AC Spólka Akcyjna (ACG.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

+266.5%

PLN 76.98

vs PLN 21.00 price

Levered DCF

PLN 61.94

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.21

Safe 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	14.29×	9.67×	8.84×	8.53×	12.55×	11.29×	12.09×	10.8×
P/B	1.27×	1.89×	1.75×	2.06×	2.25×	2.63×	4.02×	3.77×
P/S	0.98×	1.14×	0.97×	1.15×	1.46×	1.88×	2.07×	1.77×
EV / EBITDA	8.16×	6.77×	6.21×	5.61×	8.09×	7.97×	8.21×	6.98×
Gross margin	30.1%	31.9%	27.8%	31.6%	32.4%	36.5%	36.2%	37.0%
Operating margin	8.5%	13.5%	12.1%	16.1%	14.4%	19.9%	20.8%	20.9%
Net margin	6.9%	11.8%	11.0%	13.4%	11.7%	16.7%	17.1%	16.4%
Current ratio	1.74×	2.11×	1.97×	2.38×	1.81×	1.72×	1.52×	1.81×
Debt / equity	0.31×	0.26×	0.31×	0.11×	0.26×	0.26×	0.19×	0.04×
Interest coverage	5.61×	14.47×	7.71×	27.4×	47.79×	98.57×	73.23×	142.01×
Dividend yield	0.0%	10.1%	0.0%	6.5%	7.3%	5.3%	8.4%	5.8%
Payout ratio	0.0%	97.8%	0.0%	55.4%	91.9%	59.7%	101.9%	62.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.9%	19.5%	19.8%	24.1%	17.9%	23.3%	33.3%	34.9%
Return on invested capital	7.7%	15.0%	14.3%	20.4%	13.5%	17.1%	25.7%	31.1%
Return on assets	6.0%	13.2%	12.8%	17.1%	11.7%	15.7%	21.8%	23.4%
Free cash flow yield	16.3%	13.9%	4.1%	12.2%	6.1%	1.3%	3.9%	6.9%
Earnings yield	7.0%	10.3%	11.3%	11.7%	8.0%	8.9%	8.3%	9.3%
Enterprise value	PLN 243.3M	PLN 307.3M	PLN 293.3M	PLN 325.6M	PLN 334.4M	PLN 379.9M	PLN 480.8M	PLN 421.1M
Net debt / EBITDA	1.37×	0.75×	0.88×	0.26×	0.78×	0.66×	0.33×	-0×
Cash conversion cycle (days)	221	215	198	154	193	201	135	116