Przedsiebiorstwo Hydrauliki Silowej HYDROTOR S.A. (HDR.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

+711.5%

PLN 59.56

vs PLN 7.34 price

Levered DCF

PLN 25.62

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.98

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	-11.04×	-3.38×	-37.23×	11.01×	12.51×	12.81×	11.64×	12.6×
P/B	0.41×	0.37×	0.72×	0.83×	0.77×	0.64×	0.91×	0.94×
P/S	0.3×	0.39×	0.67×	0.6×	0.68×	0.66×	0.77×	0.75×
EV / EBITDA	-200.48×	43.41×	10.04×	5.83×	5.96×	4.41×	5.53×	5.79×
Gross margin	2.8%	2.0%	10.9%	16.8%	17.0%	15.1%	17.7%	19.1%
Operating margin	-22.3%	-13.2%	-1.8%	7.1%	6.6%	8.6%	7.4%	7.6%
Net margin	-21.0%	-11.6%	-1.8%	5.5%	5.4%	5.2%	6.6%	5.9%
Current ratio	1.58×	1.84×	2.32×	2.24×	2.38×	3.87×	2.98×	3.67×
Debt / equity	0.36×	0.28×	0.3×	0.28×	0.13×	0.05×	0.1×	0.04×
Interest coverage	-15.28×	-7.4×	-1.21×	10.92×	77.25×	72.88×	37.54×	51.68×
Dividend yield	2.1%	1.7%	5.7%	4.8%	5.4%	3.6%	5.9%	5.7%
Payout ratio	-3.0%	-5.6%	-212.7%	53.0%	67.8%	45.9%	69.1%	71.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-28.5%	-10.9%	-1.9%	7.6%	6.1%	5.0%	7.9%	7.4%
Return on invested capital	-16.4%	-8.8%	-1.1%	5.8%	4.6%	5.7%	5.6%	6.0%
Return on assets	-14.1%	-7.0%	-1.2%	4.5%	4.0%	3.7%	5.5%	5.3%
Free cash flow yield	15.0%	9.0%	16.1%	4.7%	-5.9%	15.8%	0.5%	2.9%
Earnings yield	-70.1%	-29.6%	-2.7%	9.1%	8.0%	7.8%	8.6%	7.9%
Enterprise value	PLN 64M	PLN 75.8M	PLN 118.2M	PLN 132M	PLN 102.1M	PLN 64.9M	PLN 92.2M	PLN 86.1M
Net debt / EBITDA	-92.6×	18.68×	2.91×	1.44×	0.8×	-0.12×	0.44×	0.08×
Cash conversion cycle (days)	164	190	202	179	194	168	192	181