Grupa Forte Spolka S.A. (FTE.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

+612.0%

PLN 92.91

vs PLN 13.05 price

Levered DCF

PLN 53.68

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.17

Grey 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	25.38×	12.95×	-9.01×	5.4×	9.03×	19.81×	20.75×	15.8×
P/B	0.64×	0.7×	0.6×	0.56×	1.26×	1.24×	0.93×	0.89×
P/S	0.47×	0.59×	0.53×	0.38×	0.75×	0.85×	0.62×	0.49×
EV / EBITDA	4.86×	6.42×	19.66×	7.53×	5.67×	6.59×	8.73×	10.07×
Gross margin	32.4%	35.0%	29.1%	32.4%	40.9%	40.9%	36.0%	33.5%
Operating margin	3.9%	6.5%	-1.0%	4.8%	13.5%	12.3%	7.2%	6.5%
Net margin	1.8%	4.6%	-5.9%	7.0%	8.4%	4.3%	3.0%	3.1%
Current ratio	1.24×	2.48×	0.99×	1.54×	1.43×	1.28×	0.75×	0.54×
Debt / equity	0.28×	0.38×	0.4×	0.49×	0.44×	0.52×	0.71×	1.12×
Interest coverage	3.38×	2.41×	-0.46×	5.7×	26.97×	13.27×	5.3×	5.31×
Dividend yield	0.0%	0.0%	0.0%	7.9%	9.6%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	42.8%	86.4%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	5.4%	-6.7%	10.5%	14.0%	6.2%	4.5%	5.6%
Return on invested capital	2.1%	4.5%	-0.8%	4.7%	10.9%	6.6%	3.4%	3.7%
Return on assets	1.6%	3.4%	-4.2%	6.0%	7.7%	3.4%	2.2%	2.1%
Free cash flow yield	13.6%	15.2%	5.6%	-6.4%	11.0%	14.6%	23.9%	-21.5%
Earnings yield	3.9%	7.7%	-11.1%	18.5%	11.1%	5.1%	4.8%	6.3%
Enterprise value	PLN 745.2M	PLN 891M	PLN 875.4M	PLN 878.8M	PLN 1.3B	PLN 1.3B	PLN 1.2B	PLN 1.2B
Net debt / EBITDA	1.18×	1.73×	7.41×	3.39×	1.38×	1.64×	3.56×	5.43×
Cash conversion cycle (days)	131	159	143	137	132	116	92	121