Apator S.A. (APT.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

-17.2%

PLN 20.90

vs PLN 25.25 price

Levered DCF

PLN 77.49

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.63

Grey zone

Rating

S-

Overall 5 / 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	8.53×	6.63×	56.07×	60.52×	9.34×	11.6×	11.48×	10.43×
P/B	1.04×	0.83×	0.85×	0.75×	1.06×	1.37×	1.26×	1.5×
P/S	0.56×	0.4×	0.4×	0.37×	0.62×	0.75×	0.7×	0.85×
EV / EBITDA	5.5×	4.3×	6.63×	7.39×	5.46×	6.06×	5.93×	6.2×
Gross margin	25.4%	25.7%	22.5%	20.7%	22.7%	25.6%	27.1%	31.3%
Operating margin	6.2%	6.9%	3.5%	4.0%	5.2%	8.4%	8.7%	11.0%
Net margin	6.6%	6.0%	0.7%	0.6%	6.6%	6.4%	6.1%	8.2%
Current ratio	1.51×	1.51×	1.36×	1.12×	1.24×	1.22×	1.23×	1.24×
Debt / equity	0.21×	0.27×	0.45×	0.53×	0.44×	0.32×	0.38×	0.37×
Interest coverage	8.77×	7.68×	2.23×	2.41×	16.78×	27.48×	14.31×	18.53×
Dividend yield	2.6%	3.6%	3.2%	3.6%	3.8%	4.7%	6.5%	5.2%
Payout ratio	22.0%	23.9%	179.6%	222.6%	35.9%	54.9%	74.8%	54.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.2%	12.4%	1.5%	1.2%	11.4%	11.8%	11.0%	14.4%
Return on invested capital	9.2%	10.1%	1.5%	2.3%	4.4%	8.4%	8.0%	10.1%
Return on assets	7.6%	7.6%	0.8%	0.6%	6.2%	6.9%	6.0%	8.1%
Free cash flow yield	8.1%	19.8%	15.7%	-2.7%	-10.4%	7.4%	10.1%	6.6%
Earnings yield	11.7%	15.0%	1.8%	1.6%	10.7%	8.6%	8.7%	9.6%
Enterprise value	PLN 791.6M	PLN 627.8M	PLN 673.9M	PLN 659M	PLN 783.9M	PLN 831M	PLN 765.1M	PLN 850.4M
Net debt / EBITDA	0.82×	0.97×	2.14×	2.85×	1.41×	0.97×	1.17×	1.05×
Cash conversion cycle (days)	124	109	122	122	141	102	115	121