Cloud Technologies S.A. (CLD.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

-37.0%

PLN 69.27

vs PLN 110.00 price

Levered DCF

PLN 57.54

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

32.03

Safe 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	31.23×	14.38×	33.91×	12.85×	15.44×	95.67×	-5.64×	31.5×
P/B	3.67×	2.19×	3.88×	1.8×	1.85×	0.96×	0.45×	0.43×
P/S	5.72×	4.02×	5.44×	3.26×	2.55×	1.23×	0.62×	0.62×
EV / EBITDA	10.84×	7.75×	12.9×	5.08×	6.34×	7.71×	-13.27×	6.46×
Gross margin	30.6%	31.0%	94.2%	31.4%	16.6%	-3.3%	-6.8%	4.6%
Operating margin	27.8%	25.7%	24.1%	30.1%	17.0%	-5.0%	-9.4%	0.7%
Net margin	18.3%	27.9%	16.0%	25.3%	16.5%	1.3%	-11.0%	2.0%
Current ratio	4.34×	4.72×	3.34×	4.19×	4.21×	3.71×	2.45×	12.22×
Debt / equity	0.04×	0.06×	0.04×	0.06×	0.04×	0.12×	0.01×	0×
Interest coverage	61.03×	14.87×	16.44×	56.19×	44.57×	-25.16×	-237.73×	4.4×
Dividend yield	1.9%	3.0%	1.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	60.7%	42.8%	52.2%	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	11.7%	15.2%	11.4%	14.0%	12.0%	1.0%	-8.0%	1.4%
Return on invested capital	15.4%	13.0%	13.3%	11.2%	9.5%	-2.8%	-6.5%	0.2%
Return on assets	10.2%	13.3%	9.4%	10.4%	8.6%	0.6%	-6.2%	1.3%
Free cash flow yield	5.0%	11.8%	-0.1%	13.5%	9.8%	0.2%	-56.5%	-11.2%
Earnings yield	3.2%	7.0%	2.9%	7.8%	6.5%	1.0%	-17.7%	3.2%
Enterprise value	PLN 287.8M	PLN 178.7M	PLN 290M	PLN 126.9M	PLN 115.3M	PLN 51.6M	PLN 22.6M	PLN 14M
Net debt / EBITDA	-0.08×	-0.44×	-0.34×	-1.49×	-1.39×	-1.52×	2.4×	-6×
Cash conversion cycle (days)	139	142	-35	81	139	202	261	380