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Pihlajalinna Oyj (PIHLIS) Fair Value & Analysis

Healthcare · FI · Market cap €234M

PO Pihlajalinna Oyj PIHLIS · HE
Price€10.52
Fair Value€31.56
Upside+200.0%
Quality59/100
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Mixed Growth
Thin margins · 5.7% net margin
Moderate debt · generates free cash flow
5.10% dividend yield
Ranks above peers (10/15)
Moderate moat 50/100
Evidence: High Range €20.76 – €42.36 Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from €32.69 to €31.56 (−3.5%) since Jun 25, 2026. Share price +0.2% over the past month.

A solid business, screening 200% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€20.76). The market is more pessimistic than our downside scenario.
  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (€20.76 to €42.36) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€16.30 €6.30 Fair Value €31.56 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range €6.30 – €16.30 · fair‑value band €20.76 – €42.36 · the €10.52 price screens below the €31.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Pihlajalinna Oyj (PIHLIS) currently trades at €10.52, while our model-based Fair Value estimate is €31.56, implying the stock looks roughly 200.0% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Healthcare 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, Pihlajalinna Oyj generated revenue of €613M at a net margin of 5.7%. Revenue declined 21.7% year over year. It earns a return on equity of 20.7%. Net debt stands at €271M. Fundamentals as of Jul 17, 2026

Our scenario range runs from €20.76 (bear case) to €42.36 (bull case); at €10.52, the current price sits below 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 37% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at 11% fair-value upside, at 200%, PIHLIS 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 €20.15 €31.21 €45.53 80
Residual Income €8.59 €11.55 €37.16 76
Rev-Margin DCF €20.06 €34.99 €53.68 74
All 26 models by family
DCF Models
FCF DCF €20.46 €33.01 €50.36 38
Owner Earnings €25.26 €40.37 €61.24 31
5Y Revenue Exit €20.06 €35.14 €55.03 39
5Y EBITDA Exit €33.34 €61.73 €96.70 41
5Y P/E Exit €21.07 €37.16 €54.94 38
10Y Revenue Exit €19.27 €32.13 €50.69 36
10Y EBITDA Exit €27.30 €48.50 €79.66 37
10Y P/E Exit €20.42 €33.37 €50.63 35
Earnings-Based
Graham-Dodd €11.37 €47.77 €65.17 54
Lynch FV €12.12 €17.32 €22.52 50
PEG = 1.0 €12.12 €17.32 €22.52 46
EPV €13.30 €15.28 €16.89 59
Dividend Discount
Gordon GGM €3.07 €5.14 €6.67 70
DDM Multi-Stage €3.07 €4.87 €5.53 61
Multiples
P/E Multiple €27.59 €36.78 €45.98 63
P/S Multiple €21.32 €28.42 €35.53 58
P/B Multiple €21.32 €28.42 €35.53 55
EV/EBIT €30.34 €41.53 €52.72 53
EV/EBITDA €47.77 €64.76 €81.75 54
EV/Revenue €20.74 €31.00 €41.27 43
Asset-Based
NCAV (Graham) €3.79 €5.08 €7.59 50
Growth DCF
Growth DCF €20.15 €31.21 €45.53 80
Rev-Margin DCF €20.06 €34.99 €53.68 74
Economic Profit
Residual Income €8.59 €11.55 €37.16 76
ROIC Compounder €14.53 €18.46 €22.98 72
Growth Earnings
Growth-Adj P/E €21.16 €30.23 €39.30 68

Widest divergence: DCF Models (€35.14) versus Dividend Discount (€4.87). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €613M
Revenue growth (YoY) -21.7%
Net margin 5.7%
Return on equity 20.7%
Free cash flow €59.1M FY2025
P/E ratio 6.7
More key figures
Operating margin 8.1%
EPS (TTM) €1.55
Dividend yield 5.1%
EPS growth (YoY) -25.5%
Net debt €271M FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 58 · Market factors (momentum, volatility) 33

Profitability 55
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 82
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

Pihlajalinna Oyj provides social, healthcare, and wellbeing services to private persons, companies, insurance companies, and public sector entities in Finland. It operates in two segments, Private Healthcare Services and Public Services.

Full company description

Pihlajalinna Oyj provides social, healthcare, and wellbeing services to private persons, companies, insurance companies, and public sector entities in Finland. It operates in two segments, Private Healthcare Services and Public Services. The company offers general practitioner and medical specialist, occupational healthcare, social and healthcare outsourcing, fitness center, responsible doctor, and remote consultation services, as well as residential and staffing services. It also provides occupational health services to private clinics and hospitals, responsible doctor, diagnostics, and rehabilitation services. The company was founded in 2014 and is headquartered in Tampere, Finland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Pihlajalinna Oyj reported revenue of €652M in FY2025 versus €578M in FY2021, a compound +3.1%/yr. Reported net income was €37.6M in FY2025, compounding +17.0%/yr from FY2021.

Growth Quality 68/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€652M
Latest YoY
−7.4%
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.
−1.9%
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.
+5.1%
Avg. growth/yr (14Y) 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.
+21.6%
Revenue +3.1%/yr
FY21 €578M
FY22 €690M
FY23 €720M
FY24 €704M
FY25 €652M
Net income +17.0%/yr
FY21 €20.1M
FY22 €9.5M
FY23 €5.7M
FY24 €27.4M
FY25 €37.6M
Character of growth · EPS growth decomposed (2014-2025) +20.1 % p.a.
Revenue per share +7.9 pp

of which total revenue +11.4 pp · buybacks/dilution −3.5 pp

EBIT margin +7.4 pp
Tax rate +1.2 pp
Residual (interest, one-offs) +3.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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

Peer Group

Medical Care Facilities · 261 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 59 · Above median
Fair Value upside +200% · Top 25%
Return on equity (TTM) 21% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 8% · Below median
Revenue growth -22% · Bottom 25%
Dividend yield (TTM) 5.1% · Top 25%
Debt / equity 0.60× · Higher than 75% of peers

Valuation Multiples vs Medical Care Facilities median · lower = cheaper

P/E (TTM) 6.7× · Cheaper than 75% of peers
P/B 1.58× · Pricier than median
P/S (TTM) 0.44× · Cheaper than 75% of peers
P/FCF 4.6× · Pricier than median
EV/EBITDA 5.4× · Cheaper than median
PEG 0.63× · Cheaper 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 100 · sector 23
FUTURE 0 · sector 24
PAST 83 · sector 30
HEALTH 70 · sector 90
DIVIDEND 100 · sector 38

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 Medical Care Facilities stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
HCA Healthcare, Inc HCA $378.85 $554.93 +46%
Fresenius SE FRE €41.73 €32.15 -23%
Dr. Sulaiman Al Habib Medical Services Group 4013 235.00 SAR 112.37 SAR -52%
IHH Healthcare Berhad, an investment holding company, Q0F 2.58 SGD 1.44 SGD -44%
Tenet Healthcare Corporation THC $194.91 $338.05 +73%
Rede D'Or São Luiz S.A RDOR3 R$36.01 R$47.31 +31%
DaVita Inc DVA $231.61 $255.97 +11%
Apollo Hospitals Enterprise Limited APOLLOHOSP ₹8,955 ₹2,955 -67%
Fresenius Medical Care AG FMS $24.68 $45.60 +85%
Aier Eye Hospital Group 300015 ¥8.68 ¥7.67 -12%

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Frequently asked questions

Is Pihlajalinna Oyj (PIHLIS) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of €31.56 versus a price of €10.52, about +200% (undervalued).
What is the fair value of PIHLIS?
Our model-based fair value for Pihlajalinna Oyj is €31.56 (as of Jul 17, 2026), built from audited fundamentals. The current price is €10.52.
What is the quality score of PIHLIS?
Pihlajalinna Oyj has a Quality Score of 59/100. 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 Pihlajalinna Oyj (PIHLIS)?
Pihlajalinna Oyj reported trailing-twelve-month revenue of about €613M (latest available figure, as of Jul 17, 2026).
What is the net profit margin of PIHLIS?
The net profit margin of Pihlajalinna Oyj is about 5.7%, meaning it keeps roughly 5.7% of revenue as net income. Based on the latest reported figures.
Does Pihlajalinna Oyj pay a dividend?
Pihlajalinna Oyj currently shows a dividend yield of about 4.89% relative to its recent price (as of Jul 17, 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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