TietoEVRY Oyj (TIETO.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

+88.1%

€34.88

vs €18.54 price

Levered DCF

€36.58

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.59

Grey 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	-15.38×	-32.11×	14.79×	16.68×	11.17×	33.57×	27.18×	14.34×
P/B	2×	1.55×	1.58×	1.83×	1.79×	1.96×	1.26×	3.66×
P/S	1.17×	1.07×	0.89×	1.07×	1.15×	1.14×	1.23×	1.1×
EV / EBITDA	9.45×	5.03×	8.05×	9.05×	7.21×	12.95×	14.71×	9.2×
Gross margin	15.6%	14.6%	28.8%	21.4%	23.4%	24.2%	27.9%	25.4%
Operating margin	10.9%	9.0%	9.0%	7.8%	13.5%	5.3%	7.2%	9.7%
Net margin	-7.6%	-3.3%	6.0%	6.4%	10.3%	3.4%	4.6%	7.7%
Current ratio	1.33×	0.8×	0.8×	1.04×	1.1×	1×	0.75×	1.17×
Debt / equity	0.69×	0.85×	0.72×	0.56×	0.53×	0.72×	0.75×	0.63×
Interest coverage	5.27×	3.02×	4.16×	8.73×	15.1×	5.43×	8.12×	29.75×
Dividend yield	8.2%	8.6%	6.7%	5.3%	4.8%	2.4%	5.0%	5.9%
Payout ratio	-126.5%	-277.4%	99.7%	87.9%	53.6%	79.7%	135.9%	83.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-13.0%	-4.8%	10.7%	11.0%	16.0%	5.8%	4.7%	25.5%
Return on invested capital	6.7%	4.0%	7.0%	6.5%	10.9%	3.9%	3.1%	14.8%
Return on assets	-6.2%	-2.1%	4.9%	5.6%	8.1%	2.6%	2.0%	10.3%
Free cash flow yield	10.4%	11.9%	7.2%	5.8%	8.8%	8.5%	10.6%	7.3%
Earnings yield	-6.5%	-3.1%	6.8%	6.0%	9.0%	3.0%	3.7%	7.0%
Enterprise value	€2.8B	€2.9B	€3.5B	€3.9B	€3.9B	€4.1B	€3.2B	€1.9B
Net debt / EBITDA	2.06×	1.57×	2.18×	1.67×	1.19×	2.9×	4.99×	0.67×
Cash conversion cycle (days)	39	64	33	17	13	-32	60	-53