Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego Spólka Akcyjna (KPD.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

-166.6%

-PLN 13.46

vs PLN 20.20 price

Levered DCF

PLN 22.42

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.3

Grey 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	-1.71×	-1.01×	-5.24×	2.12×	2.8×	5.45×	12.11×	4.44×
P/B	0.39×	0.41×	0.62×	0.63×	0.76×	0.49×	0.44×	0.43×
P/S	0.1×	0.14×	0.27×	0.24×	0.24×	0.14×	0.13×	0.12×
EV / EBITDA	-10.33×	-3.45×	-68.53×	1.16×	1.83×	2.82×	4.5×	3.36×
Gross margin	7.8%	4.7%	10.4%	27.6%	25.0%	17.1%	16.4%	17.8%
Operating margin	-7.0%	-12.5%	-6.0%	13.6%	10.6%	3.9%	1.6%	3.7%
Net margin	-6.1%	-13.5%	-5.1%	11.1%	8.4%	2.6%	1.0%	2.6%
Current ratio	1.29×	1.17×	1.65×	2.3×	1.69×	1.39×	1.3×	1.29×
Debt / equity	0.28×	0.29×	0.17×	0.03×	0.17×	0.33×	0.51×	0.47×
Interest coverage	-10.21×	-17.93×	-20.03×	112.99×	89.64×	8.95×	4.29×	10.14×
Dividend yield	0.0%	0.0%	6.8%	2.9%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-35.9%	6.2%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-22.7%	-40.3%	-11.7%	29.5%	27.1%	8.9%	3.6%	9.6%
Return on invested capital	-18.7%	-27.9%	-9.4%	27.6%	22.3%	7.4%	2.8%	6.9%
Return on assets	-13.0%	-24.0%	-7.9%	22.1%	17.3%	5.1%	1.9%	5.1%
Free cash flow yield	19.7%	-12.7%	-23.3%	15.5%	24.9%	40.9%	-1.5%	24.0%
Earnings yield	-58.4%	-98.7%	-19.1%	47.2%	35.6%	18.3%	8.3%	22.5%
Enterprise value	PLN 50.9M	PLN 70.8M	PLN 110.9M	PLN 96.8M	PLN 104M	PLN 70.9M	PLN 77M	PLN 71.4M
Net debt / EBITDA	-3.29×	-1.27×	-9.97×	-0.18×	0.1×	1×	2.32×	1.7×
Cash conversion cycle (days)	43	51	72	68	45	54	60	59