Energoaparatura S.A. (ENP.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

+111.5%

PLN 5.75

vs PLN 2.72 price

Levered DCF

PLN 4.29

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.98

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	12.48×	28.29×	11.76×	17.91×	17.33×	-14.39×	25.18×	15.97×
P/B	2.24×	1.74×	1.87×	1.87×	2.05×	1.47×	1.37×	1.15×
P/S	0.94×	0.86×	0.85×	0.82×	0.76×	0.98×	0.62×	0.5×
EV / EBITDA	8.53×	11.82×	6.88×	8.87×	8.62×	-74.55×	9.89×	7.41×
Gross margin	20.4%	17.9%	16.0%	15.3%	12.4%	7.9%	13.4%	12.9%
Operating margin	9.2%	4.9%	7.8%	5.8%	5.8%	-6.6%	2.8%	4.5%
Net margin	7.6%	3.0%	7.0%	4.6%	4.5%	-6.8%	2.5%	3.1%
Current ratio	1.5×	3.12×	2.1×	2.99×	2.6×	2.61×	2.14×	1.87×
Debt / equity	0.02×	0.03×	0.05×	0.14×	0.14×	0.16×	0.13×	0.01×
Interest coverage	15.55×	6.19×	13.41×	9.15×	11.1×	-8.76×	5.68×	11.47×
Dividend yield	0.0%	0.0%	7.5%	3.6%	1.9%	0.0%	2.1%	0.0%
Payout ratio	0.0%	0.0%	90.4%	62.8%	32.6%	0.0%	54.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.0%	6.1%	15.5%	10.6%	12.1%	-10.2%	5.4%	7.2%
Return on invested capital	16.7%	6.4%	13.7%	9.8%	11.5%	-8.1%	4.0%	7.8%
Return on assets	6.7%	4.3%	8.6%	7.0%	7.6%	-6.4%	3.5%	4.1%
Free cash flow yield	14.6%	-6.2%	9.3%	4.4%	1.3%	16.6%	-8.1%	-33.7%
Earnings yield	8.0%	3.5%	8.3%	5.7%	5.9%	-7.0%	4.0%	6.3%
Enterprise value	PLN 59.5M	PLN 35.4M	PLN 34M	PLN 34.8M	PLN 37.7M	PLN 25.3M	PLN 30.1M	PLN 22.1M
Net debt / EBITDA	-0.28×	-1.2×	-1.09×	-1×	-0.75×	4.96×	0.83×	-0.18×
Cash conversion cycle (days)	112	153	-8	88	48	118	149	140