ASM Group S.A. (ASM.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

+1483.9%

PLN 2.26

vs PLN 0.14 price

Levered DCF

PLN 0.69

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.1

Grey zone

Rating

B-

Overall 3 / 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	32.2×	6.86×	1.2×	-8.32×	9×	-3.13×	-8.34×	53.33×
P/B	0.45×	0.36×	0.24×	0.56×	0.53×	1.89×	2.85×	2.1×
P/S	0.13×	0.09×	0.06×	0.1×	0.1×	0.4×	0.35×	0.48×
EV / EBITDA	5.31×	5.66×	2.29×	32.37×	6.59×	15.74×	16.41×	27.93×
Gross margin	56.0%	58.6%	58.2%	97.7%	98.4%	98.1%	97.8%	98.4%
Operating margin	2.2%	4.2%	8.1%	0.9%	3.7%	2.7%	-3.5%	1.6%
Net margin	0.2%	1.3%	4.8%	-1.2%	1.1%	-12.6%	-4.2%	0.9%
Current ratio	1.14×	1.12×	1.27×	0.75×	0.78×	1×	0.83×	0.89×
Debt / equity	0.2×	0.47×	0.78×	1.4×	1.56×	1.65×	1.47×	0.72×
Interest coverage	5.02×	0×	4.23×	0.72×	4.85×	2.2×	-4.33×	3.71×
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	0.8%	5.3%	19.7%	-6.8%	5.8%	-59.9%	-33.8%	3.9%
Return on invested capital	0.5%	6.9%	12.3%	2.2%	4.0%	4.9%	-12.1%	2.3%
Return on assets	0.3%	2.0%	7.2%	-1.9%	1.6%	-16.5%	-8.6%	1.2%
Free cash flow yield	-2.7%	-12.8%	19.8%	11.3%	34.3%	15.1%	-3.8%	15.8%
Earnings yield	1.7%	14.7%	81.3%	-12.0%	10.8%	-31.7%	-11.9%	1.9%
Enterprise value	PLN 37.6M	PLN 43.4M	PLN 53.3M	PLN 83.7M	PLN 89.2M	PLN 153M	PLN 290.1M	PLN 255.1M
Net debt / EBITDA	0.88×	2.83×	1.7×	22.45×	4.7×	6.94×	5.38×	6.46×
Cash conversion cycle (days)	22	-10	-44	-2,455	-3,706	-3,419	-1,220	-3,077