Lena Lighting S.A. (LEN.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

+314.2%

PLN 8.28

vs PLN 2.00 price

Levered DCF

PLN 3.21

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.49

Grey zone

Rating

C-

Overall 1 / 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	31.51×	27.7×	8.95×	10×	12.05×	7.86×	13.68×	8.93×
P/B	0.59×	0.63×	0.79×	0.88×	1.1×	0.97×	0.9×	0.67×
P/S	0.45×	0.5×	0.53×	0.55×	0.75×	0.72×	0.72×	0.49×
EV / EBITDA	6.53×	6.98×	4.73×	5.2×	7.78×	3.97×	6.08×	4.27×
Gross margin	33.5%	33.5%	33.1%	30.9%	33.9%	38.0%	31.8%	29.0%
Operating margin	2.1%	2.6%	7.3%	7.5%	7.5%	11.2%	6.8%	6.6%
Net margin	1.4%	1.8%	5.9%	5.5%	6.1%	9.4%	5.2%	5.6%
Current ratio	3.65×	3.58×	3.49×	2.71×	2.34×	3.03×	5.29×	5.23×
Debt / equity	0.02×	0.05×	0.05×	0.1×	0.19×	0.04×	0.01×	0×
Interest coverage	30.98×	26.18×	38.7×	16.6×	123.57×	930.25×	801.6×	163.26×
Dividend yield	3.9%	7.2%	5.6%	2.6%	6.7%	7.8%	8.8%	5.8%
Payout ratio	121.7%	199.2%	50.4%	26.0%	81.9%	60.1%	121.9%	51.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.9%	2.3%	8.8%	8.9%	9.0%	12.5%	6.5%	7.6%
Return on invested capital	2.0%	2.2%	8.3%	8.5%	7.7%	11.2%	6.6%	7.1%
Return on assets	1.5%	1.9%	7.1%	6.7%	6.5%	9.7%	5.8%	6.7%
Free cash flow yield	8.3%	3.4%	15.8%	12.4%	-19.2%	12.2%	10.2%	16.6%
Earnings yield	3.2%	3.6%	11.1%	10.1%	8.2%	13.0%	7.2%	11.2%
Enterprise value	PLN 64.6M	PLN 72.5M	PLN 90.5M	PLN 104.3M	PLN 129.3M	PLN 85.6M	PLN 79.2M	PLN 59.8M
Net debt / EBITDA	0.01×	0.34×	0.08×	0.49×	1.1×	-0.47×	-0.45×	-0.33×
Cash conversion cycle (days)	203	208	170	167	188	152	75	152