Dino Polska S.A. (DNP.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

-84.5%

PLN 5.95

vs PLN 38.27 price

Levered DCF

PLN 9.32

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.25

Safe zone

Rating

A-

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	26.01×	25.31×	32.15×	32.49×	44.74×	44.05×	34.37×	30.51×
P/B	4.68×	5.39×	8.06×	8.75×	11.73×	12.52×	8.7×	7.75×
P/S	1.21×	1.31×	1.76×	1.86×	2.69×	2.8×	1.85×	1.61×
EV / EBITDA	15.79×	16.53×	20.57×	20.73×	29.15×	28.27×	20.48×	18.35×
Gross margin	22.1%	23.3%	23.1%	24.1%	24.9%	25.7%	24.3%	24.2%
Operating margin	6.1%	6.5%	7.3%	7.8%	7.7%	8.3%	7.3%	7.3%
Net margin	4.6%	5.1%	5.5%	5.7%	6.0%	6.4%	5.4%	5.3%
Current ratio	0.82×	0.82×	0.84×	0.73×	0.66×	0.73×	0.61×	0.6×
Debt / equity	0.09×	0.15×	0.21×	0.42×	0.48×	0.65×	0.7×	0.69×
Interest coverage	16.58×	15.62×	12.78×	10.93×	39.06×	27.5×	9.39×	16.62×
Dividend yield	0.0%	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%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.0%	21.2%	25.1%	26.9%	26.2%	28.4%	25.3%	25.4%
Return on invested capital	17.4%	19.3%	22.3%	20.7%	19.2%	18.2%	16.5%	16.7%
Return on assets	10.3%	11.5%	13.5%	12.6%	11.2%	11.6%	9.4%	9.4%
Free cash flow yield	0.4%	2.1%	1.3%	-0.5%	-0.0%	-0.6%	-0.2%	-0.0%
Earnings yield	3.8%	3.9%	3.1%	3.1%	2.2%	2.3%	2.9%	3.3%
Enterprise value	PLN 40.3B	PLN 38.4B	PLN 46.1B	PLN 38.2B	PLN 37.1B	PLN 29.4B	PLN 14.9B	PLN 9.9B
Net debt / EBITDA	-0.08×	0.08×	0.43×	0.76×	0.83×	0.96×	1.03×	1.01×
Cash conversion cycle (days)	22	20	7	4	-14	-20	-33	-32