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Alma Media Oyj (ALMA) Fair Value & Analysis

Communication Services · FI · Market cap €1.1B

AM Alma Media Oyj ALMA · HE
Price€13.50
Fair Value€10.16
Upside-24.7%
Quality72/100
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Healthy Growth
Solidly profitable · 18.1% net margin
Moderate debt · generates free cash flow
3.61% dividend yield
Mixed vs. peers (7/15)
Wide moat 75/100
Evidence: High Range €7.32 – €13.92 Share as image

Fair value as of: Jul 11, 2026

From 24 valuation models · updated 30 days ago

Fair value updated Jul 11, 2026, revised from €10.19 to €10.16 (−0.3%) since Jun 24, 2026. Share price −2.2% over the past month.

A solid business, but screening 25% overvalued on our models.

What matters now

  • A high-quality business (quality 72/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • A fairly wide model range (€7.32 to €13.92) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€15.21 €6.73 Fair Value €10.16 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range €6.73 – €15.21 · fair‑value band €7.32 – €13.92 · the €13.50 price screens above the €10.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Alma Media Oyj (ALMA) currently trades at €13.50, while our model-based Fair Value estimate is €10.16, implying the stock looks roughly 24.7% overvalued today. The Quality Score stands at 72/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Alma Media Oyj generated revenue of €331M at a net margin of 18.1%. Revenue grew 4.9% year over year. It earns a return on equity of 23.9%. Net debt stands at €152M. Fundamentals as of Jul 11, 2026

Our scenario range runs from €7.32 (bear case) to €13.92 (bull case); at €13.50, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 13% below its 52-week high and 20% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 9% fair-value upside, at -25%, ALMA screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €7.12 €9.33 €12.86 80
Residual Income €3.65 €4.50 €10.48 76
Rev-Margin DCF €6.69 €10.22 €14.63 74
All 24 models by family
DCF Models
FCF DCF €6.88 €9.19 €13.23 38
Owner Earnings €6.18 €8.30 €11.98 31
5Y Revenue Exit €6.69 €10.02 €14.91 39
5Y EBITDA Exit €7.49 €11.37 €16.59 41
5Y P/E Exit €7.74 €11.82 €16.75 38
10Y Revenue Exit €6.54 €8.98 €11.64 36
10Y EBITDA Exit €7.16 €9.77 €12.57 37
10Y P/E Exit €7.31 €10.02 €12.66 35
Earnings-Based
Graham-Dodd €4.58 €6.25 €7.25 54
EPV €4.98 €5.81 €6.50 59
Dividend Discount
Gordon GGM €3.60 €3.89 €4.30 70
DDM Multi-Stage €3.60 €4.38 €5.32 61
Multiples
P/E Multiple €11.10 €14.80 €18.50 63
P/S Multiple €8.58 €11.44 €14.30 58
P/B Multiple €7.92 €10.55 €13.19 55
EV/EBIT €10.22 €13.99 €17.77 53
EV/EBITDA €9.45 €12.97 €16.49 54
EV/Revenue €7.22 €10.79 €14.37 43
Asset-Based
NCAV (Graham) €1.51 €2.02 €3.02 50
Growth DCF
Growth DCF €7.12 €9.33 €12.86 80
Rev-Margin DCF €6.69 €10.22 €14.63 74
Economic Profit
Residual Income €3.65 €4.50 €10.48 76
ROIC Compounder €5.00 €6.01 €7.01 72
Growth Earnings
Growth-Adj P/E €7.83 €11.18 €14.53 68

Widest divergence: Multiples (€11.44) versus Asset-Based (€2.02). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €331M
Revenue growth (YoY) +4.9%
Net margin 18.1%
Return on equity 23.9%
Free cash flow €80.3M FY2025
P/E ratio 19.2
More key figures
Operating margin 24.4%
EPS (TTM) €0.7200
Dividend yield 3.6%
EPS growth (YoY) +46.2%
Net debt €152M FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100

Of which business quality 70 · Market factors (momentum, volatility) 52

Profitability 62
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 87
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 45
Distance to the 52-week high (market factor)
Net Issuance 78
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Alma Media Oyj, a media company, engages in digital services and journalistic media content in Finland, Sweden, Baltics, Croatia, Slovakia, and the Czech Republic. It operates through Alma Career, Alma Marketplaces, and Alma News Media segments. The company offers recruitment-related services through Jobs.cz, Prace.cz, CV-Online, Profesia.sk, MojPosao.

Full company description

Alma Media Oyj, a media company, engages in digital services and journalistic media content in Finland, Sweden, Baltics, Croatia, Slovakia, and the Czech Republic. It operates through Alma Career, Alma Marketplaces, and Alma News Media segments. The company offers recruitment-related services through Jobs.cz, Prace.cz, CV-Online, Profesia.sk, MojPosao. net, MojPosao.ba, and Jobly, as well as Seduo online training service and Prace za rohem; and provision of job advertising-related technology, and digital staffing services and training. It also provides Etuovi.com, a housing market-place; Jobly; Vuokraovi.com and Objektvision, a housing rental marketplace; automotive marketplaces Nettiauto, Autotalli.com, and Nettimoto, as well as sales systems that serve companies in the housing and automotive verticals; comparison services under the Autojerry, Urakkamaailma, and Etua brands; and various services related to company information, and real estate information and law to professionals. In addition, the company offers Iltalehti, digital news media; Kauppalehti, financial news media; and other journalistic news media under the Talouselämä, Tekniikka&Talous, and Arvopaperi names. The company was founded in 2005 and is headquartered in Helsinki, Finland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Alma Media Oyj reported revenue of €327M in FY2025 versus €275M in FY2021, a compound +4.4%/yr. Reported net income was €55.4M in FY2025, compounding +6.2%/yr from FY2021.

Growth Quality 84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€327M
Latest YoY
+4.6%
Avg. growth/yr (3Y)
+1.9%
Avg. growth/yr (5Y)
+7.3%
Avg. growth/yr (26Y)
−1.5%
Revenue +4.4%/yr
FY21 €275M
FY22 €309M
FY23 €305M
FY24 €313M
FY25 €327M
Net income +6.2%/yr
FY21 €43.6M
FY22 €71.9M
FY23 €56.3M
FY24 €52.3M
FY25 €55.4M

ALMA screens 25% overvalued. Compare with The New York Times Company →

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Cite: Fair Value Calculator (2026). "Alma Media Oyj Fair Value". https://www.fairvalue-calculator.com/stock/ALMA

Peer Group

Publishing · 110 stocks

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.

Quality Score 72 · Top 25%
Fair Value upside −25% · Below median
Return on equity (TTM) 24% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 18% · Top 25%
Operating margin (TTM) 24% · Top 25%
Revenue growth 5% · Top 25%
Dividend yield (TTM) 3.6% · Above median
Debt / equity 0.50× · Higher than 75% of peers

Valuation Multiples vs Publishing median · lower = cheaper

P/E (TTM) 19.2× · Pricier than median
P/B 5.31× · Pricier than 75% of peers
P/S (TTM) 3.98× · Pricier than 75% of peers
P/FCF 16.4× · Pricier than 75% of peers
EV/EBITDA 14.1× · Pricier than median
PEG 3.35× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 39
FUTURE 25 · sector 0
PAST 95 · sector 21
HEALTH 75 · sector 99
DIVIDEND 72 · sector 57

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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10 more Publishing stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

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Frequently asked questions

Is Alma Media Oyj (ALMA) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of €10.16 versus a price of €13.50, about −25% (overvalued).
What is the fair value of ALMA?
Our model-based fair value for Alma Media Oyj is €10.16 (as of Jul 11, 2026), built from audited fundamentals. The current price is €13.50.
What is the quality score of ALMA?
Alma Media Oyj has a Quality Score of 72/100. 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 revenue of Alma Media Oyj (ALMA)?
Alma Media Oyj reported trailing-twelve-month revenue of about €331M (latest available figure, as of Jul 11, 2026).
What is the net profit margin of ALMA?
The net profit margin of Alma Media Oyj is about 18.1%, meaning it keeps roughly 18.1% of revenue as net income. Based on the latest reported figures.
Does Alma Media Oyj pay a dividend?
Alma Media Oyj currently shows a dividend yield of about 3.56% relative to its recent price (as of Jul 11, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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