Valmet Oyj (VALMT.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

+28.8%

€37.27

vs €28.94 price

Levered DCF

€49.31

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.91

Grey zone

Rating

B+

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	18.64×	15.35×	13.46×	13.1×	19.15×	15.07×	15.94×	17.56×
P/B	2.02×	1.65×	1.87×	1.77×	4.25×	3.07×	3.07×	2.84×
P/S	1×	0.8×	0.87×	0.87×	1.43×	0.93×	0.9×	0.81×
EV / EBITDA	9.57×	7.72×	8.37×	7.67×	10.72×	8.7×	8.15×	8.67×
Gross margin	26.5%	27.6%	25.2%	24.0%	25.2%	24.0%	24.2%	23.0%
Operating margin	10.2%	8.4%	9.2%	8.6%	10.1%	8.5%	7.9%	6.3%
Net margin	5.4%	5.2%	6.5%	6.6%	7.5%	6.2%	5.7%	4.6%
Current ratio	1.22×	1.25×	1.24×	1.05×	0.92×	0.96×	1.01×	1.04×
Debt / equity	0.57×	0.59×	0.58×	0.32×	0.36×	0.44×	0.26×	0.21×
Interest coverage	7.79×	5.48×	10.79×	25.65×	39.9×	21.27×	15.61×	23.44×
Dividend yield	4.8%	5.8%	5.0%	4.1%	2.4%	3.4%	3.0%	3.1%
Payout ratio	89.2%	88.9%	66.9%	53.1%	45.6%	51.9%	48.3%	53.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	10.7%	13.9%	13.5%	22.3%	20.3%	19.3%	16.1%
Return on invested capital	8.8%	7.1%	8.5%	9.2%	14.3%	12.2%	13.1%	11.5%
Return on assets	4.2%	4.1%	5.1%	5.4%	6.7%	5.8%	5.8%	5.1%
Free cash flow yield	9.2%	10.4%	4.7%	-1.7%	6.8%	12.7%	6.8%	7.6%
Earnings yield	5.3%	6.5%	7.4%	7.6%	5.3%	6.6%	6.3%	5.7%
Enterprise value	€6.1B	€5.4B	€5.9B	€4.9B	€5.6B	€3.7B	€3.1B	€2.5B
Net debt / EBITDA	1.44×	1.53×	1.5×	0.82×	-0.08×	0.52×	-0.12×	-0.61×
Cash conversion cycle (days)	118	124	142	161	138	120	130	111