Answear.com S.A. (ANR.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

+331.7%

PLN 101.46

vs PLN 23.50 price

Levered DCF

PLN 1,261.51

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.95

Grey zone

Rating

Overall 2 / 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	53.27×	-50.66×	26.37×	17.95×	23.21×	58.04×	43.92×	-56.03×
P/B	2.13×	2.28×	2.28×	4.14×	3.87×	7.71×	8.79×	13.13×
P/S	0.29×	0.34×	0.42×	0.71×	0.78×	1.22×	1.53×	2.09×
EV / EBITDA	12.38×	20.85×	12.49×	14.84×	14.2×	23.42×	67.09×	-129.14×
Gross margin	20.2%	20.0%	32.3%	39.1%	42.1%	40.6%	40.2%	39.1%
Operating margin	2.0%	0.9%	3.2%	5.0%	5.3%	5.4%	1.4%	-3.2%
Net margin	0.5%	-0.7%	1.6%	2.7%	3.3%	2.1%	3.5%	-3.8%
Current ratio	1.28×	1.31×	1.46×	1.51×	1.54×	1.44×	1.3×	1.32×
Debt / equity	1.23×	1.23×	1.19×	1.27×	0.79×	1.66×	1.81×	0.94×
Interest coverage	1.74×	0.57×	2.18×	4.29×	11.33×	5.1×	2.59×	-7.47×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	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	4.0%	-4.5%	8.7%	15.5%	16.7%	13.2%	20.0%	-23.6%
Return on invested capital	4.9%	2.4%	6.0%	9.9%	11.0%	8.7%	2.8%	-10.3%
Return on assets	1.0%	-1.2%	2.6%	4.5%	5.7%	3.5%	5.2%	-7.5%
Free cash flow yield	44.5%	31.4%	17.5%	4.4%	-6.1%	2.0%	-1.4%	-3.8%
Earnings yield	1.9%	-2.0%	3.8%	3.7%	4.3%	1.7%	2.3%	-1.8%
Enterprise value	PLN 719.1M	PLN 736.8M	PLN 722.4M	PLN 855.3M	PLN 616.4M	PLN 582.7M	PLN 563M	PLN 486.1M
Net debt / EBITDA	3.85×	6.43×	3.28×	2.83×	1.96×	3.41×	10.28×	-6.8×
Cash conversion cycle (days)	85	89	116	142	151	128	113	123