Boryszew S.A. (BRS.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

+126.4%

PLN 9.92

vs PLN 4.38 price

Levered DCF

-PLN 1.25

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.19

Grey zone

Rating

B-

Overall 2 / 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	53.17×	10.73×	10.17×	10.19×	10.28×	2.25×	-8.81×	13.82×
P/B	0.91×	0.75×	0.76×	0.66×	0.43×	0.39×	0.64×	0.82×
P/S	0.27×	0.23×	0.22×	0.16×	0.12×	0.11×	0.14×	0.16×
EV / EBITDA	12.48×	5.94×	5.22×	4.52×	4.38×	2.75×	10.11×	5.61×
Gross margin	8.3%	7.2%	8.8%	8.8%	9.0%	9.2%	8.8%	10.6%
Operating margin	0.5%	3.5%	3.1%	3.2%	2.7%	1.0%	3.4%	3.8%
Net margin	0.5%	2.2%	2.1%	1.6%	1.2%	5.0%	-1.5%	1.2%
Current ratio	1.1×	1.16×	1.26×	1.23×	1.26×	1.21×	1.11×	1.26×
Debt / equity	0.73×	0.66×	0.57×	0.6×	0.59×	0.73×	1.34×	1.06×
Interest coverage	0.31×	2.33×	2.18×	3.64×	4.21×	0.95×	3×	5.1×
Dividend yield	5.5%	7.5%	12.2%	17.1%	0.5%	0.0%	1.3%	0.0%
Payout ratio	300.2%	80.7%	122.8%	174.8%	5.4%	0.0%	-11.8%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.7%	7.0%	7.5%	6.4%	4.2%	17.3%	-7.2%	5.9%
Return on invested capital	0.7%	6.3%	5.5%	4.5%	2.9%	1.5%	5.8%	4.9%
Return on assets	0.7%	3.0%	3.2%	2.7%	1.7%	6.8%	-2.0%	1.7%
Free cash flow yield	3.9%	-8.7%	12.6%	2.5%	-1.2%	-29.6%	20.2%	5.7%
Earnings yield	1.8%	9.3%	9.9%	9.8%	9.7%	44.4%	-11.3%	7.2%
Enterprise value	PLN 2.2B	PLN 2B	PLN 1.9B	PLN 1.9B	PLN 1.6B	PLN 1.6B	PLN 2.4B	PLN 2.1B
Net debt / EBITDA	5.07×	2.45×	1.91×	1.96×	2.31×	1.68×	6.56×	3×
Cash conversion cycle (days)	50	52	52	55	59	66	59	68