PZ Cormay S.A. (CRM.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

-346.6%

-PLN 1.25

vs PLN 0.51 price

Levered DCF

-PLN 3.02

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.44

Distress zone

Rating

B-

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	-7.61×	-6.05×	-11.01×	-10.73×	59.28×	-7.67×	-2.04×	-3.47×
P/B	0.69×	0.64×	0.96×	1.22×	1.49×	1.55×	1.17×	0.78×
P/S	0.33×	0.35×	0.64×	0.87×	1.14×	1.48×	1.23×	1.25×
EV / EBITDA	14.77×	32.38×	24.25×	-78.1×	15.11×	-11.4×	-2.17×	-3.83×
Gross margin	39.4%	36.6%	40.9%	40.9%	40.8%	40.6%	39.4%	40.2%
Operating margin	-3.6%	-5.4%	-6.5%	-5.1%	-0.1%	-11.2%	-62.6%	-39.2%
Net margin	-4.3%	-5.7%	-5.5%	-8.2%	1.9%	-19.4%	-59.9%	-35.8%
Current ratio	1.23×	1.29×	1.44×	1.64×	2.12×	2.53×	2.82×	2.95×
Debt / equity	0.22×	0.12×	0.09×	0.07×	0.06×	0.07×	0.03×	0.03×
Interest coverage	-3.71×	-5.75×	-5.89×	-6.7×	-0.16×	-21.61×	-59.61×	-86.55×
Dividend yield	0.0%	0.6%	0.0%	0.0%	0.3%	0.2%	0.0%	0.0%
Payout ratio	0.0%	-3.9%	0.0%	-0.1%	17.1%	-1.4%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.1%	-10.6%	-8.2%	-11.4%	2.5%	-20.3%	-56.8%	-22.4%
Return on invested capital	-6.0%	-8.5%	-8.3%	-6.4%	-0.1%	-10.4%	-54.5%	-20.4%
Return on assets	-4.7%	-5.9%	-4.8%	-6.8%	1.6%	-13.5%	-40.0%	-15.5%
Free cash flow yield	-6.8%	-12.4%	-6.6%	-23.0%	-8.5%	-5.0%	-18.4%	-9.7%
Earnings yield	-13.1%	-16.5%	-8.6%	-9.3%	1.7%	-13.1%	-48.6%	-28.7%
Enterprise value	PLN 37.3M	PLN 34.6M	PLN 54M	PLN 77.5M	PLN 98.4M	PLN 91.7M	PLN 79.2M	PLN 88.1M
Net debt / EBITDA	2.22×	2.55×	0.49×	-2.8×	0.24×	0.63×	0.14×	-0.04×
Cash conversion cycle (days)	87	91	135	139	119	148	142	113