Aplisens S.A. (APN.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

+134.8%

PLN 42.26

vs PLN 18.00 price

Levered DCF

PLN 31.01

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.37

Safe 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	12.27×	10.26×	8×	7.49×	9.52×	9.1×	9.21×	9.04×
P/B	0.82×	0.97×	1.2×	0.85×	0.93×	0.77×	0.81×	0.82×
P/S	1.27×	1.37×	1.55×	1.05×	1.35×	1.22×	1.1×	1.23×
EV / EBITDA	6.02×	5.63×	4.91×	4.28×	5.32×	4.72×	4.8×	4.87×
Gross margin	33.4%	36.9%	41.7%	39.8%	36.1%	32.8%	32.5%	35.3%
Operating margin	12.7%	16.8%	24.6%	17.6%	17.8%	16.1%	14.7%	16.5%
Net margin	10.4%	13.3%	19.4%	13.8%	14.2%	13.4%	11.9%	13.6%
Current ratio	14.66×	10.07×	7.36×	7.09×	8.75×	10.04×	6.65×	5.54×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	18,662×	26,031×	1,914.33×	13,016×	21,613×	1,337.85×	49.29×	1,741.1×
Dividend yield	4.2%	5.2%	3.5%	4.5%	3.3%	2.3%	3.4%	3.1%
Payout ratio	51.1%	53.8%	27.7%	34.3%	31.0%	20.6%	31.2%	28.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	9.5%	15.1%	11.2%	9.7%	8.5%	8.8%	9.0%
Return on invested capital	6.5%	9.4%	15.1%	11.1%	10.0%	8.5%	8.9%	9.0%
Return on assets	6.3%	8.8%	13.6%	10.1%	8.9%	7.9%	8.0%	8.2%
Free cash flow yield	8.5%	5.3%	8.9%	8.0%	9.2%	14.2%	13.4%	8.1%
Earnings yield	8.2%	9.7%	12.5%	13.2%	10.5%	11.0%	10.9%	11.0%
Enterprise value	PLN 172.2M	PLN 198.8M	PLN 235.9M	PLN 142M	PLN 153.7M	PLN 118.8M	PLN 121M	PLN 120.4M
Net debt / EBITDA	-0.51×	-0.4×	-0.35×	-0.4×	-0.35×	-0.49×	-0.36×	-0.38×
Cash conversion cycle (days)	314	304	291	260	233	212	195	230