Sanoma Oyj (SANOMA.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

+527.2%

€54.26

vs €8.65 price

Levered DCF

€20.23

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.21

Distress 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	79.17×	40.37×	344.06×	20.89×	21.97×	9.1×	133.85×	11.12×
P/B	2.12×	1.63×	1.75×	2.3×	3.11×	3.25×	2.91×	2.27×
P/S	1.19×	0.93×	0.81×	1.23×	1.78×	2.11×	1.69×	1.55×
EV / EBITDA	6.09×	6.14×	6.56×	7.56×	8.2×	6.45×	9.11×	7.47×
Gross margin	25.8%	67.7%	21.2%	22.9%	24.3%	23.7%	27.7%	29.4%
Operating margin	10.4%	7.8%	4.1%	10.0%	11.2%	8.5%	9.6%	9.6%
Net margin	1.5%	3.0%	-0.3%	5.9%	8.0%	23.2%	1.3%	13.9%
Current ratio	0.42×	0.41×	0.37×	0.55×	0.48×	0.43×	0.2×	0.29×
Debt / equity	0.69×	0.76×	1.09×	1.24×	0.94×	1.12×	1.47×	0.59×
Interest coverage	4.48×	2.85×	1.66×	7.39×	10.32×	7.06×	4.21×	6.33×
Dividend yield	4.1%	4.8%	5.4%	5.5%	4.0%	3.6%	4.8%	4.1%
Payout ratio	319.6%	149.4%	-1420.9%	115.6%	87.7%	33.1%	637.4%	46.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.7%	5.3%	-0.7%	11.0%	14.0%	35.7%	2.2%	20.5%
Return on invested capital	8.3%	5.9%	0.7%	5.9%	6.9%	5.0%	4.2%	6.4%
Return on assets	1.2%	2.2%	-0.2%	3.6%	5.2%	12.0%	0.6%	8.2%
Free cash flow yield	9.6%	11.6%	9.5%	7.0%	6.3%	4.3%	8.5%	7.9%
Earnings yield	1.3%	3.2%	-0.4%	4.8%	4.5%	11.0%	0.7%	9.0%
Enterprise value	€2B	€1.8B	€1.8B	€2.4B	€2.8B	€2.9B	€2.3B	€1.7B
Net debt / EBITDA	1.46×	1.91×	2.36×	2.57×	1.78×	1.47×	3.02×	1.47×
Cash conversion cycle (days)	36	28	38	50	33	37	24	36