Cyber_Folks S.A. (CBF.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

+253.0%

PLN 645.36

vs PLN 182.80 price

Levered DCF

PLN 933.18

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.99

Safe 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	FY2018	FY2017
P/E	47.03×	18.22×	24.28×	27.62×	28.33×	17.7×	24.69×	34.29×
P/B	5.92×	6.57×	5.54×	3.03×	3.94×	7.21×	3.63×	2.45×
P/S	3.47×	3.24×	2.57×	1.69×	2.42×	2.33×	1.95×	2.1×
EV / EBITDA	12.04×	9.54×	8.95×	9.76×	11.36×	12.41×	9.13×	11.29×
Gross margin	88.3%	90.0%	86.8%	19.6%	17.9%	20.3%	18.0%	86.5%
Operating margin	24.3%	20.4%	21.8%	18.9%	17.0%	19.1%	17.3%	15.2%
Net margin	7.4%	17.8%	10.6%	6.1%	8.6%	8.8%	7.9%	6.1%
Current ratio	1.22×	1.2×	0.64×	0.63×	1.53×	0.59×	0.43×	0.71×
Debt / equity	1.43×	0.71×	1.27×	1.58×	1.12×	3.18×	1.18×	0.7×
Interest coverage	4×	6.67×	3.81×	3.64×	6.77×	5.52×	5.34×	4.99×
Dividend yield	1.0%	1.0%	1.1%	1.5%	1.1%	1.7%	0.0%	0.0%
Payout ratio	44.8%	18.2%	25.9%	41.9%	31.6%	44.4%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2018	FY2017
Return on equity	12.6%	36.1%	22.8%	11.0%	13.9%	27.1%	14.6%	7.2%
Return on invested capital	10.6%	14.6%	12.4%	7.4%	8.0%	10.5%	10.0%	7.0%
Return on assets	3.5%	12.4%	6.1%	2.8%	4.4%	4.9%	4.2%	3.1%
Free cash flow yield	7.4%	7.6%	9.7%	9.7%	7.0%	12.4%	9.7%	5.9%
Earnings yield	2.1%	5.5%	4.1%	3.6%	3.5%	3.8%	4.0%	2.9%
Enterprise value	PLN 3.3B	PLN 2.2B	PLN 1.4B	PLN 954.9M	PLN 793.1M	PLN 683.9M	PLN 360.4M	PLN 283.4M
Net debt / EBITDA	1.31×	0.37×	1.32×	2.99×	1.06×	3.53×	1.95×	2.02×
Cash conversion cycle (days)	-205	-325	-215	-11	-8	-2	-2	-210