Trainers' House Oyj (TRH1V.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

+394.7%

€9.89

vs €2.00 price

Levered DCF

€8.23

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

3.73

Safe zone

Rating

Overall 3 / 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	14.24×	-40.35×	-103.08×	18.37×	13×	-2.81×	14.44×	8.32×
P/B	1.28×	1.15×	2.37×	2.11×	2.81×	1.45×	0.96×	0.87×
P/S	0.62×	0.55×	1.11×	1.09×	1.62×	0.89×	0.8×	0.68×
EV / EBITDA	4.64×	8.76×	20.92×	8.35×	7.61×	-1.67×	6.96×	6.59×
Gross margin	26.7%	27.7%	27.9%	27.0%	30.7%	29.4%	23.2%	24.8%
Operating margin	5.7%	0.5%	-1.2%	5.9%	12.7%	9.6%	5.9%	13.7%
Net margin	4.4%	-1.4%	-1.1%	6.0%	12.5%	-31.6%	5.6%	8.2%
Current ratio	1.37×	1.26×	1.2×	1.4×	1.89×	1.73×	1.79×	1.82×
Debt / equity	0.1×	0.16×	0.21×	0.1×	0.12×	0.18×	0.14×	0×
Interest coverage	10.5×	1.1×	-3.8×	32.07×	50.48×	46.76×	13.43×	69.47×
Dividend yield	2.1%	1.9%	10.3%	14.1%	6.4%	0.0%	2.6%	0.0%
Payout ratio	29.1%	-74.9%	-1064.9%	258.6%	83.2%	0.0%	36.4%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	-2.9%	-2.3%	11.5%	21.7%	-51.8%	6.8%	10.5%
Return on invested capital	8.1%	-4.5%	-1.9%	9.9%	19.0%	9.4%	5.5%	15.3%
Return on assets	5.9%	-1.8%	-1.4%	7.5%	14.5%	-31.9%	4.6%	7.6%
Free cash flow yield	15.2%	12.9%	2.3%	7.7%	9.7%	21.1%	14.5%	5.1%
Earnings yield	7.1%	-2.5%	-1.0%	5.5%	7.7%	-35.7%	7.0%	12.0%
Enterprise value	€3.7M	€3.5M	€9M	€8.9M	€14.1M	€6.1M	€7.3M	€5.6M
Net debt / EBITDA	-1.82×	-2.17×	-0.81×	-1.62×	-1.43×	0.61×	-0.99×	-1.92×
Cash conversion cycle (days)	-62	7	10	16	17	39	36	-13