Decora S.A. (DCR.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

+178.6%

PLN 213.12

vs PLN 76.50 price

Levered DCF

PLN 339.27

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.08

Safe zone

Rating

A+

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	9.82×	8.44×	8.5×	8.29×	5.38×	5.92×	7.88×	7.95×
P/B	2.08×	1.94×	1.89×	1.28×	1.52×	1.78×	1.35×	1.23×
P/S	1.19×	1.16×	1×	0.62×	0.75×	0.9×	0.65×	0.57×
EV / EBITDA	6.38×	5.67×	5.78×	6.84×	3.97×	4.08×	5.05×	6.94×
Gross margin	42.0%	42.3%	36.7%	32.6%	38.4%	41.1%	34.6%	32.1%
Operating margin	15.3%	17.5%	14.7%	10.1%	17.4%	18.7%	10.4%	7.2%
Net margin	12.1%	13.8%	11.7%	7.4%	13.9%	15.3%	8.3%	7.2%
Current ratio	2.4×	3.04×	2.42×	1.55×	1.96×	2.35×	1.8×	1.61×
Debt / equity	0.18×	0.23×	0.31×	0.48×	0.12×	0.03×	0.22×	0.24×
Interest coverage	45.36×	35.61×	19.86×	46.93×	198.8×	106.22×	30.2×	21.34×
Dividend yield	5.4%	4.6%	3.7%	6.3%	5.9%	4.7%	5.3%	6.4%
Payout ratio	52.8%	39.1%	31.5%	52.0%	31.6%	27.9%	41.7%	50.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.2%	23.0%	22.2%	15.5%	28.4%	30.0%	17.1%	15.5%
Return on invested capital	18.2%	18.8%	16.6%	11.7%	25.9%	29.0%	14.3%	11.7%
Return on assets	14.8%	16.3%	14.3%	8.6%	18.8%	22.8%	12.1%	10.3%
Free cash flow yield	9.1%	7.6%	12.1%	-15.9%	-0.6%	13.0%	9.9%	12.2%
Earnings yield	10.2%	11.9%	11.8%	12.1%	18.6%	16.9%	12.7%	12.6%
Enterprise value	PLN 824.7M	PLN 731.6M	PLN 631.9M	PLN 434.9M	PLN 379.7M	PLN 331.9M	PLN 223.4M	PLN 185.7M
Net debt / EBITDA	0.31×	0.37×	0.57×	1.55×	0.22×	-0.04×	0.54×	0.99×
Cash conversion cycle (days)	124	123	87	105	106	-68	97	105