Artifex Mundi S.A. (ART.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

+276.7%

PLN 71.65

vs PLN 19.02 price

Levered DCF

PLN 53.02

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

9.33

Safe 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	6.24×	6.33×	8.23×	5.37×	8.88×	12.26×	-2.56×	-4.38×
P/B	1.18×	1.61×	2.54×	1.17×	2.61×	3.42×	1.65×	1.31×
P/S	1.65×	1.67×	2.48×	1.67×	2.89×	3.91×	2.1×	2.27×
EV / EBITDA	5.94×	5.33×	6.96×	4.6×	6.14×	8.14×	-2.66×	-2.75×
Gross margin	89.8%	88.1%	87.2%	76.3%	75.1%	61.4%	50.3%	39.8%
Operating margin	25.5%	28.5%	29.1%	25.7%	38.7%	38.9%	24.9%	20.7%
Net margin	26.4%	26.5%	30.2%	31.3%	32.6%	32.0%	-82.3%	-52.1%
Current ratio	8.45×	6×	5.26×	6.84×	7.88×	7.74×	5.02×	9.88×
Debt / equity	0.04×	0.05×	0.01×	0.02×	0.05×	0.1×	0.17×	0.01×
Interest coverage	102.86×	84.19×	199.67×	90.04×	72,382.12×	1,876.62×	92.1×	77.18×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.9%	25.4%	30.9%	21.9%	29.4%	28.0%	-64.7%	-30.0%
Return on invested capital	16.4%	23.6%	26.4%	16.7%	30.3%	24.6%	15.6%	9.3%
Return on assets	16.2%	20.5%	25.2%	18.6%	25.1%	23.1%	-49.1%	-26.9%
Free cash flow yield	-0.7%	4.5%	3.4%	8.0%	6.2%	7.7%	-18.0%	-11.4%
Earnings yield	16.1%	15.8%	12.2%	18.7%	11.3%	8.2%	-39.2%	-22.9%
Enterprise value	PLN 155.3M	PLN 171.4M	PLN 199M	PLN 62.6M	PLN 97.6M	PLN 92.4M	PLN 34.6M	PLN 34.8M
Net debt / EBITDA	-0.11×	-0.06×	-0.2×	-0.14×	-0.97×	-0.73×	0.03×	0.87×
Cash conversion cycle (days)	3,581	2,026	1,562	1,261	794	463	439	506