Globe Trade Centre S.A. (GTC.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

-1738.8%

-PLN 36.22

vs PLN 2.21 price

Levered DCF

-PLN 14.81

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.13

Distress zone

Rating

Overall 2 / 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	-2.71×	10.21×	49.02×	32.4×	17.81×	-10.52×	15.15×	10.04×
P/B	0.43×	0.46×	0.47×	3.18×	0.67×	0.8×	1.05×	0.9×
P/S	2.06×	2.78×	2.81×	4.53×	4.32×	4.79×	6.49×	5.92×
EV / EBITDA	-30.84×	20.17×	37.31×	14.61×	21.91×	-42.96×	17.33×	14.48×
Gross margin	62.7%	69.6%	69.9%	71.6%	74.2%	100.0%	75.3%	72.5%
Operating margin	38.1%	54.7%	24.7%	60.3%	57.7%	91.9%	65.7%	92.0%
Net margin	-76.4%	27.1%	5.7%	14.0%	24.2%	-43.8%	44.1%	59.2%
Current ratio	0.47×	0.79×	2.04×	2.14×	3.27×	1.35×	0.85×	1.15×
Debt / equity	1.98×	1.46×	1.2×	1.15×	1.22×	1.36×	1.2×	1.1×
Interest coverage	0.82×	2.47×	1.41×	3.27×	2.94×	4.41×	3.21×	4.66×
Dividend yield	0.0%	5.7%	5.6%	4.4%	0.0%	0.0%	3.4%	1.1%
Payout ratio	0.0%	58.2%	272.4%	142.2%	0.0%	0.0%	50.8%	10.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-15.8%	4.5%	1.0%	9.8%	3.8%	-7.3%	7.2%	9.0%
Return on invested capital	2.3%	2.9%	1.4%	11.9%	2.7%	5.6%	3.7%	5.4%
Return on assets	-4.8%	1.6%	0.4%	4.1%	1.5%	-2.8%	3.0%	3.9%
Free cash flow yield	0.3%	5.0%	-3.6%	0.4%	1.8%	2.8%	-3.9%	-2.7%
Earnings yield	-37.0%	9.8%	2.0%	3.1%	5.6%	-9.2%	6.8%	10.0%
Enterprise value	PLN 2B	PLN 2.1B	PLN 1.8B	PLN 1B	PLN 2B	PLN 1.8B	PLN 2.2B	PLN 1.9B
Net debt / EBITDA	-24.32×	15.19×	26.47×	3.62×	13.75×	-24.66×	8.55×	7.7×
Cash conversion cycle (days)	-221	-218	-59	-56	38	-230	-316	-429