Develia S.A. (DVL.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

+137.3%

PLN 18.87

vs PLN 7.95 price

Levered DCF

PLN 34.09

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.2

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	8.8×	6.56×	7.32×	4.73×	8.74×	-6.35×	9.77×	6.81×
P/B	2.02×	1.46×	1.31×	0.77×	0.95×	0.67×	0.76×	0.73×
P/S	1.87×	1.39×	1.27×	1.03×	1.46×	1.71×	1.39×	1.38×
EV / EBITDA	7.53×	7.08×	6.79×	4.76×	7.01×	9.35×	10.06×	7.75×
Gross margin	35.1%	34.1%	30.0%	33.8%	30.8%	35.5%	39.1%	37.7%
Operating margin	25.3%	25.1%	20.5%	27.1%	24.1%	27.4%	21.1%	31.9%
Net margin	21.3%	21.2%	17.2%	21.6%	16.9%	-26.8%	14.3%	20.1%
Current ratio	2.62×	2.23×	2.05×	2.1×	2.14×	2.11×	2.78×	1.76×
Debt / equity	0.5×	0.57×	0.62×	0.46×	0.67×	0.64×	0.72×	0.8×
Interest coverage	31.67×	35.45×	14.91×	20.25×	12.45×	7.44×	5.16×	7.53×
Dividend yield	6.8%	9.1%	8.8%	18.3%	5.7%	5.1%	10.6%	9.8%
Payout ratio	59.9%	59.5%	65.0%	87.2%	49.4%	-32.2%	102.9%	67.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.0%	22.2%	17.8%	16.2%	11.0%	-10.5%	7.9%	10.7%
Return on invested capital	8.2%	12.9%	10.3%	11.3%	7.0%	6.4%	5.0%	7.2%
Return on assets	8.5%	8.9%	7.2%	7.8%	4.7%	-4.9%	3.6%	4.5%
Free cash flow yield	4.3%	11.0%	6.2%	15.1%	6.4%	6.5%	-7.8%	28.7%
Earnings yield	11.4%	15.2%	13.6%	21.0%	11.6%	-15.7%	10.3%	14.6%
Enterprise value	PLN 4.3B	PLN 3.2B	PLN 2.5B	PLN 1.4B	PLN 1.9B	PLN 1.3B	PLN 1.9B	PLN 1.8B
Net debt / EBITDA	0.68×	1.58×	1.24×	1.02×	2.2×	3.21×	3.95×	3.12×
Cash conversion cycle (days)	31	793	671	784	724	1,308	753	660