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Orion Oyj HLSE:ORNBV Stock Report

Last Price


Market Cap







05 Oct, 2022


Company Financials +
ORNBV fundamental analysis
Snowflake Score
Future Growth3/6
Past Performance4/6
Financial Health6/6

ORNBV Stock Overview

Orion Oyj develops, manufactures, and markets human and veterinary pharmaceuticals and active pharmaceutical ingredients (APIs) in Finland, Scandinavia, other European countries, North America, and internationally.

Orion Oyj Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Orion Oyj
Historical stock prices
Current Share Price€44.24
52 Week High€49.69
52 Week Low€33.37
1 Month Change-0.70%
3 Month Change2.15%
1 Year Change30.62%
3 Year Change35.58%
5 Year Change14.23%
Change since IPO218.27%

Recent News & Updates

Sep 22
Orion Oyj (HEL:ORNBV) Seems To Use Debt Quite Sensibly

Orion Oyj (HEL:ORNBV) Seems To Use Debt Quite Sensibly

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...

Jul 21
This Just In: Analysts Are Boosting Their Orion Oyj (HEL:ORNBV) Outlook for This Year

This Just In: Analysts Are Boosting Their Orion Oyj (HEL:ORNBV) Outlook for This Year

Shareholders in Orion Oyj ( HEL:ORNBV ) may be thrilled to learn that the analysts have just delivered a major upgrade...

Shareholder Returns

ORNBVFI PharmaceuticalsFI Market

Return vs Industry: ORNBV exceeded the Finnish Pharmaceuticals industry which returned 1.1% over the past year.

Return vs Market: ORNBV exceeded the Finnish Market which returned -14.8% over the past year.

Price Volatility

Is ORNBV's price volatile compared to industry and market?
ORNBV volatility
ORNBV Average Weekly Movement4.0%
Pharmaceuticals Industry Average Movement5.5%
Market Average Movement5.2%
10% most volatile stocks in FI Market8.1%
10% least volatile stocks in FI Market3.5%

Stable Share Price: ORNBV is less volatile than 75% of Finnish stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: ORNBV's weekly volatility (4%) has been stable over the past year.

About the Company

19173,613Timo Lappalainen

Orion Oyj develops, manufactures, and markets human and veterinary pharmaceuticals and active pharmaceutical ingredients (APIs) in Finland, Scandinavia, other European countries, North America, and internationally. It provides prescription drugs and self-care products, including Nubeqa for the treatment of prostate cancer; dexdor and Precedex for intensive care sedative; Stalevo and Comtess/Comtan for Parkinson’s disease; Simdax for acute decompensated heart failure; and Fareston for breast cancer, as well as Salmeterol/fluticasone Easyhaler, Budesonide/formoterol Easyhaler, Formoterol Easyhaler, Budesonide Easyhaler, Beclomet Easyhaler, and Buventol Easyhaler drugs for the treatment of asthma and chronic obstructive pulmonary disease. The company also offers veterinary drugs comprising Bonqat, Clevor, Domosedan, Domitor, Antisedan, Dexdomitor, Domosedan Gel, Sileo, and Tessie; and APIs for generic and proprietary drugs, as well as provides contract manufacturing services.

Orion Oyj Fundamentals Summary

How do Orion Oyj's earnings and revenue compare to its market cap?
ORNBV fundamental statistics
Market Cap€6.23b
Earnings (TTM)€201.70m
Revenue (TTM)€1.07b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ORNBV income statement (TTM)
Cost of Revenue€449.50m
Gross Profit€622.20m
Other Expenses€420.50m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 20, 2022

Earnings per share (EPS)1.44
Gross Margin58.06%
Net Profit Margin18.82%
Debt/Equity Ratio27.1%

How did ORNBV perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is ORNBV undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ORNBV?

Other financial metrics that can be useful for relative valuation.

ORNBV key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue6x
Enterprise Value/EBITDA22x
PEG Ratio8.9x

Price to Earnings Ratio vs Peers

How does ORNBV's PE Ratio compare to its peers?

ORNBV PE Ratio vs Peers
The above table shows the PE ratio for ORNBV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average24.5x
OGN Organon
500420 Torrent Pharmaceuticals
874 Guangzhou Baiyunshan Pharmaceutical Holdings
000999 China Resources Sanjiu Medical & Pharmaceutical
ORNBV Orion Oyj

Price-To-Earnings vs Peers: ORNBV is expensive based on its Price-To-Earnings Ratio (30.8x) compared to the peer average (24.5x).

Price to Earnings Ratio vs Industry

How does ORNBV's PE Ratio compare vs other companies in the European Pharmaceuticals Industry?

Price-To-Earnings vs Industry: ORNBV is expensive based on its Price-To-Earnings Ratio (30.8x) compared to the European Pharmaceuticals industry average (18.6x)

Price to Earnings Ratio vs Fair Ratio

What is ORNBV's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ORNBV PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio30.8x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ORNBV's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of ORNBV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ORNBV (€44.24) is trading below our estimate of fair value (€67.87)

Significantly Below Fair Value: ORNBV is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is lower than the current share price.

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Future Growth

How is Orion Oyj forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score


Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ORNBV's forecast earnings growth (3.5% per year) is above the savings rate (0.2%).

Earnings vs Market: ORNBV's earnings (3.5% per year) are forecast to grow slower than the Finnish market (6.9% per year).

High Growth Earnings: ORNBV's earnings are forecast to grow, but not significantly.

Revenue vs Market: ORNBV's revenue (5.4% per year) is forecast to grow faster than the Finnish market (2% per year).

High Growth Revenue: ORNBV's revenue (5.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ORNBV's Return on Equity is forecast to be high in 3 years time (29.9%)

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Past Performance

How has Orion Oyj performed over the past 5 years?

Past Performance Score


Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ORNBV has high quality earnings.

Growing Profit Margin: ORNBV's current net profit margins (18.8%) are higher than last year (18.7%).

Past Earnings Growth Analysis

Earnings Trend: ORNBV's earnings have declined by 1.2% per year over the past 5 years.

Accelerating Growth: ORNBV's earnings growth over the past year (4.8%) exceeds its 5-year average (-1.2% per year).

Earnings vs Industry: ORNBV earnings growth over the past year (4.8%) underperformed the Pharmaceuticals industry 19.1%.

Return on Equity

High ROE: ORNBV's Return on Equity (26.9%) is considered high.

Discover strong past performing companies

Financial Health

How is Orion Oyj's financial position?

Financial Health Score


Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: ORNBV's short term assets (€624.8M) exceed its short term liabilities (€235.9M).

Long Term Liabilities: ORNBV's short term assets (€624.8M) exceed its long term liabilities (€285.0M).

Debt to Equity History and Analysis

Debt Level: ORNBV's net debt to equity ratio (15.6%) is considered satisfactory.

Reducing Debt: ORNBV's debt to equity ratio has reduced from 27.2% to 27.1% over the past 5 years.

Debt Coverage: ORNBV's debt is well covered by operating cash flow (97.6%).

Interest Coverage: ORNBV earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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What is Orion Oyj current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Orion Oyj Dividend Yield vs Market
How does Orion Oyj dividend yield compare to the market?
SegmentDividend Yield
Company (Orion Oyj)3.4%
Market Bottom 25% (FI)2.8%
Market Top 25% (FI)5.4%
Industry Average (Pharmaceuticals)2.8%
Analyst forecast in 3 Years (Orion Oyj)3.7%

Notable Dividend: ORNBV's dividend (3.39%) is higher than the bottom 25% of dividend payers in the Finnish market (2.8%).

High Dividend: ORNBV's dividend (3.39%) is low compared to the top 25% of dividend payers in the Finnish market (5.39%).

Stability and Growth of Payments

Stable Dividend: ORNBV's dividends per share have been stable in the past 10 years.

Growing Dividend: ORNBV's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (104.5%), ORNBV's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (189.4%), ORNBV's dividend payments are not well covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Timo Lappalainen (60 yo)





Mr. Timo Lappalainen, M.Sc. (Ind. Eng.), has been the Chief Executive Officer and President of Orion Oyj (Formerly, Orion Corporation) since January 1, 2008. Mr. Lappalainen has been the Chairman of the Ex...

CEO Compensation Analysis

Timo Lappalainen's Compensation vs Orion Oyj Earnings
How has Timo Lappalainen's remuneration changed compared to Orion Oyj's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a


Mar 31 2022n/an/a


Dec 31 2021€3m€524k


Sep 30 2021n/an/a


Jun 30 2021n/an/a


Mar 31 2021n/an/a


Dec 31 2020€2m€497k


Sep 30 2020n/an/a


Jun 30 2020n/an/a


Mar 31 2020n/an/a


Dec 31 2019n/an/a


Sep 30 2019n/an/a


Jun 30 2019n/an/a


Mar 31 2019n/an/a


Dec 31 2018€1m€484k


Sep 30 2018n/an/a


Jun 30 2018n/an/a


Mar 31 2018n/an/a


Dec 31 2017€2m€473k


Compensation vs Market: Timo's total compensation ($USD2.59M) is about average for companies of similar size in the Finnish market ($USD2.51M).

Compensation vs Earnings: Timo's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: ORNBV's management team is seasoned and experienced (12.1 years average tenure).

Board Members

Experienced Board: ORNBV's board of directors are considered experienced (4 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of ORNBV?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders3,586,1242.6%
Private Companies3,646,3062.6%
General Public89,971,76764.1%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 28.9% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
BlackRock, Inc.
The Vanguard Group, Inc.
3,967,289€175.5m1.95%no data
Ilmarinen Pension Insurance Co. Ltd, Asset Management Arm
Norges Bank Investment Management
Etola Oy
2,597,806€114.9m0%no data
Dimensional Fund Advisors LP
Elo Mutual Pension Insurance Company, Asset Management Arm
Social Insurance Institution of Finland, Asset Management Arm
Amundi Asset Management
Jukka Ylppö
1,394,865€61.7m0%no data
Handelsbanken Asset Management
Opstock Asset Management
Tukinvest Oy
1,048,500€46.4m0%no data
Maa- ja Vesitekniikan Tuki ry., Endowment Arm
Nordea Investment Management AB
J.P. Morgan Asset Management, Inc.
Xact Kapitalförvaltning AB
The State Pension Fund (VER)
Varma Mutual Pension Insurance Company, Asset Management Arm
Into Ylppo
818,136€36.2m0%no data
UBS Asset Management
Deka Investment GmbH
Geode Capital Management, LLC
612,629€27.1m0.63%no data
Eija Ronkainen
574,630€25.4m0%no data
SEI Investments Company

Company Information

Orion Oyj's employee growth, exchange listings and data sources

Key Information

  • Name: Orion Oyj
  • Ticker: ORNBV
  • Exchange: HLSE
  • Founded: 1917
  • Industry: Pharmaceuticals
  • Sector: Pharmaceuticals & Biotech
  • Implied Market Cap: €6.230b
  • Shares outstanding: 140.42m
  • Website:

Number of Employees


  • Orion Oyj
  • Orionintie 1A
  • Espoo
  • Uusimaa
  • 2200
  • Finland


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ORNAVHLSE (OMX Nordic Exchange Helsinki)Class A SharesFIEURJul 2006
ORNBVHLSE (OMX Nordic Exchange Helsinki)YesClass B SharesFIEURJul 2006
OFKDB (Deutsche Boerse AG)YesClass B SharesDEEURJul 2006
0M2NLSE (London Stock Exchange)Class A SharesGBEURJul 2006
0M2OLSE (London Stock Exchange)YesClass B SharesGBEURJul 2006
ORIN.FOTCPK (Pink Sheets LLC)YesClass B SharesUSUSDJul 2006
ORNBVHBATS-CHIXE (BATS 'Chi-X Europe')YesClass B SharesGBEURJul 2006
ORNAVHBATS-CHIXE (BATS 'Chi-X Europe')Class A SharesGBEURJul 2006

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/05 00:00
End of Day Share Price2022/10/05 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.