Cyfrowy Polsat S.A. (CPS.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

+1326.6%

PLN 179.25

vs PLN 12.57 price

Levered DCF

PLN 63.13

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.13

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	-2.58×	10.96×	24.18×	10.94×	5×	16.92×	16.24×	17.35×
P/B	0.5×	0.48×	0.44×	0.64×	1.43×	1.34×	1.29×	1.09×
P/S	0.47×	0.55×	0.5×	0.88×	2.01×	1.87×	1.77×	1.55×
EV / EBITDA	6.04×	4.62×	4.53×	4.62×	3.58×	6.75×	6.32×	6.1×
Gross margin	23.8%	45.5%	8.4%	52.0%	57.5%	60.5%	60.7%	51.1%
Operating margin	9.6%	12.4%	9.6%	14.8%	19.3%	18.2%	19.5%	18.6%
Net margin	-18.2%	5.0%	2.0%	8.1%	40.1%	11.0%	10.9%	9.0%
Current ratio	1.35×	1.59×	1.64×	1.03×	1.44×	1×	0.85×	1.08×
Debt / equity	1.13×	0.94×	1.01×	0.7×	0.74×	0.92×	0.94×	0.85×
Interest coverage	1.31×	1.53×	1.09×	2.17×	7.33×	4.47×	3.87×	4.14×
Dividend yield	0.0%	0.0%	0.0%	6.7%	5.4%	1.2%	3.3%	0.0%
Payout ratio	0.0%	0.0%	0.0%	73.4%	26.9%	20.4%	54.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-19.3%	4.4%	1.8%	5.9%	28.6%	7.9%	8.0%	6.3%
Return on invested capital	4.4%	3.8%	2.9%	4.8%	5.9%	5.2%	5.1%	3.9%
Return on assets	-7.3%	1.9%	0.7%	2.8%	13.7%	3.4%	3.4%	2.7%
Free cash flow yield	13.4%	25.2%	11.6%	6.6%	9.4%	10.5%	12.5%	13.8%
Earnings yield	-38.7%	9.1%	4.1%	9.2%	20.0%	5.9%	6.2%	5.8%
Enterprise value	PLN 18.7B	PLN 20.3B	PLN 19B	PLN 19.8B	PLN 29.9B	PLN 31.2B	PLN 30.1B	PLN 24.5B
Net debt / EBITDA	3.87×	2.85×	2.92×	2.32×	0.94×	2.56×	2.57×	2.51×
Cash conversion cycle (days)	119	104	101	154	-56	95	93	113