Dadelo S.A. (DAD.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

-1287.2%

-PLN 1,030.52

vs PLN 86.80 price

Levered DCF

-PLN 1,100.38

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.64

Safe 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	43.64×	21.01×	2,292.86×	29.85×	26×	44.55×	1,580.65×	-140×
P/B	4.8×	2.06×	1.76×	1.11×	1.52×	11.46×	18.3×	18.51×
P/S	1.51×	0.87×	0.99×	1.01×	1.91×	3.48×	6.73×	7.82×
EV / EBITDA	24.98×	11.76×	45.19×	15.13×	14.06×	34.59×	209.34×	-289.88×
Gross margin	29.7%	31.8%	27.4%	30.5%	32.4%	29.4%	24.8%	25.2%
Operating margin	5.8%	5.4%	0.2%	3.8%	8.6%	9.7%	0.8%	-5.6%
Net margin	3.5%	4.1%	0.0%	3.3%	7.3%	7.8%	0.4%	-5.6%
Current ratio	1.72×	1.78×	3.8×	9.45×	25.13×	2.27×	2.92×	5×
Debt / equity	1.41×	0.07×	0.06×	0.04×	0.03×	0.18×	0.08×	0×
Interest coverage	4.6×	18.24×	0.8×	68.25×	74.46×	54.07×	2.64×	-24.69×
Dividend yield	0.0%	0.0%	0.0%	1.5%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	44.2%	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	11.0%	9.8%	0.1%	3.7%	5.8%	25.8%	1.2%	-13.3%
Return on invested capital	9.7%	9.5%	0.0%	3.3%	5.4%	22.2%	1.7%	-12.9%
Return on assets	3.8%	4.9%	0.1%	3.3%	5.5%	16.1%	0.9%	-11.6%
Free cash flow yield	-21.1%	-10.3%	-4.7%	-13.7%	-20.3%	-1.3%	-0.9%	-0.0%
Earnings yield	2.3%	4.7%	0.0%	3.3%	3.8%	2.3%	0.1%	-0.7%
Enterprise value	PLN 869.1M	PLN 237.9M	PLN 193.4M	PLN 111.3M	PLN 132M	PLN 227.1M	PLN 225.7M	PLN 223.5M
Net debt / EBITDA	5.65×	-0.24×	1.57×	-0.88×	-2.77×	0.36×	0.84×	1.64×
Cash conversion cycle (days)	307	213	208	342	383	115	164	113