Cognor Holding S.A. (COG.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

-267.6%

-PLN 7.88

vs PLN 4.70 price

Levered DCF

-PLN 11.22

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.96

Distress zone

Rating

Overall 2 / 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	-7.21×	-21.84×	6.22×	1.34×	1.88×	6.73×	7.75×	3.56×
P/B	0.68×	1.05×	1.23×	0.67×	1.07×	0.75×	0.57×	0.68×
P/S	0.43×	0.51×	0.53×	0.21×	0.23×	0.13×	0.08×	0.09×
EV / EBITDA	-17.02×	61.77×	5.13×	1.03×	1.62×	3.81×	4.09×	2.35×
Gross margin	2.0%	1.8%	10.3%	24.4%	20.9%	9.2%	9.0%	13.3%
Operating margin	-7.3%	-1.1%	7.5%	19.7%	16.6%	3.8%	2.9%	7.5%
Net margin	-6.0%	-2.4%	8.4%	15.8%	12.2%	1.9%	1.0%	3.3%
Current ratio	0.97×	0.86×	1.76×	2.65×	1.59×	1.08×	1.14×	1.4×
Debt / equity	0.62×	0.79×	0.47×	0.34×	0.56×	0.93×	1.18×	1.02×
Interest coverage	-2.27×	-0.44×	4.34×	16.79×	13.55×	2.41×	1.92×	2.79×
Dividend yield	0.0%	0.0%	14.6%	3.3%	4.0%	17.7%	2.6%	8.4%
Payout ratio	0.0%	-0.2%	91.3%	4.4%	7.5%	117.3%	20.5%	23.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.4%	-4.9%	19.7%	50.0%	56.8%	11.4%	7.4%	24.6%
Return on invested capital	-5.7%	-1.0%	10.0%	36.7%	37.5%	10.9%	7.9%	19.9%
Return on assets	-4.4%	-2.1%	10.1%	27.7%	22.8%	3.2%	1.8%	6.8%
Free cash flow yield	-30.1%	-25.5%	-6.6%	36.4%	3.0%	67.2%	55.9%	99.6%
Earnings yield	-13.9%	-4.7%	16.0%	74.9%	53.3%	15.1%	12.9%	36.0%
Enterprise value	PLN 1.6B	PLN 2B	PLN 1.8B	PLN 833.7M	PLN 873.8M	PLN 387.1M	PLN 374M	PLN 413.7M
Net debt / EBITDA	-7.42×	25.29×	1.12×	0.08×	0.43×	1.68×	2.47×	1.27×
Cash conversion cycle (days)	79	55	59	54	44	3	22	31