Company Valuation: F-Secure Oyj

Data adjusted to current consolidation scope
Fiscal Period: December 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 493.9 355.5 311.6 337.9 344.9 - -
Change - -28.03% -12.33% 8.43% 2.07% - -
Enterprise Value (EV) 1 474.6 532.9 475.2 483.5 475.1 450.7 425.3
Change - 12.27% -10.82% 1.74% -1.73% -5.14% -5.64%
P/E 16.6x 15.7x 14.9x 14.9x 18.8x 13.6x 11.1x
PBR 20.2x 10.7x 6.61x 6.04x 4.99x 3.88x 3.1x
PEG - -0.7x -1.94x 1.79x -1x 0.4x 0.5x
Capitalization / Revenue 4.45x 2.73x 2.13x 2.32x 2.21x 2.11x 2.03x
EV / Revenue 4.28x 4.09x 3.25x 3.32x 3.05x 2.75x 2.5x
EV / EBITDA 10.7x 11.7x 8.89x 9.31x 9.77x 8.37x 7.37x
EV / EBIT 11.2x 14.2x 12.4x 13.6x 15.5x 12.2x 10x
EV / FCF 14.9x -2.87x 17.2x 15.7x 19.9x 14.7x 12.1x
FCF Yield 6.69% -34.8% 5.83% 6.37% 5.03% 6.78% 8.24%
Dividend per Share 2 0.07 0.07 0.04 0.04 0.0425 0.0625 0.075
Rate of return 2.47% 3.44% 2.24% 2.07% 2.15% 3.17% 3.8%
EPS 2 0.17 0.13 0.12 0.13 0.105 0.145 0.1775
Distribution rate 41.2% 53.8% 33.3% 30.8% 40.5% 43.1% 42.3%
Net sales 1 111 130.4 146.3 145.7 156 163.7 170.2
EBITDA 1 44.51 45.65 53.48 51.91 48.62 53.88 57.72
EBIT 1 42.53 37.45 38.42 35.54 30.68 36.95 42.48
Net income 1 30.15 22.36 21.07 22.37 18.05 25.38 30.78
Net Debt 1 -19.31 177.4 163.6 145.6 130.2 105.8 80.4
Reference price 2 2.830 2.035 1.784 1.934 1.974 1.974 1.974
Nbr of stocks (in thousands) 174,527 174,673 174,673 174,707 174,713 - -
Announcement Date 2/17/23 2/16/24 2/6/25 2/5/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
Average
Weighted average by Cap.

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation F-Secure Oyj