Arctic Paper S.A. (ATC.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

+138.2%

PLN 13.05

vs PLN 5.48 price

Levered DCF

PLN 7.61

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.48

Distress zone

Rating

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	-5.68×	7.01×	6.26×	2.15×	3.27×	3.54×	1.92×	28.18×
P/B	0.4×	0.74×	1.07×	0.86×	0.63×	0.52×	0.39×	0.37×
P/S	0.18×	0.32×	0.44×	0.28×	0.17×	0.14×	0.08×	0.07×
EV / EBITDA	-37.89×	3.34×	2.57×	1.01×	1.93×	2.04×	1.47×	2.36×
Gross margin	7.0%	17.0%	21.0%	28.8%	20.7%	19.0%	18.8%	17.4%
Operating margin	-6.6%	5.4%	10.1%	17.2%	7.2%	5.6%	6.1%	4.1%
Net margin	-3.1%	4.5%	7.0%	12.9%	5.2%	3.9%	4.0%	0.2%
Current ratio	1.33×	2.06×	2.23×	2.33×	1.51×	1.47×	1.39×	1.31×
Debt / equity	0.19×	0.18×	0.11×	0.13×	0.31×	0.51×	0.7×	0.82×
Interest coverage	-8.6×	17.32×	51.07×	119.42×	11.79×	7.98×	8.14×	5.5×
Dividend yield	0.0%	6.4%	12.1%	2.0%	3.6%	0.0%	0.0%	6.5%
Payout ratio	0.0%	44.9%	75.7%	4.4%	11.8%	0.0%	0.0%	180.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-7.0%	10.6%	17.1%	39.7%	19.3%	14.8%	20.5%	1.3%
Return on invested capital	-8.4%	7.0%	13.4%	27.6%	11.0%	8.2%	10.0%	5.5%
Return on assets	-3.7%	5.6%	9.1%	19.4%	7.4%	5.2%	6.1%	0.4%
Free cash flow yield	-32.3%	-21.7%	17.5%	33.3%	13.6%	19.1%	85.6%	-12.4%
Earnings yield	-17.6%	14.3%	16.0%	46.5%	30.6%	28.3%	52.2%	3.6%
Enterprise value	PLN 689.6M	PLN 1.1B	PLN 1.2B	PLN 1.1B	PLN 690M	PLN 519.7M	PLN 395.1M	PLN 488.3M
Net debt / EBITDA	-6.75×	-0.1×	-0.75×	-0.26×	0.32×	0.5×	0.58×	1.32×
Cash conversion cycle (days)	46	53	47	46	30	41	27	42