Elektrotim S.A. (ELT.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

+3.6%

PLN 62.42

vs PLN 60.25 price

Levered DCF

PLN 69.42

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.32

Safe zone

Rating

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	15.81×	6.97×	8.12×	3.27×	8.42×	3.67×	-2.97×	-11.95×
P/B	3.32×	2.81×	1.73×	0.73×	0.73×	0.88×	0.81×	0.66×
P/S	0.79×	0.72×	0.33×	0.14×	0.2×	0.22×	0.17×	0.15×
EV / EBITDA	9.92×	4.45×	3.82×	0.58×	3.14×	1.75×	-5.62×	40.79×
Gross margin	11.9%	15.4%	13.9%	13.3%	11.7%	14.0%	3.5%	7.7%
Operating margin	7.1%	10.3%	6.3%	6.6%	3.3%	8.4%	-5.2%	-0.4%
Net margin	5.0%	10.3%	4.1%	4.3%	2.4%	6.0%	-5.6%	-1.3%
Current ratio	1.8×	2.08×	1.59×	1.49×	1.52×	1.41×	1.16×	1.37×
Debt / equity	0.09×	0.1×	0.06×	0.06×	0.11×	0.18×	0.5×	0.25×
Interest coverage	9.8×	6.62×	9.15×	19.25×	6.76×	16×	-6.44×	-0.24×
Dividend yield	5.5%	6.6%	8.2%	0.0%	0.5%	0.0%	0.0%	0.3%
Payout ratio	86.2%	46.2%	66.9%	0.0%	4.1%	0.0%	0.0%	-3.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.0%	40.3%	21.2%	22.4%	8.7%	23.9%	-27.3%	-5.6%
Return on invested capital	18.9%	28.4%	16.8%	22.4%	8.6%	20.2%	-12.5%	-1.4%
Return on assets	9.1%	20.5%	8.3%	8.2%	3.6%	9.1%	-9.2%	-2.2%
Free cash flow yield	-1.2%	11.4%	-3.1%	49.9%	1.3%	48.8%	12.6%	-69.5%
Earnings yield	6.3%	14.3%	12.3%	30.6%	11.9%	27.2%	-33.7%	-8.4%
Enterprise value	PLN 457.9M	PLN 341.6M	PLN 154.6M	PLN 21.4M	PLN 45.4M	PLN 50M	PLN 64.7M	PLN 60.9M
Net debt / EBITDA	0×	-0.47×	-0.67×	-1.36×	-0.7×	-0.38×	-1.89×	9.65×
Cash conversion cycle (days)	90	62	73	54	77	66	67	82