Terveystalo Oyj (TTALO.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

+1317.7%

€86.19

vs €6.08 price

Levered DCF

€51.70

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.41

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	13.4×	18.46×	-24×	32.89×	18.79×	27.89×	26×	14.63×
P/B	2.12×	2.43×	1.94×	1.34×	2.47×	2.24×	2.63×	1.97×
P/S	0.97×	0.99×	0.78×	0.63×	1.3×	1.3×	1.38×	1.36×
EV / EBITDA	7.47×	8.45×	17.49×	9.45×	10×	11.2×	11.53×	12.26×
Gross margin	21.1%	59.0%	23.6%	58.2%	57.7%	54.6%	54.1%	52.8%
Operating margin	10.8%	8.7%	-1.1%	5.3%	9.5%	6.8%	7.9%	10.1%
Net margin	7.2%	5.4%	-3.3%	1.9%	7.0%	4.6%	5.2%	9.2%
Current ratio	0.64×	0.65×	0.64×	0.62×	0.44×	0.6×	0.56×	0.67×
Debt / equity	0.99×	1.04×	1.23×	1.03×	0.92×	0.99×	1.09×	0.88×
Interest coverage	6.25×	4.3×	-0.63×	6.42×	11.12×	6.34×	5.73×	8.77×
Dividend yield	4.9%	2.9%	3.5%	4.5%	2.2%	1.3%	1.8%	0.8%
Payout ratio	65.7%	53.0%	-83.9%	145.1%	41.1%	36.0%	47.1%	11.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.9%	13.1%	-8.2%	4.1%	13.2%	8.0%	10.0%	13.4%
Return on invested capital	9.1%	8.0%	-1.2%	4.2%	7.2%	4.6%	5.6%	7.4%
Return on assets	6.4%	5.1%	-3.0%	1.6%	5.6%	3.4%	4.0%	5.9%
Free cash flow yield	12.6%	13.8%	11.7%	10.3%	10.1%	8.7%	9.8%	8.0%
Earnings yield	7.5%	5.4%	-4.2%	3.1%	5.3%	3.6%	3.8%	6.8%
Enterprise value	€1.7B	€1.8B	€1.6B	€1.4B	€2B	€1.8B	€2B	€1.4B
Net debt / EBITDA	2.17×	2.32×	6.54×	3.94×	2.56×	3.11×	3.21×	3.56×
Cash conversion cycle (days)	-38	-116	20	6	0	8	-30	12