Eurotel S.A. (ETL.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

+621.2%

PLN 213.84

vs PLN 29.65 price

Levered DCF

PLN 232.23

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.11

Safe 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	18.09×	10.48×	9.29×	6.01×	5.69×	5.35×	5.2×	6.6×
P/B	1.45×	1.61×	1.92×	2.35×	1.65×	1.27×	1.31×	1.31×
P/S	0.18×	0.25×	0.35×	0.39×	0.28×	0.25×	0.19×	0.18×
EV / EBITDA	2.53×	3.16×	3.79×	3.3×	3.01×	2.79×	2.14×	3.68×
Gross margin	20.1%	21.9%	21.6%	16.7%	17.9%	18.1%	17.0%	16.4%
Operating margin	4.7%	3.4%	4.6%	6.3%	6.1%	5.7%	4.8%	3.5%
Net margin	1.0%	2.4%	3.8%	6.5%	4.9%	4.6%	3.6%	2.8%
Current ratio	1.32×	1.3×	1.42×	1.82×	1.58×	1.72×	1.29×	1.5×
Debt / equity	0.42×	0.31×	0.35×	0.34×	0.43×	0.47×	0.5×	0×
Interest coverage	14.71×	10.32×	15.27×	58.69×	34.43×	21.48×	16.81×	30.47×
Dividend yield	0.0%	12.3%	27.1%	7.7%	16.8%	0.0%	10.0%	11.4%
Payout ratio	0.0%	128.8%	252.0%	46.3%	95.8%	0.0%	52.0%	75.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.0%	15.4%	20.6%	39.1%	29.0%	23.7%	25.1%	19.8%
Return on invested capital	19.3%	11.7%	14.4%	22.2%	19.7%	16.0%	16.2%	17.0%
Return on assets	2.8%	5.9%	8.8%	19.2%	13.1%	11.3%	8.8%	9.4%
Free cash flow yield	7.2%	33.0%	21.2%	16.7%	31.3%	9.3%	59.6%	3.6%
Earnings yield	5.5%	9.6%	10.8%	16.6%	17.6%	18.7%	19.2%	15.2%
Enterprise value	PLN 92.4M	PLN 90.9M	PLN 133.1M	PLN 211.4M	PLN 129.6M	PLN 104.5M	PLN 70.9M	PLN 60.7M
Net debt / EBITDA	-0.09×	-1.07×	-0.52×	-0.5×	-0.19×	-0.01×	-0.35×	-0.72×
Cash conversion cycle (days)	2	-15	-1	8	11	18	-10	18