Talenom Oyj (TNOM.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

+1289.3%

€14.62

vs €1.05 price

Levered DCF

€21.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.12

Distress 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	297.06×	31.23×	81.99×	33.7×	46.8×	68.41×	41.67×	21.13×
P/B	2.93×	3.4×	4.94×	7.08×	11.37×	19.96×	13.23×	6.99×
P/S	1.26×	1.46×	2.26×	3.88×	6.14×	9.85×	5.38×	2.67×
EV / EBITDA	11.41×	7.82×	12.83×	14.54×	20.88×	28.72×	17.95×	10.79×
Gross margin	21.6%	97.2%	22.2%	96.1%	96.3%	96.2%	93.8%	94.8%
Operating margin	7.7%	9.0%	6.5%	15.0%	17.8%	19.8%	18.0%	17.5%
Net margin	0.4%	4.8%	2.8%	11.6%	13.0%	14.7%	13.1%	13.0%
Current ratio	0.88×	0.98×	0.76×	0.8×	0.88×	1.04×	1.13×	1.32×
Debt / equity	2.22×	1.77×	1.53×	1.25×	1.1×	1.19×	1.55×	1.26×
Interest coverage	2.06×	2.39×	1.93×	12.96×	16.78×	13.72×	11.74×	14.41×
Dividend yield	6.6%	4.7%	2.9%	1.9%	1.3%	0.8%	1.2%	17.5%
Payout ratio	1960.3%	141.9%	241.4%	63.0%	60.0%	54.4%	49.6%	359.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.0%	11.2%	6.0%	21.1%	24.1%	29.8%	32.3%	34.0%
Return on invested capital	5.4%	6.5%	4.3%	9.4%	11.6%	13.9%	13.7%	16.0%
Return on assets	0.3%	3.4%	1.9%	7.5%	9.2%	11.3%	10.7%	12.4%
Free cash flow yield	19.0%	6.9%	4.0%	3.6%	2.5%	1.9%	3.7%	5.6%
Earnings yield	0.3%	3.3%	1.2%	3.0%	2.1%	1.5%	2.4%	4.9%
Enterprise value	€235.1M	€272.3M	€350.8M	€450.7M	€547.4M	€671M	€340.5M	€148.2M
Net debt / EBITDA	4.72×	2.52×	2.75×	1.75×	1.48×	1.24×	1.51×	1.28×
Cash conversion cycle (days)	-38	-2,260	-74	-2,151	-2,100	-1,764	-1,003	-944