Enter Air Sp. z o.o. (ENT.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

+774.2%

PLN 410.88

vs PLN 47.00 price

Levered DCF

PLN 352.72

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.9

Distress zone

Rating

Overall 2 / 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	4.6×	14.36×	4.57×	6.04×	-4.66×	-4.44×	9.11×	5.66×
P/B	2.05×	2.72×	2.51×	2.71×	6.14×	3.32×	2.13×	1.18×
P/S	0.35×	0.32×	0.34×	0.19×	0.49×	1.45×	0.48×	0.29×
EV / EBITDA	5.18×	5.54×	3.94×	4.61×	7.1×	48.53×	5.21×	6.65×
Gross margin	7.3%	10.9%	8.4%	9.6%	4.7%	-26.4%	13.1%	12.8%
Operating margin	4.3%	8.9%	6.3%	10.0%	-1.3%	-33.6%	10.4%	9.2%
Net margin	7.5%	2.2%	7.5%	3.2%	-10.5%	-32.8%	5.3%	5.1%
Current ratio	0.67×	0.68×	0.69×	0.74×	0.63×	0.26×	0.51×	0.76×
Debt / equity	4.16×	6×	4.3×	9.07×	16.44×	6.41×	3.06×	1.8×
Interest coverage	1.13×	2.82×	2.16×	4.32×	-0.27×	-2.82×	2.47×	6.52×
Dividend yield	5.1%	8.2%	0.0%	0.0%	0.0%	0.0%	1.6%	2.6%
Payout ratio	23.6%	117.7%	0.0%	0.0%	0.0%	0.0%	14.4%	14.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	44.6%	18.9%	54.9%	44.8%	-131.5%	-74.8%	23.5%	20.8%
Return on invested capital	3.9%	9.1%	7.0%	12.8%	-0.8%	-8.3%	8.6%	9.3%
Return on assets	7.5%	2.4%	9.2%	3.9%	-6.7%	-9.0%	4.9%	5.6%
Free cash flow yield	35.7%	48.5%	30.1%	80.9%	41.0%	7.8%	30.4%	31.3%
Earnings yield	21.7%	7.0%	21.9%	16.5%	-21.4%	-22.5%	11.0%	17.6%
Enterprise value	PLN 2.9B	PLN 2.7B	PLN 2.2B	PLN 1.6B	PLN 1.7B	PLN 1.9B	PLN 1.8B	PLN 847.7M
Net debt / EBITDA	3.32×	3.62×	2.3×	3.36×	4.87×	31.3×	2.96×	3.71×
Cash conversion cycle (days)	2	2	4	-3	-12	-14	6	-8