ECB Spolka Akcyjna (BDZ.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

-43.9%

PLN 11.19

vs PLN 19.94 price

Levered DCF

PLN 7.26

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.72

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	15.02×	0.12×	-0.56×	-0.08×	-0.1×	-0.46×	-0.39×	22.66×
P/B	2.71×	3.74×	-0.17×	-0.04×	-0.1×	-7.59×	0.8×	0.37×
P/S	0.7×	0.74×	0.44×	0.05×	0.09×	0.2×	0.2×	0.36×
EV / EBITDA	10.85×	0.12×	-0.7×	-0.18×	-0×	-4.57×	-3.65×	7.85×
Gross margin	8.4%	35.9%	-37.4%	19.5%	60.8%	49.5%	52.2%	29.5%
Operating margin	6.0%	57.3%	-81.3%	-62.2%	278.2%	-42.7%	3.7%	12.8%
Net margin	4.7%	607.5%	-81.5%	-63.9%	-86.2%	-43.1%	-50.3%	1.6%
Current ratio	2.55×	1.83×	0.08×	0.16×	0.19×	0.4×	0.49×	0.81×
Debt / equity	0.16×	0.15×	-0.04×	-0.04×	-0.09×	-55.53×	5.37×	2.23×
Interest coverage	24.62×	259.78×	-131.29×	-273.53×	270.47×	-14.93×	2.3×	1.07×
Dividend yield	4.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	59.7%	0.0%	0.0%	0.0%	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	18.1%	3065.5%	32.1%	48.9%	98.2%	1644.9%	-199.1%	1.6%
Return on invested capital	15.7%	250.0%	33.5%	50.3%	-358.2%	-29.1%	2.2%	2.4%
Return on assets	12.9%	1986.8%	-99.5%	-95.9%	-106.9%	-19.4%	-24.0%	0.4%
Free cash flow yield	13.6%	1.7%	16.4%	-204.2%	324.3%	190.7%	193.9%	180.1%
Earnings yield	6.7%	818.6%	-186.7%	-1256.5%	-976.4%	-216.7%	-249.3%	4.4%
Enterprise value	PLN 56.8M	PLN 78.6M	PLN 126.3M	PLN 34.1M	-PLN 1.6M	PLN 239.6M	PLN 338.1M	PLN 423.6M
Net debt / EBITDA	-0.82×	0×	-0.11×	-0.09×	-0.03×	-3.96×	-3.17×	6.67×
Cash conversion cycle (days)	22	8	47	25	-4	6	173	-34