Dekpol S.a. (DEK.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

+269.7%

PLN 205.57

vs PLN 55.60 price

Levered DCF

PLN 269.64

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.28

Grey 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	6.92×	3.97×	5.06×	3.27×	3.51×	4.47×	4.1×	7.98×
P/B	1.03×	0.61×	0.81×	0.56×	0.72×	0.81×	0.86×	1.41×
P/S	0.39×	0.27×	0.29×	0.19×	0.21×	0.22×	0.27×	0.32×
EV / EBITDA	4.3×	3.46×	3.85×	2.55×	3.49×	3.72×	5.24×	6.76×
Gross margin	17.9%	17.4%	14.2%	14.7%	13.2%	13.0%	10.8%	11.1%
Operating margin	8.6%	8.6%	7.4%	8.7%	9.0%	7.7%	9.2%	6.2%
Net margin	5.6%	6.9%	5.7%	5.7%	6.0%	5.0%	6.6%	4.1%
Current ratio	2.07×	2.39×	1.86×	1.71×	1.57×	1.32×	1.39×	1.46×
Debt / equity	0.69×	0.84×	0.62×	0.73×	0.88×	0.88×	1.23×	0.9×
Interest coverage	5.23×	4.48×	4.7×	3.49×	6.27×	6.79×	10.13×	7.71×
Dividend yield	4.0%	5.4%	0.0%	0.0%	0.0%	0.0%	0.0%	3.6%
Payout ratio	27.6%	21.6%	0.0%	0.0%	0.0%	0.0%	0.0%	29.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.0%	15.4%	16.0%	17.2%	20.6%	18.1%	21.0%	17.7%
Return on invested capital	9.4%	7.7%	9.0%	11.0%	12.1%	10.8%	9.8%	7.9%
Return on assets	5.4%	5.7%	5.8%	5.7%	5.6%	5.5%	5.3%	3.8%
Free cash flow yield	37.0%	-18.6%	20.0%	36.8%	19.4%	54.9%	35.9%	-26.8%
Earnings yield	14.5%	25.2%	19.8%	30.6%	28.5%	22.4%	24.4%	12.5%
Enterprise value	PLN 809.6M	PLN 575.3M	PLN 507.1M	PLN 376.3M	PLN 417.2M	PLN 334.7M	PLN 418.2M	PLN 404.8M
Net debt / EBITDA	0.46×	1.16×	0.42×	0.8×	1.26×	1.1×	2.63×	2.24×
Cash conversion cycle (days)	165	248	162	185	160	79	236	195