Digitree Group S.A. (DTR.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

-25.3%

PLN 5.60

vs PLN 7.50 price

Levered DCF

PLN 9.97

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.37

Safe zone

Rating

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	500×	-5×	-29.55×	172.59×	75.45×	-14.26×	-16.4×	43.68×
P/B	1.62×	1.63×	1.21×	1.6×	0.95×	0.9×	0.36×	0.77×
P/S	0.37×	0.31×	0.27×	0.42×	0.31×	0.35×	0.18×	0.39×
EV / EBITDA	12.61×	-29.47×	7.55×	9.05×	4.82×	5.99×	3.33×	4.6×
Gross margin	2.6%	-6.0%	3.0%	99.6%	99.6%	99.5%	98.8%	98.9%
Operating margin	-0.0%	-1.9%	-0.1%	0.8%	0.5%	-2.0%	-0.5%	3.4%
Net margin	0.1%	-6.2%	-0.9%	0.2%	0.4%	-2.5%	-0.7%	0.9%
Current ratio	0.78×	1.08×	1.11×	1.14×	1.28×	1.21×	1.23×	1.2×
Debt / equity	0.22×	0.26×	0.14×	0.15×	0.1×	0.27×	0.16×	0.07×
Interest coverage	-0.06×	-5.36×	-0.32×	2.07×	2.34×	-7.98×	-1.18×	48.88×
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	0.3%	-32.4%	-4.1%	0.9%	1.3%	-6.4%	-1.5%	1.8%
Return on invested capital	-0.0%	-7.4%	-0.4%	1.8%	1.3%	-3.1%	-0.9%	2.0%
Return on assets	0.1%	-14.9%	-2.1%	0.5%	0.7%	-3.5%	-1.0%	1.1%
Free cash flow yield	9.6%	2.5%	-4.9%	3.0%	6.3%	18.0%	2.5%	4.9%
Earnings yield	0.2%	-19.8%	-3.4%	0.6%	1.3%	-7.1%	-4.1%	2.3%
Enterprise value	PLN 22.9M	PLN 24.7M	PLN 24.3M	PLN 32.8M	PLN 18.8M	PLN 18.9M	PLN 11.4M	PLN 18.4M
Net debt / EBITDA	-0.94×	-0.27×	0.04×	-0.29×	-0.46×	-0.09×	0.35×	-0.16×
Cash conversion cycle (days)	14	19	20	-11,177	-9,870	-8,276	-3,371	-5,072