Company Valuation: WithSecure Oyj

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 480.5 606.7 786.4 239.6 182.2 133.2
Change - 26.27% 29.63% -69.53% -23.96% -26.87%
Enterprise Value (EV) 1 496.3 595.1 761.8 183.7 159.3 132.6
Change - 19.91% 28.01% -75.89% -13.28% -16.74%
P/E ratio 152x 47.9x 62.1x 0.55x -4.5x -3.51x
PBR 6.31x 7.37x 8.25x 1.71x 1.77x 1.92x
PEG - 0x - 0x 0x 0.57x
Capitalization / Revenue 2.21x 2.76x 3.33x 1.78x 1.28x 1.15x
EV / Revenue 2.28x 2.7x 3.22x 1.36x 1.12x 1.14x
EV / EBITDA 44.8x 24.8x 35.2x -4.71x -6.06x 6.04x
EV / EBIT 88.3x 30.1x 41.6x -4.37x -5.54x -13.9x
EV / FCF 29x 19.7x 34.8x -6.44x -33.1x 16x
FCF Yield 3.44% 5.08% 2.87% -15.5% -3.02% 6.24%
Dividend per Share 2 - 0.04 - - - -
Rate of return - 1.04% - - - -
EPS 2 0.02 0.08 0.08 2.512 -0.23 -0.2158
Distribution rate - 50% - - - -
Net sales 1 217.3 220.2 236.3 134.7 142.8 116
EBITDA 1 11.08 23.97 21.63 -39.03 -26.3 21.97
EBIT 1 5.621 19.74 18.32 -42.02 -28.76 -9.573
Net income 1 3.365 12.88 12.7 430.3 -40.03 -37.98
Net Debt 1 15.84 -11.58 -24.6 -55.92 -22.89 -0.606
Reference price 2 3.045 3.835 4.965 1.373 1.036 0.757
Nbr of stocks (in thousands) 157,787 158,192 158,387 174,527 175,873 176,017
Announcement Date 2/12/20 2/10/21 2/17/22 2/9/23 2/13/24 2/12/25
1EUR in Million2EUR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 358M
84.37x10.39x32.76x-.--% 116B
-489.51x20.51x76.99x-.--% 103B
35.95x9.05x24.61x-.--% 63.9B
-192.56x14.71x55.75x-.--% 20.66B
20.21x6.08x14.2x-.--% 19.46B
19.94x4.5x8.77x2.07% 14.9B
-29.08x8.95x-521.03x-.--% 10.82B
-31.26x7.63x40.59x-.--% 8.53B
119.52x6.6x83.58x0.21% 8.51B
Average -51.38x 9.82x -20.42x 0.25% 36.57B
Weighted average by Cap. -112.62x 12.58x 28.09x 0.09%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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