Equnico SE (EQU.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

-6.5%

PLN 1.35

vs PLN 1.45 price

Levered DCF

PLN 0.48

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.81

Distress zone

Rating

A-

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	12.53×	29×	4.01×	25.73×	-99.32×	-6.1×	54.44×	6.19×
P/B	1.65×	1.66×	1.22×	1.11×	1.37×	1.54×	0.78×	0.3×
P/S	2.97×	2.72×	0×	0.57×	0.76×	0×	0×	4.39×
EV / EBITDA	27.91×	14.53×	4.22×	14.8×	28.42×	-7.87×	-18.43×	-4.65×
Gross margin	5.3%	47.4%	0.0%	7.5%	4.0%	0.0%	0.0%	77.6%
Operating margin	2.7%	7.2%	0.0%	7.3%	3.7%	0.0%	0.0%	-96.0%
Net margin	23.7%	9.1%	0.0%	2.2%	-0.8%	0.0%	0.0%	70.4%
Current ratio	1.41×	0.69×	0.94×	1.09×	0.95×	0.15×	3.4×	12.55×
Debt / equity	0.17×	0.16×	0.23×	0.44×	0.19×	0.27×	0.08×	0×
Interest coverage	1.82×	3.8×	0×	6.8×	1.8×	-11.29×	0×	-0.41×
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	13.1%	5.6%	29.7%	4.3%	-1.4%	-25.2%	1.4%	4.7%
Return on invested capital	0.6%	1.7%	5.9%	6.3%	5.5%	-18.1%	-4.1%	-6.4%
Return on assets	4.7%	2.1%	10.3%	1.8%	-0.6%	-17.3%	1.3%	4.3%
Free cash flow yield	7.8%	-0.2%	-115.4%	-47.6%	6.3%	-10.9%	-3.7%	27.7%
Earnings yield	8.0%	3.4%	24.4%	3.9%	-1.0%	-16.4%	1.8%	16.0%
Enterprise value	PLN 285.4M	PLN 296.5M	PLN 216M	PLN 230.6M	PLN 225M	PLN 11.1M	PLN 8.9M	PLN 2.1M
Net debt / EBITDA	-0.66×	1.08×	0.51×	4.07×	1.72×	-1.17×	-1.5×	0.63×
Cash conversion cycle (days)	226	155	0	63	-6	0	0	19