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Kesla Oyj (KELAS) Fair Value & Analysis

Industrials · FI · Market cap €14.2M

KO Kesla Oyj KELAS · HE
Price€4.29
Fair Value€1.01
Upside-76.5%
Quality44/100
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Weak Growth
Loss-making · -13.0% net margin
Low debt · generates free cash flow
Trails peers (2/12)
Narrow moat 8/100
Evidence: Low Range €1.01 – €2.26 Share as image

Fair value as of: Jul 16, 2026

From 7 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from €0.8600 to €1.01 (+17.4%) since Jul 5, 2026. Share price −1.2% over the past month.

Below-average quality, and screening another 76% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€2.26). The favourable scenario is already priced in.
  • Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (€1.01 to €2.26) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€6.96 €2.30 Fair Value €1.01 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range €2.30 – €6.96 · fair‑value band €1.01 – €2.26 · the €4.29 price screens above the €1.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

Full chart & analysis →

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Analysis

Kesla Oyj (KELAS) currently trades at €4.29, while our model-based Fair Value estimate is €1.01, implying the stock looks roughly 76.5% overvalued today. The Quality Score stands at 44/100 (below-average quality), in the Industrials 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: low).

Over the trailing twelve months, Kesla Oyj generated revenue of €34.4M at a net margin of -13.0%. Revenue declined 26.8% year over year. It earns a return on equity of -45.9%. Net debt stands at €10.6M. Fundamentals as of Jul 16, 2026

Our scenario range runs from €1.01 (bear case) to €2.26 (bull case); at €4.29, the current price sits above 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 45% below its 52-week high and 88% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 12% fair-value upside, at -76%, KELAS 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 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. Evidence
Highest evidence
Growth DCF €2.42 €2.95 €3.78 80
Rev-Margin DCF €2.54 €3.67 €5.10 74
NCAV (Graham) €1.11 €1.48 €2.21 50
All 7 models by family
DCF Models
FCF DCF €2.37 €2.92 €3.89 38
5Y Revenue Exit €2.54 €3.61 €5.20 39
10Y Revenue Exit €2.39 €3.15 €3.99 36
Multiples
EV/Revenue €2.93 €4.17 €5.42 43
Asset-Based
NCAV (Graham) €1.11 €1.48 €2.21 50
Growth DCF
Growth DCF €2.42 €2.95 €3.78 80
Rev-Margin DCF €2.54 €3.67 €5.10 74

Widest divergence: Multiples (€4.17) versus Asset-Based (€1.48). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €34.4M
Revenue growth (YoY) -26.8%
Net margin -13.0%
Return on equity -45.9%
Free cash flow €1.1M FY2025
Operating margin -26.1%
More key figures
EPS (TTM) €-1.32
EPS growth (YoY) +549%
Net debt €10.6M FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 44 · Market factors (momentum, volatility) 62

Profitability 20
Margins and returns on capital today
Quality Growth 10
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 23
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 73
Price trend over the last 3–12 months (market factor)
52W Momentum 58
Distance to the 52-week high (market factor)
Net Issuance 91
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

Kesla Oyj develops machinery, technology, and services for customers in the forest and other industries in Finland. The company offers truck and stationary cranes, including timber and city cranes, and truck and stationary cranes' grapples; and logging equipment, such as grapples, harvester heads, and forest machine cranes.

Full company description

Kesla Oyj develops machinery, technology, and services for customers in the forest and other industries in Finland. The company offers truck and stationary cranes, including timber and city cranes, and truck and stationary cranes' grapples; and logging equipment, such as grapples, harvester heads, and forest machine cranes. It also provides tractor equipment, including loaders, trailers, stroke delimbers, and tractor equipment grapples. The company was founded in 1960 and is headquartered in Joensuu, Finland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Kesla Oyj reported revenue of €34.4M in FY2025 versus €45.5M in FY2021, a compound −6.7%/yr. Reported net income was −€4.5M in FY2025.

Growth Quality 18/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€34.4M
Latest YoY
−22.4%
Avg. growth/yr (3Y) 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.
−9.1%
Avg. growth/yr (5Y) 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.
−2.8%
Avg. growth/yr (24Y) 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.
+2.8%
Revenue −6.7%/yr
FY21 €45.5M
FY22 €45.9M
FY23 €55.4M
FY24 €44.3M
FY25 €34.4M
Net income
FY21 €1.7M
FY22 −€1.2M
FY23 €510K
FY24 −€520K
FY25 −€4.5M

KELAS screens 76% overvalued. Compare with Caterpillar Inc →

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Cite: Fair Value Calculator (2026). "Kesla Oyj Fair Value". https://www.fairvalue-calculator.com/stock/KELAS

Peer Group

Farm & Heavy Construction Machinery · 148 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 44 · Bottom 25%
Fair Value upside −77% · Bottom 25%
Return on assets -12% · Bottom 25%
Net margin (TTM) -13% · Bottom 25%
Operating margin (TTM) -26% · Bottom 25%
Revenue growth -27% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Farm & Heavy Construction Machinery median · lower = cheaper

P/B 2.19× · Pricier than median
P/S (TTM) 0.48× · Cheaper than 75% of peers
P/FCF 15.2× · Pricier than 75% of peers
PEG 3.06× · 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 22
FUTURE 0 · sector 30
PAST 0 · sector 32
HEALTH 100 · sector 93
DIVIDEND 0 · sector 40

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

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.

Similar stocks

10 more Farm & Heavy Construction Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Caterpillar Inc CAT $952.41 $307.83 -68%
Deere & Company DE $597.24 $187.86 -69%
AB Volvo (publ), VOLVA kr 336.60 kr 288.08 -14%
PACCAR Inc PCAR $126.20 $94.80 -25%
Epiroc AB EPIA kr 251.90 kr 144.14 -43%
Exor N.V EXO €69.40 €219.41 +216%
Sany Heavy Industry Co 600031 ¥18.65 ¥20.84 +12%
XCMG Construction Machinery Co 000425 ¥8.39 ¥11.79 +41%
Sinotruk (Hong Kong) Limited 3808 HK$41.00 HK$53.51 +31%
Yutong Bus Co 600066 ¥32.29 ¥42.00 +30%

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Frequently asked questions

Is Kesla Oyj (KELAS) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €1.01 versus a price of €4.29, about −76% (overvalued).
What is the fair value of KELAS?
Our model-based fair value for Kesla Oyj is €1.01 (as of Jul 16, 2026), built from audited fundamentals. The current price is €4.29.
What is the quality score of KELAS?
Kesla Oyj has a Quality Score of 44/100. 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 Kesla Oyj (KELAS)?
Kesla Oyj reported trailing-twelve-month revenue of about €34.4M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of KELAS?
The net profit margin of Kesla Oyj is about -13.0%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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