Atlanta Poland S.A. (ATP.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

+288.9%

PLN 79.72

vs PLN 20.50 price

Levered DCF

PLN 126.40

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.55

Safe zone

Rating

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	7.42×	7.17×	4.29×	5.7×	6.97×	6.93×	5.25×	10.06×
P/B	0.97×	0.83×	0.94×	0.61×	0.63×	0.67×	0.41×	0.42×
P/S	0.22×	0.19×	0.22×	0.13×	0.14×	0.17×	0.1×	0.12×
EV / EBITDA	5.3×	5.45×	3.29×	4.15×	5.84×	6.12×	6.44×	9.06×
Gross margin	15.9%	15.6%	18.7%	14.7%	13.7%	15.0%	14.7%	15.4%
Operating margin	4.5%	5.0%	7.8%	4.5%	3.0%	3.7%	2.8%	1.9%
Net margin	3.0%	2.6%	5.2%	2.2%	2.0%	2.5%	2.0%	1.1%
Current ratio	1.69×	1.82×	1.88×	1.52×	1.46×	1.46×	2.47×	1.43×
Debt / equity	0.44×	0.53×	0.36×	0.51×	0.59×	0.58×	0.72×	0.74×
Interest coverage	4.96×	4.18×	6.63×	3.19×	3.9×	10.8×	5.77×	4.08×
Dividend yield	4.8%	11.4%	2.7%	4.0%	4.3%	3.2%	4.0%	20.7%
Payout ratio	35.8%	81.7%	11.7%	23.0%	29.8%	22.0%	21.0%	209.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.1%	11.6%	21.9%	10.7%	9.0%	9.7%	7.8%	4.2%
Return on invested capital	10.7%	11.3%	18.9%	11.0%	6.4%	7.1%	5.1%	3.0%
Return on assets	6.5%	5.9%	11.4%	5.0%	4.1%	4.5%	3.5%	1.8%
Free cash flow yield	19.9%	-5.0%	11.4%	25.9%	4.5%	24.0%	2.4%	-24.7%
Earnings yield	13.5%	14.0%	23.3%	17.6%	14.3%	14.5%	18.9%	9.9%
Enterprise value	PLN 165.2M	PLN 157.3M	PLN 140.1M	PLN 98M	PLN 100M	PLN 96.4M	PLN 80.8M	PLN 75.3M
Net debt / EBITDA	1.26×	2.03×	0.73×	1.73×	2.67×	2.72×	3.99×	5.52×
Cash conversion cycle (days)	96	102	94	82	92	100	115	121