Lindex Group (LINDEX) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Lindex Group €3.51, price €2.32, upside +51.3%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range €1.09 – €3.46 · fair‑value band €2.68 – €4.48 · the €2.32 price screens below the €3.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
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Lindex Group Oyj engages in the retailing business in Finland and internationally. The company operates through Lindex and Stockmann segments. It also offers women's clothing, lingerie and underwear, children's clothing, and cosmetics and accessories.
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Lindex Group Oyj engages in the retailing business in Finland and internationally. The company operates through Lindex and Stockmann segments. It also offers women's clothing, lingerie and underwear, children's clothing, and cosmetics and accessories. In addition, the company operates department stores; e-commerce, logistics centres, and production offices; and online store. Further, it operates department stores, which offer fashion, cosmetics, and home products. The company was formerly known as Stockmann Oyj Abp and changed its name to Lindex Group Oyj in March 2024. Lindex Group Oyj was founded in 1862 and is based in Helsinki, Finland.
Stock analysis
Lindex Group (LINDEX) currently trades at €2.32, while our model-based Fair Value estimate is €3.51, implying the stock looks roughly 33.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €3.97 per share, and 17 of the 21 models we run sit above the €2.32 price.
Bear case: the Earnings-Based group reads lowest at €1.33, and 4 of the 21 models stay below the price. Evidence for this calculation is medium.
Scenario range: €2.68 (bear) to €4.48 (bull), the price of €2.32 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 61/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Lindex Group reported revenue of €952M in FY2025 versus €899M in FY2021, a compound +1.5%/yr. Reported net income was €26.2M in FY2025, compounding −14.0%/yr from FY2021.
Key figures
Market cap €378M · P/E ratio 13.6 · P/S ratio 0.38 · EPS (TTM) €0.1700 · Net margin 2.8% · Return on equity 5.9% · Return on assets (EBIT) 16.9% · Operating margin −6.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 51%, LINDEX screens cheaper than that median.
Fair Value models
Bear €2.68Fair Value €3.51Bull €4.48
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.1248 per share) are deliberately not added.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.
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.52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.3%
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.
−1.0%
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.
+3.8%
Start year 2020 (pandemic). Over 10 years: −4.0% a year
Revenue growth 23 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.
−1.4%
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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. Basis: EBIT basis.
−13.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−13.0%
Dividend (yield on the price)0.0%
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.−2% → 8%
⚠ Revenue per share shrinking 13.7%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+30.9%
Yearly growth needed for the next five years to justify today's price.
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 +28.1% 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.Apparel Retail · 105 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+52% · Top 25%
Profitability
Return on equity (TTM)6% · Below median
Return on assets3% · Above median
Net margin (TTM)3% · Below median
Operating margin (TTM)−7% · Bottom 25%
Growth and dividend
Revenue growth4% · Above median
Valuation Multiplesvs Apparel Retail median · lower = cheaper
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). "Lindex Group Fair Value". https://www.fairvalue-calculator.com/stock/LINDEX
Frequently asked questions
Is Lindex Group (LINDEX) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €3.51 versus a price of €2.32, about +51% upside (undervalued).
What is the fair value of LINDEX?
Our model-based fair value for Lindex Group is €3.51 (as of Sep 23, 2026), built from audited fundamentals. The current price: €2.32.
What is the quality score of LINDEX?
Lindex Group has a Quality Score of 61/100. 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 Lindex Group (LINDEX)?
Our model-based price target is the fair value of €3.51 (as of Sep 23, 2026) from 21 valuation models. Cautious scenario €2.68, optimistic scenario €4.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Lindex Group stock forecast for 2026?
Our models put fair value at €3.51, about +51% upside versus a price of €2.32 (undervalued). Cautious scenario €2.68, optimistic scenario €4.48. The calculation is refreshed regularly with new filings.
What is the revenue of Lindex Group (LINDEX)?
Lindex Group reported trailing-twelve-month revenue of about €959M (latest available figure, as of Sep 23, 2026).
What growth is priced into Lindex Group (LINDEX)?
For today's price to be fair in a discounted-cash-flow model, Lindex Group would have to grow free cash flow by +30.9 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of LINDEX use?
Our models discount Lindex Group at 10.6 %: a base by market capitalisation (small), damped by beta 0.73, 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 Lindex Group that is +30.9 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Lindex Group (LINDEX) delivered so far?
Over the past 5 years revenue at Lindex Group grew +3.8 % a year. The price currently implies +30.9 % 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 Lindex Group (LINDEX) growing?
The median revenue growth in the sector is +6.4 % a year. That is the yardstick for the growth priced into Lindex Group (+30.9 % 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 Lindex Group (LINDEX)?
The free-cash-flow yield on the price is 2.22 %: that much free cash flow Lindex Group produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Lindex Group (LINDEX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Lindex Group it is €3.51 per share (as of Sep 23, 2026), against a price of €2.32. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Lindex Group stock overvalued or undervalued in 2026?
As of Sep 23, 2026, LINDEX trades below its calculated fair value: price €2.32, fair value €3.51, a gap of about +51% (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 LINDEX?
No. The price is what the market pays today (€2.32); the fair value is what the company's own numbers justify (€3.51). For Lindex Group the two are €1.19 per share apart. That gap is exactly why we show both numbers side by side.
How much is Lindex Group worth?
The market values Lindex Group at about €378M (market capitalisation, as of Sep 23, 2026). Per share that is €2.32; our models calculate a fair value of €3.51 per share.
What do the bullish and bearish scenarios say about LINDEX?
Our models span a range for Lindex Group: cautious scenario €2.68, base €3.51, optimistic €4.48 per share (as of Sep 23, 2026, price €2.32). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LINDEX?
Lindex Group trades at a price-to-earnings ratio of 13.6 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €3.51 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 12.9 (reported 14.4). Other multiples: PEG 1.1, P/B 10.3, P/S 0.4, EV/EBITDA 5.1.
What is the PEG ratio of LINDEX?
The PEG ratio of Lindex Group is 1.08 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Lindex Group (LINDEX)?
Balance-sheet figures for Lindex Group (as of Sep 23, 2026): return on equity 5.9%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is LINDEX from its 52-week high?
Lindex Group trades at €2.32, about 20% below its 52-week high of €2.89 and 11% above the low of €2.09 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €3.51 is for.
Which stocks are comparable to Lindex Group?
From the same area (Consumer Cyclical) we also value Industria de Diseño Textil, S.A, The TJX Companies, Inc, Fast Retailing Co, Ross Stores, Inc, 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 Lindex Group stock attractive at the current price?
The data as of Sep 23, 2026: price €2.32, calculated fair value €3.51 (+51%), Quality Score 61/100, from 21 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 LINDEX calculated?
We run Lindex Group through 21 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 €3.51, 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 13.0 % above its aggregate fair value. Lindex Group currently trades 51 % 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 Lindex Group (LINDEX)?
The closing price on Sep 24, 2026 was €2.32. Our model-based fair value is €3.51, about +51% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Lindex Group right now?
The price is below even our cautious bear case (€2.68). The market is more pessimistic than our downside scenario. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Lindex Group
How large is the market capitalisation of Lindex Group (LINDEX)?
The market capitalisation of Lindex Group is €378M. 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 Lindex Group (LINDEX)?
The price-to-sales ratio of Lindex Group is 0.38 (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 Lindex Group (LINDEX)?
Earnings per share at Lindex Group are €0.1700 (price ÷ EPS = P/E 13.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Lindex Group (LINDEX)?
The net margin of Lindex Group is 2.8% (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 Lindex Group (LINDEX)?
The return on equity (ROE) of Lindex Group is 5.9% (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 Lindex Group (LINDEX)?
On an EBIT basis the return on assets of Lindex Group is 16.9% (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 Lindex Group (LINDEX)?
The operating margin of Lindex Group is −6.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Lindex Group (LINDEX)?
Revenue at Lindex Group is growing +3.8% versus a year earlier (3y avg −1.0%). 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 Lindex Group (LINDEX)?
Earnings per share at Lindex Group are growing +60.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Lindex Group (LINDEX) carry?
The net debt of Lindex Group is €96.4M (fiscal year 2025, ≈ 11.5 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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