Bloober Team S.A. (BLO.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

-319.0%

-PLN 47.64

vs PLN 21.75 price

Levered DCF

-PLN 39.32

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.78

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	8.92×	23.74×	210.77×	168.18×	13.95×	32.41×	33.39×	18.57×
P/B	3.25×	4.05×	5.58×	4.01×	5.54×	9.6×	3.85×	2.83×
P/S	3.81×	5.49×	5.63×	5.68×	3.73×	10.58×	5.54×	5.41×
EV / EBITDA	6.66×	11.85×	20.26×	14.3×	7.43×	17.4×	16.56×	15.16×
Gross margin	46.5%	40.0%	13.8%	25.9%	20.6%	34.6%	29.7%	49.3%
Operating margin	34.1%	25.8%	5.1%	2.9%	29.2%	29.8%	11.9%	30.9%
Net margin	35.3%	23.2%	2.8%	3.5%	26.8%	32.9%	16.2%	28.5%
Current ratio	1.08×	0.91×	1.91×	2.07×	3.34×	1.4×	2.69×	5.75×
Debt / equity	0.3×	0.13×	0.12×	0.05×	0.06×	0.12×	0.14×	0.19×
Interest coverage	17.44×	17.56×	5.61×	3.68×	141.25×	36.27×	12.1×	24.92×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	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	30.1%	17.1%	2.7%	2.5%	39.9%	29.9%	11.3%	14.9%
Return on invested capital	17.1%	14.6%	3.1%	0.9%	27.5%	16.3%	3.2%	8.0%
Return on assets	19.3%	10.7%	1.9%	1.7%	24.3%	12.3%	5.1%	8.0%
Free cash flow yield	-4.8%	-3.6%	-5.5%	1.3%	5.5%	-1.3%	-8.4%	-10.0%
Earnings yield	9.3%	4.2%	0.5%	0.6%	7.2%	3.1%	2.9%	5.3%
Enterprise value	PLN 599.1M	PLN 496.2M	PLN 527.4M	PLN 322.4M	PLN 269.3M	PLN 329.1M	PLN 102.4M	PLN 68.4M
Net debt / EBITDA	0.33×	0.15×	-0.05×	-1.09×	-0.6×	-0.16×	-0.61×	-0.12×
Cash conversion cycle (days)	102	122	51	262	100	574	648	1,806