Inter Cars S.A. (CAR.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

-38.3%

PLN 639.04

vs PLN 1,036.00 price

Levered DCF

PLN 833.24

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.13

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	9.83×	10.23×	12.22×	8.76×	9.58×	10.03×	12.79×	13.27×
P/B	1.37×	1.44×	1.93×	1.71×	2.17×	1.4×	1.42×	1.62×
P/S	0.37×	0.38×	0.47×	0.43×	0.55×	0.37×	0.33×	0.37×
EV / EBITDA	8.4×	8.27×	9.22×	7.33×	7.82×	7.33×	9.54×	10.9×
Gross margin	28.3%	29.3%	29.1%	30.5%	30.6%	29.9%	29.5%	29.1%
Operating margin	5.3%	5.4%	5.7%	6.8%	7.4%	5.5%	3.8%	3.9%
Net margin	3.8%	3.7%	3.9%	4.9%	5.7%	3.6%	2.6%	2.8%
Current ratio	2.45×	2.31×	2.4×	2.32×	2.41×	2.44×	2.38×	2.06×
Debt / equity	0.73×	0.7×	0.7×	0.73×	0.58×	0.67×	0.82×	0.71×
Interest coverage	5.92×	5.67×	5.6×	7.31×	18.81×	7.6×	4.98×	7.17×
Dividend yield	0.3%	0.1%	0.1%	0.3%	0.3%	0.0%	0.3%	0.3%
Payout ratio	2.5%	1.4%	1.4%	2.7%	2.9%	0.0%	4.4%	4.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.0%	14.1%	15.8%	19.5%	22.6%	13.9%	11.1%	12.2%
Return on invested capital	8.9%	9.7%	10.9%	12.7%	14.7%	9.5%	7.1%	8.2%
Return on assets	6.7%	6.7%	7.6%	9.3%	11.1%	7.1%	5.1%	5.7%
Free cash flow yield	-0.9%	-1.7%	1.4%	-4.2%	-0.7%	11.1%	10.8%	-2.2%
Earnings yield	10.2%	9.8%	8.2%	11.4%	10.4%	10.0%	7.8%	7.5%
Enterprise value	PLN 11.6B	PLN 10.5B	PLN 11.3B	PLN 9B	PLN 8.2B	PLN 4.7B	PLN 4.5B	PLN 4.2B
Net debt / EBITDA	2.67×	2.46×	2.24×	1.99×	1.46×	2.12×	3.33×	3.16×
Cash conversion cycle (days)	146	143	146	146	123	148	138	141