United Bankers Oyj (UNITED.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

+14.2%

€25.13

vs €22.00 price

Levered DCF

€25.38

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.06

Safe 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	16.14×	10.72×	11.61×	11.72×	14.49×	18.14×	20.47×	16.74×
P/B	3.39×	3.16×	3.03×	3.08×	3.43×	2.9×	2.42×	2.37×
P/S	3.64×	3.5×	3.05×	3.03×	3.42×	3.3×	2.77×	2.49×
EV / EBITDA	10.7×	7.45×	8.3×	8.2×	9.63×	11.26×	11.68×	11.03×
Gross margin	79.3%	100.0%	100.0%	100.0%	83.4%	82.1%	80.4%	79.8%
Operating margin	29.1%	42.0%	33.4%	34.2%	32.8%	25.4%	18.3%	16.7%
Net margin	22.6%	32.6%	26.2%	25.9%	23.7%	18.3%	13.7%	15.0%
Current ratio	0×	0×	8,207×	5,889×	6,224×	1,500.33×	0×	0×
Debt / equity	0.05×	0.02×	0.04×	0.05×	0.11×	0.08×	0.12×	0.23×
Interest coverage	639.96×	16.3×	12.91×	97.34×	105.28×	63.09×	43.41×	25.6×
Dividend yield	5.8%	5.6%	6.3%	5.7%	3.6%	4.0%	4.4%	4.3%
Payout ratio	92.9%	60.2%	72.9%	66.3%	51.3%	72.0%	89.5%	71.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.1%	29.5%	26.0%	26.3%	23.8%	16.1%	11.9%	14.2%
Return on invested capital	13.2%	20.5%	14.7%	32.5%	24.7%	19.4%	7.8%	7.7%
Return on assets	13.1%	20.4%	17.5%	17.5%	13.2%	10.7%	7.1%	8.3%
Free cash flow yield	3.0%	14.9%	6.3%	5.4%	7.8%	6.9%	6.6%	6.1%
Earnings yield	6.2%	9.3%	8.6%	8.5%	6.9%	5.5%	4.9%	6.0%
Enterprise value	€211.1M	€194.6M	€158.5M	€151.2M	€156.8M	€116.4M	€93.8M	€78.7M
Net debt / EBITDA	0.16×	0.05×	0.2×	0.24×	0.46×	0.39×	0.53×	0.97×
Cash conversion cycle (days)	-11	48	59	57	123	57	-1	-1