Atal S.A. (1AT.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

+202.5%

PLN 184.51

vs PLN 61.00 price

Levered DCF

-PLN 75.13

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.91

Distress zone

Rating

A-

Overall 4 / 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	10.78×	7.51×	6.65×	3.43×	5.39×	7.52×	12.97×	5.41×
P/B	1.39×	1.28×	1.34×	0.97×	1.53×	1.32×	1.87×	1.26×
P/S	1.88×	1.49×	1.51×	0.76×	1.06×	1.08×	2.04×	1.03×
EV / EBITDA	14.24×	9.94×	5.94×	3.75×	5.26×	10.97×	16.06×	5.95×
Gross margin	29.6%	25.9%	29.9%	28.4%	27.0%	20.3%	23.7%	26.9%
Operating margin	25.0%	22.2%	26.8%	26.3%	24.8%	17.9%	20.3%	24.6%
Net margin	17.5%	19.8%	22.7%	22.2%	19.7%	14.3%	15.8%	19.0%
Current ratio	0.34×	2.91×	3.92×	2.35×	2.76×	2.28×	3.19×	2.77×
Debt / equity	1.2×	0.62×	0.47×	0.61×	0.73×	1.1×	1.21×	0.61×
Interest coverage	12.8×	31.13×	212.05×	81.56×	90.64×	36.28×	28.68×	26.6×
Dividend yield	9.9%	11.7%	8.5%	18.4%	6.6%	0.0%	12.4%	12.7%
Payout ratio	106.6%	87.8%	56.7%	63.1%	35.4%	0.0%	160.2%	68.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.9%	17.0%	20.1%	28.3%	28.4%	17.5%	14.4%	23.4%
Return on invested capital	5.3%	7.9%	11.7%	15.1%	14.3%	8.1%	6.2%	13.6%
Return on assets	4.5%	7.8%	9.6%	11.6%	10.6%	6.0%	4.7%	10.7%
Free cash flow yield	-30.2%	-20.3%	4.9%	17.5%	38.3%	4.4%	-9.9%	3.4%
Earnings yield	9.3%	13.3%	15.0%	29.2%	18.6%	13.3%	7.7%	18.5%
Enterprise value	PLN 4.3B	PLN 3.3B	PLN 2.6B	PLN 1.8B	PLN 2.3B	PLN 2.3B	PLN 2.4B	PLN 1.6B
Net debt / EBITDA	6.33×	3.19×	0.73×	1.06×	1.1×	4.93×	6.25×	1.89×
Cash conversion cycle (days)	1,746	1,076	888	735	672	878	1,316	689