Kci S.a. (KCI.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

-171.6%

-PLN 0.59

vs PLN 0.82 price

Levered DCF

-PLN 1.00

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.56

Distress zone

Rating

C+

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	-11.51×	-6.93×	2.73×	-4.05×	-1.76×	0.57×	1.72×	29.37×
P/B	0.18×	0.17×	0.18×	0.16×	0.25×	0.12×	0.11×	0.12×
P/S	3.2×	38.87×	1.16×	0.54×	0.77×	0.48×	0.29×	0.32×
EV / EBITDA	98.8×	-4.25×	4.12×	6.01×	3.06×	2.56×	1.59×	6.2×
Gross margin	-25.8%	100.0%	85.3%	1.0%	95.7%	99.6%	99.6%	99.6%
Operating margin	-32.7%	-112.0%	4.3%	3.2%	13.9%	17.1%	19.2%	3.7%
Net margin	-27.8%	-570.0%	41.9%	-13.6%	-82.0%	89.4%	16.6%	1.1%
Current ratio	3.25×	1.45×	21×	1.63×	3.53×	1.03×	1.86×	1.15×
Debt / equity	0.09×	0.04×	0×	0.01×	0.03×	0.05×	0.05×	0.14×
Interest coverage	-1.33×	-3.27×	4.34×	15.25×	16.79×	12.84×	12.08×	1.62×
Dividend yield	0.0%	0.0%	3.2%	7.7%	3.1%	1.9%	0.0%	0.0%
Payout ratio	0.0%	0.0%	8.7%	-30.7%	-2.9%	1.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.6%	-2.5%	6.5%	-4.1%	-26.3%	22.6%	6.1%	0.4%
Return on invested capital	-1.6%	-0.2%	-0.6%	0.6%	2.8%	2.6%	5.6%	0.5%
Return on assets	-1.4%	-2.3%	6.2%	-3.0%	-17.6%	15.8%	4.5%	0.3%
Free cash flow yield	-12.1%	0.5%	-34.1%	-118.4%	0.2%	26.8%	57.9%	31.1%
Earnings yield	-8.7%	-14.7%	36.2%	-25.0%	-107.0%	186.5%	57.4%	3.4%
Enterprise value	PLN 89.8M	PLN 68.1M	PLN 50.4M	PLN 46.9M	PLN 56.2M	PLN 58.7M	PLN 43.8M	PLN 67.6M
Net debt / EBITDA	31.96×	-0.69×	-1.08×	-1.11×	-1.31×	0.55×	0.45×	3.24×
Cash conversion cycle (days)	444	6,482	810	-182,661	-13,172	-11,201	-10,627	-27,561