Echo Investment S.A. (ECH.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

-5306.4%

-PLN 276.98

vs PLN 5.32 price

Levered DCF

-PLN 127.59

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.85

Distress zone

Rating

B+

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	-29.69×	-136.44×	25×	10.97×	8.85×	13.47×	6.4×	4.39×
P/B	1.49×	1.15×	0.98×	0.85×	1×	0.99×	1.23×	0.9×
P/S	0.97×	1.78×	1.05×	1×	1.1×	1.37×	2.19×	1.88×
EV / EBITDA	67.15×	14.54×	9.69×	10.09×	21.18×	17.45×	8.2×	4.84×
Gross margin	62.3%	33.7%	31.0%	35.8%	26.1%	99.2%	23.1%	18.9%
Operating margin	9.2%	10.2%	11.5%	19.6%	20.2%	27.9%	51.1%	56.7%
Net margin	-3.2%	-1.3%	4.3%	9.1%	12.3%	10.1%	34.0%	42.8%
Current ratio	1.36×	1.46×	0.46×	1.35×	1.03×	1.43×	1.28×	1.56×
Debt / equity	2.34×	1.94×	1.7×	1.62×	1.86×	1.75×	1.54×	0.96×
Interest coverage	1.18×	0.48×	0.95×	1.53×	2.51×	5.92×	7.45×	7.43×
Dividend yield	18.4%	2.0%	11.7%	7.1%	12.8%	0.0%	10.7%	30.8%
Payout ratio	-567.4%	-268.9%	285.6%	78.6%	113.8%	0.0%	68.9%	135.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.8%	-0.8%	4.0%	7.7%	11.2%	7.2%	19.2%	20.4%
Return on invested capital	3.7%	0.4%	4.0%	4.1%	6.2%	4.7%	8.4%	9.0%
Return on assets	-1.0%	-0.2%	1.1%	2.1%	2.9%	2.2%	6.2%	7.7%
Free cash flow yield	13.5%	-9.7%	-17.1%	0.0%	6.7%	-4.8%	-4.8%	10.3%
Earnings yield	-3.2%	-0.7%	4.1%	9.1%	11.2%	7.3%	15.5%	22.8%
Enterprise value	PLN 4.7B	PLN 4.8B	PLN 3.7B	PLN 3.1B	PLN 4.2B	PLN 4.3B	PLN 3.8B	PLN 2.3B
Net debt / EBITDA	38.95×	8.7×	5.38×	5.55×	12.73×	10.66×	4.09×	2.05×
Cash conversion cycle (days)	1,215	1,093	599	741	604	357	480	486