Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A. (FSG.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

+339.9%

PLN 61.58

vs PLN 14.00 price

Levered DCF

PLN 35.62

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.85

Grey zone

Rating

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	5.94×	2.48×	2.77×	28.26×	8.76×	3.84×	3.2×	2.42×
P/B	0.24×	0.2×	0.28×	0.28×	0.27×	0.22×	0.34×	0.41×
P/S	0.15×	0.13×	0.15×	0.16×	0.2×	0.21×	0.22×	0.24×
EV / EBITDA	3.92×	2.53×	2.41×	5.09×	5.16×	3.13×	2.61×	2.83×
Gross margin	37.4%	39.2%	38.2%	30.6%	26.3%	27.6%	29.9%	43.1%
Operating margin	9.9%	9.6%	13.0%	5.2%	10.2%	10.3%	9.3%	15.0%
Net margin	2.5%	5.3%	5.5%	0.6%	2.3%	5.6%	7.0%	10.0%
Current ratio	1.5×	1.51×	1.65×	1.41×	1.73×	3.11×	2.23×	1.56×
Debt / equity	0.45×	0.41×	0.39×	0.61×	0.61×	0.56×	0.67×	0.61×
Interest coverage	3.47×	3.24×	4.11×	1.28×	2.53×	4.03×	3.94×	5.83×
Dividend yield	0.0%	0.0%	2.1%	0.0%	1.6%	0.0%	5.4%	4.8%
Payout ratio	0.0%	0.0%	5.7%	0.0%	14.4%	0.0%	17.2%	11.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.1%	8.0%	10.2%	1.0%	3.1%	5.7%	10.7%	17.0%
Return on invested capital	7.7%	7.4%	12.1%	2.0%	4.1%	4.6%	5.5%	10.7%
Return on assets	2.0%	4.2%	5.1%	0.4%	1.5%	2.8%	4.4%	6.5%
Free cash flow yield	-11.4%	-18.6%	57.4%	51.8%	18.4%	28.9%	-6.8%	9.5%
Earnings yield	16.8%	40.3%	36.1%	3.6%	11.4%	26.1%	31.2%	41.3%
Enterprise value	PLN 119.7M	PLN 96.5M	PLN 92.7M	PLN 114.8M	PLN 127.4M	PLN 103.5M	PLN 123.1M	PLN 121M
Net debt / EBITDA	2.48×	1.62×	1.24×	3.3×	3.47×	2.14×	1.63×	1.62×
Cash conversion cycle (days)	196	211	176	201	294	312	326	360