Betacom S.A. (BCM.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

+159.9%

PLN 13.30

vs PLN 5.12 price

Levered DCF

PLN 10.91

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.4

Grey 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	14.59×	8.04×	16.18×	255.06×	10.37×	-7.32×	33.17×	20.54×
P/B	0.99×	0.83×	1.29×	0.85×	0.89×	1.19×	0.78×	1.12×
P/S	0.14×	0.09×	0.14×	0.11×	0.13×	0.21×	0.17×	0.22×
EV / EBITDA	3.29×	0.23×	3.84×	2.22×	2.98×	-24.32×	6.26×	6×
Gross margin	17.5%	14.0%	12.5%	12.6%	10.6%	10.3%	15.2%	15.1%
Operating margin	0.9%	1.0%	1.2%	-0.3%	-2.1%	-2.5%	0.6%	1.6%
Net margin	0.9%	1.1%	0.9%	0.0%	1.3%	-2.9%	0.5%	1.1%
Current ratio	1.22×	1.26×	1.36×	1.46×	1.25×	1.48×	1.65×	1.58×
Debt / equity	0.19×	0.04×	0.08×	0.17×	0.37×	0.39×	0.21×	0.02×
Interest coverage	3.82×	11.4×	8.83×	-1.13×	-21.67×	-13.15×	7.27×	10.88×
Dividend yield	7.5%	7.3%	3.7%	4.5%	0.0%	0.0%	3.8%	6.5%
Payout ratio	109.6%	59.2%	61.2%	1135.9%	0.0%	0.0%	126.8%	134.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.8%	10.2%	7.9%	0.3%	8.6%	-16.2%	2.3%	5.5%
Return on invested capital	4.1%	4.9%	5.8%	-1.7%	-9.2%	-11.2%	1.8%	5.8%
Return on assets	2.3%	3.0%	3.1%	0.1%	3.0%	-7.3%	1.2%	2.8%
Free cash flow yield	-9.1%	64.9%	0.4%	30.1%	-12.1%	17.5%	11.6%	6.9%
Earnings yield	6.8%	12.4%	6.1%	0.4%	9.7%	-13.6%	3.0%	4.9%
Enterprise value	PLN 16.8M	PLN 1.4M	PLN 21.2M	PLN 8.1M	PLN 15.1M	PLN 16.5M	PLN 15.1M	PLN 19.3M
Net debt / EBITDA	-0.62×	-2.49×	-0.67×	-2.24×	-0.42×	6.58×	-0.41×	-1.21×
Cash conversion cycle (days)	0	2	16	4	9	6	6	17