Vincit Oyj (VINCIT.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

+70.4%

€1.39

vs €0.81 price

Levered DCF

€2.57

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.68

Distress 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	-7.53×	-8.19×	-19×	-221.28×	28.64×	19.94×	41.67×	9.54×
P/B	0.67×	0.81×	1.51×	1.49×	3.71×	3.53×	2.79×	2.88×
P/S	0.31×	0.34×	0.56×	0.72×	1.61×	1.67×	1.23×	1.39×
EV / EBITDA	7.9×	38.78×	24.94×	14.06×	12.55×	9.43×	13.41×	5.71×
Gross margin	12.8%	15.6%	41.4%	5.7%	97.0%	99.6%	99.5%	99.5%
Operating margin	-1.9%	-1.5%	-2.2%	0.3%	6.7%	11.4%	2.9%	9.5%
Net margin	-4.0%	-4.3%	-2.9%	-0.3%	5.7%	8.3%	2.9%	14.6%
Current ratio	1.19×	1.34×	1.63×	1.68×	1.99×	2.44×	1.79×	2.36×
Debt / equity	0.2×	0.27×	0×	0×	0×	0.02×	0.05×	0.1×
Interest coverage	-1.08×	-25.45×	-370.74×	1.24×	1,897.78×	27.84×	6.96×	14.01×
Dividend yield	7.8%	5.7%	4.7%	4.6%	2.3%	1.5%	6.5%	2.7%
Payout ratio	-59.5%	-46.0%	-90.6%	-1026.7%	65.6%	30.8%	278.2%	25.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-8.8%	-10.0%	-7.9%	-0.7%	13.1%	17.7%	6.5%	30.1%
Return on invested capital	-3.3%	-2.8%	-6.1%	-0.3%	12.0%	19.3%	4.8%	15.0%
Return on assets	-5.3%	-5.7%	-5.0%	-0.4%	8.9%	12.5%	4.4%	20.5%
Free cash flow yield	10.7%	7.9%	7.8%	2.2%	4.9%	9.0%	5.8%	9.7%
Earnings yield	-13.1%	-12.4%	-5.2%	-0.5%	3.5%	5.0%	2.3%	10.5%
Enterprise value	€21.9M	€29.6M	€42.6M	€51.2M	€90.1M	€77.5M	€56.4M	€54.7M
Net debt / EBITDA	0.16×	0.62×	-7.06×	-2.79×	-1.21×	-1.18×	-0.75×	-0.62×
Cash conversion cycle (days)	-3	58	39	80	-212	-65	-17	-15,646