Auto Partner S.A. (APR.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

+77.4%

PLN 48.33

vs PLN 27.25 price

Levered DCF

PLN 61.17

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.29

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	10.92×	12.45×	15.7×	8.44×	10×	9.39×	10.44×	8.58×
P/B	1.53×	2.1×	3.35×	2.08×	2.83×	2.16×	1.65×	1.59×
P/S	0.49×	0.63×	0.96×	0.62×	0.82×	0.62×	0.41×	0.43×
EV / EBITDA	8.17×	9.09×	11.3×	7.06×	8.31×	7.12×	8.36×	7.38×
Gross margin	26.6%	27.4%	27.1%	29.9%	29.1%	28.5%	26.2%	26.6%
Operating margin	6.3%	7.1%	8.3%	9.9%	10.6%	9.0%	5.7%	7.0%
Net margin	4.5%	5.1%	6.1%	7.3%	8.2%	6.6%	4.0%	5.1%
Current ratio	3.89×	3.85×	3.12×	2.81×	2.75×	2.95×	2.94×	2.97×
Debt / equity	0.45×	0.46×	0.47×	0.59×	0.56×	0.39×	0.74×	0.59×
Interest coverage	8.27×	10.07×	10.22×	11.32×	30.32×	19.54×	8.61×	12.22×
Dividend yield	0.9%	0.8%	0.6%	1.1%	0.7%	0.0%	0.4%	0.0%
Payout ratio	9.8%	9.4%	8.8%	9.5%	7.0%	0.0%	4.4%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.1%	16.8%	21.4%	24.6%	28.4%	23.0%	15.8%	18.6%
Return on invested capital	10.5%	12.9%	15.5%	16.7%	18.5%	17.8%	10.2%	12.7%
Return on assets	8.4%	10.3%	12.5%	13.2%	15.5%	14.0%	8.0%	9.6%
Free cash flow yield	3.8%	1.9%	4.1%	0.7%	-6.2%	11.3%	0.3%	3.5%
Earnings yield	9.2%	8.0%	6.4%	11.8%	10.0%	10.6%	9.6%	11.7%
Enterprise value	PLN 2.8B	PLN 3.1B	PLN 4B	PLN 2.2B	PLN 2.2B	PLN 1.2B	PLN 861M	PLN 665.3M
Net debt / EBITDA	1.74×	1.53×	1.29×	1.48×	1.32×	0.98×	2.41×	1.82×
Cash conversion cycle (days)	162	160	156	191	188	153	156	175