Grupa Azoty S.A. (ATT.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

-2027.2%

-PLN 321.07

vs PLN 16.66 price

Levered DCF

PLN 538.30

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.05

Distress zone

Rating

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	-0.43×	-1.81×	-0.87×	6.32×	5.76×	8.74×	7.79×	316.87×
P/B	3.81×	0.38×	0.41×	0.44×	0.42×	0.37×	0.41×	0.46×
P/S	0.14×	0.14×	0.18×	0.16×	0.21×	0.26×	0.26×	0.31×
EV / EBITDA	-20.79×	59.41×	-3.75×	5.25×	3.73×	4.3×	3.67×	6.7×
Gross margin	2.8%	5.8%	-2.1%	16.0%	19.4%	20.7%	21.9%	15.9%
Operating margin	-12.0%	-6.7%	-26.6%	7.1%	5.5%	5.3%	5.4%	0.8%
Net margin	-32.8%	-7.9%	-20.8%	2.5%	3.7%	3.0%	3.3%	0.1%
Current ratio	0.31×	0.38×	0.47×	1.04×	1×	1.11×	1.37×	1.3×
Debt / equity	17.73×	1.81×	1.33×	0.68×	0.61×	0.54×	0.45×	0.43×
Interest coverage	-1.77×	-2.28×	-12.02×	8.05×	9.53×	7.14×	6.76×	1.59×
Dividend yield	0.0%	0.0%	0.5%	0.4%	0.2%	0.3%	0.1%	4.7%
Payout ratio	0.0%	-0.1%	-0.5%	2.7%	1.0%	3.0%	0.7%	1479.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-884.3%	-21.3%	-47.4%	6.9%	7.3%	4.2%	5.3%	0.1%
Return on invested capital	-14.2%	-5.4%	-20.2%	8.3%	4.8%	2.7%	3.7%	0.1%
Return on assets	-22.8%	-4.3%	-11.6%	2.4%	2.5%	1.7%	2.4%	0.1%
Free cash flow yield	341.4%	297.3%	165.8%	70.9%	98.6%	-10.9%	33.9%	-0.5%
Earnings yield	-232.0%	-55.4%	-115.2%	15.8%	17.4%	11.4%	12.8%	0.3%
Enterprise value	PLN 10B	PLN 9.9B	PLN 9.4B	PLN 8.6B	PLN 5.9B	PLN 5.7B	PLN 5.3B	PLN 5.1B
Net debt / EBITDA	-16.93×	48.3×	-2.77×	2.87×	1.59×	2.26×	1.66×	2.66×
Cash conversion cycle (days)	3	-50	-39	-17	15	-11	54	37