Grupa Kety S.A. (KTY.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

-22.0%

PLN 973.93

vs PLN 1,248.00 price

Levered DCF

PLN 1,375.59

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.54

Safe 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	15.86×	11.83×	13.34×	6.5×	9.89×	10.97×	11.22×	11.7×
P/B	4.5×	3.42×	3.8×	2.27×	3.33×	2.98×	2.24×	2.25×
P/S	1.64×	1.29×	1.38×	0.74×	1.28×	1.34×	1.03×	1.05×
EV / EBITDA	10.3×	8.72×	9.45×	5.34×	7.51×	7.95×	7.72×	8.52×
Gross margin	15.3%	40.8%	13.6%	34.7%	40.3%	42.0%	35.2%	34.2%
Operating margin	14.0%	14.0%	13.2%	14.6%	16.2%	14.9%	12.0%	11.3%
Net margin	10.3%	10.9%	10.3%	11.4%	12.9%	12.2%	9.2%	9.0%
Current ratio	1.63×	1.56×	1.33×	2.08×	1.49×	1.65×	1.48×	1.13×
Debt / equity	0.72×	0.82×	0.54×	0.62×	0.55×	0.46×	0.56×	0.63×
Interest coverage	9.64×	9.49×	11.67×	14.15×	51.45×	29.91×	18.32×	19.17×
Dividend yield	6.1%	8.1%	8.4%	11.5%	7.3%	7.1%	6.9%	7.3%
Payout ratio	96.0%	96.2%	111.9%	74.5%	72.3%	78.3%	77.7%	85.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.4%	28.9%	28.5%	34.9%	33.6%	27.1%	20.0%	19.2%
Return on invested capital	17.2%	16.9%	19.9%	22.8%	21.2%	18.4%	13.0%	12.1%
Return on assets	13.4%	13.3%	14.7%	17.5%	16.9%	14.9%	10.6%	9.6%
Free cash flow yield	7.1%	5.6%	10.8%	9.6%	2.6%	10.4%	9.6%	2.0%
Earnings yield	6.3%	8.5%	7.5%	15.4%	10.1%	9.1%	8.9%	8.5%
Enterprise value	PLN 10.4B	PLN 8.1B	PLN 8.1B	PLN 5.5B	PLN 6.8B	PLN 5.3B	PLN 4B	PLN 3.9B
Net debt / EBITDA	1.36×	1.62×	1.08×	1.04×	0.98×	0.88×	1.39×	1.69×
Cash conversion cycle (days)	85	91	80	111	123	101	102	121