Ailleron S.A. (ALL.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

+262.4%

PLN 57.98

vs PLN 16.00 price

Levered DCF

PLN 109.33

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.12

Grey 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	7.76×	11.68×	64.31×	15.7×	20×	15.26×	205.45×	25.61×
P/B	1.44×	2.57×	2.7×	3.09×	1.11×	1.51×	1.18×	1.5×
P/S	0.34×	0.48×	0.5×	0.51×	0.68×	0.92×	0.73×	1.1×
EV / EBITDA	4.31×	4.19×	4.53×	3.34×	1.7×	6.99×	10.87×	9.54×
Gross margin	27.7%	28.1%	24.6%	28.1%	32.5%	30.6%	23.5%	27.4%
Operating margin	9.6%	11.1%	7.9%	12.3%	12.6%	9.9%	2.9%	5.2%
Net margin	4.4%	4.1%	0.8%	3.2%	7.9%	6.0%	0.4%	4.3%
Current ratio	1.87×	1.92×	2.28×	2.73×	4.04×	2.01×	2.03×	2.14×
Debt / equity	1.7×	2.21×	1.42×	1.47×	0.17×	0.37×	0.2×	0.11×
Interest coverage	4.48×	4.61×	6.36×	32.44×	30.78×	51.56×	13.36×	21.26×
Dividend yield	5.0%	0.0%	5.4%	1.9%	2.7%	0.0%	0.0%	0.0%
Payout ratio	39.1%	0.0%	349.8%	29.9%	23.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.5%	22.0%	4.2%	19.7%	12.8%	9.9%	0.6%	5.8%
Return on invested capital	10.3%	9.8%	6.2%	11.4%	7.8%	8.2%	1.1%	4.9%
Return on assets	4.2%	3.7%	0.8%	3.2%	6.2%	5.8%	0.4%	3.7%
Free cash flow yield	27.5%	24.4%	19.0%	8.9%	9.3%	16.6%	3.9%	4.2%
Earnings yield	12.9%	8.6%	1.6%	6.4%	11.5%	6.6%	0.5%	3.9%
Enterprise value	PLN 341.7M	PLN 392.1M	PLN 234M	PLN 216.7M	PLN 59.2M	PLN 154.7M	PLN 113.9M	PLN 133.8M
Net debt / EBITDA	1.8×	1.34×	0.13×	0.14×	-2.56×	0.52×	1.09×	0.29×
Cash conversion cycle (days)	37	39	42	51	57	103	145	161