Przedsiebiorstwo Produkcyjno - Handlowe KOMPAP S.A. (KMP.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

+77.4%

PLN 39.02

vs PLN 22.00 price

Levered DCF

PLN 31.79

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.16

Safe 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	184.62×	45.49×	21.11×	9.45×	20.18×	8.36×	10.83×	-9.08×
P/B	1.6×	1.43×	1.14×	1.03×	1.5×	0.69×	0.47×	0.48×
P/S	1.11×	1×	0.75×	0.72×	1.18×	0.55×	0.36×	0.32×
EV / EBITDA	12.7×	9.67×	7.11×	4.87×	9.18×	4.88×	5.23×	11.57×
Gross margin	16.6%	17.0%	17.8%	20.2%	19.5%	19.9%	18.0%	17.5%
Operating margin	0.2%	2.1%	4.6%	8.4%	8.0%	9.6%	6.0%	-1.2%
Net margin	0.6%	2.2%	3.5%	7.6%	5.8%	6.6%	3.3%	-3.5%
Current ratio	1.28×	1.36×	1.48×	1.41×	1.22×	1.23×	1.09×	0.87×
Debt / equity	0.1×	0.18×	0.12×	0.08×	0.19×	0.26×	0.41×	0.53×
Interest coverage	0.35×	2.85×	16.57×	32.07×	38.2×	17.91×	6.1×	-1.17×
Dividend yield	5.4%	4.5%	5.3%	2.6%	2.2%	3.9%	0.0%	0.0%
Payout ratio	1000.8%	207.9%	111.5%	24.8%	44.0%	32.3%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.9%	3.1%	5.4%	10.8%	7.4%	8.3%	4.3%	-5.2%
Return on invested capital	0.2%	1.9%	4.4%	8.1%	5.7%	7.0%	4.0%	-1.1%
Return on assets	0.6%	2.1%	3.6%	7.4%	4.9%	5.5%	2.5%	-2.6%
Free cash flow yield	8.6%	4.8%	15.8%	17.8%	11.7%	20.0%	14.4%	20.6%
Earnings yield	0.5%	2.2%	4.7%	10.6%	4.9%	11.9%	9.2%	-11.0%
Enterprise value	PLN 114.9M	PLN 118.5M	PLN 91.9M	PLN 83M	PLN 119.9M	PLN 64.2M	PLN 53.8M	PLN 59M
Net debt / EBITDA	0.29×	0.81×	0.23×	0.15×	0.94×	1.25×	2.27×	5.93×
Cash conversion cycle (days)	43	41	31	41	52	70	73	40