IPOPEMA Securities S.A. (IPE.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

+187.5%

PLN 25.01

vs PLN 8.70 price

Levered DCF

PLN 3.85

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.95

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	4.55×	8.6×	6.59×	10.95×	7.36×	4.4×	19×	-12×
P/B	0.8×	0.64×	1×	0.58×	0.87×	1.2×	0.72×	0.46×
P/S	0.37×	0.3×	0.37×	0.24×	0.38×	0.51×	0.41×	0.36×
EV / EBITDA	-1.61×	-3.11×	0.04×	-3.91×	-1.08×	-2.9×	1.39×	5.3×
Gross margin	8.7%	3.3%	5.9%	2.7%	6.9%	15.3%	3.8%	-0.3%
Operating margin	9.1%	4.6%	7.7%	2.2%	7.2%	14.6%	4.6%	-0.9%
Net margin	8.0%	3.5%	5.6%	2.1%	5.1%	11.5%	2.2%	-3.0%
Current ratio	1.47×	1.38×	1.35×	1.36×	1.39×	1.25×	1.48×	1.36×
Debt / equity	0.23×	0.2×	0.35×	0.37×	0.22×	0.49×	0.26×	0.24×
Interest coverage	9.69×	3.87×	13.72×	3.11×	15.21×	29.03×	4.06×	-0.6×
Dividend yield	5.8%	11.6%	3.7%	14.9%	11.4%	0.0%	0.0%	3.4%
Payout ratio	26.4%	98.6%	24.7%	167.3%	84.5%	0.0%	0.0%	-40.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.6%	7.5%	15.1%	5.2%	11.8%	27.2%	3.9%	-3.9%
Return on invested capital	10.9%	5.8%	11.5%	2.9%	9.2%	17.6%	5.0%	-0.7%
Return on assets	5.0%	2.5%	4.3%	1.5%	3.1%	5.0%	1.1%	-1.1%
Free cash flow yield	22.4%	69.6%	18.4%	69.5%	-152.0%	187.8%	50.5%	-24.9%
Earnings yield	21.9%	11.8%	15.1%	8.9%	13.5%	22.7%	5.5%	-8.3%
Enterprise value	-PLN 62.2M	-PLN 65.3M	PLN 1.4M	-PLN 61.3M	-PLN 25.6M	-PLN 129.1M	PLN 15M	PLN 6.1M
Net debt / EBITDA	-4.42×	-6.78×	-3.59×	-7.87×	-5.16×	-5.83×	-3.89×	-25.29×
Cash conversion cycle (days)	-100	-135	-39	-72	-46	254	63	142