Bank Ochrony Srodowiska S.A. (BOS.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

+429.8%

PLN 54.57

vs PLN 10.30 price

Levered DCF

PLN 86.14

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.25

Distress 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	7.43×	11.42×	13.38×	6.12×	17.84×	-1.82×	9.25×	8.96×
P/B	0.38×	0.41×	0.49×	0.4×	0.45×	0.29×	0.3×	0.27×
P/S	0.67×	0.54×	1.01×	0.55×	1.21×	0.72×	0.81×	0.68×
EV / EBITDA	-16.14×	-11.93×	-8.64×	4.06×	8.84×	-6.4×	9.55×	12.59×
Gross margin	47.7%	63.7%	100.0%	68.7%	92.0%	80.9%	74.5%	70.9%
Operating margin	10.3%	8.8%	43.7%	13.6%	11.3%	-37.1%	13.5%	10.5%
Net margin	9.0%	4.7%	7.6%	9.0%	6.8%	-39.8%	8.9%	7.6%
Current ratio	0.26×	0.25×	0.24×	0.06×	0.06×	0.04×	0.03×	0.02×
Debt / equity	0.44×	0.31×	0.46×	0.54×	0.57×	0.65×	0.59×	0.63×
Interest coverage	0.21×	0.24×	0.57×	0.43×	1.41×	-1.94×	0.53×	0.36×
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	5.1%	3.6%	3.6%	6.5%	2.5%	-16.0%	3.3%	3.0%
Return on invested capital	2.9%	2.1%	5.9%	3.5%	1.4%	-6.4%	1.7%	1.5%
Return on assets	0.5%	0.4%	0.4%	0.6%	0.2%	-1.5%	0.4%	0.3%
Free cash flow yield	56.4%	-24.7%	-95.9%	245.5%	136.6%	166.6%	-2.5%	26.7%
Earnings yield	13.5%	8.7%	7.5%	16.4%	5.6%	-55.1%	10.9%	11.1%
Enterprise value	-PLN 3.5B	-PLN 2.7B	-PLN 2B	PLN 1B	PLN 1.2B	PLN 1.5B	PLN 1.6B	PLN 1.6B
Net debt / EBITDA	-20.34×	-15.93×	-13.17×	1.01×	2.58×	-4.01×	5.57×	8.14×
Cash conversion cycle (days)	-48	25	135	-13	-341	-19	-100	-46