Grupa Pracuj S.A. (GPP.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

+210.7%

PLN 164.34

vs PLN 52.90 price

Levered DCF

PLN 164.50

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.88

Safe 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	13.38×	19.13×	22.88×	16.29×	19.13×	44.3×	37.43×	40.94×
P/B	6.16×	9.05×	11.65×	8.85×	19.56×	45.42×	84.53×	-204.24×
P/S	3.93×	5.07×	5.84×	4.59×	10.26×	15.66×	12.79×	14.67×
EV / EBITDA	8.81×	12.33×	14.85×	11.75×	14.18×	31.23×	26.75×	29.53×
Gross margin	100.0%	90.6%	57.8%	88.8%	87.5%	92.6%	87.6%	89.0%
Operating margin	38.1%	38.6%	38.9%	41.5%	47.9%	45.5%	43.5%	38.8%
Net margin	29.4%	26.5%	25.5%	27.4%	53.6%	35.3%	34.1%	35.8%
Current ratio	0.75×	0.82×	0.72×	0.6×	1.37×	1.04×	0.95×	0.79×
Debt / equity	0.3×	0.57×	0.82×	1.23×	0.11×	0.6×	1.21×	-5.88×
Interest coverage	21.73×	14.75×	10.13×	13.91×	202.59×	61.98×	44.89×	21.02×
Dividend yield	4.9%	3.5%	2.4%	4.9%	2.1%	1.3%	1.0%	0.0%
Payout ratio	64.9%	66.8%	55.3%	82.0%	40.7%	56.7%	38.2%	1.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	46.1%	47.4%	51.0%	52.8%	102.2%	102.5%	225.7%	-498.9%
Return on invested capital	34.9%	33.4%	33.4%	25.7%	58.8%	65.7%	97.6%	83.8%
Return on assets	22.9%	19.6%	18.0%	16.3%	51.0%	34.6%	45.9%	44.5%
Free cash flow yield	9.3%	6.7%	7.1%	8.0%	4.4%	2.6%	3.1%	3.0%
Earnings yield	7.5%	5.2%	4.4%	6.0%	5.2%	2.3%	2.7%	2.4%
Enterprise value	PLN 3.2B	PLN 4B	PLN 4.4B	PLN 3.1B	PLN 4.7B	PLN 4.6B	PLN 4.7B	PLN 4.8B
Net debt / EBITDA	0.1×	0.16×	0.45×	1.06×	-0.48×	-0.5×	-0.11×	0.27×
Cash conversion cycle (days)	5	-113	-6	-8	-30	-148	-10	-24