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Lumo Kodit Oyj (KOJAF) fair value: what the stock is really worth
We calculate from audited financials what Lumo Kodit Oyj is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Broad data
Sep 13, 2026
Broad data
Sep 13, 2026
Lumo Kodit Oyj
KOJAF · USStretched ValuationStrong overvaluation with only moderate quality.
!Fair value $3.47 · Strongly overvalued (−63%)
!Quality 62/100
!Mixed Growth (revenue 5y +3.5 %/yr)
!Thin margins · 2.9% net margin (TTM)
✓Moderate debt · generates free cash flow
·1.17% dividend yield
!Narrow moat 39/100
!The models disagree: range $1.16 to $6.12
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range $9.40 – $24.31 · fair‑value band $1.16 – $6.12 · the $9.40 price screens above the $3.47 fair value. Dashed = 300-day average. As of Sep 13, 2026.
Company profile
Lumo Kodit Oyj operates as a private housing investment company in Finland. The company rents apartments and offers housing services under the Lumo brand name. It also offers broadband internet connection services, as well as car sharing services. The company was formerly known as Kojamo Oyj and changed its name to Lumo Kodit Oyj in March 2026.
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Lumo Kodit Oyj operates as a private housing investment company in Finland. The company rents apartments and offers housing services under the Lumo brand name. It also offers broadband internet connection services, as well as car sharing services. The company was formerly known as Kojamo Oyj and changed its name to Lumo Kodit Oyj in March 2026. Lumo Kodit Oyj was founded in 1969 and is headquartered in Helsinki, Finland.
Stock analysis
Lumo Kodit Oyj (KOJAF) currently trades at $9.40, while our model-based Fair Value estimate is $3.47, implying the stock looks roughly 170.9% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of $9.09 per share, and 1 of the 9 models we run sit above the $9.40 price.
Bear case: the DCF Models group reads lowest at $0.7900, and 8 of the 9 models stay below the price. Evidence for this calculation is high.
Scenario range: $1.16 (bear) to $6.12 (bull), the price of $9.40 sits above 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 62/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Lumo Kodit Oyj reported revenue of €455M in FY2025 versus €392M in FY2021, a compound +3.8%/yr. Reported net income was €20.8M in FY2025, compounding −62.2%/yr from FY2021.
Key figures
Market cap $2.5B · P/E ratio 156.7 · P/S ratio 7.16 · EPS (TTM) $0.0600 · Dividend yield 1.2% · Net margin 4.6% · Return on equity 0.4% · Return on assets (EBIT) 3.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 23% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −45% fair-value upside, at −63%, KOJAF screens richer than that median.
Fair Value models
Bear $1.16
Fair Value $3.47
Bull $6.12
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = 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.
Highest evidence
Residual Income
$9.00
$8.21
$5.67
76
5Y EBITDA Exit
n/a
$3.48
$9.52
72
5Y Revenue Exit
n/a
n/a
$4.43
69
All 12 models by family
DCF Models
5Y Revenue Exit
n/a
n/a
$4.43
69
5Y EBITDA Exit
n/a
$3.48
$9.52
72
10Y Revenue Exit
n/a
n/a
$2.16
64
10Y EBITDA Exit
n/a
$0.7900
$5.68
65
Multiples
P/S Multiple
$1.00
$1.34
$1.67
58
P/B Multiple
$1.00
$1.34
$1.67
55
EV/EBIT
$5.80
$11.39
$16.99
63
EV/EBITDA
$2.04
$6.38
$10.72
61
EV/Revenue
n/a
$1.05
$4.66
50
Asset-Based
NCAV (Graham)
$6.78
$9.09
$13.57
54
Growth DCF
Rev-Margin DCF
n/a
n/a
$3.86
69
Economic Profit
Residual Income
$9.00
$8.21
$5.67
76
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Set up alert →Quality Score breakdown
Overall quality
62/100
Of which business quality 61 · Market factors (momentum, volatility) 31
Profitability
15
Margins and returns on capital today
Quality Growth
44
Are margins and returns improving?
Cashflow
100
Earnings quality: real cash, not paper profit
Fin. Strength
35
Balance sheet, leverage, solvency risk
Investment
100
Disciplined investing over empire-building
Low Volatility
67
Calm price path (market factor)
Momentum
23
Price trend over the last 3–12 months (market factor)
52W Momentum
4
Distance to the 52-week high (market factor)
Net Issuance
96
Share count: buybacks or dilution?
Revenue & earnings trend
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.
65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+0.6%
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.
+3.3%
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.
+3.5%
’20
’21
’22
’23
’24
’25
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.
−48.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−49.8%
Dividend (yield on the price)1.2%
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.58% → 59%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+22.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.3%
Yearly sales growth analysts expect, extended to five years.
Forecast 2026 (sales)+7.4%
Forecast 2027 (sales)+5.4%
Projected 2028 (sales)+5.0%
Projected 2029 (sales)+4.6%
Projected 2030 (sales)+4.2%
KOJAF screens 171% overvalued. Compare with Vingroup Joint Stock Company →
Compare Lumo Kodit Oyj with another stock
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.Real Estate Services · 539 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation Multiplesvs Real Estate Services median · lower = cheaper
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Real Estate
- Undervalued stocks: US Stocks
- Valuation of the USA market
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
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vingroup Joint Stock Company VIC | 243,300 VND | 25,731 VND | −89% |
| CBRE Group CBRE | $140.51 | $77.03 | −45% |
| Vonovia SE VNA | €18.11 | €36.67 | +103% |
| Cellnex Telecom, S.A CLNX | €25.67 | €25.46 | −1% |
| KE Holdings BEKE | $16.93 | $7.14 | −58% |
| Jones Lang LaSalle Incorporated JLL | $346.97 | $485.15 | +40% |
| Swire Properties Limited 1972 | HK$24.40 | HK$12.35 | −49% |
| CoStar Group CSGP | $30.46 | $5.00 | −84% |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$38.16 | HK$55.27 | +45% |
| CapitaLand Investment Limited 9CI | 2.60 SGD | 0.4900 SGD | −81% |
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Frequently asked questions
Is Lumo Kodit Oyj (KOJAF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $3.47 versus a price of $9.40, about −63% upside (overvalued).
What is the fair value of KOJAF?
Our model-based fair value for Lumo Kodit Oyj is $3.47 (as of Sep 13, 2026), built from audited fundamentals. The current price: $9.40.
What is the quality score of KOJAF?
Lumo Kodit Oyj has a Quality Score of 62/100. 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 Lumo Kodit Oyj (KOJAF)?
Our model-based price target is the fair value of $3.47 (as of Sep 13, 2026) from 12 valuation models. Cautious scenario $1.16, optimistic scenario $6.12. It is a calculation from audited fundamentals, not an analyst target.
What is the Lumo Kodit Oyj stock forecast for 2026?
Our models put fair value at $3.47, about −63% upside versus a price of $9.40 (overvalued). Cautious scenario $1.16, optimistic scenario $6.12. The calculation is refreshed regularly with new filings.
What is the revenue of Lumo Kodit Oyj (KOJAF)?
Lumo Kodit Oyj reported trailing-twelve-month revenue of about $452M (latest available figure, as of Sep 13, 2026).
Does Lumo Kodit Oyj pay a dividend?
Lumo Kodit Oyj currently shows a dividend yield of about 1.17% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Lumo Kodit Oyj (KOJAF)?
For today's price to be fair in a discounted-cash-flow model, Lumo Kodit Oyj would have to grow free cash flow by +22.2 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.5 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of KOJAF use?
Our models discount Lumo Kodit Oyj at 10.3 %: a base by market capitalisation (mid), damped by beta 1.24, country premium for USA. 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 Lumo Kodit Oyj that is +22.2 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Lumo Kodit Oyj (KOJAF) delivered so far?
Over the past 5 years revenue at Lumo Kodit Oyj grew +3.5 % a year. The price currently implies +22.2 % per year free-cash-flow growth a 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 Lumo Kodit Oyj (KOJAF) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Lumo Kodit Oyj (+22.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Lumo Kodit Oyj (KOJAF)?
The free-cash-flow yield on the price is 6.62 %: that much free cash flow Lumo Kodit Oyj produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Lumo Kodit Oyj (KOJAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Lumo Kodit Oyj it is $3.47 per share (as of Sep 13, 2026), against a price of $9.40. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Lumo Kodit Oyj stock overvalued or undervalued in 2026?
As of Sep 13, 2026, KOJAF trades above its calculated fair value: price $9.40, fair value $3.47, a gap of about −63% (overvalued). 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 KOJAF?
No. The price is what the market pays today ($9.40); the fair value is what the company's own numbers justify ($3.47). For Lumo Kodit Oyj the two are $5.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is Lumo Kodit Oyj worth?
The market values Lumo Kodit Oyj at about $2.5B (market capitalisation, as of Sep 13, 2026). Per share that is $9.40; our models calculate a fair value of $3.47 per share.
What do the bullish and bearish scenarios say about KOJAF?
Our models span a range for Lumo Kodit Oyj: cautious scenario $1.16, base $3.47, optimistic $6.12 per share (as of Sep 13, 2026, price $9.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KOJAF?
Lumo Kodit Oyj trades at a price-to-earnings ratio of 156.7 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $3.47 is built from several models across several years. Other multiples: P/B 0.7, P/S 5.5, EV/EBITDA 20.3.
How solid is the balance sheet of Lumo Kodit Oyj (KOJAF)?
Balance-sheet figures for Lumo Kodit Oyj (as of Sep 13, 2026): return on equity 0.4%, debt of 0.86 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is KOJAF from its 52-week high?
Lumo Kodit Oyj trades at $9.40, about 23% below its 52-week high of $12.14 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $3.47 is for.
Which stocks are comparable to Lumo Kodit Oyj?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, 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 Lumo Kodit Oyj stock attractive at the current price?
The data as of Sep 13, 2026: price $9.40, calculated fair value $3.47 (−63%), Quality Score 62/100, from 12 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 KOJAF calculated?
We run Lumo Kodit Oyj through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $3.47, 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 15.8 % above its aggregate fair value. Lumo Kodit Oyj itself currently trades above fair value. 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 should I pay attention to with Lumo Kodit Oyj right now?
The price sits above even our optimistic bull case ($6.12). The favourable scenario is already priced in. The model range is unusually wide ($1.16 to $6.12). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Lumo Kodit Oyj
How large is the market capitalisation of Lumo Kodit Oyj (KOJAF)?
The market capitalisation of Lumo Kodit Oyj is $2.5B. 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 Lumo Kodit Oyj (KOJAF)?
The price-to-sales ratio of Lumo Kodit Oyj is 7.16 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Lumo Kodit Oyj (KOJAF)?
Earnings per share at Lumo Kodit Oyj are $0.0600 (price ÷ EPS = P/E 156.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Lumo Kodit Oyj (KOJAF)?
The dividend yield of Lumo Kodit Oyj is 1.2% (payout 183%). 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 Lumo Kodit Oyj (KOJAF)?
The net margin of Lumo Kodit Oyj is 4.6% (fiscal year 2025). 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 Lumo Kodit Oyj (KOJAF)?
The return on equity (ROE) of Lumo Kodit Oyj is 0.4% (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 Lumo Kodit Oyj (KOJAF)?
On an EBIT basis the return on assets of Lumo Kodit Oyj is 3.0% (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 Lumo Kodit Oyj (KOJAF)?
The operating margin of Lumo Kodit Oyj is 45.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Lumo Kodit Oyj (KOJAF)?
Revenue at Lumo Kodit Oyj is growing −3.2% versus a year earlier (3y avg +3.3%). 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 Lumo Kodit Oyj (KOJAF)?
Earnings per share at Lumo Kodit Oyj are growing −61.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Lumo Kodit Oyj (KOJAF) carry?
The net debt of Lumo Kodit Oyj is $3.1B (fiscal year 2025, ≈ 20.9 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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