Budimex S.A. (BDX.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

+9.0%

PLN 766.82

vs PLN 703.40 price

Levered DCF

PLN 708.35

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.36

Safe zone

Rating

A-

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	21.77×	19.34×	21.65×	13.57×	12.44×	17.08×	19.44×	9.5×
P/B	11.23×	9.67×	10.44×	5.76×	4.39×	6.83×	5.43×	3.9×
P/S	1.59×	1.31×	1.63×	0.84×	0.73×	0.94×	0.58×	0.39×
EV / EBITDA	11.84×	8.83×	11.2×	5.2×	4.51×	10.35×	7.36×	3.56×
Gross margin	13.6%	12.7%	11.5%	10.1%	10.5%	11.2%	7.3%	8.5%
Operating margin	9.2%	8.2%	8.0%	6.5%	7.4%	7.6%	4.2%	5.6%
Net margin	7.9%	6.8%	7.5%	6.2%	5.9%	5.5%	3.0%	4.1%
Current ratio	1.03×	1.03×	1.12×	1.1×	1.16×	1.15×	1.09×	1.14×
Debt / equity	0.33×	0.21×	0.15×	0.18×	0.18×	0.39×	0.56×	0.32×
Interest coverage	18.7×	17.82×	18.66×	15.15×	16.97×	48.19×	22.58×	64.04×
Dividend yield	4.3%	7.6%	2.9%	8.3%	13.9%	1.5%	3.7%	15.5%
Payout ratio	86.8%	147.9%	62.2%	112.1%	173.1%	25.3%	71.2%	147.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	56.0%	50.0%	48.2%	42.5%	35.3%	40.0%	28.0%	41.1%
Return on invested capital	22.9%	23.3%	23.0%	19.8%	20.0%	19.2%	10.6%	19.8%
Return on assets	8.9%	7.9%	8.8%	7.2%	6.8%	6.2%	3.4%	5.6%
Free cash flow yield	1.8%	2.5%	7.3%	18.0%	11.4%	10.5%	12.1%	-18.8%
Earnings yield	5.0%	5.2%	4.6%	7.4%	8.0%	5.9%	5.1%	10.5%
Enterprise value	PLN 12.5B	PLN 9B	PLN 12.3B	PLN 4.2B	PLN 3.3B	PLN 6.2B	PLN 3.3B	PLN 1.7B
Net debt / EBITDA	-2.32×	-2.9×	-3.33×	-3.72×	-3.37×	-2.71×	-2.36×	-2.4×
Cash conversion cycle (days)	95	90	84	87	102	149	162	126