Ifirma S.A. (IFI.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

+216.0%

PLN 60.98

vs PLN 19.30 price

Levered DCF

PLN 50.35

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

9.38

Safe zone

Rating

A-

Overall 4 / 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	15.81×	17.4×	27.92×	16.41×	32.17×	20.34×	10.18×	10.14×
P/B	12.21×	10.04×	17.38×	8.96×	13.81×	3.94×	2.46×	1.7×
P/S	3.24×	2.5×	4.36×	2.85×	5.11×	1.56×	1.02×	0.78×
EV / EBITDA	12.59×	14.83×	20.75×	12.17×	20.88×	10.86×	4.34×	4.95×
Gross margin	40.2%	35.5%	37.5%	40.4%	38.8%	29.8%	31.1%	29.6%
Operating margin	24.5%	16.4%	17.6%	20.7%	20.2%	9.5%	12.4%	9.0%
Net margin	20.5%	14.4%	15.6%	17.3%	15.8%	7.7%	10.1%	7.8%
Current ratio	1.24×	1.1×	1.26×	1.54×	2.42×	2.59×	2.95×	3.39×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	2,387×	4,508×	8,901×	0×	0×	0×	1,569×
Dividend yield	5.3%	4.5%	4.0%	5.1%	1.5%	2.7%	4.5%	6.1%
Payout ratio	83.6%	78.5%	111.9%	84.1%	47.3%	55.1%	44.8%	61.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	77.4%	57.8%	62.3%	54.4%	42.7%	19.4%	24.4%	16.8%
Return on invested capital	71.3%	52.0%	55.2%	52.7%	42.5%	18.6%	23.4%	15.6%
Return on assets	46.9%	33.6%	35.2%	33.7%	26.5%	12.7%	16.8%	12.3%
Free cash flow yield	6.3%	5.1%	3.5%	5.4%	4.1%	5.7%	10.8%	10.6%
Earnings yield	6.3%	5.8%	3.6%	6.1%	3.1%	4.9%	10.0%	9.9%
Enterprise value	PLN 201.8M	PLN 143.3M	PLN 220.3M	PLN 118.1M	PLN 155.7M	PLN 30.6M	PLN 13.4M	PLN 9.6M
Net debt / EBITDA	-0.23×	-0.27×	-0.29×	-0.49×	-2.04×	-2.55×	-2.61×	-2.1×
Cash conversion cycle (days)	25	24	20	25	18	21	20	11