Atende S.A. (ATD.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

-63.0%

PLN 1.68

vs PLN 4.55 price

Levered DCF

PLN 3.11

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.91

Grey zone

Rating

B-

Overall 2 / 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	28.29×	-31.44×	12.52×	67.4×	-69.33×	4×	10.79×	13.79×
P/B	1.25×	1.17×	1.53×	1.25×	2.27×	1.41×	1.68×	1.97×
P/S	0.29×	0.24×	0.37×	0.39×	0.77×	0.58×	0.44×	0.53×
EV / EBITDA	4.28×	-25.5×	4.86×	6.41×	16.89×	1.36×	3.98×	5.37×
Gross margin	17.0%	13.9%	20.4%	24.0%	23.5%	32.4%	26.4%	28.2%
Operating margin	0.5%	-3.4%	3.6%	1.3%	0.1%	20.4%	4.8%	5.9%
Net margin	1.0%	-0.8%	2.9%	0.6%	-1.1%	14.6%	4.1%	3.9%
Current ratio	1.12×	1.15×	1.39×	1.44×	1.37×	1.62×	1.37×	1.28×
Debt / equity	0.34×	0.31×	0.28×	0.2×	0.22×	0.26×	0.3×	0.16×
Interest coverage	0.62×	-5.76×	7.8×	2.68×	0.16×	41.62×	8.29×	14.63×
Dividend yield	0.0%	6.0%	0.0%	0.0%	23.0%	5.3%	6.2%	6.6%
Payout ratio	0.0%	-188.9%	0.0%	0.0%	-1596.8%	21.1%	65.9%	89.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.4%	-3.7%	12.0%	1.9%	-3.3%	35.3%	15.7%	14.5%
Return on invested capital	1.3%	-9.3%	7.5%	2.4%	0.1%	25.5%	8.0%	10.6%
Return on assets	1.4%	-1.1%	4.4%	0.8%	-1.3%	14.5%	6.1%	5.1%
Free cash flow yield	2.5%	45.8%	12.2%	10.5%	-20.7%	9.6%	2.2%	-45.7%
Earnings yield	3.5%	-3.2%	7.8%	1.5%	-1.4%	25.1%	9.4%	7.3%
Enterprise value	PLN 59.7M	PLN 45.8M	PLN 110.6M	PLN 85.7M	PLN 163.7M	PLN 88.1M	PLN 137.4M	PLN 130.3M
Net debt / EBITDA	-2.49×	21.68×	-0.54×	-0.22×	0.61×	-0.97×	0.23×	-0.62×
Cash conversion cycle (days)	17	-12	44	67	70	10	41	32