Intersport Polska S.A. (IPO.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

+529.4%

PLN 1.89

vs PLN 0.30 price

Levered DCF

-PLN 0.16

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-1.36

Distress zone

Rating

Overall 2 / 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	-1.41×	-0.9×	-1.57×	-2.03×	-14.73×	-1.6×	-5.35×	-10.94×
P/B	-1.68×	-2.61×	16.8×	-2.49×	10.98×	9.23×	1.39×	1.91×
P/S	0.32×	0.24×	0.33×	0.11×	0.15×	0.27×	0.16×	0.23×
EV / EBITDA	-7.48×	-12.28×	-51.22×	6.95×	13.82×	-4.45×	210.09×	22.22×
Gross margin	15.8%	31.4%	31.3%	34.8%	31.5%	27.8%	34.3%	37.9%
Operating margin	-19.7%	-21.3%	-23.7%	-8.4%	-2.1%	-17.0%	-2.7%	-1.8%
Net margin	-22.9%	-27.0%	-20.9%	-5.5%	-1.0%	-16.9%	-3.0%	-2.2%
Current ratio	0.31×	0.3×	0.49×	0.41×	0.6×	0.76×	0.72×	0.74×
Debt / equity	-1.28×	-4.21×	26.68×	-12.68×	14.14×	11.33×	0.85×	0.39×
Interest coverage	-9.23×	-8.32×	-10.71×	-4.81×	-4.84×	-26.54×	-5.85×	-2.55×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	120.3%	289.4%	-1077.8%	124.0%	-74.6%	-580.6%	-26.3%	-17.8%
Return on invested capital	-272.8%	-56.9%	-31.4%	-65.7%	-9.5%	-40.4%	-11.8%	-8.0%
Return on assets	-28.6%	-30.1%	-18.4%	-10.8%	-1.9%	-20.1%	-4.5%	-4.1%
Free cash flow yield	-9.0%	4.8%	12.3%	-16.0%	14.9%	-66.2%	-46.4%	-21.6%
Earnings yield	-71.6%	-110.7%	-64.2%	-49.9%	-6.8%	-62.9%	-19.0%	-9.4%
Enterprise value	PLN 106.2M	PLN 117.3M	PLN 158.7M	PLN 159.7M	PLN 75.2M	PLN 87.4M	PLN 52.5M	PLN 67M
Net debt / EBITDA	-3.19×	-7.55×	-31.31×	5.81×	7.55×	-2.31×	80.06×	3.49×
Cash conversion cycle (days)	-107	-138	-51	-71	-20	-1	-0	-41