Harper Hygienics S.A. (HRP.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

+462.0%

PLN 28.66

vs PLN 5.10 price

Levered DCF

-PLN 0.28

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.6

Distress 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	4.84×	8.62×	16.6×	71.69×	-4.43×	9.6×	47.33×	-0.95×
P/B	0.48×	0.42×	0.73×	0.54×	0.78×	1.15×	0.32×	0.14×
P/S	0.14×	0.12×	0.17×	0.11×	0.17×	0.33×	0.08×	0.03×
EV / EBITDA	5.64×	5.98×	6.08×	8.71×	24.1×	6.25×	7.06×	9.5×
Gross margin	29.4%	30.9%	24.8%	22.4%	19.1%	25.9%	24.1%	20.0%
Operating margin	6.5%	4.7%	4.6%	2.7%	-1.5%	5.3%	1.1%	-3.9%
Net margin	2.9%	1.4%	1.0%	0.2%	-3.9%	3.4%	0.2%	-3.7%
Current ratio	1.48×	1.29×	1.16×	0.98×	0.95×	0.9×	0.74×	0.49×
Debt / equity	1.32×	1.38×	1.65×	1.87×	1.72×	1.26×	1.57×	1.27×
Interest coverage	2.44×	1.53×	1.08×	0.72×	-0.4×	2.81×	0.47×	0×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.0%	4.8%	4.4%	0.8%	-17.6%	11.9%	0.7%	-14.7%
Return on invested capital	6.5%	3.5%	4.1%	1.9%	-2.1%	5.6%	1.5%	-6.9%
Return on assets	2.9%	1.3%	1.0%	0.2%	-3.6%	3.2%	0.2%	-3.5%
Free cash flow yield	4.7%	50.4%	21.5%	5.2%	-18.3%	1.4%	-94.1%	86.7%
Earnings yield	20.7%	11.5%	6.0%	1.4%	-22.6%	10.4%	2.1%	-105.6%
Enterprise value	PLN 130.6M	PLN 116.8M	PLN 147.7M	PLN 139.3M	PLN 143M	PLN 157M	PLN 108.2M	PLN 82.9M
Net debt / EBITDA	4.12×	4.57×	4.21×	6.75×	16.59×	3.23×	5.85×	8.56×
Cash conversion cycle (days)	115	116	110	88	56	63	54	-12