Izostal S.A. (IZS.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

-3137.5%

-PLN 82.01

vs PLN 2.70 price

Levered DCF

PLN 19.71

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.28

Grey zone

Rating

B+

Overall 3 / 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	8.28×	8.03×	7.36×	3.32×	4.81×	5.76×	6.85×	6.02×
P/B	0.39×	0.31×	0.34×	0.31×	0.4×	0.41×	0.45×	0.51×
P/S	0.09×	0.11×	0.12×	0.06×	0.11×	0.1×	0.12×	0.11×
EV / EBITDA	6.02×	8.96×	5.93×	6.31×	7.45×	6.91×	8.36×	9.55×
Gross margin	9.2%	8.4%	9.7%	7.1%	7.4%	8.7%	7.0%	7.5%
Operating margin	2.4%	2.7%	3.9%	2.8%	3.2%	2.5%	2.1%	2.1%
Net margin	1.0%	1.3%	1.6%	1.9%	2.3%	1.8%	1.7%	1.8%
Current ratio	1.35×	1.18×	1.35×	1.19×	1.16×	1.21×	1.21×	1.16×
Debt / equity	0.59×	0.94×	0.58×	0.96×	0.77×	0.59×	0.65×	0.77×
Interest coverage	1.95×	1.67×	2.21×	3.05×	10.77×	7.73×	6.42×	9.41×
Dividend yield	2.8%	3.6%	4.5%	5.2%	4.4%	4.2%	4.7%	3.1%
Payout ratio	23.0%	29.1%	32.9%	17.5%	21.2%	23.7%	32.7%	18.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.8%	3.9%	4.7%	9.2%	8.2%	7.2%	6.5%	8.3%
Return on invested capital	5.2%	3.0%	5.5%	5.1%	4.7%	4.6%	3.6%	4.0%
Return on assets	2.4%	1.3%	2.3%	3.2%	2.6%	2.8%	2.4%	2.8%
Free cash flow yield	72.9%	-73.4%	124.3%	-88.2%	-7.7%	9.6%	31.9%	-89.3%
Earnings yield	12.1%	12.4%	13.8%	30.0%	20.7%	17.5%	14.5%	16.4%
Enterprise value	PLN 253.6M	PLN 293.6M	PLN 224.5M	PLN 303.5M	PLN 252.4M	PLN 208.6M	PLN 216M	PLN 239.9M
Net debt / EBITDA	3.51×	6.47×	3.64×	4.75×	4.8×	4.04×	4.89×	5.71×
Cash conversion cycle (days)	74	189	99	95	145	96	95	97