Alior Bank S.A. (ALR.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

+142.5%

PLN 326.56

vs PLN 134.65 price

Levered DCF

-PLN 149.45

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.67

Distress zone

Rating

B+

Overall 3 / 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	6.09×	4.59×	4.91×	6.55×	14.82×	-7.13×	15.09×	9.68×
P/B	1.11×	1×	1.08×	0.73×	1.21×	0.34×	0.56×	1.07×
P/S	1.73×	1.81×	1.71×	0.99×	1.89×	0.59×	0.91×	1.69×
EV / EBITDA	4.28×	3.2×	3.68×	3.08×	5.32×	0×	10.08×	8.45×
Gross margin	70.3%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	35.2%	59.8%	59.8%	24.1%	47.6%	43.8%	46.7%	49.9%
Net margin	28.4%	39.3%	34.8%	15.1%	12.7%	-8.2%	6.0%	17.4%
Current ratio	0.06×	0.1×	3.46×	435.74×	398.35×	150.16×	39.16×	14.21×
Debt / equity	0.2×	0.22×	0.4×	0.37×	0.39×	0.55×	0.78×	0.81×
Interest coverage	1.65×	1.81×	1.33×	0.59×	7.57×	3.41×	2.19×	2.35×
Dividend yield	8.3%	5.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	50.7%	23.6%	0.0%	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	18.2%	21.8%	21.9%	11.1%	8.1%	-4.7%	3.7%	11.0%
Return on invested capital	13.0%	7.3%	2.6%	0.7%	1.1%	1.8%	1.1%	1.7%
Return on assets	2.3%	2.6%	2.3%	0.8%	0.6%	-0.4%	0.3%	1.0%
Free cash flow yield	20.1%	-6.6%	-44.6%	-14.6%	0.2%	55.5%	-12.1%	7.9%
Earnings yield	16.4%	21.8%	20.4%	15.3%	6.7%	-14.0%	6.6%	10.3%
Enterprise value	PLN 13.7B	PLN 11.1B	PLN 10.9B	PLN 3.9B	PLN 5.4B	PLN 3.2B	PLN 7.4B	PLN 9.8B
Net debt / EBITDA	-0.24×	-0.03×	0.31×	-0.43×	-1.74×	0×	5×	2.51×
Cash conversion cycle (days)	5	16	0	0	0	33	23	27