Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Bittium Oyj (BITTI.HE)

Price updated 06 Nov 2026 09:55; TTM through 30 Jun 2026; TTM financials updated 04 Nov 2026 18:01.

Starts from TTM through 30 Jun 2026 financials in EUR and a share price of EUR 33.25. Growth begins at 16.0% a year (the valuation's blended assumption) and fades to 3.3% by year 10. Margins held at EBITDA 36.6%, net 19.0%, free cash flow 37.2% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.

Margins drift toward their 4-year average over 5 years (EBITDA, net, free cash flow), because today's margin is far above the company's own average.
Year 1 uses analyst consensus revenue growth (21.1%); year 2 is halfway back to the model's own path.
EUR 36.56Model fair value (Free-cash-flow DCF); range EUR 27.94 to EUR 50.92
10%Fair value vs today's price
LowModel confidence
25%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF disagrees strongly; trailing-twelve-month data; value is more than 1.5x the Earnings-based DCF value.

5.8%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
EUR 437.24MRevenue in year 10 (base)
EUR 52.09MNet income in year 10 (base)
EUR 91.23MFree cash flow in year 10 (base)
EUR 0.18Dividend per share in year 10 (base)
EUR 57.17Implied share price in year 10 (base), today EUR 33.25
7.7%Year-10 free cash flow per share vs today's price

Free cash flow over time

-EUR 6.51M EUR 26.14M EUR 58.79M EUR 91.44M EUR 124.09M FY2022 FY2023 FY2024 FY2025 TTM through 30 Jun 2026 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Free cash flow in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear 15.1% EUR 66.30M 0.8%
Base 21.1% EUR 91.23M 4.1%
Bull 27.1% EUR 124.09M 7.4%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Jun 2026– EUR 163.85MEUR 59.93MEUR 31.05MEUR 60.99M 0.871.720.113.7533.25
Year 121.1% EUR 198.42MEUR 68.67MEUR 34.81MEUR 67.37M 0.981.900.124.6137.46
Year 217.8% EUR 233.78MEUR 76.31MEUR 37.72MEUR 71.72M 1.062.020.135.5440.80
Year 313.1% EUR 264.47MEUR 81.13MEUR 38.95MEUR 72.49M 1.102.040.146.5042.33
Year 411.7% EUR 295.46MEUR 84.82MEUR 39.36MEUR 71.31M 1.112.010.147.4642.99
Year 510.3% EUR 325.91MEUR 87.16MEUR 38.83MEUR 68.00M 1.091.910.148.4242.61
Year 68.9% EUR 354.89MEUR 94.91MEUR 42.28MEUR 74.05M 1.192.080.159.4646.40
Year 77.5% EUR 381.45MEUR 102.01MEUR 45.45MEUR 79.59M 1.282.240.1610.5849.88
Year 86.1% EUR 404.61MEUR 108.21MEUR 48.21MEUR 84.42M 1.362.370.1711.7752.91
Year 94.7% EUR 423.47MEUR 113.25MEUR 50.45MEUR 88.36M 1.422.490.1813.0155.37
Year 103.3% EUR 437.24MEUR 116.93MEUR 52.09MEUR 91.23M 1.472.570.1814.2957.17

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.