Ambra S.A. (AMB.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

+503.6%

PLN 108.64

vs PLN 18.00 price

Levered DCF

PLN 261.86

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.97

Grey 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	9.8×	11.89×	12.36×	10.9×	9.23×	12.15×	12.25×	11.64×
P/B	1.03×	1.24×	1.64×	1.72×	1.34×	1.7×	1.43×	1.38×
P/S	0.5×	0.59×	0.74×	0.77×	0.62×	0.82×	0.72×	0.7×
EV / EBITDA	4.49×	5.11×	5.93×	5.65×	4.83×	5.62×	6.28×	5.52×
Gross margin	44.6%	43.3%	41.3%	41.6%	36.9%	42.2%	42.7%	44.0%
Operating margin	9.8%	9.8%	10.5%	11.4%	11.1%	11.6%	9.9%	10.1%
Net margin	5.1%	5.0%	6.0%	7.0%	6.7%	6.8%	5.9%	6.0%
Current ratio	1.83×	1.94×	1.86×	1.8×	1.73×	2.02×	1.73×	1.88×
Debt / equity	0.3×	0.25×	0.27×	0.23×	0.24×	0.13×	0.32×	0.14×
Interest coverage	9.63×	9.27×	10.47×	12.76×	23.68×	29.67×	19.27×	26.99×
Dividend yield	8.0%	7.5%	4.1%	4.3%	6.9%	4.3%	5.5%	5.5%
Payout ratio	78.1%	88.9%	50.4%	47.0%	64.3%	52.2%	67.2%	64.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	10.4%	13.3%	15.7%	14.5%	14.0%	11.7%	11.8%
Return on invested capital	10.3%	10.7%	12.5%	14.4%	13.5%	14.2%	10.3%	11.8%
Return on assets	5.2%	5.3%	6.7%	8.0%	7.4%	7.9%	6.1%	6.7%
Free cash flow yield	22.7%	13.3%	8.0%	5.9%	1.3%	16.4%	-3.2%	5.9%
Earnings yield	10.2%	8.4%	8.1%	9.2%	10.8%	8.2%	8.1%	8.6%
Enterprise value	PLN 551.2M	PLN 606.4M	PLN 760.1M	PLN 731.9M	PLN 533.6M	PLN 566.7M	PLN 495.3M	PLN 383.3M
Net debt / EBITDA	0.79×	0.63×	0.63×	0.47×	0.49×	0.12×	0.88×	-0.02×
Cash conversion cycle (days)	197	129	182	192	165	146	188	157