Grodno Spólka Akcyjna (GRN.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

+4.9%

PLN 15.06

vs PLN 14.35 price

Levered DCF

PLN 9.88

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.91

Grey zone

Rating

B-

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	18.11×	-7.46×	26.4×	9.45×	6.39×	15.11×	4.32×	8.74×
P/B	1.49×	1.34×	1.08×	1.47×	2.09×	2.21×	0.61×	1.03×
P/S	0.17×	0.15×	0.14×	0.17×	0.23×	0.29×	0.08×	0.15×
EV / EBITDA	9.65×	-43.66×	9.31×	7.31×	5.28×	10.99×	5.04×	8.45×
Gross margin	2.1%	0.9%	16.5%	16.5%	17.3%	17.7%	18.1%	17.2%
Operating margin	1.7%	-1.3%	1.4%	2.8%	4.8%	2.6%	2.8%	2.4%
Net margin	0.9%	-2.0%	0.5%	1.8%	3.7%	1.9%	1.9%	1.7%
Current ratio	1.03×	0.97×	1.1×	1.12×	1.14×	1.07×	1.13×	1.1×
Debt / equity	0.72×	0.87×	0.6×	0.76×	0.48×	0.72×	0.78×	1.1×
Interest coverage	2.91×	-1.63×	1.74×	4.65×	26.03×	11.51×	7.92×	5.29×
Dividend yield	0.0%	0.0%	0.0%	6.1%	1.2%	0.6%	0.0%	2.6%
Payout ratio	0.0%	0.0%	0.0%	57.9%	7.4%	9.0%	0.0%	22.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.3%	-18.0%	4.1%	15.6%	32.6%	14.7%	14.3%	11.8%
Return on invested capital	6.6%	-6.5%	4.3%	10.4%	22.7%	9.2%	9.4%	6.3%
Return on assets	2.1%	-4.9%	1.2%	4.5%	9.3%	4.1%	4.1%	3.0%
Free cash flow yield	7.7%	6.6%	20.0%	-14.6%	9.0%	-0.3%	27.6%	-8.8%
Earnings yield	5.5%	-13.4%	3.8%	10.6%	15.6%	6.6%	23.2%	11.5%
Enterprise value	PLN 300M	PLN 279.1M	PLN 248.9M	PLN 314.9M	PLN 334.8M	PLN 270.7M	PLN 110.9M	PLN 145.8M
Net debt / EBITDA	3.02×	-16.95×	3.23×	2.42×	0.86×	2.59×	2.77×	4.32×
Cash conversion cycle (days)	37	34	44	43	24	33	37	47