A method is presented for prediction of the present net value (PV) of timber production, based on satellite data and subjectively inventoried forest stand data. Multiple regression analysis was used for predicting the PV. This method has the advantage that predictions of the PV can be made using any kind of existing stand data. The precision of the estimate of the PV, however, depends on the information available in the forest stand database. In the study a combination of Landsat TM data and subjectively inventoried site‐index explained about 75% of the variance, which was equal to the case when all subjective ground stand data, excluding TM data, were used to predict PV. This result and results from other data combinations suggest that Landsat TM data might be useful for forest management planning.