Instal Krakow S.A. (INK.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

+522.0%

PLN 213.96

vs PLN 34.40 price

Levered DCF

PLN 107.50

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.54

Safe zone

Rating

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	6.15×	4.81×	8.88×	8.04×	10.16×	6.42×	5.41×	3.92×
P/B	0.67×	0.68×	0.93×	0.75×	0.93×	0.55×	0.5×	0.49×
P/S	0.78×	0.68×	0.75×	0.59×	0.72×	0.36×	0.29×	0.25×
EV / EBITDA	4.28×	3.54×	6.04×	5.59×	6.4×	3.79×	3.74×	2.75×
Gross margin	31.7%	27.5%	20.8%	19.1%	19.0%	16.0%	17.5%	14.5%
Operating margin	16.2%	17.2%	10.1%	9.1%	9.7%	7.5%	7.5%	7.9%
Net margin	12.7%	14.1%	8.4%	7.3%	7.1%	5.6%	5.4%	6.4%
Current ratio	3.81×	2.41×	1.9×	2.08×	2.47×	2.4×	2.2×	2.21×
Debt / equity	0.04×	0.04×	0.07×	0.1×	0.11×	0.09×	0.11×	0.08×
Interest coverage	50.79×	60.88×	17.98×	24.23×	25.17×	23.07×	29.1×	41.01×
Dividend yield	6.8%	7.2%	3.5%	6.3%	5.3%	9.8%	9.5%	1.8%
Payout ratio	41.8%	34.7%	31.5%	50.3%	54.2%	62.8%	51.7%	7.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.0%	14.2%	10.4%	9.3%	9.1%	8.6%	9.2%	12.5%
Return on invested capital	9.9%	12.6%	9.0%	7.7%	8.2%	7.5%	8.2%	10.8%
Return on assets	8.6%	10.2%	6.5%	6.2%	6.1%	5.7%	5.8%	7.9%
Free cash flow yield	10.6%	-0.4%	23.5%	-2.0%	8.9%	51.8%	22.1%	-13.0%
Earnings yield	16.3%	20.8%	11.3%	12.4%	9.8%	15.6%	18.5%	25.5%
Enterprise value	PLN 260.1M	PLN 257.9M	PLN 310.9M	PLN 258.3M	PLN 276.2M	PLN 147.8M	PLN 146.5M	PLN 123.5M
Net debt / EBITDA	-0.13×	0.04×	-0.05×	0.54×	0.07×	-0.03×	0.43×	0.03×
Cash conversion cycle (days)	252	226	179	153	100	94	133	127