Centrum Medyczne ENEL-MED S.A. (ENE.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

+354.0%

PLN 88.98

vs PLN 19.60 price

Levered DCF

PLN 90.83

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.29

Grey 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	37.39×	38.85×	65.52×	-18.92×	-302.05×	-114.29×	-130×	-333.33×
P/B	2.62×	3.31×	3.35×	2.92×	2.41×	3.81×	2.99×	2.34×
P/S	0.57×	0.78×	0.87×	0.9×	0.97×	0.94×	0.73×	0.66×
EV / EBITDA	7.78×	7.7×	8.11×	15.97×	8.69×	8.59×	8.83×	12.58×
Gross margin	9.3%	8.0%	4.2%	2.2%	5.0%	7.6%	5.7%	6.3%
Operating margin	2.4%	3.8%	0.5%	-4.2%	1.1%	4.0%	1.6%	0.4%
Net margin	1.5%	2.0%	1.3%	-4.8%	-0.3%	-0.8%	-0.6%	-0.2%
Current ratio	0.6×	0.66×	0.48×	0.57×	1.11×	0.53×	0.42×	0.65×
Debt / equity	1.84×	1.59×	1.47×	1.43×	1.13×	2.47×	2.53×	0.52×
Interest coverage	2×	2.68×	0.3×	-3.58×	0.81×	2.11×	0.95×	0.73×
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	6.9%	8.5%	5.1%	-15.5%	-0.8%	-3.4%	-2.4%	-0.7%
Return on invested capital	3.0%	4.7%	0.6%	-4.7%	-17.8%	3.4%	1.8%	-22.3%
Return on assets	2.0%	2.7%	1.7%	-5.5%	-0.3%	-0.9%	-0.6%	-0.3%
Free cash flow yield	4.5%	10.2%	9.0%	-1.3%	6.7%	16.8%	14.8%	-2.0%
Earnings yield	2.7%	2.6%	1.5%	-5.3%	-0.3%	-0.9%	-0.8%	-0.3%
Enterprise value	PLN 794.3M	PLN 809M	PLN 739M	PLN 638.6M	PLN 550.3M	PLN 604M	PLN 557.1M	PLN 294.2M
Net debt / EBITDA	3.02×	2.26×	2.21×	4.87×	1.97×	3.23×	3.98×	2.1×
Cash conversion cycle (days)	-11	-10	-13	-5	-7	-5	-2	-1