Big Cheese Studio Spolka Akcyjna (BCS.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

+1256.7%

PLN 38.26

vs PLN 2.82 price

Levered DCF

PLN 20.06

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

5.46

Safe zone

Rating

Overall 3 / 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	79.87×	7.53×	41.23×	11.6×	11.99×	16.75×	27.38×	0×
P/B	2.29×	2.47×	4.77×	6.57×	7.16×	13.88×	22.96×	145.11×
P/S	7.49×	4.57×	9×	8.49×	9.14×	12.07×	18.45×	4,058.82×
EV / EBITDA	28.98×	5.84×	26.94×	9.97×	10.72×	15.15×	24.01×	137,711×
Gross margin	67.4%	73.9%	91.9%	112.6%	113.4%	100.8%	101.6%	1844.1%
Operating margin	19.7%	63.7%	25.8%	74.3%	79.5%	76.3%	72.4%	2.9%
Net margin	9.5%	60.6%	22.0%	73.1%	76.7%	72.0%	67.6%	0.0%
Current ratio	11.25×	12.63×	8.82×	19.07×	20.53×	61.32×	66.23×	80.17×
Debt / equity	0.03×	0.03×	0.04×	0.04×	0.07×	0×	0×	0×
Interest coverage	22.82×	75.86×	20.33×	149.19×	462.18×	2,179.5×	1,354.5×	0×
Dividend yield	0.0%	11.6%	11.4%	4.1%	4.0%	3.1%	0.0%	0.0%
Payout ratio	0.0%	87.4%	464.8%	47.9%	48.0%	52.2%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	32.7%	11.7%	56.6%	60.1%	82.8%	84.2%	0.0%
Return on invested capital	5.7%	31.5%	13.1%	52.2%	55.0%	82.7%	84.6%	0.0%
Return on assets	2.6%	29.9%	10.1%	52.0%	54.4%	81.5%	82.9%	0.0%
Free cash flow yield	-9.8%	6.2%	7.1%	4.9%	6.3%	4.3%	2.7%	-0.5%
Earnings yield	1.3%	13.3%	2.4%	8.6%	8.4%	6.0%	3.7%	0.0%
Enterprise value	PLN 48.6M	PLN 45.6M	PLN 88.1M	PLN 181M	PLN 136.9M	PLN 132.3M	PLN 134M	PLN 137.7M
Net debt / EBITDA	-0.56×	-0.78×	-2.76×	-0.74×	-0.93×	-0.65×	-0.72×	-289×
Cash conversion cycle (days)	3,109	1,526	3,463	-356	-314	-2,664	-1,838	-359