Imperio Alternatywna Spolka Inwestycyjna S.A. (IMP.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

-94.0%

PLN 0.12

vs PLN 2.00 price

Levered DCF

PLN 0.12

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

187.34

Safe zone

Rating

C-

Overall 1 / 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	-722.22×	118.68×	-6.35×	-6.71×	8.15×	36.04×	2.49×	-1.11×
P/B	0.7×	0.58×	0.59×	0.7×	0.99×	0.99×	0.48×	0.69×
P/S	-154.26×	103.15×	51.57×	32.86×	18.83×	12.83×	2.17×	8.31×
EV / EBITDA	-768.83×	98.17×	-6.68×	-6.04×	7.78×	21.92×	1.36×	-0.82×
Gross margin	193.9%	19.5%	67.7%	83.3%	96.4%	97.6%	98.9%	97.3%
Operating margin	898.5%	956.1%	-272.0%	-44.3%	103.5%	17.9%	60.8%	-752.2%
Net margin	21.2%	86.6%	-816.5%	-500.3%	227.7%	35.6%	62.8%	-753.6%
Current ratio	12.73×	25.37×	38.13×	98.3×	176.86×	123.91×	55.51×	4.56×
Debt / equity	0×	0×	0.03×	0×	0×	0×	0×	0×
Interest coverage	0×	261.33×	-29.73×	0×	0×	35.5×	224.78×	-888.44×
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	-0.1%	0.5%	-9.3%	-10.7%	11.9%	2.8%	14.0%	-62.4%
Return on invested capital	-3.9%	5.1%	-2.8%	-0.9%	5.0%	1.4%	13.3%	-61.2%
Return on assets	-0.1%	0.5%	-8.3%	-10.1%	11.4%	2.7%	13.6%	-53.7%
Free cash flow yield	-5.5%	-13.3%	0.7%	-6.5%	-6.2%	-4.0%	-59.8%	-7.7%
Earnings yield	-0.1%	0.8%	-15.8%	-15.2%	12.1%	2.8%	29.0%	-90.7%
Enterprise value	PLN 9.2M	PLN 8.1M	PLN 8.8M	PLN 10.1M	PLN 16.3M	PLN 9.6M	PLN 2.9M	PLN 6.6M
Net debt / EBITDA	79.58×	-3.73×	-0.24×	0.57×	-0.44×	-13.02×	-2.07×	0.29×
Cash conversion cycle (days)	-82	0	0	5,301	3,106	1,597	531	1,764