Delko S.A. (DEL.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

+1093.9%

PLN 71.28

vs PLN 5.97 price

Levered DCF

PLN 59.02

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.4

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	26.67×	37.5×	9.02×	4.08×	5.18×	4.82×	5×	3.14×
P/B	0.68×	0.71×	0.86×	0.7×	0.78×	0.89×	0.74×	0.54×
P/S	0.13×	0.14×	0.16×	0.12×	0.12×	0.12×	0.09×	0.07×
EV / EBITDA	6.28×	6.49×	4.75×	10.54×	5.01×	4.37×	4.72×	4.47×
Gross margin	17.3%	21.9%	2.8%	21.3%	20.0%	20.1%	19.0%	18.2%
Operating margin	1.1%	0.9%	2.0%	3.8%	2.7%	3.0%	2.6%	3.0%
Net margin	0.5%	0.4%	1.7%	3.0%	2.3%	2.4%	1.8%	2.1%
Current ratio	1.25×	1.31×	1.34×	1.38×	1.32×	1.19×	1.17×	1.35×
Debt / equity	0.64×	0.62×	0.43×	0.3×	0.73×	0.73×	0.91×	0.75×
Interest coverage	1.89×	1.47×	3.71×	7.84×	13.11×	10.42×	5.85×	9.5×
Dividend yield	10.4%	9.2%	7.9%	2.9%	4.2%	2.8%	3.8%	5.6%
Payout ratio	276.6%	343.2%	70.8%	12.0%	21.5%	13.7%	18.8%	17.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.6%	1.9%	9.5%	17.1%	15.0%	18.4%	14.7%	17.1%
Return on invested capital	2.2%	1.5%	5.1%	11.1%	7.8%	10.4%	8.6%	10.5%
Return on assets	1.2%	0.9%	4.3%	7.8%	6.5%	8.1%	5.8%	7.3%
Free cash flow yield	7.6%	20.6%	21.9%	20.4%	20.5%	32.4%	32.3%	58.4%
Earnings yield	3.8%	2.7%	11.1%	24.6%	19.3%	20.8%	19.9%	31.9%
Enterprise value	PLN 160.4M	PLN 174.1M	PLN 175M	PLN 141.9M	PLN 177.4M	PLN 166.4M	PLN 143.9M	PLN 98.2M
Net debt / EBITDA	2.53×	2.48×	1.03×	2.5×	2.37×	1.89×	2.52×	2.54×
Cash conversion cycle (days)	52	40	43	46	39	42	44	52