ERG Spólka Akcyjna (ERG.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

-46.2%

PLN 25.83

vs PLN 48.00 price

Levered DCF

PLN 0.09

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.23

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	-429.04×	-56.67×	12.21×	10.64×	23.08×	11.38×	33.26×	-60.14×
P/B	0.71×	0.91×	0.94×	0.97×	0.96×	0.85×	0.65×	0.99×
P/S	0.39×	0.5×	0.41×	0.33×	0.33×	0.37×	0.27×	0.39×
EV / EBITDA	9.46×	11.53×	5.1×	5.31×	9.22×	5×	6.56×	16.05×
Gross margin	13.7%	14.1%	19.3%	16.6%	13.1%	19.3%	16.3%	14.1%
Operating margin	-1.4%	-1.1%	4.2%	4.2%	1.5%	4.2%	2.1%	0.0%
Net margin	-0.1%	-0.9%	3.4%	2.6%	1.4%	3.3%	0.8%	-0.6%
Current ratio	1.79×	1.68×	1.48×	1.2×	1.25×	1.52×	1.19×	1.17×
Debt / equity	0.13×	0.19×	0.17×	0.28×	0.33×	0.16×	0.33×	0.42×
Interest coverage	-1.96×	-1.13×	5.31×	3.24×	7.96×	16.65×	4.59×	0.05×
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	-0.2%	-1.6%	7.7%	7.8%	4.1%	7.5%	2.0%	-1.7%
Return on invested capital	5.0%	-0.6%	6.6%	6.4%	2.9%	5.6%	1.7%	0.0%
Return on assets	-0.1%	-0.9%	4.3%	3.9%	2.0%	4.3%	1.0%	-0.8%
Free cash flow yield	13.0%	-3.7%	13.8%	-4.8%	-17.6%	13.7%	15.4%	-2.1%
Earnings yield	-0.2%	-1.8%	8.2%	8.0%	4.3%	8.8%	3.0%	-1.7%
Enterprise value	PLN 32.3M	PLN 44.3M	PLN 44.4M	PLN 50.2M	PLN 43.4M	PLN 33.8M	PLN 32M	PLN 46.8M
Net debt / EBITDA	1.03×	1.9×	0.61×	1.14×	1.64×	0.53×	1.89×	4.3×
Cash conversion cycle (days)	67	83	34	32	35	38	47	55