Ferro S.a. (FRO.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

+133.5%

PLN 64.91

vs PLN 27.80 price

Levered DCF

PLN 74.01

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.49

Safe zone

Rating

A+

Overall 4 / 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	8.6×	10.56×	10.06×	6.49×	6.56×	8.56×	8.03×	7.81×
P/B	1.29×	1.7×	1.5×	0.97×	1.83×	1.7×	1.28×	1.27×
P/S	0.78×	0.97×	0.84×	0.46×	0.85×	1.02×	0.71×	0.73×
EV / EBITDA	6.3×	7.34×	6.6×	5.62×	6.42×	6.49×	6.23×	6.83×
Gross margin	38.8%	21.9%	37.7%	34.3%	34.8%	35.2%	33.6%	32.8%
Operating margin	11.1%	13.6%	12.5%	11.5%	12.8%	14.6%	13.4%	13.2%
Net margin	9.1%	9.2%	8.3%	7.2%	13.0%	12.0%	8.9%	9.3%
Current ratio	1.77×	1.72×	1.85×	2.14×	1.83×	1.77×	1.69×	1.63×
Debt / equity	0.33×	0.3×	0.39×	0.47×	0.39×	0.35×	0.38×	0.47×
Interest coverage	8.09×	11.47×	5.88×	7.5×	31.5×	27.86×	17.92×	19.87×
Dividend yield	11.3%	8.8%	4.7%	7.5%	6.6%	1.6%	7.4%	2.5%
Payout ratio	97.4%	92.9%	47.5%	49.0%	43.3%	13.7%	59.5%	19.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.0%	16.1%	14.9%	14.9%	27.9%	19.8%	16.0%	16.2%
Return on invested capital	11.1%	14.3%	12.6%	13.4%	18.7%	14.3%	12.6%	12.3%
Return on assets	9.3%	9.6%	8.7%	8.7%	15.2%	12.1%	9.7%	9.6%
Free cash flow yield	7.3%	12.3%	22.5%	-6.8%	6.4%	10.9%	15.6%	-11.0%
Earnings yield	11.6%	9.5%	9.9%	15.4%	15.2%	11.7%	12.5%	12.8%
Enterprise value	PLN 704.4M	PLN 847.5M	PLN 771.7M	PLN 606.4M	PLN 811M	PLN 562.8M	PLN 396.5M	PLN 386.9M
Net debt / EBITDA	1.04×	0.74×	0.82×	1.68×	0.82×	0.37×	1.19×	1.62×
Cash conversion cycle (days)	208	155	177	188	155	152	151	172