Herkules S.A. (HRS.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

+58.4%

PLN 2.69

vs PLN 1.70 price

Levered DCF

PLN 2.85

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.85

Distress zone

Rating

S-

Overall 5 / 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	1.48×	-5.31×	-0.44×	-3.79×	83.33×	9.73×	-0.82×	16.59×
P/B	0.38×	0.31×	0.35×	0.16×	0.35×	0.29×	0.21×	0.64×
P/S	0.43×	0.25×	0.25×	0.16×	0.33×	0.29×	0.25×	0.91×
EV / EBITDA	6.99×	3.95×	-2.01×	3.62×	5.05×	4.15×	-15.2×	6.82×
Gross margin	-1.9%	83.7%	82.4%	80.1%	80.5%	82.8%	88.4%	84.5%
Operating margin	-7.6%	-4.0%	2.4%	4.9%	3.5%	7.1%	-11.7%	9.1%
Net margin	28.9%	-4.7%	-56.5%	-4.3%	0.4%	2.9%	-31.3%	5.4%
Current ratio	0.76×	0.43×	0.41×	0.78×	0.86×	0.98×	0.74×	0.9×
Debt / equity	0.28×	0.7×	0.67×	0.54×	0.59×	0.69×	0.67×	0.61×
Interest coverage	-1.48×	-0.63×	0.35×	0.5×	1.05×	4.19×	-1.36×	2.92×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.5%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	41.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.6%	-5.8%	-79.3%	-4.2%	0.4%	2.9%	-26.1%	3.9%
Return on invested capital	-4.4%	-2.1%	1.7%	2.8%	0.7%	2.6%	-4.6%	2.9%
Return on assets	13.0%	-1.9%	-26.1%	-2.0%	0.2%	1.2%	-11.1%	1.9%
Free cash flow yield	14.3%	29.1%	72.8%	54.4%	-13.3%	35.9%	45.5%	32.6%
Earnings yield	67.6%	-18.5%	-229.7%	-26.4%	1.2%	9.9%	-122.8%	6.0%
Enterprise value	PLN 62.5M	PLN 76.4M	PLN 79.7M	PLN 106.2M	PLN 135.2M	PLN 115.7M	PLN 123.6M	PLN 229.2M
Net debt / EBITDA	2.03×	2.54×	-1.23×	2.74×	3.01×	2.57×	-11.31×	3.2×
Cash conversion cycle (days)	70	-112	-54	-26	-31	25	122	-84