Inpro S.A. (INP.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

+374.4%

PLN 32.02

vs PLN 6.75 price

Levered DCF

-PLN 10.97

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.39

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	6.15×	4.96×	8.92×	3.65×	7.72×	2.97×	4.9×	4.74×
P/B	0.63×	0.5×	0.69×	0.47×	0.81×	0.51×	0.62×	0.64×
P/S	0.81×	0.63×	1.02×	0.56×	0.97×	0.49×	0.71×	0.7×
EV / EBITDA	5.18×	4.12×	6.36×	3.23×	5.39×	2.23×	4.12×	4.15×
Gross margin	35.3%	32.9%	33.8%	37.0%	31.6%	31.2%	34.0%	32.6%
Operating margin	21.4%	19.6%	18.8%	24.8%	19.3%	22.7%	21.4%	20.4%
Net margin	13.3%	12.7%	11.4%	15.3%	12.6%	16.5%	14.5%	14.7%
Current ratio	3.62×	2.77×	3.18×	3.62×	2.74×	2.39×	2.15×	2.28×
Debt / equity	0.41×	0.3×	0.35×	0.35×	0.32×	0.3×	0.28×	0.31×
Interest coverage	9.84×	9.87×	15.28×	20.21×	15.87×	25.29×	15.79×	22.78×
Dividend yield	2.9%	4.0%	3.2%	5.0%	6.4%	3.2%	5.2%	5.6%
Payout ratio	17.9%	20.0%	28.4%	18.3%	49.3%	9.5%	25.5%	26.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.2%	10.1%	7.7%	12.7%	10.5%	17.2%	12.7%	13.6%
Return on invested capital	8.8%	9.2%	7.1%	11.3%	9.1%	13.6%	10.9%	11.0%
Return on assets	5.7%	5.8%	4.4%	7.3%	5.6%	9.2%	6.2%	7.0%
Free cash flow yield	-14.7%	7.2%	2.1%	-7.5%	-4.3%	30.3%	6.0%	6.8%
Earnings yield	16.3%	20.1%	11.2%	27.3%	13.0%	33.8%	20.4%	21.1%
Enterprise value	PLN 511.8M	PLN 354.9M	PLN 425.9M	PLN 295.9M	PLN 372.4M	PLN 206.3M	PLN 258.4M	PLN 236.6M
Net debt / EBITDA	1.71×	1.24×	1.67×	1.04×	0.87×	0.21×	1.06×	0.99×
Cash conversion cycle (days)	868	765	946	783	720	522	801	593