KRUK Spólka Akcyjna (KRU.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

+387.1%

PLN 1,596.27

vs PLN 327.70 price

Levered DCF

-PLN 1,052.23

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.82

Grey 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	8.83×	7.49×	8.98×	7.37×	8.93×	33.1×	11.46×	8.95×
P/B	1.8×	1.78×	2.33×	1.82×	2.38×	1.32×	1.62×	1.7×
P/S	3.83×	3.65×	4.92×	3.99×	5.16×	2.32×	2.77×	3.04×
EV / EBITDA	9.6×	14.39×	13.58×	10.73×	10.67×	17.73×	15.86×	13.52×
Gross margin	90.9%	53.3%	53.1%	57.3%	63.5%	64.3%	61.3%	62.3%
Operating margin	85.3%	64.1%	73.9%	70.1%	71.5%	28.6%	38.4%	49.2%
Net margin	43.4%	48.7%	54.8%	54.1%	57.8%	7.0%	24.1%	33.9%
Current ratio	13.7×	5.84×	4.27×	3.56×	2.52×	2.07×	4.49×	8.82×
Debt / equity	1.37×	1.46×	1.46×	1.21×	1.1×	1.09×	1.38×	1.44×
Interest coverage	3.99×	47.87×	101.55×	0×	93.65×	18.28×	170.94×	0×
Dividend yield	3.6%	4.3%	3.3%	4.2%	3.3%	0.0%	3.0%	3.2%
Payout ratio	32.2%	32.4%	29.5%	30.9%	29.7%	0.8%	34.2%	28.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.4%	23.7%	26.0%	24.7%	26.7%	4.0%	14.1%	19.1%
Return on invested capital	15.6%	12.5%	13.2%	13.1%	13.7%	3.0%	8.3%	10.4%
Return on assets	8.3%	9.2%	9.9%	10.5%	11.8%	1.8%	5.7%	7.4%
Free cash flow yield	11.2%	-6.7%	-9.4%	-10.1%	-4.9%	27.0%	5.1%	-14.6%
Earnings yield	11.3%	13.4%	11.1%	13.6%	11.2%	3.0%	8.7%	11.2%
Enterprise value	PLN 16.7B	PLN 14.5B	PLN 14B	PLN 9.7B	PLN 8.9B	PLN 4.8B	PLN 5.7B	PLN 5.3B
Net debt / EBITDA	4.09×	6.38×	5×	4.15×	3.21×	7.72×	7.08×	5.99×
Cash conversion cycle (days)	-146	-46	-55	-46	-72	-25	4	-44