Dom Development S.A. (DOM.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

+207.2%

PLN 737.22

vs PLN 240.00 price

Levered DCF

PLN 210.25

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.48

Grey 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	10.06×	8.26×	8.33×	5.91×	9.31×	9.5×	9.26×	6.92×
P/B	3.31×	2.76×	2.64×	1.72×	2.45×	2.48×	2.19×	1.5×
P/S	2.02×	1.48×	1.5×	1×	1.6×	1.58×	1.43×	0.95×
EV / EBITDA	8.27×	6.91×	7.01×	4.83×	6.84×	6.94×	7.92×	5.74×
Gross margin	34.4%	32.2%	32.0%	31.2%	32.9%	31.9%	30.1%	27.5%
Operating margin	24.8%	22.1%	21.9%	21.2%	21.9%	21.5%	19.3%	17.1%
Net margin	20.1%	18.0%	18.0%	17.0%	17.2%	16.7%	15.4%	13.7%
Current ratio	1.83×	1.8×	1.82×	1.74×	1.79×	1.91×	2.05×	2.39×
Debt / equity	0.43×	0.43×	0.45×	0.34×	0.39×	0.42×	0.53×	0.38×
Interest coverage	115.85×	291.07×	1,073.62×	58.36×	45.8×	63.93×	80.27×	197.91×
Dividend yield	5.5%	6.9%	11.1%	11.1%	8.3%	8.3%	9.6%	12.1%
Payout ratio	55.2%	56.8%	92.1%	65.4%	77.6%	79.3%	88.6%	83.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	32.9%	33.4%	31.8%	29.0%	26.4%	26.1%	23.6%	21.7%
Return on invested capital	21.4%	21.2%	19.7%	20.1%	17.6%	17.4%	14.6%	14.6%
Return on assets	10.9%	10.8%	10.1%	10.0%	8.4%	9.3%	8.6%	8.9%
Free cash flow yield	2.9%	7.6%	6.5%	-9.1%	12.5%	23.3%	6.3%	14.1%
Earnings yield	9.9%	12.1%	12.0%	16.9%	10.7%	10.5%	10.8%	14.4%
Enterprise value	PLN 6.9B	PLN 5.1B	PLN 4.2B	PLN 2.6B	PLN 2.9B	PLN 2.8B	PLN 2.7B	PLN 1.7B
Net debt / EBITDA	0.39×	0.51×	0.61×	0.33×	-0.29×	-0.25×	0.94×	0.39×
Cash conversion cycle (days)	836	669	771	725	786	635	702	561