DRAGO entertainment Spólka Akcyjna (DGE.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

+84.8%

PLN 35.01

vs PLN 18.95 price

Levered DCF

-PLN 4.09

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.93

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
P/E	26.08×	5.72×	44.62×	37.79×	15.7×	-60.6×	260.22×
P/B	1.39×	1.44×	5.75×	5.64×	9.05×	8.06×	47.28×
P/S	1.67×	1.21×	5.24×	4.07×	5.31×	60.3×	70.48×
EV / EBITDA	7.49×	4.42×	23.5×	23.12×	12.84×	-58.65×	228.48×
Gross margin	21.9%	123.9%	20.1%	11.6%	37.9%	-96.9%	-45.8%
Operating margin	21.5%	22.2%	18.9%	11.2%	37.7%	-103.3%	-48.3%
Net margin	6.4%	21.2%	11.7%	10.8%	33.9%	-99.5%	27.1%
Current ratio	6.58×	6.51×	6.1×	4.54×	7.79×	26.18×	5.45×
Debt / equity	0.02×	0×	0×	0×	0×	0×	0×
Interest coverage	12.72×	251.2×	1,262.79×	1,105.16×	22.4×	-221.11×	-64.54×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.3%	25.2%	12.9%	14.9%	57.7%	-13.3%	18.2%
Return on invested capital	17.4%	24.0%	16.3%	11.9%	60.3%	-13.8%	-31.4%
Return on assets	4.5%	21.4%	10.8%	11.6%	50.4%	-12.8%	14.8%
Free cash flow yield	-8.4%	2.4%	-5.3%	1.1%	4.0%	-5.7%	-2.1%
Earnings yield	3.8%	17.5%	2.2%	2.6%	6.4%	-1.7%	0.4%
Enterprise value	PLN 20.9M	PLN 18.7M	PLN 61.4M	PLN 48.6M	PLN 68.7M	PLN 26M	PLN 27.6M
Net debt / EBITDA	0.07×	-0.5×	-0.6×	-2.45×	-0.85×	3.73×	-0.15×
Cash conversion cycle (days)	565	-936	319	138	141	773	452