Action S.A. (ACT.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

+44.0%

PLN 75.91

vs PLN 52.70 price

Levered DCF

PLN 29.05

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.3

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	9.72×	8.55×	10.22×	6.15×	2.93×	0.58×	-10.4×	-2.03×
P/B	1.08×	0.86×	0.84×	0.68×	0.73×	0.35×	0.48×	0.42×
P/S	0.15×	0.14×	0.15×	0.13×	0.13×	0.05×	0.03×	0.03×
EV / EBITDA	7.25×	5.45×	5.5×	3.72×	1.97×	0.02×	26.45×	-4.12×
Gross margin	8.7%	8.5%	8.8%	8.8%	8.7%	6.3%	6.3%	7.3%
Operating margin	1.7%	1.8%	1.8%	2.2%	5.0%	7.6%	-0.2%	-1.5%
Net margin	1.5%	1.6%	1.5%	2.1%	4.4%	9.0%	-0.3%	-1.5%
Current ratio	2.05×	2.67×	3.12×	3.95×	3.34×	2.05×	0.87×	0.87×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0×	1.02×	0.94×
Interest coverage	145.86×	156.51×	142.62×	340.46×	42.98×	2,904.31×	-26.67×	-30.26×
Dividend yield	0.0%	0.1%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.7%	2.2%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.1%	10.0%	8.2%	11.1%	25.1%	61.4%	-4.6%	-20.5%
Return on invested capital	8.8%	8.2%	6.8%	8.4%	21.0%	39.0%	-1.8%	-10.9%
Return on assets	6.3%	6.3%	5.3%	7.6%	15.9%	29.4%	-0.9%	-4.2%
Free cash flow yield	4.4%	9.7%	16.8%	4.0%	-18.4%	21.4%	-27.2%	62.7%
Earnings yield	10.3%	11.7%	9.8%	16.3%	34.1%	173.6%	-9.7%	-49.3%
Enterprise value	PLN 428.3M	PLN 337.8M	PLN 304.3M	PLN 248.3M	PLN 245.5M	PLN 3.3M	PLN 90.3M	PLN 63.6M
Net debt / EBITDA	-0.27×	-0.23×	-1.29×	-0.78×	-0.4×	-0.55×	10.95×	-1×
Cash conversion cycle (days)	35	38	43	48	45	31	16	13