Kofola CeskoSlovensko a.s. (KOFOL.PR) 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

+371.1%

CZK 2,364.79

vs CZK 502.00 price

Levered DCF

CZK 1,468.58

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.68

Distress zone

Rating

B+

Overall 3 / 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	15.28×	14.62×	16.84×	20.22×	27.78×	65.37×	21.94×	-71.79×
P/B	5.29×	5.17×	4.22×	4.08×	5.17×	3.93×	4.08×	4.15×
P/S	0.96×	0.79×	0.71×	0.69×	1.04×	0.85×	0.97×	0.89×
EV / EBITDA	8.08×	6.66×	7.12×	7.3×	9.62×	9.82×	8.23×	8.19×
Gross margin	47.2%	45.5%	44.7%	42.0%	44.1%	45.7%	47.8%	43.0%
Operating margin	10.9%	11.2%	8.6%	6.1%	8.1%	4.7%	8.4%	0.5%
Net margin	6.3%	5.4%	4.2%	3.4%	3.7%	1.3%	4.4%	-1.2%
Current ratio	0.74×	0.88×	1.03×	0.95×	0.77×	0.83×	0.99×	0.9×
Debt / equity	3.14×	3.07×	2.7×	2.94×	2.88×	3.28×	2.24×	1.99×
Interest coverage	4.5×	4.09×	3.07×	2.3×	5.73×	2.83×	4.64×	0.44×
Dividend yield	2.7%	5.1%	4.7%	4.7%	4.2%	5.2%	4.6%	5.4%
Payout ratio	40.8%	75.2%	78.4%	94.0%	115.8%	341.6%	100.5%	-390.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	34.6%	35.4%	25.1%	20.2%	18.6%	6.0%	18.6%	-5.8%
Return on invested capital	9.4%	11.0%	9.9%	5.7%	6.4%	1.6%	6.5%	0.8%
Return on assets	5.8%	5.5%	4.6%	3.6%	3.4%	1.1%	4.1%	-1.3%
Free cash flow yield	-0.1%	9.7%	17.4%	9.4%	12.5%	5.8%	7.2%	6.7%
Earnings yield	6.5%	6.8%	5.9%	4.9%	3.6%	1.5%	4.6%	-1.4%
Enterprise value	CZK 15.8B	CZK 12.7B	CZK 9B	CZK 8.7B	CZK 10.4B	CZK 9.1B	CZK 8.9B	CZK 8.8B
Net debt / EBITDA	2.81×	2.08×	2.26×	2.76×	3.21×	4.15×	2.46×	2.26×
Cash conversion cycle (days)	19	14	4	3	3	10	2	-5