The Discounted Cash Flow (DCF) valuation of Sanoma Oyj (SAA1V.HE) is 23.26 Sanoma Oyj. With the latest stock price at 15.24 Sanoma Oyj, the upside of Sanoma Oyj based on DCF is 52.6%.

Is SAA1V.HE a buy or a sell?

Based on the latest price of 15.24 Sanoma Oyj and our DCF valuation, Sanoma Oyj (SAA1V.HE) is a buy. Buying SAA1V.HE stocks now will result in a potential gain of 52.6%.

	Range	Selected
WACC / Discount Rate	5.2% - 7.3%	6.2%
Long-term Growth Rate	0.0% - 1.0%	0.5%
Fair Price	17.63 - 33.12	23.26
Upside	15.7% - 117.3%	52.6%

15.24 Sanoma Oyj

Stock Price

23.26 Sanoma Oyj

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

SAA1V.HE DCF Valuation: Revenue & Expenses Forecast

(EUR in millions)		Projections

	12-2020	12-2021	12-2022	12-2023	12-2024	12-2025

Revenue	1,062	1,217	1,252	1,278	1,304	1,337
% Growth	16%	15%	3%	2%	2%	3%

Cost of goods sold	(356)	(409)	(421)	(429)	(438)	(449)
% of Revenue	34%	34%	34%	34%	34%	34%

Selling, G&A expenses	(389)	(446)	(459)	(468)	(477)	(490)
% of Revenue	37%	37%	37%	37%	37%	37%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	(55)	(63)	(65)	(67)	(68)	(70)
% of Revenue	5%	5%	5%	5%	5%	5%

Tax expense	(23)	(57)	(58)	(60)	(61)	(62)
Tax rate	9%	19%	19%	19%	19%	19%

Net profit	238	242	249	255	260	266
% Margin	22%	20%	20%	20%	20%	20%