Inc. S.a. (INC.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

-390.1%

-PLN 3.60

vs PLN 1.24 price

Levered DCF

-PLN 5.08

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.96

Grey zone

Rating

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	15.2×	-5.58×	-3.65×	-2.28×	8.8×	7.06×	-15×	-2.05×
P/B	1.52×	1.63×	1.67×	1.08×	1.53×	3.11×	0.8×	0.64×
P/S	2.36×	3.12×	5.9×	6.65×	5.49×	6.31×	3.33×	2.5×
EV / EBITDA	5.51×	-2.43×	-2.99×	-2.11×	-6.21×	3.79×	29.16×	-1.94×
Gross margin	36.5%	62.1%	50.1%	48.8%	77.2%	90.4%	87.7%	82.8%
Operating margin	30.2%	-96.7%	-204.4%	-333.1%	100.3%	153.8%	-11.0%	-103.2%
Net margin	15.8%	-55.0%	-160.7%	-293.2%	61.7%	89.6%	-20.1%	-121.7%
Current ratio	6.07×	2.31×	9.83×	12×	11.65×	12.53×	13.13×	9.73×
Debt / equity	0.21×	0.3×	0.18×	0.17×	0.12×	0.03×	0.13×	0.09×
Interest coverage	12.43×	-42.73×	-55.19×	-56.9×	292.8×	498.22×	-2.73×	-35.71×
Dividend yield	0.0%	0.0%	0.0%	0.1%	3.6%	0.2%	1.9%	2.2%
Payout ratio	0.0%	-0.2%	-0.1%	-0.1%	32.4%	1.2%	-32.1%	-4.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.2%	-28.8%	-45.6%	-47.7%	17.2%	44.1%	-4.8%	-31.1%
Return on invested capital	8.0%	-25.1%	-30.0%	-31.3%	17.9%	41.7%	-1.5%	-15.8%
Return on assets	5.7%	-11.5%	-25.4%	-27.1%	10.3%	28.5%	-2.6%	-17.5%
Free cash flow yield	-33.1%	25.7%	-12.6%	-18.9%	-7.9%	-0.2%	-19.4%	-23.7%
Earnings yield	6.7%	-17.6%	-27.2%	-44.1%	11.2%	14.2%	-6.0%	-48.8%
Enterprise value	PLN 21.7M	PLN 14.7M	PLN 27.2M	PLN 23.7M	PLN 45.6M	PLN 75.9M	PLN 10.2M	PLN 7.5M
Net debt / EBITDA	-0.24×	1.18×	0.18×	0.01×	0.34×	-0.39×	-5.75×	0.58×
Cash conversion cycle (days)	66	17	79	-214	-475	-746	-8	60