Atrem S.A. (ATR.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

-156.8%

-PLN 28.81

vs PLN 50.70 price

Levered DCF

PLN 133.20

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.29

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	14.61×	10.53×	10.58×	13.41×	3.73×	9.04×	-2.34×	-2.67×
P/B	7.51×	3.21×	1.58×	0.95×	0.6×	0.65×	0.63×	0.28×
P/S	1.76×	0.88×	0.45×	0.3×	0.23×	0.24×	0.15×	0.09×
EV / EBITDA	11.56×	7.17×	7.24×	7.03×	3.47×	10.02×	-5.9×	-4.86×
Gross margin	21.4%	18.4%	16.0%	13.9%	12.1%	10.8%	6.4%	9.8%
Operating margin	14.4%	10.5%	6.2%	4.2%	6.5%	-2.4%	-6.5%	-2.2%
Net margin	12.1%	8.3%	4.2%	2.3%	6.1%	2.7%	-6.4%	-3.4%
Current ratio	1.18×	1.13×	1.26×	1.23×	1.23×	1.11×	1.08×	1.43×
Debt / equity	0.14×	0.45×	0.38×	0.34×	0.29×	0.43×	0.47×	0.07×
Interest coverage	23.33×	5.61×	3.32×	3.47×	10.33×	-2.68×	-20.26×	-4.18×
Dividend yield	2.8%	2.8%	1.6%	18.2%	0.0%	0.0%	0.0%	0.0%
Payout ratio	41.5%	29.0%	17.0%	240.8%	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	51.4%	30.5%	14.8%	7.2%	15.9%	7.2%	-26.8%	-10.6%
Return on invested capital	39.3%	18.4%	11.8%	7.5%	12.6%	-4.4%	-17.3%	-5.5%
Return on assets	15.1%	8.8%	5.2%	2.9%	6.1%	2.9%	-10.2%	-5.4%
Free cash flow yield	3.3%	17.2%	24.2%	8.7%	38.0%	8.8%	-67.6%	42.7%
Earnings yield	6.8%	9.5%	9.4%	7.6%	26.8%	11.1%	-42.8%	-37.4%
Enterprise value	PLN 551.6M	PLN 185.2M	PLN 78.6M	PLN 45.4M	PLN 31.5M	PLN 34.5M	PLN 31.1M	PLN 9.3M
Net debt / EBITDA	0.03×	0.81×	1.39×	1.85×	0.93×	3.97×	-2.38×	1.38×
Cash conversion cycle (days)	134	169	159	119	98	101	38	40