APS Energia S.A. (APE.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

-140.1%

-PLN 2.01

vs PLN 5.00 price

Levered DCF

-PLN 1.51

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.96

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	16.13×	-2.01×	-15.63×	170×	9.48×	-9.58×	5.26×	9.29×
P/B	3.23×	4.29×	2.29×	1.54×	1.58×	1.11×	1.03×	1.36×
P/S	0.73×	0.72×	0.84×	0.57×	0.78×	0.6×	0.42×	0.51×
EV / EBITDA	10.11×	-2.68×	-104.94×	11.33×	7.42×	849.97×	4.31×	5.67×
Gross margin	26.5%	25.9%	26.6%	25.9%	30.9%	21.7%	31.6%	27.1%
Operating margin	8.1%	-18.3%	-2.6%	2.5%	9.7%	-4.7%	13.1%	9.7%
Net margin	4.4%	-36.2%	-5.4%	0.3%	8.2%	-6.3%	7.9%	5.5%
Current ratio	1.03×	0.75×	1.52×	1.92×	1.84×	2.27×	1.99×	1.83×
Debt / equity	1.72×	1.38×	0.51×	0.32×	0.39×	0.51×	0.45×	0.52×
Interest coverage	2.26×	-5.74×	-1.75×	2.09×	9.2×	-2.71×	11.96×	8.68×
Dividend yield	0.0%	0.0%	0.0%	1.0%	0.0%	2.7%	5.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	166.5%	0.0%	-26.2%	26.4%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.5%	-214.7%	-14.7%	0.9%	16.7%	-11.6%	19.3%	14.8%
Return on invested capital	8.9%	-37.3%	-4.3%	0.9%	12.7%	-5.4%	18.0%	10.4%
Return on assets	4.2%	-44.2%	-6.3%	0.5%	8.2%	-5.9%	9.7%	6.8%
Free cash flow yield	-8.2%	-0.3%	-9.1%	15.5%	2.4%	-5.5%	13.3%	2.2%
Earnings yield	6.0%	-50.0%	-6.4%	0.6%	10.6%	-10.5%	18.9%	10.9%
Enterprise value	PLN 101.9M	PLN 93.1M	PLN 125.9M	PLN 94.8M	PLN 105.5M	PLN 72.2M	PLN 72.6M	PLN 82.6M
Net debt / EBITDA	3.34×	-0.59×	-16.86×	1.02×	1.22×	246.47×	0.96×	1.35×
Cash conversion cycle (days)	161	95	115	60	136	147	118	84