Spinnova Oy (SPINN.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

-190.9%

-€0.37

vs €0.41 price

Levered DCF

-€0.39

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-2.28

Distress zone

Rating

C-

Overall 1 / 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	-0.59×	-3.05×	-6.32×	-18.76×	-37.31×	-25.68×	-67.86×	-289.63×
P/B	0.79×	0.72×	1.41×	2.79×	5.09×	15.66×	10.78×	116.02×
P/S	70.39×	67.13×	11.58×	11.5×	95.54×	565.2×	189.39×	2,562.18×
EV / EBITDA	-3.61×	-4.07×	-6.91×	-18.93×	-40.5×	-29.88×	-88.56×	-338.26×
Gross margin	-2356.1%	92.7%	7.4%	4.8%	17.2%	49.6%	92.7%	45.3%
Operating margin	-3971.5%	-2408.0%	-196.7%	-51.5%	-114.7%	-2154.7%	-234.6%	-867.9%
Net margin	-11829.7%	-2209.1%	-184.2%	-62.3%	-254.4%	-2222.0%	-269.7%	-885.8%
Current ratio	8.88×	8.05×	11.61×	8.77×	29.47×	1.95×	9.6×	1.52×
Debt / equity	0.86×	0.09×	0.08×	0.08×	0.06×	0.74×	0.52×	0.32×
Interest coverage	-29.7×	-119.93×	-68.84×	-42.52×	-66.26×	-32.01×	-13.57×	-39.26×
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	-133.2%	-23.7%	-22.4%	-15.1%	-13.5%	-61.5%	-15.4%	-40.1%
Return on invested capital	-22.7%	-23.4%	-22.0%	-11.7%	-5.8%	-34.4%	-8.8%	-29.6%
Return on assets	-64.3%	-20.2%	-19.9%	-13.1%	-12.5%	-33.3%	-9.8%	-23.9%
Free cash flow yield	-50.6%	-17.6%	-12.1%	-3.7%	-2.1%	-5.0%	-1.4%	-0.2%
Earnings yield	-168.1%	-32.9%	-15.9%	-5.4%	-2.7%	-3.9%	-1.4%	-0.3%
Enterprise value	€42.9M	€55.5M	€115.1M	€254.3M	€578.9M	€142.2M	€137.7M	€486.1M
Net debt / EBITDA	-1.58×	-0.32×	0.49×	1.86×	0.03×	0.29×	3.76×	0.51×
Cash conversion cycle (days)	1,114	-16,092	54	-4	-47	-1,117	-1,539	-3,662