Archicom S.A. (ARH.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

-52.4%

PLN 23.73

vs PLN 49.80 price

Levered DCF

PLN 63.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.49

Distress zone

Rating

A-

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	31.18×	22.4×	4.08×	4.15×	4.24×	4.46×	4.57×	5.56×
P/B	2.11×	1.91×	0.83×	0.62×	0.82×	1.02×	0.86×	0.64×
P/S	2.73×	3.23×	0.95×	0.91×	0.84×	0.89×	0.86×	0.61×
EV / EBITDA	20.19×	19.19×	3.37×	3.15×	2.94×	3.96×	5.36×	5.78×
Gross margin	33.3%	38.6%	36.0%	35.9%	34.4%	30.4%	30.5%	27.3%
Operating margin	12.7%	21.6%	28.1%	23.1%	25.8%	28.5%	23.1%	17.3%
Net margin	8.7%	14.4%	22.3%	22.1%	19.8%	19.8%	18.9%	10.9%
Current ratio	1.81×	2.45×	2.9×	2.93×	2.03×	2.66×	1.93×	2.03×
Debt / equity	0.79×	0.63×	0.42×	0.3×	0.36×	0.64×	0.55×	0.58×
Interest coverage	5.88×	5.02×	17.44×	14.32×	35.21×	21.44×	23.07×	27.79×
Dividend yield	4.4%	6.1%	5.2%	6.9%	11.6%	11.0%	10.5%	12.5%
Payout ratio	136.5%	137.0%	22.2%	28.6%	49.3%	48.9%	47.9%	69.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	8.5%	19.5%	15.1%	19.3%	22.8%	18.7%	11.5%
Return on invested capital	4.0%	5.9%	14.0%	9.2%	13.5%	13.9%	11.6%	7.4%
Return on assets	2.2%	3.8%	10.1%	8.3%	9.3%	9.1%	6.9%	4.5%
Free cash flow yield	-0.8%	-5.6%	9.6%	16.4%	42.6%	-0.4%	4.0%	36.5%
Earnings yield	3.2%	4.5%	23.5%	24.1%	23.6%	22.4%	21.8%	18.0%
Enterprise value	PLN 3.5B	PLN 3.1B	PLN 1.1B	PLN 412.2M	PLN 506M	PLN 753.5M	PLN 646.7M	PLN 489.1M
Net debt / EBITDA	4.95×	4.24×	0.07×	-0.34×	-0.16×	0.84×	1.72×	2.3×
Cash conversion cycle (days)	1,355	1,266	668	677	587	733	870	699