Korporacja Gospodarcza Efekt S.A. (EFK.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

+1366.6%

PLN 95.33

vs PLN 6.50 price

Levered DCF

PLN 62.12

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.04

Grey zone

Rating

S-

Overall 5 / 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	1.5×	5.65×	0.89×	-4.08×	4.75×	63.7×	0.73×	5.2×
P/B	0.2×	0.29×	0.31×	0.38×	0.4×	0.3×	0.27×	0.81×
P/S	0.51×	0.72×	0.6×	0.83×	1.09×	0.76×	0.42×	0.77×
EV / EBITDA	2.14×	5.66×	1.6×	16.66×	6.86×	27.08×	1.93×	5.31×
Gross margin	66.5%	92.2%	93.4%	87.5%	90.7%	92.7%	43.7%	56.1%
Operating margin	54.3%	29.1%	93.7%	10.8%	37.6%	9.4%	17.2%	26.1%
Net margin	33.8%	12.8%	67.4%	-20.4%	23.1%	1.2%	56.7%	14.8%
Current ratio	2.32×	0.7×	1.01×	0.85×	0.86×	1.19×	0.27×	1.42×
Debt / equity	0.28×	0.36×	0.55×	0.8×	0.62×	0.68×	0.72×	1.23×
Interest coverage	8.14×	4.41×	13.63×	1.91×	7.94×	0×	3.29×	3.37×
Dividend yield	0.9%	1.4%	0.0%	0.2%	0.8%	1.1%	0.8%	4.6%
Payout ratio	1.4%	7.9%	0.0%	-0.7%	3.6%	72.1%	0.6%	23.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	5.1%	34.4%	-9.3%	8.4%	0.5%	37.2%	15.5%
Return on invested capital	10.1%	6.1%	23.7%	2.4%	6.0%	0.8%	5.3%	9.4%
Return on assets	8.5%	3.1%	19.3%	-4.3%	4.4%	0.2%	19.5%	6.3%
Free cash flow yield	35.6%	29.9%	34.3%	13.8%	-7.9%	5.7%	34.7%	34.3%
Earnings yield	66.8%	17.8%	112.6%	-24.6%	21.1%	1.6%	136.0%	19.2%
Enterprise value	PLN 61.9M	PLN 69.6M	PLN 84.5M	PLN 76.2M	PLN 82.4M	PLN 64.9M	PLN 72.2M	PLN 78.9M
Net debt / EBITDA	1.19×	2.82×	0.93×	10.38×	4.11×	17.38×	1.4×	2.83×
Cash conversion cycle (days)	88	-875	-49	-427	-106	-1,074	2	-13