Tamtron Group Oyj (TAMTRON.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

+59.1%

€5.76

vs €3.62 price

Levered DCF

€10.30

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.7

Grey zone

Rating

B-

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
P/E	93.97×	66.67×	44.36×	-90.83×	178.4×	-192.67×
P/B	1.97×	1.98×	1.77×	2.32×	7.03×	7.8×
P/S	0.79×	0.76×	0.65×	0.93×	0.89×	1.21×
EV / EBITDA	3.99×	8.24×	8.17×	9.11×	7.25×	11.68×
Gross margin	19.5%	59.3%	18.4%	19.0%	15.8%	14.5%
Operating margin	3.3%	4.3%	4.4%	5.2%	15.8%	14.5%
Net margin	0.8%	1.1%	1.4%	-1.0%	0.5%	-0.6%
Current ratio	1.6×	1.6×	1.5×	1.69×	1.51×	1.63×
Debt / equity	0.45×	0.45×	0.61×	0.7×	0×	0×
Interest coverage	2.4×	2.66×	2.37×	0.94×	7.3×	10.92×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	2.1%	3.0%	3.9%	-2.6%	3.9%	-4.1%
Return on invested capital	2.2%	3.1%	3.8%	7.6%	6.4%	18.7%
Return on assets	1.1%	1.5%	1.7%	-1.1%	0.5%	-0.6%
Free cash flow yield	6.6%	10.2%	0.3%	-1.9%	10.5%	5.7%
Earnings yield	1.1%	1.5%	2.2%	-1.1%	0.6%	-0.5%
Enterprise value	€51.7M	€46.5M	€46.1M	€40.6M	€24.1M	€24.6M
Net debt / EBITDA	0.58×	1.19×	1.86×	1.37×	-0.63×	-0.74×
Cash conversion cycle (days)	114	133	126	101	146	141