ATM Grupa S.A. (ATG.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

+206.0%

PLN 10.83

vs PLN 3.54 price

Levered DCF

PLN 10.89

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.41

Safe 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	8.86×	12.19×	10.81×	6.9×	15.34×	18.59×	12.5×	13.52×
P/B	0.99×	1.06×	0.95×	1.01×	1.34×	1.29×	1.48×	1.53×
P/S	1.02×	1.35×	1.25×	1.01×	1.68×	1.78×	1.52×	1.68×
EV / EBITDA	3.43×	5.62×	4.82×	4.52×	7.6×	6.94×	6.47×	6.86×
Gross margin	18.3%	20.7%	20.7%	20.0%	20.1%	14.0%	18.3%	18.4%
Operating margin	12.6%	15.0%	15.7%	15.4%	12.0%	9.3%	14.0%	13.7%
Net margin	11.5%	11.0%	11.6%	14.6%	11.0%	9.5%	12.1%	12.4%
Current ratio	2.36×	2.43×	3.27×	2.62×	2.89×	2.85×	2.56×	2.65×
Debt / equity	0.08×	0.09×	0.08×	0.1×	0.1×	0.11×	0.1×	0.12×
Interest coverage	24.15×	21.39×	12.96×	26.07×	38.9×	15.85×	22.73×	21.63×
Dividend yield	4.6%	7.0%	7.5%	7.8%	3.4%	2.1%	5.1%	5.0%
Payout ratio	40.8%	85.6%	81.0%	53.8%	51.5%	39.6%	64.3%	67.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	8.7%	8.9%	14.6%	8.8%	6.9%	11.8%	11.3%
Return on invested capital	8.3%	8.0%	7.9%	11.3%	6.5%	4.9%	9.4%	8.4%
Return on assets	8.4%	6.3%	7.0%	11.2%	6.5%	5.2%	8.4%	8.0%
Free cash flow yield	5.9%	12.3%	11.7%	21.6%	1.8%	9.9%	1.0%	2.0%
Earnings yield	11.3%	8.2%	9.3%	14.5%	6.6%	5.3%	7.9%	7.4%
Enterprise value	PLN 329.2M	PLN 342.4M	PLN 298.2M	PLN 287.5M	PLN 369.7M	PLN 334M	PLN 382.5M	PLN 370.4M
Net debt / EBITDA	0×	0.22×	0.1×	-0.24×	-0.11×	-0.22×	0.05×	-0.1×
Cash conversion cycle (days)	62	26	62	69	145	124	117	113