CDRL S.a. (CDL.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

+167.9%

PLN 31.35

vs PLN 11.70 price

Levered DCF

PLN 60.80

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.37

Grey 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	8.96×	5.68×	-20×	6.33×	5.38×	-2.68×	11.19×	6.04×
P/B	0.51×	0.72×	0.81×	1.22×	2.16×	1.62×	1.38×	1.49×
P/S	0.19×	0.25×	0.24×	0.37×	0.4×	0.24×	0.28×	0.56×
EV / EBITDA	5.09×	3.05×	6.23×	7.14×	3.57×	-32.77×	5.26×	4.82×
Gross margin	2.2%	1.0%	53.5%	68.4%	47.7%	45.2%	42.4%	54.9%
Operating margin	1.6%	-0.9%	3.2%	6.1%	10.4%	-0.8%	4.7%	11.5%
Net margin	2.1%	4.4%	-1.2%	4.2%	7.5%	-9.1%	2.5%	9.3%
Current ratio	1.46×	1.41×	1.18×	1.01×	1.08×	0.99×	1.19×	1.64×
Debt / equity	0.28×	0.42×	0.96×	1.46×	1.16×	1.99×	1.42×	0.42×
Interest coverage	1.35×	-0.45×	1.17×	3.28×	7.52×	-0.39×	2.61×	21.7×
Dividend yield	0.0%	0.0%	0.0%	4.3%	7.0%	6.7%	3.7%	4.3%
Payout ratio	0.0%	0.0%	0.0%	37.4%	37.9%	-17.9%	41.2%	25.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.7%	12.6%	-4.1%	13.9%	40.1%	-60.4%	12.3%	24.7%
Return on invested capital	2.8%	-1.6%	3.5%	7.2%	20.0%	-1.5%	6.9%	15.9%
Return on assets	3.0%	6.3%	-1.6%	3.8%	11.8%	-14.2%	3.5%	12.5%
Free cash flow yield	-0.4%	91.6%	17.7%	-43.6%	34.0%	66.3%	16.7%	10.6%
Earnings yield	11.1%	17.6%	-5.0%	11.4%	18.6%	-37.4%	8.9%	16.6%
Enterprise value	PLN 77.2M	PLN 90.1M	PLN 143.5M	PLN 227.4M	PLN 243M	PLN 205.2M	PLN 277.8M	PLN 172.8M
Net debt / EBITDA	1.68×	0.75×	3.3×	3.81×	1.06×	-17.05×	2.58×	0.89×
Cash conversion cycle (days)	100	82	253	181	83	94	101	199