Tire Company Debica S.A. (DBC.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

-461.5%

-PLN 314.51

vs PLN 87.00 price

Levered DCF

-PLN 295.77

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.11

Grey 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	9.03×	14.17×	3.5×	10.38×	23.95×	15.73×	10.09×	13.17×
P/B	0.79×	0.81×	0.69×	0.63×	0.88×	0.92×	0.98×	1.06×
P/S	0.39×	0.44×	0.33×	0.23×	0.44×	0.59×	0.55×	0.61×
EV / EBITDA	3.97×	5.49×	1.82×	3.59×	6.11×	4.86×	4.58×	5.52×
Gross margin	5.5%	1.5%	11.5%	3.2%	3.3%	6.8%	7.4%	6.4%
Operating margin	4.8%	2.3%	10.8%	2.4%	2.2%	4.4%	5.8%	5.2%
Net margin	4.3%	3.1%	9.5%	2.2%	1.8%	3.8%	5.5%	4.6%
Current ratio	1.65×	1.54×	1.75×	1.48×	1.6×	1.77×	1.76×	1.65×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×
Interest coverage	36.81×	19.95×	88.3×	15.45×	27.01×	43.29×	54.93×	35.15×
Dividend yield	5.2%	12.9%	5.5%	4.2%	5.0%	5.2%	5.9%	7.6%
Payout ratio	46.7%	182.8%	19.2%	44.1%	120.3%	82.3%	59.7%	100.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.7%	5.7%	19.9%	6.0%	3.7%	5.8%	9.7%	8.1%
Return on invested capital	7.2%	3.1%	16.9%	4.9%	3.4%	5.3%	9.5%	7.7%
Return on assets	5.4%	3.4%	11.7%	3.3%	2.2%	3.8%	6.4%	5.3%
Free cash flow yield	-2.9%	-28.9%	-2.1%	-25.1%	-4.0%	0.1%	-7.2%	-7.7%
Earnings yield	11.1%	7.1%	28.6%	9.6%	4.2%	6.4%	9.9%	7.6%
Enterprise value	PLN 1.1B	PLN 1.1B	PLN 825.5M	PLN 694.8M	PLN 916.9M	PLN 945.4M	PLN 1B	PLN 1.1B
Net debt / EBITDA	-0.13×	-0.13×	-0.37×	-0.3×	-0.7×	-0.67×	-0.56×	-0.43×
Cash conversion cycle (days)	-4	-24	-14	51	-17	71	54	53