Tecnotree Oyj (TEM1V.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

-11.9%

€5.31

vs €6.02 price

Levered DCF

€5.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.75

Safe zone

Rating

A+

Overall 4 / 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	7.18×	5.22×	8×	15.6×	24.53×	14.08×	5.67×	-17.48×
P/B	0.72×	0.47×	1.03×	2.26×	6.38×	9.65×	11.66×	-1.28×
P/S	1.01×	0.6×	1.14×	2.52×	6.81×	3.59×	0.85×	0.2×
EV / EBITDA	4.35×	2.61×	5.8×	11.47×	19.39×	11.97×	5.57×	4.81×
Gross margin	68.2%	69.0%	63.0%	90.1%	96.4%	94.8%	95.7%	94.6%
Operating margin	23.6%	33.3%	27.6%	25.6%	37.5%	35.2%	23.9%	12.5%
Net margin	14.1%	11.6%	14.2%	16.2%	28.9%	25.6%	16.3%	-1.2%
Current ratio	4.99×	4.91×	5.43×	4.25×	7.33×	3.62×	2.63×	1.53×
Debt / equity	0.28×	0.29×	0.31×	0.06×	0×	0.84×	5.74×	-3.96×
Interest coverage	2.67×	19.27×	33.81×	166.46×	107.65×	31.57×	17.76×	3.5×
Dividend yield	0.3%	0.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	2.0%	1.9%	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	10.1%	9.0%	12.9%	14.5%	27.1%	68.8%	224.2%	7.3%
Return on invested capital	9.9%	12.5%	14.8%	14.0%	29.2%	40.0%	27.7%	-2.4%
Return on assets	6.8%	6.0%	8.7%	11.1%	23.0%	26.8%	20.9%	-1.7%
Free cash flow yield	6.3%	-4.2%	-8.6%	-2.6%	0.9%	3.7%	-5.7%	19.7%
Earnings yield	13.9%	19.3%	12.5%	6.4%	4.2%	7.1%	19.2%	-5.7%
Enterprise value	€82.9M	€53.3M	€95.2M	€173M	€413.2M	€198.8M	€56.3M	€31M
Net debt / EBITDA	0.5×	0.5×	0.37×	-0.49×	-0.82×	0.51×	1.61×	3.48×
Cash conversion cycle (days)	146	277	181	55	66	24	-6	-212