Ab S.a. (ABE.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

+3.5%

PLN 150.92

vs PLN 145.80 price

Levered DCF

PLN 521.30

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.8

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	8.81×	9.16×	6.49×	5.11×	7.2×	6.73×	4.82×	5.21×
P/B	1.03×	1.15×	0.77×	0.65×	0.9×	0.53×	0.35×	0.44×
P/S	0.1×	0.11×	0.07×	0.05×	0.07×	0.04×	0.03×	0.04×
EV / EBITDA	5.42×	5.32×	4.04×	4.45×	6.18×	3.42×	4.53×	5.16×
Gross margin	4.0%	4.1%	3.8%	3.8%	3.6%	3.6%	3.9%	4.2%
Operating margin	1.8%	1.9%	1.8%	1.5%	1.3%	0.9%	1.0%	1.2%
Net margin	1.2%	1.2%	1.0%	1.1%	0.9%	0.7%	0.7%	0.7%
Current ratio	1.71×	1.53×	1.52×	1.45×	1.6×	1.45×	1.63×	1.74×
Debt / equity	0.15×	0.18×	0.24×	0.33×	0.31×	0.29×	0.4×	0.55×
Interest coverage	5.32×	3.71×	2.98×	5.92×	9.77×	4.35×	3.18×	3.81×
Dividend yield	3.1%	2.0%	1.6%	2.2%	0.8%	0.0%	0.0%	0.0%
Payout ratio	27.2%	18.1%	10.5%	10.7%	5.7%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	11.7%	12.5%	11.8%	13.2%	12.5%	7.8%	7.3%	8.5%
Return on invested capital	12.0%	13.5%	13.5%	11.1%	10.4%	6.7%	6.2%	7.0%
Return on assets	4.1%	4.5%	4.5%	4.4%	4.6%	2.5%	2.8%	3.1%
Free cash flow yield	5.5%	12.2%	13.3%	-3.8%	-25.1%	63.2%	23.2%	20.0%
Earnings yield	11.3%	10.9%	15.4%	20.3%	13.9%	14.9%	20.8%	19.2%
Enterprise value	PLN 1.6B	PLN 1.7B	PLN 1.2B	PLN 1.1B	PLN 1.1B	PLN 419.7M	PLN 505.9M	PLN 597.4M
Net debt / EBITDA	0.2×	0.32×	0.82×	1.36×	1.2×	-0.22×	2.04×	2.41×
Cash conversion cycle (days)	57	44	36	41	36	28	37	38