Keskisuomalainen Oyj (KSL) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Keskisuomalainen Oyj stock €13.60, price €9.54, upside +42.6%, quality 69 out of 100. Rating: undervalued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range €5.51 – €12.91 · fair‑value band €10.20 – €17.86 · the €9.54 price screens below the €13.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Keskisuomalainen Oyj engages in publishing, printing, and distributing newspapers and electronic communications in Finland. The company operates a sales and marketing service channel under the Meks brand; and a delivery network under the Suomen Suoramainonta brand.
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It also offers marketing, communications, and media services under the Kamua Helsinki brand; outdoor advertising solutions under the Esa Digital brand; public transport media solutions under the Neonmedia brand; and research services under the IROResearch and Tietoykkönen brand.
In addition, the provides company magazine advertising and page creation services under the Mediaseppi brand; and print and digital services under the Lehtisep brand. Keskisuomalainen Oyj was founded in 1871 and is headquartered in Jyväskylä, Finland.
Stock analysis
Keskisuomalainen Oyj (KSL) currently trades at €9.54, while our model-based Fair Value estimate is €13.60, implying the stock looks roughly 30% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €17.08 per share, and 16 of the 23 models we run sit above the €9.54 price.
Bear case: the Earnings-Based group reads lowest at €4.37, and 7 of the 23 models stay below the price. Data coverage for this calculation is high.
Scenario range: €10.20 (bear) to €17.86 (bull), the price of €9.54 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Keskisuomalainen Oyj reported revenue of €213M in FY2025 versus €212M in FY2021, a compound +0.1%/yr. Reported net income was €8.8M in FY2025, compounding +6.2%/yr from FY2021.
Key figures
Market cap €105M Micro · P/E ratio 14.0 · P/S ratio 0.51 · EPS (TTM) €0.6800 · Dividend yield 7.3% · Net margin 3.7% · Return on equity 14.5% · Return on assets (EBIT) 1.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 28% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at −6% fair-value upside, at 43%, KSL screens cheaper than that median.
Fair Value models
Bear€10.20Fair Value €13.60Bull€17.86
Price €9.54 · Upside +42.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+5.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.6%
Start year 2020 (pandemic). Over 10 years: +3.6% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−1.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.3%
Dividend (yield on the price)7.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−8.3% vs 0.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 6%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−8.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −10.5% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Publishing · 98 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+42.6% · Above median
Profitability
Return on equity (12 months)14.5% · Top 25%
Return on assets4.6% · Above median
Net margin (12 months)3.7% · Below median
Operating margin (12 months)6.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)−7.5% · Bottom 25%
Dividend yield (12 months)7.3% · Top 25%
Balance sheet
Debt / equity0.93× · Highest 25%
Valuation Multiplesvs Publishing median · lower = cheaper
P/E (12 months)14.0× · Cheaper than median
P/B1.96× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Keskisuomalainen Oyj Fair Value". https://www.fairvalue-calculator.com/stock/KSL.HE
Frequently asked questions
Is Keskisuomalainen Oyj (KSL) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €13.60 versus a price of €9.54, about +43% upside (undervalued).
What is the fair value of KSL?
Our model-based fair value for Keskisuomalainen Oyj is €13.60 (as of Nov 7, 2026), built from audited fundamentals. The current price: €9.54.
What is the quality score of KSL?
Keskisuomalainen Oyj has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Keskisuomalainen Oyj (KSL)?
Our model-based price target is the fair value of €13.60 (as of Nov 7, 2026) from 23 valuation models. Cautious scenario €10.20, optimistic scenario €17.86. It is a calculation from audited fundamentals, not an analyst target.
What is the Keskisuomalainen Oyj stock forecast for 2026?
Our models put fair value at €13.60, about +43% upside versus a price of €9.54 (undervalued). Cautious scenario €10.20, optimistic scenario €17.86. The calculation is refreshed regularly with new filings.
What is the revenue of Keskisuomalainen Oyj (KSL)?
Keskisuomalainen Oyj reported trailing-twelve-month revenue of about €205M (latest available figure, as of Nov 7, 2026).
Does Keskisuomalainen Oyj pay a dividend?
Keskisuomalainen Oyj currently shows a dividend yield of 7.34% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Keskisuomalainen Oyj (KSL) and when is the ex-dividend date?
Keskisuomalainen Oyj pays a dividend of €0.7 per share a year, a dividend yield of 7.3%. The next ex-dividend date is Nov 18, 2026. A dividend has been paid every year since at least 2002. The payout ratio is 103% of earnings. Free cash flow covers the dividend 2.91 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Keskisuomalainen Oyj (KSL)?
For today's price to be fair in a discounted-cash-flow model, Keskisuomalainen Oyj would have to grow free cash flow by -8.5 % per year for five years (discount rate 11.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.6 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of KSL use?
Our models discount Keskisuomalainen Oyj at 11.4 %: a base by market capitalisation (micro), damped by beta 0.45, country premium for Finland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Keskisuomalainen Oyj that is -8.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.4 %) and the same formula as our fair value.
How much growth has Keskisuomalainen Oyj (KSL) delivered so far?
Over the past 5 years revenue at Keskisuomalainen Oyj grew +0.6 % a year. The price currently implies free-cash-flow growth of -8.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Keskisuomalainen Oyj (KSL) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into Keskisuomalainen Oyj (-8.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Keskisuomalainen Oyj (KSL)?
The free-cash-flow yield on the price is 21.36 %: that much free cash flow Keskisuomalainen Oyj produces per unit of market value. When it exceeds the discount rate of our models (11.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Keskisuomalainen Oyj (KSL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Keskisuomalainen Oyj it is €13.60 per share (as of Nov 7, 2026), against a price of €9.54. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Keskisuomalainen Oyj stock overvalued or undervalued in 2026?
As of Nov 7, 2026, KSL trades below its calculated fair value: price €9.54, fair value €13.60, a gap of about +43% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KSL?
No. The price is what the market pays today (€9.54); the fair value is what the company's own numbers justify (€13.60). For Keskisuomalainen Oyj the two are €4.06 per share apart. That gap is exactly why we show both numbers side by side.
How much is Keskisuomalainen Oyj worth?
The market values Keskisuomalainen Oyj at about €105M (market capitalisation, as of Nov 7, 2026). Per share that is €9.54; our models calculate a fair value of €13.60 per share.
What do the bullish and bearish scenarios say about KSL?
Our models span a range for Keskisuomalainen Oyj: cautious scenario €10.20, base €13.60, optimistic €17.86 per share (as of Nov 7, 2026, price €9.54). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KSL?
Keskisuomalainen Oyj trades at a price-to-earnings ratio of 14.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €13.60 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings: 10.5. Other multiples: PEG 2.8, P/B 2.0, P/S 0.5, EV/EBITDA 5.5.
What is the PEG ratio of KSL?
The PEG ratio of Keskisuomalainen Oyj is 2.81 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Keskisuomalainen Oyj (KSL)?
Balance-sheet figures for Keskisuomalainen Oyj (as of Nov 7, 2026): return on equity 14.5%, debt of 0.93 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is KSL from its 52-week high?
Keskisuomalainen Oyj trades at €9.54, about 13% below its 52-week high of €11.00 and 28% above the low of €7.45 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of €13.60 is for.
Which stocks are comparable to Keskisuomalainen Oyj?
From the same area (Communication Services) we also value The New York Times Company, Xinhua Winshare Publishing and Media Co, Jiangsu Phoenix Publishing & Media Corporation, China Science Publishing & Media Ltd, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Keskisuomalainen Oyj stock attractive at the current price?
The data as of Nov 7, 2026: price €9.54, calculated fair value €13.60 (+43%), Quality Score 69/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KSL calculated?
We run Keskisuomalainen Oyj through 23 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €13.60 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.7% above its aggregate fair value. Keskisuomalainen Oyj currently trades 30% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Keskisuomalainen Oyj (KSL)?
The closing price on Nov 9, 2026 was €9.54. Our model-based fair value is €13.60, about +43% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Keskisuomalainen Oyj right now?
The price is below even our cautious bear case (€10.20). The market is more pessimistic than our downside scenario. Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Keskisuomalainen Oyj
How large is the market capitalisation of Keskisuomalainen Oyj (KSL)?
The market capitalisation of Keskisuomalainen Oyj is €105M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Keskisuomalainen Oyj (KSL)?
The price-to-sales ratio of Keskisuomalainen Oyj is 0.51 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Keskisuomalainen Oyj (KSL)?
Earnings per share at Keskisuomalainen Oyj are €0.6800 (price ÷ EPS = P/E 14.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Keskisuomalainen Oyj (KSL)?
The dividend yield of Keskisuomalainen Oyj is 7.3% (payout 103%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Keskisuomalainen Oyj (KSL)?
The net margin of Keskisuomalainen Oyj is 3.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Keskisuomalainen Oyj (KSL)?
The return on equity (ROE) of Keskisuomalainen Oyj is 14.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Keskisuomalainen Oyj (KSL)?
On an EBIT basis the return on assets of Keskisuomalainen Oyj is 1.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Keskisuomalainen Oyj (KSL)?
The operating margin of Keskisuomalainen Oyj is 6.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Keskisuomalainen Oyj (KSL)?
Revenue at Keskisuomalainen Oyj is growing −7.5% versus a year earlier (3y avg −1.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Keskisuomalainen Oyj (KSL)?
Earnings per share at Keskisuomalainen Oyj are growing −17.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Keskisuomalainen Oyj (KSL) carry?
The net debt of Keskisuomalainen Oyj is €39.1M (fiscal year 2025, ≈ 1.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026