Eurocash S.A. (EUR.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

+1506.4%

PLN 68.53

vs PLN 4.27 price

Levered DCF

PLN 68.45

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.32

Safe zone

Rating

B-

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	-2.59×	-37.68×	23.45×	28.33×	-15.27×	31.93×	43.68×	22.28×
P/B	2.32×	1.35×	2.9×	2.66×	2.16×	2.09×	3.39×	2.51×
P/S	0.03×	0.03×	0.07×	0.06×	0.06×	0.08×	0.12×	0.11×
EV / EBITDA	4.82×	3.78×	4.25×	4.28×	5.85×	5.69×	6.59×	6.16×
Gross margin	11.4%	13.4%	13.6%	13.7%	13.0%	13.2%	13.0%	12.6%
Operating margin	-0.1%	0.9%	1.3%	1.3%	0.6%	1.0%	1.0%	0.9%
Net margin	-1.1%	-0.1%	0.3%	0.2%	-0.4%	0.2%	0.3%	0.5%
Current ratio	0.59×	0.67×	0.65×	0.6×	0.62×	0.6×	0.55×	0.61×
Debt / equity	6.03×	4.33×	3.37×	3.88×	4.16×	2.78×	2.76×	0.56×
Interest coverage	-0.14×	0.89×	1.41×	1.49×	1.33×	1.78×	1.51×	2.4×
Dividend yield	3.4%	10.1%	2.7%	0.6%	5.1%	0.2%	4.7%	4.3%
Payout ratio	-8.7%	-372.8%	62.2%	16.2%	-76.7%	5.4%	205.2%	96.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-89.2%	-3.6%	12.4%	9.4%	-14.2%	6.6%	7.8%	11.2%
Return on invested capital	-1.5%	0.8%	8.9%	5.2%	4.3%	4.2%	4.9%	9.1%
Return on assets	-4.1%	-0.3%	1.1%	0.8%	-1.2%	0.8%	0.9%	1.8%
Free cash flow yield	71.3%	80.6%	41.1%	35.5%	28.8%	18.8%	14.8%	13.1%
Earnings yield	-38.5%	-2.7%	4.3%	3.5%	-6.6%	3.2%	2.3%	4.5%
Enterprise value	PLN 2.8B	PLN 3.8B	PLN 4.7B	PLN 4.5B	PLN 4.3B	PLN 4.5B	PLN 5.4B	PLN 2.8B
Net debt / EBITDA	3.31×	2.78×	2.17×	2.48×	3.8×	3.19×	2.86×	0.76×
Cash conversion cycle (days)	-25	-21	-20	-14	-17	-20	-20	-23