Digital Network S.A. (DIG.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

+129.4%

PLN 643.14

vs PLN 280.40 price

Levered DCF

PLN 758.63

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.01

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	18.14×	8.94×	6.05×	6.46×	3.95×	-5.07×	-1.68×	6.56×
P/B	6.88×	4.68×	2.25×	1.41×	1.05×	0.79×	0.8×	1.2×
P/S	6.44×	3.01×	2.01×	1.14×	0.99×	0.72×	0.37×	0.81×
EV / EBITDA	13.06×	5.43×	2.98×	2.68×	2.29×	6.21×	-19.43×	3.95×
Gross margin	58.5%	58.1%	58.4%	50.7%	42.5%	32.7%	24.0%	36.1%
Operating margin	45.4%	42.5%	35.4%	30.2%	26.7%	11.6%	7.4%	15.3%
Net margin	33.3%	33.7%	33.2%	17.6%	25.2%	-14.3%	-26.0%	12.3%
Current ratio	0.82×	2.01×	2.3×	1.71×	1.14×	0.8×	0.56×	1.44×
Debt / equity	1.95×	0.48×	0.42×	0.51×	0.58×	1.19×	0.99×	0.09×
Interest coverage	14.87×	21.16×	16.65×	15.54×	10.64×	2.83×	10.49×	16.84×
Dividend yield	1.6%	13.1%	4.6%	4.5%	3.1%	0.5%	3.0%	5.0%
Payout ratio	31.3%	117.1%	27.9%	28.9%	12.1%	-2.6%	-4.4%	32.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	35.6%	52.3%	37.2%	21.8%	26.8%	-15.6%	-55.2%	18.3%
Return on invested capital	12.4%	33.7%	20.5%	16.9%	15.0%	5.7%	7.2%	18.3%
Return on assets	10.3%	27.3%	21.0%	10.9%	12.9%	-6.0%	-20.7%	11.7%
Free cash flow yield	6.6%	13.0%	21.6%	29.5%	45.4%	12.3%	-3.4%	12.5%
Earnings yield	5.2%	11.2%	16.5%	15.4%	25.4%	-19.8%	-69.4%	15.3%
Enterprise value	PLN 908.8M	PLN 235.1M	PLN 128M	PLN 62.5M	PLN 40.9M	PLN 47.2M	PLN 47.2M	PLN 45.5M
Net debt / EBITDA	2.61×	0.23×	-0.03×	0.31×	0.5×	3.71×	-10.37×	-0.32×
Cash conversion cycle (days)	91	46	99	48	54	81	-15	0