NFI Octava S.A. (08N.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-201.0%

-PLN 0.62

vs PLN 0.61 price

Levered DCF

-PLN 2.89

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.85

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-40.19×	-2.56×	11.38×	-9.27×	-11.81×	-15.81×	-13×	157.69×
P/B	0.66×	0.83×	0.76×	0.84×	0.78×	0.59×	0.55×	0.54×
P/S	13.55×	29.19×	35.04×	169.82×	-13.49×	14.78×	2,451.08×	25.72×
EV / EBITDA	84.17×	-4.35×	-20.74×	-21.3×	-12.48×	-20.7×	-17.91×	-78.6×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	-120.3%	-1058.9%	397.0%	-1042.0%	168.1%	-62.3%	8464.3%	-252.6%
Net margin	-33.8%	-1143.0%	308.0%	-1830.4%	114.3%	-93.5%	-18728.6%	16.3%
Current ratio	1.1×	1.51×	2.7×	2.56×	2.78×	1.75×	3.54×	4.2×
Debt / equity	0.53×	0.57×	0.38×	0.4×	0.37×	0.32×	0.18×	0.14×
Interest coverage	-2.35×	-13.18×	5.52×	-3.99×	-15.19×	0×	0.89×	-42.02×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	9.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.6%	-32.7%	6.7%	-9.0%	-6.6%	-3.8%	-4.2%	0.3%
Return on invested capital	-3.6%	-17.8%	4.9%	-3.5%	-5.4%	-1.8%	1.3%	2.5%
Return on assets	-1.0%	-19.8%	4.6%	-6.1%	-4.4%	-2.6%	-3.4%	0.3%
Free cash flow yield	-14.2%	-10.5%	-7.8%	-10.6%	0.4%	10.3%	-14.0%	0.6%
Earnings yield	-2.5%	-39.2%	8.8%	-10.8%	-8.5%	-6.3%	-7.6%	0.6%
Enterprise value	PLN 43.8M	PLN 57.8M	PLN 61.3M	PLN 58.8M	PLN 58.2M	PLN 46.5M	PLN 32.2M	PLN 25.9M
Net debt / EBITDA	31.92×	-1.71×	-6.4×	-5.49×	-3.11×	-4.89×	1.19×	27.72×
Cash conversion cycle (days)	1,604	6,006	467	2,227	-184	106	1,382	17