KGHM Polska Miedz S.A. (KGH.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

-89.7%

PLN 28.69

vs PLN 277.85 price

Levered DCF

-PLN 62.35

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.42

Safe zone

Rating

A-

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	15.23×	8.02×	-6.64×	5.31×	4.53×	20.33×	13.44×	10.72×
P/B	1.71×	0.74×	0.86×	0.79×	1.03×	1.74×	0.95×	0.93×
P/S	1.54×	0.65×	0.75×	0.75×	0.94×	1.55×	0.84×	0.87×
EV / EBITDA	7.72×	4.15×	-25.07×	3.49×	3.18×	8.53×	5.51×	4.9×
Gross margin	17.2%	16.9%	8.1%	18.6%	21.1%	19.7%	17.4%	19.3%
Operating margin	11.2%	10.5%	1.4%	17.2%	20.0%	13.0%	9.8%	12.0%
Net margin	10.1%	8.1%	-11.3%	14.1%	20.7%	7.6%	6.3%	8.1%
Current ratio	1.1×	1.05×	1.15×	1.42×	1.19×	1.1×	1.28×	1.34×
Debt / equity	0.18×	0.2×	0.2×	0.2×	0.22×	0.35×	0.39×	0.42×
Interest coverage	20.58×	20.17×	2.43×	149.44×	40.46×	15.73×	8.92×	19.16×
Dividend yield	0.0%	1.3%	0.8%	2.4%	1.1%	0.0%	0.0%	0.0%
Payout ratio	0.0%	10.5%	-5.4%	12.6%	4.9%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	9.3%	-12.9%	14.9%	22.8%	8.6%	7.1%	8.7%
Return on invested capital	5.9%	5.2%	1.1%	9.4%	13.6%	5.7%	4.4%	5.1%
Return on assets	6.3%	5.3%	-7.2%	8.9%	12.8%	4.2%	3.6%	4.4%
Free cash flow yield	-2.7%	-5.4%	4.6%	-6.6%	1.2%	5.9%	8.0%	6.3%
Earnings yield	6.6%	12.5%	-15.1%	18.8%	22.1%	4.9%	7.4%	9.3%
Enterprise value	PLN 61.6B	PLN 28.5B	PLN 28.6B	PLN 30.6B	PLN 31.9B	PLN 41.5B	PLN 26.1B	PLN 24.8B
Net debt / EBITDA	0.68×	0.8×	-3.57×	0.6×	0.4×	1×	1.47×	1.38×
Cash conversion cycle (days)	84	55	74	115	75	51	72	101