Feerum S.A. (FEE.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

+7.1%

PLN 16.60

vs PLN 15.50 price

Levered DCF

PLN 26.65

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.49

Safe zone

Rating

S-

Overall 5 / 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	9.38×	-38.55×	-76.92×	11×	18.13×	-12.88×	6.11×	12.48×
P/B	0.91×	0.71×	0.47×	0.45×	0.74×	0.9×	0.94×	0.85×
P/S	0.91×	1.07×	0.86×	0.69×	0.63×	0.81×	0.5×	0.74×
EV / EBITDA	4.51×	17.52×	6.96×	4.55×	7.83×	22.98×	5.18×	7.53×
Gross margin	20.7%	9.0%	17.6%	23.2%	11.8%	11.0%	15.7%	14.0%
Operating margin	12.4%	-1.9%	4.6%	11.1%	4.2%	-5.3%	8.8%	5.0%
Net margin	9.8%	-2.8%	-1.1%	6.2%	3.5%	-6.3%	8.2%	5.9%
Current ratio	2.5×	3.44×	2.92×	2.13×	1.93×	1.71×	1.56×	1.49×
Debt / equity	0×	0.06×	0.16×	0.3×	0.42×	0.5×	0.42×	0.49×
Interest coverage	25.71×	-1.24×	1.11×	2.53×	5.03×	-4.06×	11.52×	3.74×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	5.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-64.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.7%	-1.9%	-0.6%	4.1%	4.1%	-7.0%	15.3%	6.8%
Return on invested capital	9.7%	-0.9%	2.1%	4.1%	3.1%	-3.6%	10.6%	3.2%
Return on assets	6.9%	-1.5%	-0.5%	2.7%	2.4%	-3.7%	7.9%	3.4%
Free cash flow yield	21.5%	18.6%	17.3%	3.5%	-11.3%	32.3%	12.0%	6.1%
Earnings yield	10.7%	-2.6%	-1.3%	9.0%	5.5%	-7.8%	16.4%	8.0%
Enterprise value	PLN 92.8M	PLN 83.4M	PLN 70.4M	PLN 74.6M	PLN 104.1M	PLN 106M	PLN 167.7M	PLN 147.2M
Net debt / EBITDA	-1.05×	0.53×	1.58×	1.35×	1.59×	2.19×	1.44×	2.72×
Cash conversion cycle (days)	279	320	505	519	224	219	153	283