Creotech Instruments S.A. (CRI.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

-306.6%

-PLN 1,617.74

vs PLN 783.00 price

Levered DCF

-PLN 1,704.01

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

11.05

Safe 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
P/E	76.8×	-20.12×	-31.51×	-32.06×	360×	65.94×	461.56×
P/B	6.56×	5.8×	4.95×	4.66×	9.41×	16.28×	21.61×
P/S	7.25×	16.01×	14.71×	11.17×	5.18×	4.01×	4.57×
EV / EBITDA	29.64×	-26.19×	-52.88×	-49.4×	106.54×	29.58×	57.56×
Gross margin	14.2%	74.0%	63.6%	52.1%	76.6%	79.4%	83.6%
Operating margin	13.0%	-96.7%	-54.9%	-43.0%	3.0%	7.5%	1.0%
Net margin	9.4%	-79.6%	-46.7%	-34.8%	1.4%	6.1%	1.0%
Current ratio	1.68×	1.86×	3.97×	3.53×	1.82×	1.08×	1.04×
Debt / equity	0.13×	0.32×	0.26×	0.06×	0.29×	0.45×	0.29×
Interest coverage	9.15×	-16.2×	-10.52×	-13.71×	1.4×	22.53×	2.64×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.5%	-28.8%	-15.7%	-14.5%	2.6%	24.7%	4.7%
Return on invested capital	6.8%	-15.1%	-9.2%	-10.8%	2.6%	16.7%	3.2%
Return on assets	4.1%	-12.6%	-8.3%	-9.2%	1.0%	5.8%	1.2%
Free cash flow yield	2.3%	-9.3%	-1.6%	-12.6%	-11.4%	-6.4%	-5.8%
Earnings yield	1.3%	-5.0%	-3.2%	-3.1%	0.3%	1.5%	0.2%
Enterprise value	PLN 948.9M	PLN 401.7M	PLN 402.9M	PLN 202.4M	PLN 164.8M	PLN 114M	PLN 115.8M
Net debt / EBITDA	-2.94×	0.64×	6.46×	5.67×	-4.24×	-0.82×	-0.65×
Cash conversion cycle (days)	95	369	161	375	51	-226	-169