CPD S.A. (CPD.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

-62.1%

PLN 0.25

vs PLN 0.65 price

Levered DCF

-PLN 0.15

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-15.41

Distress zone

Rating

C+

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	3.5×	-7.38×	1.94×	-5.71×	3.25×	7.84×	2.56×	-95.06×
P/B	0.69×	-6.79×	-213.32×	0.94×	0.7×	0.45×	0.45×	0.54×
P/S	131.76×	136.25×	483.52×	101.54×	70.56×	6.88×	3.28×	8.26×
EV / EBITDA	2.46×	-8.42×	1.02×	-0.01×	-16.79×	-129.41×	1.29×	-13.8×
Gross margin	100.0%	100.0%	100.0%	-249.1%	11.5%	14.7%	65.0%	39.0%
Operating margin	-1426.4%	-1819.6%	38482.2%	2336.8%	1659.9%	189.8%	138.8%	-46.9%
Net margin	3746.2%	-1805.9%	46255.6%	-1776.7%	2175.4%	87.9%	128.1%	-8.7%
Current ratio	1.98×	0.05×	0.41×	4.33×	1.67×	1.75×	3.94×	2.08×
Debt / equity	0.03×	-0.64×	0×	0×	0.66×	0.38×	0.2×	0.25×
Interest coverage	-27.62×	-48.84×	911.42×	19.62×	35.61×	0×	16.77×	-1.89×
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	19.7%	90.0%	-20406.9%	-16.4%	21.5%	5.7%	17.4%	-0.6%
Return on invested capital	-3.9%	253.6%	-16977.5%	12.7%	10.0%	5.8%	18.7%	-0.3%
Return on assets	13.2%	-1737.7%	29735.7%	-11.5%	11.3%	3.5%	11.4%	-0.3%
Free cash flow yield	-16.6%	-9.6%	-28.4%	-12.6%	-5.0%	-19.3%	-24.4%	-0.1%
Earnings yield	28.4%	-13.3%	95.7%	-17.5%	30.8%	12.8%	39.1%	-1.1%
Enterprise value	PLN 11.3M	PLN 7.6M	PLN 21.7M	-PLN 150.8K	PLN 114.2M	PLN 64.7M	PLN 85.1M	PLN 160.2M
Net debt / EBITDA	-0.16×	-0.72×	-0×	-4.12×	-1.92×	126.11×	-1.04×	1.48×
Cash conversion cycle (days)	3,056	322	479	1,007	902	59	121	32