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Keskisuomalainen Oyj

KSL.HE
36
Publishing · Communication Services
Price
€9.84
+0.18 (+1.86%)
Market Cap
€107.8M
Exchange
NASDAQ Helsinki
Winston Score
36
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 27, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Weak
Growth
Weak
Cash Flow
Strong
Stability
Good
Valuation
Good
Dividends
Good

Share count rising — dilution

+8.8% over 5y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 10.1M (2020) → 11.0M (2025)

Winston Score History

The full picture

Keskisuomalainen Oyj, a Finnish entity established in 1871, specializes in the publication, printing, and distribution of newspapers and digital communications. Headquartered in Jyväskylä, Finland, the company operates a broad spectrum of services under various brands. These include the Meks brand for sales and marketing support and the Suomen Suoramainonta brand for its direct delivery network. Additionally, it offers comprehensive marketing, communications, and media solutions through Kamua Helsinki, alongside outdoor advertising services from Esa Digital and public transport media solutions via Neonmedia. Research capabilities are provided by IROResearch and Tietoykkönen. The company's offerings further extend to company magazine advertising and page creation under the Mediaseppi brand, as well as general print and digital services through Lehtisep.

Score breakdown

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Quality

Profit per sale
Gross Margin
3.4%
Thin — 3.4% gross margin
Profit after running costs
Operating Margin
3.5%
Thin — 3.5% operating margin
Return on the money invested
ROCE
4.9%
Weak — 4.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
181%
Turns 181% of profit into real cash
Spare cash per sale
FCF Margin
0.9%
Thin free cash flow (0.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.09
Elevated debt (1.09)
Covers its interest
Interest Cover
5.42x
Adequate interest coverage (5.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
55.5x
Expensive — P/E 55.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+44.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (55.5 → 10.7)

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Dividends

Dividend
Dividend Yield
6.10%
Healthy income — 6.10% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
-51.0%
Dividend cut (-51.0% YoY) — warning sign

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