DB Energy S.A. (DBE.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

+8.8%

PLN 7.09

vs PLN 6.52 price

Levered DCF

-PLN 27.58

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.87

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-4,166.67×	-6.47×	28.26×	9.41×	42.68×	33.48×	68.46×
P/B	1.7×	1.77×	2.6×	3.83×	8.92×	9.05×	7.78×
P/S	1.45×	1×	1.53×	0.98×	3.56×	3.58×	3.29×
EV / EBITDA	16.17×	-15.86×	15.03×	8.35×	26.63×	22.01×	33.98×
Gross margin	70.0%	-12.8%	84.4%	89.9%	86.3%	79.0%	81.6%
Operating margin	5.4%	-13.1%	8.5%	14.4%	11.4%	15.5%	7.4%
Net margin	-0.0%	-15.5%	5.4%	10.4%	8.4%	10.6%	4.8%
Current ratio	2.84×	3.17×	2.53×	3.03×	2.1×	1.82×	1.38×
Debt / equity	1.08×	1.13×	0.96×	1.73×	0.96×	0.31×	0.18×
Interest coverage	0.88×	-3.18×	1.98×	7.36×	11.14×	18.43×	6.11×
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	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.0%	-27.4%	9.2%	40.8%	20.9%	26.9%	11.3%
Return on invested capital	-0.1%	-8.4%	5.3%	15.0%	11.7%	17.5%	7.9%
Return on assets	-0.0%	-9.9%	3.0%	9.9%	7.9%	11.9%	3.7%
Free cash flow yield	6.4%	-15.5%	0.6%	-27.5%	0.7%	-2.0%	-8.1%
Earnings yield	-0.0%	-15.5%	3.5%	10.6%	2.3%	3.0%	1.5%
Enterprise value	PLN 69.5M	PLN 72.1M	PLN 102.9M	PLN 104.8M	PLN 109M	PLN 92.2M	PLN 53.2M
Net debt / EBITDA	6.06×	-5.92×	2.69×	2.18×	0.46×	0.22×	-0.83×
Cash conversion cycle (days)	601	445	481	514	244	137	-567