Benefit Systems S.A. (BFT.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

+393.4%

PLN 29,234.83

vs PLN 5,925.00 price

Levered DCF

PLN 39,105.73

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.55

Safe zone

Rating

B+

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	19.54×	19.04×	13.01×	15.8×	-75.62×	-23.21×	23.35×	20.51×
P/B	4.73×	7.41×	5.74×	3×	2.99×	4.37×	3.98×	4.16×
P/S	2.47×	2.52×	2.06×	1.14×	1.89×	2.22×	1.61×	1.93×
EV / EBITDA	10.91×	10.27×	7.31×	6.85×	12.77×	23.28×	9.54×	11.34×
Gross margin	33.9%	35.6%	33.6%	27.1%	18.9%	21.1%	26.7%	27.7%
Operating margin	16.0%	18.5%	19.5%	11.1%	1.8%	-1.0%	10.2%	12.6%
Net margin	12.6%	13.2%	15.8%	7.2%	-2.5%	-9.5%	6.9%	9.4%
Current ratio	0.76×	0.65×	0.86×	0.76×	0.66×	0.77×	0.53×	0.8×
Debt / equity	1.37×	1.47×	1.13×	1.43×	1.92×	2.27×	1.83×	0.34×
Interest coverage	3.6×	11.7×	14.61×	7.79×	0.83×	-0.51×	5.16×	13.11×
Dividend yield	0.0%	4.7%	2.1%	0.0%	0.1%	0.0%	0.0%	0.0%
Payout ratio	0.0%	88.8%	27.5%	0.0%	-7.2%	-0.8%	0.5%	0.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.2%	38.9%	44.1%	19.0%	-4.0%	-18.8%	17.0%	20.3%
Return on invested capital	9.5%	16.1%	19.7%	9.3%	1.0%	-0.6%	6.5%	13.9%
Return on assets	8.0%	13.1%	15.7%	6.2%	-1.1%	-4.8%	5.1%	10.5%
Free cash flow yield	5.1%	8.4%	11.7%	14.5%	9.2%	7.3%	10.2%	2.1%
Earnings yield	5.1%	5.3%	7.7%	6.3%	-1.3%	-4.3%	4.3%	4.9%
Enterprise value	PLN 13.8B	PLN 10B	PLN 6.4B	PLN 3B	PLN 2.7B	PLN 3.3B	PLN 3.5B	PLN 2.5B
Net debt / EBITDA	2.09×	1.44×	0.79×	1.87×	4.27×	6.92×	2.88×	0.53×
Cash conversion cycle (days)	12	2	2	35	50	38	17	31