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.

Tieto Oyj (TIETO.HE)

Price updated 07 Nov 2026 00:06; TTM through 30 Sep 2026; TTM financials updated 07 Nov 2026 01:55.

Starts from TTM through 30 Sep 2026 financials in EUR and a share price of EUR 18.48. Growth begins at 2.0% a year (the valuation's blended assumption) and fades to 3.3% by year 10. Margins held at EBITDA 25.9%, net 13.2%, free cash flow 8.8% 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 (net), because today's margin is far above the company's own average.
Year 1 uses analyst consensus revenue growth (0.1%); year 2 is halfway back to the model's own path.
EUR 16.11Model fair value (Dividend discount model); range EUR 13.17 to EUR 20.60
-13%Fair value vs today's price
HighModel confidence
75%Share of the gap to fair value the price closes by year 5

Confidence: Free-cash-flow DCF agrees; trailing-twelve-month data.

1.2%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
EUR 2.18BRevenue in year 10 (base)
EUR 148.35MNet income in year 10 (base)
EUR 192.25MFree cash flow in year 10 (base)
EUR 0.97Dividend per share in year 10 (base)
EUR 10.83Implied share price in year 10 (base), today EUR 18.48
9.3%Year-10 free cash flow per share vs today's price

Dividend per share over time

EUR 0.00 EUR 0.38 EUR 0.75 EUR 1.12 EUR 1.50 FY2022 FY2023 FY2024 FY2025 TTM through 30 Sep 2026 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Dividend per share in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear -5.9% EUR 0.68 -7.6%
Base 0.2% EUR 0.97 -4.2%
Bull 6.2% EUR 1.36 -0.9%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Sep 2026– EUR 1.73BEUR 448.30MEUR 228.80MEUR 152.60M 2.051.371.509.6218.48
Year 10.2% EUR 1.73BEUR 448.97MEUR 206.90MEUR 152.83M 1.851.371.3610.1216.39
Year 21.1% EUR 1.75BEUR 454.11MEUR 186.77MEUR 154.58M 1.671.381.2210.5614.50
Year 32.3% EUR 1.79BEUR 464.45MEUR 168.02MEUR 158.10M 1.501.411.1010.9712.79
Year 42.4% EUR 1.83BEUR 475.68MEUR 148.51MEUR 161.92M 1.331.450.9711.3211.07
Year 52.6% EUR 1.88BEUR 487.83MEUR 128.14MEUR 166.06M 1.151.490.8411.639.35
Year 62.7% EUR 1.93BEUR 500.98MEUR 131.59MEUR 170.53M 1.181.530.8611.949.60
Year 72.8% EUR 1.99BEUR 515.17MEUR 135.32MEUR 175.36M 1.211.570.8912.279.88
Year 83.0% EUR 2.05BEUR 530.49MEUR 139.35MEUR 180.58M 1.251.620.9112.6010.17
Year 93.1% EUR 2.11BEUR 546.99MEUR 143.68MEUR 186.19M 1.291.670.9412.9410.49
Year 103.3% EUR 2.18BEUR 564.77MEUR 148.35MEUR 192.25M 1.331.720.9713.3010.83

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.