IMS S.A. (IMS.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

+41.4%

PLN 4.95

vs PLN 3.50 price

Levered DCF

PLN 3.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.87

Grey 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	9.77×	12.75×	18.65×	12.32×	12.96×	25.92×	13.55×	11.93×
P/B	2.09×	3.31×	4.03×	2.83×	3.61×	3.96×	6.3×	6.06×
P/S	1.34×	2.12×	2.38×	1.5×	2.22×	2.17×	2.13×	2.1×
EV / EBITDA	6.4×	7.83×	8.82×	6.11×	6.71×	9.09×	7.82×	7.38×
Gross margin	92.3%	89.4%	20.8%	65.4%	89.2%	86.8%	86.2%	84.5%
Operating margin	20.8%	22.8%	19.1%	16.5%	20.4%	12.6%	20.1%	22.9%
Net margin	13.5%	16.7%	12.8%	12.4%	17.2%	8.5%	15.9%	17.6%
Current ratio	0.6×	0.8×	0.96×	0.74×	0.95×	1.01×	1.03×	1.26×
Debt / equity	0.79×	0.61×	0.6×	0.59×	0.48×	0.74×	0.78×	0.64×
Interest coverage	6.41×	8.84×	5.6×	9.14×	24.19×	10.52×	25.37×	30.72×
Dividend yield	4.7%	10.7%	4.2%	6.5%	3.4%	2.0%	4.8%	7.1%
Payout ratio	46.3%	136.6%	78.8%	78.7%	43.2%	50.1%	64.1%	85.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.0%	26.0%	21.6%	23.4%	28.0%	15.5%	47.1%	50.9%
Return on invested capital	12.6%	14.8%	14.3%	14.6%	14.9%	10.2%	25.5%	26.3%
Return on assets	9.2%	12.2%	9.7%	9.6%	12.0%	6.7%	17.9%	19.2%
Free cash flow yield	10.6%	6.0%	6.0%	6.1%	4.7%	8.3%	10.0%	12.1%
Earnings yield	10.1%	7.9%	5.4%	8.3%	7.8%	3.9%	7.5%	8.4%
Enterprise value	PLN 121.2M	PLN 163.3M	PLN 176.6M	PLN 99.2M	PLN 103.1M	PLN 91.8M	PLN 139.9M	PLN 121.6M
Net debt / EBITDA	1.71×	1.08×	0.81×	0.82×	0.68×	1.25×	0.8×	0.67×
Cash conversion cycle (days)	-6	30	70	42	-9	-79	-22	-35