Doosan Skoda Power (DSPW.PR) 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

+74.2%

CZK 696.61

vs CZK 400.00 price

Levered DCF

CZK 620.97

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.64

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
P/E	25.29×	13.73×	16.2×	15.73×	47.89×
P/B	2.71×	2.16×	1.53×	1.19×	1.26×
P/S	2.34×	1.53×	1.88×	2.2×	2.55×
EV / EBITDA	13.43×	7.64×	7.58×	8.31×	14.51×
Gross margin	37.6%	34.9%	31.7%	35.2%	34.0%
Operating margin	10.1%	10.4%	10.0%	11.3%	6.5%
Net margin	9.3%	11.1%	11.6%	14.0%	5.3%
Current ratio	1.81×	1.73×	2.23×	3.83×	3.86×
Debt / equity	0×	0.01×	0×	0×	0×
Interest coverage	1,244.07×	377.15×	361.55×	216.7×	191.29×
Dividend yield	2.4%	5.3%	24.2%	2.8%	2.5%
Payout ratio	59.7%	72.2%	392.5%	43.4%	121.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	10.7%	15.7%	9.4%	7.6%	2.6%
Return on invested capital	8.6%	10.1%	5.9%	4.7%	2.7%
Return on assets	6.3%	9.3%	6.3%	6.1%	2.1%
Free cash flow yield	4.5%	1.9%	9.6%	7.9%	7.6%
Earnings yield	4.0%	7.3%	6.2%	6.4%	2.1%
Enterprise value	CZK 11.3B	CZK 8.1B	CZK 7B	CZK 7.6B	CZK 6.6B
Net debt / EBITDA	-2.17×	-0.95×	-2.3×	-1.61×	-5.42×
Cash conversion cycle (days)	83	65	206	375	264