Tokmanni Group Oyj (TOKMAN.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

+1358.0%

€96.15

vs €6.60 price

Levered DCF

€77.54

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.37

Grey zone

Rating

C+

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	12.47×	14.77×	15.89×	11.29×	14.77×	13.53×	15.77×	11.89×
P/B	1.59×	2.71×	3.24×	2.69×	4.72×	4.4×	4.02×	2.45×
P/S	0.26×	0.43×	0.62×	0.57×	1.01×	0.89×	0.79×	0.49×
EV / EBITDA	6.18×	6.45×	8.36×	6.71×	8.45×	7.93×	8.65×	8.67×
Gross margin	13.5%	35.6%	35.0%	34.0%	34.8%	34.6%	34.4%	33.9%
Operating margin	4.8%	5.9%	6.7%	7.2%	9.4%	9.2%	7.3%	5.8%
Net margin	2.1%	2.9%	3.9%	5.0%	6.8%	6.6%	5.0%	4.1%
Current ratio	1.39×	1.2×	1.27×	1.46×	1.62×	1.07×	1.5×	1.94×
Debt / equity	3.34×	3.08×	3.27×	1.61×	1.64×	1.92×	2.25×	0.99×
Interest coverage	1.92×	2.19×	3.62×	7.94×	10.71×	9.85×	6.62×	9×
Dividend yield	4.4%	6.3%	5.2%	8.5%	4.3%	3.8%	4.0%	5.6%
Payout ratio	55.1%	92.4%	82.8%	96.2%	64.1%	51.5%	62.5%	67.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	18.4%	20.3%	23.8%	31.9%	32.6%	25.5%	20.5%
Return on invested capital	5.3%	6.6%	6.4%	10.4%	13.3%	12.5%	9.2%	11.1%
Return on assets	2.4%	3.5%	3.8%	7.4%	9.5%	9.0%	6.4%	7.4%
Free cash flow yield	24.0%	7.0%	19.3%	4.8%	9.1%	14.5%	9.2%	5.9%
Earnings yield	8.0%	6.8%	6.3%	8.8%	6.8%	7.4%	6.3%	8.4%
Enterprise value	€1.3B	€1.5B	€1.6B	€1.1B	€1.5B	€1.3B	€1.1B	€561.8M
Net debt / EBITDA	4.09×	3.4×	3.85×	2.47×	1.83×	2.08×	2.96×	2.08×
Cash conversion cycle (days)	54	61	74	104	86	90	101	84