Erbud S.A. (ERB.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

-435.3%

-PLN 78.63

vs PLN 23.45 price

Levered DCF

-PLN 153.75

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.71

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	-9.4×	-14.05×	51.19×	49.06×	74.65×	7.56×	7.3×	-5.95×
P/B	0.78×	0.83×	0.95×	0.75×	1.18×	1.17×	0.92×	0.52×
P/S	0.1×	0.14×	0.16×	0.11×	0.21×	0.16×	0.11×	0.05×
EV / EBITDA	5.58×	6.37×	3.91×	9.24×	3.96×	1.87×	4.36×	72.62×
Gross margin	8.1%	7.4%	6.5%	5.8%	9.5%	8.7%	6.3%	3.8%
Operating margin	0.7%	0.7%	0.6%	0.5%	2.9%	3.2%	2.5%	-0.5%
Net margin	-1.1%	-1.0%	0.3%	0.2%	0.3%	2.1%	1.5%	-0.9%
Current ratio	1.26×	1.23×	1.4×	1.42×	1.6×	1.22×	1.3×	1.26×
Debt / equity	0.9×	0.64×	0.45×	0.58×	0.39×	0.42×	0.87×	0.55×
Interest coverage	0.79×	0.76×	0.52×	0.77×	6.65×	5.33×	5.05×	-0.99×
Dividend yield	7.9%	6.6%	2.0%	0.1%	0.5%	0.6%	0.3%	12.6%
Payout ratio	-74.7%	-92.5%	104.9%	6.0%	37.1%	4.4%	1.8%	-75.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-8.3%	-5.9%	1.9%	1.5%	1.6%	15.5%	12.6%	-8.7%
Return on invested capital	2.3%	-628.4%	1.0%	-13.7%	2.4%	11.6%	7.7%	-2.6%
Return on assets	-1.8%	-1.4%	0.5%	0.4%	0.5%	3.9%	2.9%	-1.9%
Free cash flow yield	-18.2%	14.3%	40.2%	-46.7%	-40.1%	82.4%	-52.2%	44.1%
Earnings yield	-10.6%	-7.1%	1.9%	2.0%	1.3%	13.2%	13.7%	-16.8%
Enterprise value	PLN 452.6M	PLN 418.5M	PLN 489.3M	PLN 555.1M	PLN 502.8M	PLN 187.6M	PLN 345.2M	PLN 68.8M
Net debt / EBITDA	1.43×	0.2×	-0.19×	2.47×	-1.18×	-1.64×	1.25×	-55.37×
Cash conversion cycle (days)	79	90	71	74	75	57	73	44