Celon Pharma S.A. (CLN.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

-150.2%

-PLN 8.80

vs PLN 17.54 price

Levered DCF

-PLN 11.66

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.7

Grey 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	-13.84×	-40.08×	-28.65×	-18.21×	-132.6×	-1,987.75×	147.04×	47.35×
P/B	3.02×	3.12×	1.81×	1.49×	2.79×	5.3×	4.01×	3.13×
P/S	5.22×	7.86×	3.76×	4.42×	7.89×	11.59×	17.47×	11.23×
EV / EBITDA	-104.55×	93.41×	24.39×	70.74×	50.87×	65.45×	64.14×	22.54×
Gross margin	-18.8%	64.2%	68.8%	59.0%	68.5%	68.1%	77.2%	77.5%
Operating margin	-27.1%	-20.8%	-12.7%	-43.1%	-5.3%	-2.3%	6.7%	28.4%
Net margin	-37.8%	-19.5%	-13.1%	-24.3%	-5.9%	-0.6%	11.7%	23.7%
Current ratio	1.62×	1.84×	2.2×	2.04×	3.23×	1.04×	5.53×	10.84×
Debt / equity	0.05×	0.04×	0.06×	0.06×	0.03×	0.07×	0×	0×
Interest coverage	-35.54×	-14.89×	-10.22×	-41.75×	-6.73×	-2.59×	37.09×	31.09×
Dividend yield	0.0%	0.3%	0.6%	2.1%	0.2%	0.2%	0.4%	0.5%
Payout ratio	0.0%	-11.9%	-16.3%	-37.7%	-27.1%	-392.6%	60.3%	25.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-21.8%	-7.7%	-6.3%	-8.2%	-2.1%	-0.3%	2.7%	6.6%
Return on invested capital	-14.1%	-6.9%	-5.4%	-13.6%	-1.3%	-0.1%	1.2%	5.2%
Return on assets	-17.3%	-6.3%	-4.9%	-6.5%	-1.6%	-0.1%	2.0%	5.3%
Free cash flow yield	-2.8%	-2.5%	-5.1%	-5.4%	0.2%	-1.5%	-3.9%	-2.8%
Earnings yield	-7.2%	-2.5%	-3.5%	-5.5%	-0.8%	-0.1%	0.7%	2.1%
Enterprise value	PLN 1.1B	PLN 1.4B	PLN 797.9M	PLN 659.3M	PLN 1.4B	PLN 1.8B	PLN 1.7B	PLN 1.3B
Net debt / EBITDA	0.04×	0.58×	-0.21×	-6.02×	-4.78×	-0.67×	-2.42×	-2.63×
Cash conversion cycle (days)	104	169	169	191	119	214	500	305