Korporacja KGL S.A. (KGL.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

+674.8%

PLN 106.15

vs PLN 13.70 price

Levered DCF

PLN 97.79

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.2

Grey zone

Rating

B-

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	-4.18×	-27.59×	5.75×	-3.74×	16.89×	11.25×	7.46×	15.12×
P/B	0.75×	0.82×	0.78×	0.54×	0.66×	0.95×	0.74×	0.83×
P/S	0.15×	0.2×	0.19×	0.1×	0.15×	0.33×	0.23×	0.25×
EV / EBITDA	9.49×	6.18×	3.17×	8.37×	5.64×	6.1×	4.61×	6.51×
Gross margin	13.3%	14.3%	17.9%	9.6%	11.6%	17.9%	16.2%	13.6%
Operating margin	-0.6%	1.8%	6.2%	-0.7%	2.0%	5.9%	4.8%	3.3%
Net margin	-3.5%	-0.7%	3.3%	-2.6%	0.9%	2.9%	3.1%	1.6%
Current ratio	0.8×	0.92×	0.89×	0.78×	0.85×	1.06×	1.29×	1.27×
Debt / equity	1.28×	1.06×	0.85×	1.22×	1.08×	0.97×	0.72×	0.72×
Interest coverage	-0.23×	0.7×	2.09×	-0.31×	2.51×	6.39×	4.76×	3.41×
Dividend yield	9.2%	3.4%	0.0%	0.0%	2.8%	1.9%	1.1%	1.6%
Payout ratio	-38.4%	-93.3%	0.0%	0.0%	47.6%	21.8%	8.2%	24.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-18.0%	-3.0%	13.5%	-14.5%	3.9%	8.5%	9.9%	5.5%
Return on invested capital	-1.1%	3.5%	10.6%	-1.6%	2.9%	6.3%	6.7%	4.8%
Return on assets	-5.6%	-1.0%	5.2%	-4.5%	1.3%	3.2%	4.4%	2.2%
Free cash flow yield	30.6%	13.7%	44.5%	14.3%	23.9%	2.5%	11.3%	14.1%
Earnings yield	-23.9%	-3.6%	17.4%	-26.7%	5.9%	9.0%	13.4%	6.6%
Enterprise value	PLN 202.4M	PLN 234.5M	PLN 214.8M	PLN 202.5M	PLN 210.6M	PLN 246.9M	PLN 174.5M	PLN 168.1M
Net debt / EBITDA	5.89×	3.4×	1.61×	5.74×	3.27×	3.02×	2.21×	2.9×
Cash conversion cycle (days)	37	47	43	32	30	43	39	38