SSH Communications Security Oyj (SSH1V.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

-66.6%

€0.64

vs €1.91 price

Levered DCF

€0.39

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.77

Distress zone

Rating

Overall 2 / 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	-60.81×	-38.66×	-13.3×	-47.33×	-34.09×	-15.41×	-27.02×	80.93×
P/B	15.03×	18.51×	18.77×	17.68×	19.51×	8.11×	3.51×	5.01×
P/S	6.47×	1.92×	2.65×	4.7×	7.36×	5.85×	2.79×	3.66×
EV / EBITDA	233.03×	24.2×	-267.7×	64.96×	-1,618.14×	-34.85×	-63.37×	52.22×
Gross margin	85.6%	99.5%	99.5%	99.4%	100.2%	97.5%	96.9%	92.2%
Operating margin	-11.1%	-1.4%	-8.1%	-10.2%	-9.6%	-22.1%	-8.4%	3.0%
Net margin	-10.6%	-5.0%	-13.3%	-9.9%	-12.9%	-25.2%	-8.8%	4.5%
Current ratio	1.86×	0.56×	0.51×	0.83×	0.91×	1.46×	2.06×	1.92×
Debt / equity	1.19×	0.91×	0.85×	0.51×	0.57×	0.16×	0.07×	0.01×
Interest coverage	-6×	-1.1×	-37.43×	-7.24×	-5.05×	-16.98×	-12.21×	5.68×
Dividend yield	0.0%	0.0%	2.6%	1.5%	1.2%	1.4%	2.2%	1.3%
Payout ratio	0.0%	0.0%	-51.0%	-72.1%	-67.1%	-31.8%	-71.2%	108.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-24.7%	-47.8%	-94.4%	-37.3%	-34.3%	-34.9%	-11.0%	6.2%
Return on invested capital	-6.6%	-2.0%	-10.2%	-8.4%	-6.9%	-23.5%	-16.2%	3.5%
Return on assets	-4.9%	-3.7%	-8.6%	-5.0%	-5.7%	-15.2%	-5.3%	3.4%
Free cash flow yield	0.0%	2.8%	1.0%	0.5%	0.7%	-3.6%	-4.3%	-1.6%
Earnings yield	-1.6%	-2.6%	-5.0%	-2.1%	-1.8%	-4.3%	-3.1%	1.2%
Enterprise value	€139.8M	€41.7M	€54.1M	€87.5M	€112.4M	€58.5M	€29M	€53.8M
Net debt / EBITDA	0.14×	-0.48×	-1.38×	-2.3×	68.95×	4.3×	24.24×	-12.9×
Cash conversion cycle (days)	-389	-16,515	-302	-959	6,299	-357	-179	-123