Helio S.A. (HEL.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

-37.3%

PLN 28.84

vs PLN 46.00 price

Levered DCF

-PLN 63.05

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.15

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	9.93×	4.75×	4.78×	5.58×	5.29×	15.76×	8.56×	4.89×
P/B	0.82×	0.84×	0.53×	0.65×	0.7×	0.61×	0.51×	0.7×
P/S	0.3×	0.3×	0.18×	0.23×	0.25×	0.22×	0.25×	0.3×
EV / EBITDA	6.96×	3.36×	2.97×	5.42×	4.3×	7.94×	5.33×	3.71×
Gross margin	22.3%	25.1%	21.5%	22.4%	22.6%	20.3%	25.3%	28.9%
Operating margin	5.8%	8.8%	6.6%	6.9%	6.0%	2.7%	4.2%	8.5%
Net margin	3.0%	6.4%	3.7%	4.1%	4.7%	1.4%	2.9%	6.2%
Current ratio	2.21×	3.05×	2.75×	1.88×	1.93×	2.33×	3.59×	4.74×
Debt / equity	0.37×	0.09×	0.13×	0.45×	0.21×	0.2×	0.12×	0.14×
Interest coverage	4.92×	11.53×	4.29×	8.74×	19.05×	4.4×	6.63×	13.77×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	8.2%	17.7%	11.1%	11.7%	13.2%	3.9%	5.9%	14.4%
Return on invested capital	9.0%	17.6%	13.6%	10.5%	11.0%	4.9%	6.1%	13.7%
Return on assets	4.9%	12.4%	7.7%	6.4%	7.9%	2.7%	4.6%	11.4%
Free cash flow yield	-28.1%	3.7%	57.2%	-42.5%	-4.4%	-6.2%	5.3%	4.6%
Earnings yield	10.1%	21.1%	20.9%	17.9%	18.9%	6.3%	11.6%	20.5%
Enterprise value	PLN 190.6M	PLN 137.1M	PLN 79.7M	PLN 119.8M	PLN 88.2M	PLN 67.3M	PLN 50.3M	PLN 63.8M
Net debt / EBITDA	2.05×	0.25×	0.51×	2.16×	0.96×	1.81×	0.93×	0.57×
Cash conversion cycle (days)	152	122	111	167	117	102	135	150