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Lemonsoft Oyj (LEMON) Fair Value & Analysis

Technology · FI · Market cap €84.3M

LO Lemonsoft Oyj LEMON · HE
Price€4.15
Fair Value€5.10
Upside+22.9%
Quality77/100
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Healthy Growth
Solidly profitable · 15.8% net margin
Low debt · generates free cash flow
3.01% dividend yield
Mixed vs. peers (8/14)
Moderate moat 63/100
Evidence: High Range €3.82 – €6.37 Share as image

Fair value as of: Jul 13, 2026

From 26 valuation models · updated 28 days ago

Share price −10.8% over the past month.

A strong business, screening 23% undervalued on our models.

What matters now

  • Our model range runs from €3.82 (bear) to €6.37 (bull), base €5.10. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 77/100 (high quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

€17.92 €4.12 Fair Value €5.10 Nov 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

57‑month range €4.12 – €17.92 · fair‑value band €3.82 – €6.37 · the €4.15 price screens below the €5.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

Lemonsoft Oyj (LEMON) currently trades at €4.15, while our model-based Fair Value estimate is €5.10, implying the stock looks roughly 22.9% undervalued today. The Quality Score stands at 77/100 (high quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Lemonsoft Oyj generated revenue of €29.4M at a net margin of 15.8%. Revenue declined 1.1% year over year. It earns a return on equity of 14.1%. Net debt stands at €4.2M. Fundamentals as of Jul 13, 2026

Our scenario range runs from €3.82 (bear case) to €6.37 (bull case); at €4.15, 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 46% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at 23%, LEMON screens cheaper 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 €4.02 €6.25 €9.27 80
Residual Income €1.51 €1.76 €2.89 76
Rev-Margin DCF €3.30 €5.45 €8.26 74
All 26 models by family
DCF Models
FCF DCF €4.12 €6.74 €10.60 38
Owner Earnings €3.22 €5.27 €8.30 31
5Y Revenue Exit €3.30 €5.47 €8.35 39
5Y EBITDA Exit €4.38 €7.72 €11.92 41
5Y P/E Exit €3.69 €6.28 €9.23 38
10Y Revenue Exit €3.50 €5.50 €8.47 36
10Y EBITDA Exit €4.19 €6.92 €11.06 37
10Y P/E Exit €3.80 €6.01 €9.11 35
Earnings-Based
Graham-Dodd €1.73 €8.49 €11.70 54
Lynch FV €2.28 €3.26 €4.24 50
PEG = 1.0 €2.28 €3.26 €4.24 46
EPV €2.32 €2.60 €2.83 59
Dividend Discount
Gordon GGM €1.01 €1.70 €2.20 70
DDM Multi-Stage €1.01 €1.61 €1.83 61
Multiples
P/E Multiple €3.82 €5.10 €6.37 63
P/S Multiple €3.10 €4.14 €5.17 58
P/B Multiple €3.25 €4.33 €5.41 55
EV/EBIT €5.29 €7.07 €8.85 53
EV/EBITDA €5.03 €6.73 €8.43 54
EV/Revenue €2.84 €4.08 €5.32 43
Asset-Based
NCAV (Graham) €0.8300 €1.11 €1.65 50
Growth DCF
Growth DCF €4.02 €6.25 €9.27 80
Rev-Margin DCF €3.30 €5.45 €8.26 74
Economic Profit
Residual Income €1.51 €1.76 €2.89 76
ROIC Compounder €2.51 €3.13 €3.88 72
Growth Earnings
Growth-Adj P/E €3.43 €4.91 €6.38 68

Widest divergence: DCF Models (€6.01) versus Asset-Based (€1.11). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €29.4M
Revenue growth (YoY) -1.1%
Net margin 15.8%
Return on equity 14.1%
Free cash flow €7.8M FY2025
P/E ratio 19.0
More key figures
Operating margin 20.4%
EPS (TTM) €0.2500
Dividend yield 3.0%
EPS growth (YoY) +14.0%
Net debt €4.2M FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 77/100

Of which business quality 76 · Market factors (momentum, volatility) 29

Profitability 53
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 96
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 93
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

Lemonsoft Oyj, a software company, designs, develops, and delivers enterprise resource planning software solutions in Finland and internationally.

Full company description

Lemonsoft Oyj, a software company, designs, develops, and delivers enterprise resource planning software solutions in Finland and internationally. It offers enterprise management system, such as business intelligence, project management, integrations, working time tracking, work shift planning, payroll and personnel administration, production control, logistics, financial management, customer relationship management, web service, and mobile application solutions; and LemonAI, an artificial intelligence solution. The company also provides Regista, a business processes product; Metsys, a customized WMS solution; Timecard, working time tracking product; Duunissa, a working time tracking for small businesses; Logentia, a transportation optimization product; Finazilla, a business information reporting product; Lixani, a construction company operations management product; and Talosofta, a building industry quote calculation product. In addition, it offers Finvoicer, an invoice lifecycle management product; Applirent, a rental business management product; Spotilla, a service, maintenance, and field work supervision product; and EasyInvoice invoicing software. The company serves industrial manufacturing and wholesale and specialty trade companies. Lemonsoft Oyj was incorporated in 2006 and is based in Vaasa, Finland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Lemonsoft Oyj reported revenue of €29.5M in FY2025 versus €17.2M in FY2021, a compound +14.3%/yr. Reported net income was €4.5M in FY2025, compounding +18.9%/yr from FY2021.

Growth Quality 93/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€29.5M
Latest YoY
+1.9%
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.
+9.3%
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.
+11.1%
Avg. growth/yr (7Y) 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.
+17.6%
Revenue +14.3%/yr
FY21 €17.2M
FY22 €22.6M
FY23 €26.3M
FY24 €28.9M
FY25 €29.5M
Net income +18.9%/yr
FY21 €2.3M
FY22 €3.2M
FY23 €5.3M
FY24 €4.1M
FY25 €4.5M

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

Peer Group

Software - Application · 709 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 77 · Top 25%
Fair Value upside +23% · Top 25%
Return on equity (TTM) 14% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 20% · Top 25%
Revenue growth -1% · Below median
Dividend yield (TTM) 3.0% · Above median
Debt / equity 0.26× · Higher than 75% of peers

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 19.0× · Cheaper than median
P/B 3.32× · Pricier than median
P/S (TTM) 3.32× · Pricier than median
P/FCF 12.5× · Pricier than median
EV/EBITDA 14.5× · Pricier than median

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 64 · sector 0
FUTURE 0 · sector 38
PAST 57 · sector 13
HEALTH 87 · sector 98
DIVIDEND 60 · sector 28

Insider activity: 45/100

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.

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
SAP SE SAPS C$12.69 C$16.26 +28%
Shopify Inc SHOP C$173.23 C$20.54 -88%
Uber Technologies, Inc UBER $72.67 $51.11 -30%
Salesforce, Inc CRM $170.77 $182.10 +7%
ServiceNow, Inc NOW $107.71 $33.12 -69%
Cadence Design Systems, Inc CDNS $384.17 $80.41 -79%
Snowflake Inc SNOW $271.87 $34.04 -87%
Adobe Inc ADBE $230.61 $379.48 +65%
Automatic Data Processing, Inc ADP $241.92 $177.51 -27%
Intuit Inc INTU $291.09 $258.69 -11%

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Frequently asked questions

Is Lemonsoft Oyj (LEMON) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of €5.10 versus a price of €4.15, about +23% (undervalued).
What is the fair value of LEMON?
Our model-based fair value for Lemonsoft Oyj is €5.10 (as of Jul 13, 2026), built from audited fundamentals. The current price is €4.15.
What is the quality score of LEMON?
Lemonsoft Oyj has a Quality Score of 77/100. 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 Lemonsoft Oyj (LEMON)?
Lemonsoft Oyj reported trailing-twelve-month revenue of about €29.4M (latest available figure, as of Jul 13, 2026).
What is the net profit margin of LEMON?
The net profit margin of Lemonsoft Oyj is about 15.8%, meaning it keeps roughly 15.8% of revenue as net income. Based on the latest reported figures.
Does Lemonsoft Oyj pay a dividend?
Lemonsoft Oyj currently shows a dividend yield of about 2.83% relative to its recent price (as of Jul 13, 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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