €9.52 price

Levered DCF

-€1.64

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.9

Grey 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	13.77×	17.13×	15.44×	12.84×	9.47×	519.55×	18.98×	12.56×
P/B	3.54×	2.8×	2.8×	2.69×	1.91×	1.68×	1.81×	1.72×
P/S	2.67×	2.07×	2.39×	3.36×	2.41×	2.27×	2.53×	2.74×
EV / EBITDA	10.75×	11.86×	12.77×	12.04×	6.92×	35.97×	14.68×	10.92×
Gross margin	100.0%	100.0%	100.0%	100.1%	98.3%	97.7%	98.2%	97.8%
Operating margin	23.6%	16.4%	17.4%	25.0%	31.4%	4.5%	18.1%	27.0%
Net margin	19.4%	12.1%	15.5%	27.4%	25.4%	0.4%	13.2%	21.8%
Current ratio	0×	6.8×	4.03×	261.93×	0×	1.71×	1.78×	154.51×
Debt / equity	0.39×	0.44×	0.41×	0.37×	0.36×	0.47×	0.42×	0.39×
Interest coverage	29.35×	15.17×	20.56×	19.64×	21.72×	3.42×	118.92×	116.33×
Dividend yield	3.3%	4.6%	6.5%	8.4%	3.9%	4.3%	7.4%	6.8%
Payout ratio	45.8%	78.2%	99.8%	103.7%	36.8%	2251.4%	140.5%	85.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.6%	16.3%	18.2%	21.9%	20.1%	0.3%	9.5%	13.6%
Return on invested capital	7.8%	5.4%	4.8%	2.8%	3.7%	0.3%	3.0%	3.4%
Return on assets	7.8%	4.7%	5.5%	5.4%	4.4%	0.1%	2.2%	3.4%
Free cash flow yield	5.8%	6.0%	4.8%	-8.7%	4.9%	3.1%	6.8%	-1.0%
Earnings yield	7.2%	5.8%	6.5%	8.1%	10.5%	0.2%	5.2%	7.9%
Enterprise value	€29.3B	€21.9B	€21.9B	€26.4B	€24.2B	€22.1B	€24B	€23.7B
Net debt / EBITDA	0.64×	1.15×	0.9×	0.23×	-0.05×	4.72×	1.44×	1.12×
Cash conversion cycle (days)	88	6	6	9	6	0	0	0