CD Projekt S.A. (CDR.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

-34.0%

PLN 167.62

vs PLN 254.00 price

Levered DCF

PLN 247.81

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

69.29

Safe 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	45.64×	40.73×	23.96×	37.58×	93.19×	23.05×	153.57×	127.72×
P/B	7.31×	6.83×	4.8×	6.42×	10.26×	12.11×	24.3×	13.96×
P/S	27.75×	19.42×	9.37×	13.71×	21.87×	12.39×	51.54×	38.56×
EV / EBITDA	45.27×	34.34×	14.45×	24.91×	58.36×	18.11×	118.1×	99.44×
Gross margin	89.7%	74.9%	69.1%	74.4%	71.8%	77.0%	69.1%	70.7%
Operating margin	53.3%	37.2%	38.1%	39.6%	26.2%	54.1%	34.6%	31.0%
Net margin	60.8%	47.7%	39.1%	36.4%	23.5%	54.0%	33.6%	30.1%
Current ratio	7.4×	6.7×	6.79×	5.64×	5.49×	3.94×	2.65×	6.3×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.02×	0.01×	0.02×	0×
Interest coverage	508×	342.46×	543.5×	320.87×	138.14×	1,534.58×	307.13×	864.55×
Dividend yield	0.4%	0.5%	0.9%	0.8%	2.6%	0.0%	0.4%	0.0%
Payout ratio	19.0%	21.3%	20.8%	29.0%	241.1%	0.0%	57.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.0%	16.8%	20.0%	17.1%	11.0%	52.8%	15.9%	10.9%
Return on invested capital	13.4%	13.0%	17.2%	16.2%	11.4%	48.7%	14.4%	9.9%
Return on assets	15.0%	15.4%	18.4%	15.3%	9.7%	39.9%	12.5%	9.7%
Free cash flow yield	2.2%	2.2%	2.4%	1.1%	4.0%	1.8%	-0.1%	0.1%
Earnings yield	2.2%	2.5%	4.2%	2.7%	1.1%	4.4%	0.7%	0.8%
Enterprise value	PLN 24B	PLN 19B	PLN 11.4B	PLN 12.8B	PLN 19.1B	PLN 26B	PLN 26.8B	PLN 13.9B
Net debt / EBITDA	-0.17×	-0.19×	-0.2×	-0.48×	-1.12×	-0.38×	-0.13×	-0.74×
Cash conversion cycle (days)	-32	-14	22	-4	43	137	41	-114