BEST S.a. (BST.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

+232.3%

PLN 97.04

vs PLN 29.20 price

Levered DCF

-PLN 88.41

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.36

Distress 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	9.42×	5.96×	10.09×	3.18×	11.68×	12.75×	12.77×	17.99×
P/B	0.79×	0.68×	0.68×	0.66×	1.05×	0.87×	1.17×	1.28×
P/S	1.6×	1.94×	1.77×	1.72×	2.44×	1.74×	2.07×	3.33×
EV / EBITDA	10.65×	12.13×	11.99×	4.36×	8.39×	7.69×	16.18×	43.42×
Gross margin	81.9%	51.5%	68.0%	62.6%	68.0%	69.6%	71.0%	54.0%
Operating margin	52.1%	55.3%	46.9%	85.1%	41.9%	34.8%	31.8%	43.5%
Net margin	17.0%	32.6%	17.5%	54.0%	21.0%	13.7%	7.3%	18.6%
Current ratio	6.65×	2.33×	1.92×	1.83×	1.06×	1.19×	1.19×	2.36×
Debt / equity	1.32×	0.92×	0.91×	0.67×	0.8×	1×	1.39×	1.56×
Interest coverage	2.47×	0×	9.31×	0×	5.48×	3.17×	2.36×	1.81×
Dividend yield	0.0%	0.0%	0.0%	0.0%	5.5%	6.1%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	64.0%	77.5%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	11.4%	6.7%	20.7%	9.0%	6.8%	4.1%	7.1%
Return on invested capital	10.2%	9.8%	7.4%	16.4%	8.4%	6.6%	5.6%	5.8%
Return on assets	3.3%	5.5%	3.3%	10.5%	4.2%	3.0%	1.6%	2.5%
Free cash flow yield	-32.1%	-7.4%	-26.7%	13.6%	19.0%	46.7%	24.2%	14.4%
Earnings yield	10.6%	16.8%	9.9%	31.4%	8.6%	7.9%	3.5%	5.6%
Enterprise value	PLN 2.4B	PLN 1.4B	PLN 1.1B	PLN 860.4M	PLN 966.1M	PLN 874.8M	PLN 1.1B	PLN 1.2B
Net debt / EBITDA	6.52×	6.64×	6.59×	2.07×	3.39×	3.84×	8.23×	22.72×
Cash conversion cycle (days)	418	454	423	292	431	399	1,760	1,060