Columbus Energy S.A. (CLC.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

-276.8%

-PLN 4.70

vs PLN 2.66 price

Levered DCF

-PLN 5.81

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.08

Distress zone

Rating

B+

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	FY2019	FY2018
P/E	-3.27×	-14.04×	-6.15×	-4.98×	-51.91×	35.71×	48.97×	31.5×
P/B	10.41×	-6.1×	-10.02×	21.05×	9.07×	24.07×	17.65×	3.86×
P/S	1.21×	1.41×	0.85×	0.92×	1.68×	3.47×	2.81×	1.02×
EV / EBITDA	-68.88×	34.3×	-68.06×	-19.81×	136.43×	29.02×	27.31×	21.13×
Gross margin	-3.2%	71.1%	-5.2%	-9.1%	3.9%	13.1%	10.4%	7.6%
Operating margin	-5.6%	5.8%	-6.2%	-13.9%	-0.1%	11.7%	7.8%	5.8%
Net margin	-36.9%	-10.1%	-13.8%	-18.5%	-3.2%	9.7%	5.7%	3.2%
Current ratio	1.14×	0.24×	0.69×	0.93×	0.61×	0.84×	1.62×	0.74×
Debt / equity	1.82×	-6.74×	-14.16×	19.67×	3.82×	4.02×	1.41×	1.38×
Interest coverage	-2.62×	0.5×	-0.73×	-1.86×	-0.03×	10.46×	3.16×	2.23×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-318.5%	43.5%	162.1%	-422.2%	-17.4%	67.6%	35.9%	12.2%
Return on invested capital	-15.8%	4.3%	-5.4%	-13.9%	-0.1%	12.6%	15.3%	6.7%
Return on assets	-39.4%	-5.6%	-9.8%	-14.3%	-2.8%	9.9%	8.2%	4.3%
Free cash flow yield	-10.8%	-9.5%	-15.3%	-45.1%	-12.8%	-1.7%	0.3%	-14.0%
Earnings yield	-30.6%	-7.1%	-16.2%	-20.1%	-1.9%	2.8%	2.0%	3.2%
Enterprise value	PLN 408.5M	PLN 1B	PLN 937.1M	PLN 1.1B	PLN 1.6B	PLN 2.5B	PLN 596.5M	PLN 82.4M
Net debt / EBITDA	-9.27×	17.85×	-39.79×	-9.37×	36.84×	2.84×	0.99×	5.04×
Cash conversion cycle (days)	171	15	60	85	78	21	83	71