Caspar Asset Management S.A. (CSR.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

+189.4%

PLN 26.19

vs PLN 9.05 price

Levered DCF

PLN 42.26

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.36

Safe zone

Rating

Overall 4 / 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	20.87×	43.89×	34.4×	33.49×	25.81×	5.38×	11.9×	30.62×
P/B	1.66×	2.88×	4.38×	6.45×	8.72×	4.16×	3.39×	3.41×
P/S	0.96×	1.97×	2.69×	4.11×	5.83×	2.57×	2.32×	2.57×
EV / EBITDA	5.46×	13.84×	12.42×	15.94×	17.66×	4.16×	7.78×	17.39×
Gross margin	82.3%	5.6%	10.8%	15.6%	26.9%	59.0%	25.7%	47.6%
Operating margin	6.4%	5.5%	11.3%	15.7%	27.1%	58.9%	23.9%	10.5%
Net margin	4.7%	4.5%	7.9%	12.3%	22.6%	47.8%	19.4%	8.3%
Current ratio	15.55×	2.92×	3.32×	4.33×	7.01×	3.16×	4.66×	6.74×
Debt / equity	0.19×	0.23×	0.34×	0.26×	0.15×	0.1×	0.27×	0.02×
Interest coverage	5.94×	5.44×	0×	13.73×	203.88×	0×	170.83×	130.21×
Dividend yield	2.1%	2.7%	6.5%	4.7%	7.9%	3.9%	2.8%	5.3%
Payout ratio	42.9%	116.3%	221.5%	158.2%	204.7%	21.1%	33.3%	164.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.1%	6.6%	12.9%	19.2%	33.7%	77.3%	28.4%	10.9%
Return on invested capital	5.3%	3.4%	9.4%	14.3%	28.0%	69.3%	21.6%	10.6%
Return on assets	5.0%	4.0%	8.3%	13.3%	25.7%	50.0%	18.6%	9.3%
Free cash flow yield	8.8%	3.6%	5.1%	3.7%	12.1%	7.1%	7.3%	5.4%
Earnings yield	4.9%	2.3%	2.9%	3.0%	3.9%	18.6%	8.4%	3.2%
Enterprise value	PLN 38.1M	PLN 77.3M	PLN 84.4M	PLN 139.5M	PLN 215M	PLN 140.1M	PLN 48.2M	PLN 36.9M
Net debt / EBITDA	-1.33×	-0.1×	-0.05×	-0.29×	-0.32×	-0.03×	0.01×	-1.11×
Cash conversion cycle (days)	-96	12	3	3	7	80	42	54