Jastrzebska Spólka Weglowa S.A. (JSW.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

-876.3%

-PLN 199.11

vs PLN 25.65 price

Levered DCF

-PLN 113.11

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.19

Distress zone

Rating

C-

Overall 1 / 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	-0.44×	-0.34×	4.96×	0.9×	4.53×	-1.97×	3.99×	4.55×
P/B	0.9×	0.26×	0.3×	0.44×	0.52×	0.44×	0.3×	0.98×
P/S	0.29×	0.22×	0.32×	0.34×	0.39×	0.44×	0.29×	0.81×
EV / EBITDA	-2.28×	-0.69×	0.91×	0.36×	2.11×	-6.65×	1.66×	2.19×
Gross margin	-25.3%	-6.7%	25.1%	53.1%	24.4%	-5.8%	18.5%	29.3%
Operating margin	-37.9%	-20.4%	18.4%	46.6%	11.9%	-25.7%	8.0%	23.0%
Net margin	-66.1%	-64.1%	6.5%	37.7%	8.5%	-22.3%	7.3%	17.7%
Current ratio	0.39×	0.45×	0.81×	1.02×	1.01×	0.95×	0.96×	0.95×
Debt / equity	0.82×	0.3×	0.12×	0.12×	0.3×	0.38×	0.11×	0.03×
Interest coverage	-13.82×	-7.47×	12.1×	65.41×	10.21×	-12.52×	6.1×	22.23×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	8.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	31.9%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-203.2%	-78.0%	6.0%	49.0%	11.5%	-22.3%	7.4%	21.5%
Return on invested capital	-39.4%	-13.6%	4.5%	38.0%	7.9%	-12.2%	4.7%	17.6%
Return on assets	-46.2%	-31.7%	3.6%	28.3%	5.7%	-10.3%	4.2%	12.6%
Free cash flow yield	-134.9%	-164.1%	-43.9%	123.0%	1.3%	-56.2%	-36.2%	19.7%
Earnings yield	-226.2%	-297.8%	20.1%	111.6%	22.1%	-50.7%	25.1%	22.0%
Enterprise value	PLN 4.5B	PLN 4.3B	PLN 4.3B	PLN 4B	PLN 5.3B	PLN 4.2B	PLN 3.2B	PLN 6.6B
Net debt / EBITDA	-0.87×	-0.3×	-0.13×	-0.26×	0.48×	-1.77×	0.36×	-0.41×
Cash conversion cycle (days)	-69	-30	-43	-42	-12	-40	-42	-76