Agora S.A. (AGO.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

+1677.2%

PLN 219.48

vs PLN 12.35 price

Levered DCF

PLN 157.56

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.4

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	18.57×	75.77×	8.11×	-2.14×	-7.34×	-2.58×	80×	90.91×
P/B	0.6×	0.66×	0.72×	0.34×	0.44×	0.41×	0.52×	0.48×
P/S	0.26×	0.31×	0.37×	0.2×	0.35×	0.4×	0.39×	0.41×
EV / EBITDA	4.09×	4.38×	3.67×	11.51×	8.28×	39.67×	5.69×	6.22×
Gross margin	39.0%	35.7%	34.9%	29.6%	28.4%	22.5%	32.6%	31.9%
Operating margin	5.1%	5.5%	3.1%	-1.3%	-2.4%	-13.3%	3.7%	0.1%
Net margin	1.4%	0.4%	4.6%	-9.5%	-4.8%	-15.6%	0.5%	0.4%
Current ratio	0.71×	0.75×	0.65×	0.72×	0.75×	0.72×	0.79×	1.45×
Debt / equity	1.19×	1.18×	0.99×	1.18×	1.04×	1.06×	0.74×	0.1×
Interest coverage	1.51×	1.64×	0.97×	-0.39×	-1.13×	-4.63×	2.02×	0.19×
Dividend yield	2.7%	0.0%	0.0%	0.0%	0.0%	0.0%	4.8%	5.0%
Payout ratio	51.1%	0.0%	0.0%	0.0%	0.0%	0.0%	387.8%	457.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.2%	0.8%	8.9%	-15.7%	-6.0%	-15.9%	0.6%	0.5%
Return on invested capital	2.5%	2.9%	2.3%	-0.9%	-1.3%	-5.4%	1.1%	0.0%
Return on assets	1.0%	0.3%	3.2%	-5.9%	-2.4%	-6.5%	0.3%	0.4%
Free cash flow yield	31.6%	43.2%	35.1%	0.1%	22.6%	19.4%	19.4%	-0.6%
Earnings yield	5.4%	1.3%	12.4%	-46.7%	-13.6%	-38.7%	1.2%	1.1%
Enterprise value	PLN 1.1B	PLN 1.1B	PLN 1.2B	PLN 954.1M	PLN 1B	PLN 1.1B	PLN 1.1B	PLN 530.6M
Net debt / EBITDA	2.52×	2.63×	2.01×	8.78×	5.49×	27.15×	3.21×	0.76×
Cash conversion cycle (days)	52	48	45	51	51	59	47	65