Altus S.A. (ALI.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

+10.6%

PLN 4.25

vs PLN 3.84 price

Levered DCF

PLN 4.19

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

7.12

Safe zone

Rating

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	8.5×	5.84×	10.45×	9.94×	7.35×	4.86×	17.24×	1.98×
P/B	0.79×	0.65×	0.78×	0.58×	0.56×	0.43×	0.47×	0.69×
P/S	2.14×	1.79×	1.74×	1.56×	1.04×	0.65×	0.56×	0.34×
EV / EBITDA	5.4×	3.65×	24.61×	4.13×	4.17×	1.71×	1.6×	0.87×
Gross margin	48.9%	78.5%	99.6%	79.9%	82.0%	78.2%	87.0%	94.7%
Operating margin	25.5%	25.0%	4.7%	25.3%	22.5%	20.2%	4.9%	21.2%
Net margin	25.5%	30.5%	16.9%	15.3%	14.1%	13.2%	1.0%	17.3%
Current ratio	347.55×	8.53×	6.87×	8.43×	7.78×	6.66×	8.69×	7.24×
Debt / equity	0.01×	0.02×	0.02×	0×	0.01×	0.01×	0.01×	0×
Interest coverage	67.81×	22.63×	11.13×	145.97×	73.61×	69.29×	28.65×	3,213.26×
Dividend yield	0.0%	0.0%	1.1%	2.0%	0.0%	0.0%	0.0%	69.9%
Payout ratio	0.0%	0.0%	11.1%	20.8%	0.0%	0.0%	0.0%	138.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.4%	11.2%	7.6%	5.7%	7.6%	8.8%	0.8%	34.7%
Return on invested capital	5.8%	6.6%	1.3%	6.3%	8.2%	8.8%	1.9%	33.8%
Return on assets	7.4%	8.6%	5.7%	4.5%	5.9%	6.7%	0.7%	27.8%
Free cash flow yield	10.5%	8.9%	8.7%	6.7%	13.8%	-36.2%	24.9%	55.9%
Earnings yield	11.9%	17.1%	9.7%	9.8%	13.5%	20.2%	1.7%	50.6%
Enterprise value	PLN 119.9M	PLN 82.3M	PLN 87M	PLN 48.3M	PLN 55.1M	PLN 26.3M	PLN 15.1M	PLN 53.8M
Net debt / EBITDA	0.07×	-0.27×	-2.01×	-1.44×	-0.38×	-1.07×	-5.62×	-0.72×
Cash conversion cycle (days)	132	72	-7,834	44	56	48	-103	-374