DGA Spólka Akcyjna (DGA.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

-26.4%

PLN 15.30

vs PLN 20.80 price

Levered DCF

PLN 8.10

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.34

Distress 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	3.93×	-6.77×	11.08×	55.38×	2.45×	16.5×	-2.53×	4.12×
P/B	1.31×	1.43×	0.43×	0.47×	0.45×	0.35×	0.45×	0.6×
P/S	95.98×	8.56×	0.74×	0.82×	0.99×	0.57×	1.16×	1.42×
EV / EBITDA	-2.18×	-2.23×	0.38×	1.17×	-0.12×	-2.32×	0.34×	0.58×
Gross margin	-2599.6%	-74.4%	2.9%	10.2%	16.7%	14.8%	4.9%	19.8%
Operating margin	-3032.7%	-147.2%	-12.4%	3.2%	3.3%	1.5%	-17.4%	14.0%
Net margin	2444.0%	-126.5%	6.7%	1.5%	45.3%	3.5%	-45.5%	34.4%
Current ratio	2.35×	2.26×	2.73×	1.98×	2.15×	2×	2.72×	2.16×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	-1,710.5×	-405.67×	29×	13.05×	33.5×	-55.35×	0×
Dividend yield	0.0%	1.5%	5.6%	7.5%	0.0%	0.0%	6.5%	7.7%
Payout ratio	0.0%	-10.3%	61.8%	400.0%	0.0%	0.0%	-16.4%	31.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	33.3%	-21.2%	3.8%	0.9%	20.3%	2.2%	-17.8%	14.5%
Return on invested capital	-28.3%	-17.6%	-3.1%	0.6%	1.0%	0.6%	-6.5%	5.3%
Return on assets	17.6%	-11.9%	2.3%	0.5%	11.1%	1.2%	-12.1%	8.7%
Free cash flow yield	-9.7%	23.6%	4.8%	-52.8%	21.9%	-18.4%	-2.5%	9.7%
Earnings yield	25.5%	-14.8%	9.0%	1.9%	45.5%	6.1%	-39.4%	24.3%
Enterprise value	PLN 18.6M	PLN 8.2M	PLN 559.9K	PLN 1.2M	-PLN 564.2K	-PLN 1.1M	-PLN 847.7K	PLN 1.6M
Net debt / EBITDA	1.02×	3.2×	-4.61×	-6.78×	-1.76×	-12.6×	2.88×	-2.99×
Cash conversion cycle (days)	10,488	270	345	369	127	496	141	-8