Introl S.A. (INL.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

+179.1%

PLN 23.44

vs PLN 8.40 price

Levered DCF

PLN 68.76

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.78

Grey zone

Rating

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	11.07×	8.02×	7.28×	5.82×	7.05×	7.55×	7.35×	369.32×
P/B	1.12×	1.22×	1.4×	0.92×	0.9×	0.9×	0.5×	0.7×
P/S	0.35×	0.35×	0.35×	0.22×	0.24×	0.25×	0.15×	0.19×
EV / EBITDA	4.73×	4.62×	4.1×	3.41×	3.47×	4.08×	4.03×	6.36×
Gross margin	19.2%	23.0%	21.2%	19.8%	20.3%	19.3%	17.7%	17.6%
Operating margin	5.8%	6.3%	7.4%	7.1%	7.1%	5.0%	3.5%	1.8%
Net margin	3.2%	4.3%	4.9%	3.8%	3.4%	3.3%	2.0%	0.1%
Current ratio	1.34×	1.29×	1.28×	1.27×	1.32×	1.31×	1.27×	1.27×
Debt / equity	0.5×	0.69×	0.71×	0.78×	0.7×	0.71×	0.78×	0.5×
Interest coverage	4.11×	3.95×	5.25×	4.75×	8.54×	5.13×	2.87×	1.95×
Dividend yield	5.8%	5.5%	5.7%	9.6%	10.2%	8.7%	3.3%	0.0%
Payout ratio	64.0%	44.2%	41.5%	55.7%	71.8%	65.4%	23.9%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.1%	15.2%	19.3%	15.7%	12.8%	11.9%	6.9%	0.2%
Return on invested capital	9.2%	10.8%	13.2%	10.5%	8.0%	8.1%	4.5%	1.6%
Return on assets	3.9%	5.5%	6.5%	4.8%	4.4%	4.1%	2.2%	0.1%
Free cash flow yield	28.1%	-0.8%	23.9%	5.8%	3.3%	36.0%	19.5%	22.7%
Earnings yield	9.0%	12.4%	13.8%	17.2%	14.2%	13.3%	13.7%	0.3%
Enterprise value	PLN 249.6M	PLN 300.6M	PLN 289.4M	PLN 198.6M	PLN 169.1M	PLN 151.5M	PLN 124.8M	PLN 113M
Net debt / EBITDA	0.69×	1.17×	0.66×	1.15×	1.09×	1.05×	1.96×	1.58×
Cash conversion cycle (days)	95	94	94	81	77	54	73	60