Grupa Kapitalowa IMMOBILE S.A. (GKI.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

-756.3%

-PLN 28.22

vs PLN 4.30 price

Levered DCF

PLN 363.89

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.51

Distress 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	9.43×	-1.56×	115.74×	16.75×	15.41×	-60.25×	-88.33×	36.77×
P/B	1.89×	1.22×	0.98×	0.71×	0.99×	0.93×	1.03×	1.3×
P/S	0.32×	0.16×	0.23×	0.17×	0.34×	0.34×	0.48×	0.71×
EV / EBITDA	6.1×	5.4×	5.38×	5.76×	9.56×	11.95×	14.32×	15.2×
Gross margin	19.4%	19.0%	19.5%	17.6%	18.7%	17.0%	20.2%	22.4%
Operating margin	7.9%	5.6%	7.7%	5.5%	3.1%	2.9%	2.5%	6.1%
Net margin	3.4%	-10.1%	0.2%	1.0%	2.2%	-0.6%	-0.5%	1.9%
Current ratio	1.01×	0.81×	0.95×	1.06×	1.07×	1.14×	1.1×	1.04×
Debt / equity	2.59×	3.59×	2.07×	1.95×	1.87×	1.24×	1.36×	0.99×
Interest coverage	3.67×	2×	3.39×	2.81×	1.85×	2.1×	1.11×	4.72×
Dividend yield	1.6%	3.0%	2.5%	3.1%	0.4%	0.8%	3.6%	3.0%
Payout ratio	15.0%	-4.7%	287.5%	52.2%	5.5%	-50.8%	-320.1%	117.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.2%	-78.2%	0.8%	4.3%	6.3%	-1.5%	-1.2%	3.4%
Return on invested capital	9.5%	4.3%	7.2%	4.0%	2.5%	1.6%	0.2%	2.9%
Return on assets	3.4%	-9.4%	0.2%	0.9%	1.4%	-0.5%	-0.3%	1.3%
Free cash flow yield	5.3%	23.2%	32.2%	31.9%	-0.6%	8.8%	5.0%	6.0%
Earnings yield	10.7%	-63.9%	0.9%	6.0%	6.4%	-1.7%	-1.1%	2.6%
Enterprise value	PLN 764.6M	PLN 522.3M	PLN 608.3M	PLN 530.7M	PLN 545.1M	PLN 404.6M	PLN 446.1M	PLN 416.1M
Net debt / EBITDA	3.45×	3.97×	3.58×	4.12×	6.11×	6.67×	7.91×	6.17×
Cash conversion cycle (days)	108	96	105	129	141	107	126	72