CFI Holding S.A. (CFI.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

-182.3%

-PLN 0.11

vs PLN 0.14 price

Levered DCF

PLN 0.30

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.95

Distress 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	27.89×	30.79×	10.41×	-120.95×	-3.2×	-12.99×	18.18×	38.67×
P/B	0.49×	0.55×	0.73×	0.87×	0.97×	0.72×	0.74×	1.5×
P/S	1.68×	1.87×	2.67×	3.19×	5.29×	5.71×	4.64×	11.04×
EV / EBITDA	8.59×	12.72×	7.04×	67.87×	-5.83×	-41.76×	30.74×	26.55×
Gross margin	28.1%	73.1%	49.9%	57.8%	61.3%	64.8%	72.7%	65.2%
Operating margin	25.0%	20.4%	40.3%	7.7%	-70.3%	-27.4%	16.6%	13.4%
Net margin	6.1%	6.1%	25.6%	-2.7%	-165.3%	-43.9%	25.5%	28.5%
Current ratio	2.44×	2.13×	2.6×	0.88×	0.86×	1.63×	1.54×	1.83×
Debt / equity	0.24×	0.3×	0.36×	0.42×	0.43×	0.33×	0.26×	0.23×
Interest coverage	2.33×	2.6×	2.87×	0.79×	-7.66×	-2.25×	2.19×	1.03×
Dividend yield	0.1%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	1.6%	3.1%	0.0%	0.0%	-0.1%	0.0%	0.4%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.8%	1.8%	7.0%	-0.7%	-30.3%	-5.5%	4.1%	3.9%
Return on invested capital	3.1%	2.6%	5.2%	1.1%	-7.0%	-2.1%	1.2%	0.9%
Return on assets	1.0%	1.0%	3.7%	-0.4%	-15.4%	-3.3%	2.5%	2.7%
Free cash flow yield	9.0%	9.5%	5.5%	5.4%	6.4%	-0.8%	8.8%	2.0%
Earnings yield	3.6%	3.2%	9.6%	-0.8%	-31.3%	-7.7%	5.5%	2.6%
Enterprise value	PLN 627.4M	PLN 723.8M	PLN 900M	PLN 1B	PLN 1.1B	PLN 1.1B	PLN 1.1B	PLN 1.8B
Net debt / EBITDA	2.64×	4.24×	2.13×	21.09×	-1.75×	-12.67×	7.76×	3.32×
Cash conversion cycle (days)	437	958	663	-64	118	-14	-159	-23