Amica S.A. (AMC.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

+124.2%

PLN 100.11

vs PLN 44.65 price

Levered DCF

PLN 54.77

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.83

Grey 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	27.41×	30.17×	-131.75×	-71.51×	7.72×	7.38×	9.42×	7.77×
P/B	0.46×	0.38×	0.6×	0.53×	0.76×	1.04×	1.12×	1.06×
P/S	0.2×	0.15×	0.22×	0.17×	0.25×	0.36×	0.34×	0.3×
EV / EBITDA	4.08×	3.93×	5.77×	7.48×	5.22×	4.06×	5.89×	5.2×
Gross margin	26.5%	27.0%	26.6%	21.8%	24.1%	27.0%	28.2%	27.4%
Operating margin	3.1%	2.5%	2.9%	0.5%	4.4%	6.5%	5.5%	5.2%
Net margin	0.7%	0.5%	-0.1%	-0.2%	3.3%	4.9%	3.6%	3.9%
Current ratio	1.5×	1.48×	1.52×	1.55×	1.57×	1.51×	1.41×	1.39×
Debt / equity	0.19×	0.22×	0.23×	0.22×	0.32×	0.22×	0.38×	0.31×
Interest coverage	1.87×	1.53×	1.69×	0.44×	11.99×	15.79×	15.78×	9.82×
Dividend yield	3.2%	4.8%	0.0%	4.6%	5.3%	2.0%	2.9%	2.6%
Payout ratio	87.4%	145.5%	0.0%	-329.6%	40.6%	15.0%	27.5%	20.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.7%	1.3%	-0.4%	-0.7%	9.8%	14.1%	11.9%	13.7%
Return on invested capital	2.4%	2.3%	-1.3%	-4.5%	7.0%	11.6%	9.8%	11.1%
Return on assets	1.0%	0.7%	-0.2%	-0.4%	4.3%	6.9%	5.7%	6.2%
Free cash flow yield	15.4%	8.1%	6.9%	50.6%	-29.5%	29.2%	6.0%	5.9%
Earnings yield	3.6%	3.3%	-0.6%	-1.4%	13.0%	13.5%	10.6%	12.9%
Enterprise value	PLN 538.8M	PLN 503.6M	PLN 727.5M	PLN 654.7M	PLN 1.2B	PLN 1.1B	PLN 1.3B	PLN 1.1B
Net debt / EBITDA	0.45×	0.82×	0.72×	0.84×	1.36×	-0.12×	1.15×	0.88×
Cash conversion cycle (days)	75	71	67	60	89	51	73	72