Lokum Deweloper S.A. (LKD.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

+123.1%

PLN 49.53

vs PLN 22.20 price

Levered DCF

-PLN 13.91

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.94

Grey zone

Rating

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	11.99×	10.42×	3.26×	4.87×	6.8×	13.85×	4.61×	4.31×
P/B	0.72×	0.67×	0.83×	0.65×	0.93×	0.67×	0.69×	0.8×
P/S	3.77×	1.88×	1×	0.76×	1.22×	1.25×	0.88×	0.86×
EV / EBITDA	291.06×	6.62×	1.78×	4.53×	7.11×	12.53×	3.76×	3.14×
Gross margin	37.4%	38.1%	37.6%	36.9%	36.4%	28.3%	34.6%	35.7%
Operating margin	0.3%	22.8%	38.0%	29.9%	28.3%	18.5%	28.3%	29.8%
Net margin	31.4%	18.0%	30.6%	15.6%	17.9%	9.0%	19.1%	19.9%
Current ratio	12.44×	9.48×	5.73×	4.95×	6.16×	3.6×	5.5×	3.82×
Debt / equity	0.36×	0.14×	0.22×	0.61×	0.73×	0.79×	0.52×	0.5×
Interest coverage	0.03×	7.26×	14.16×	4.25×	6.13×	5×	11.42×	10.34×
Dividend yield	2.2%	13.6%	7.5%	10.6%	3.8%	1.7%	14.3%	8.5%
Payout ratio	26.9%	142.5%	24.5%	51.8%	25.5%	23.6%	65.8%	36.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.0%	6.4%	25.6%	13.3%	13.7%	4.8%	14.9%	18.5%
Return on invested capital	0.0%	5.3%	19.8%	11.8%	9.7%	4.2%	11.6%	14.5%
Return on assets	4.0%	4.9%	16.4%	7.1%	6.6%	2.3%	8.0%	8.9%
Free cash flow yield	-30.4%	-15.9%	77.1%	49.1%	-8.9%	-46.5%	17.3%	13.8%
Earnings yield	8.3%	9.6%	30.7%	20.5%	14.7%	7.2%	21.7%	23.2%
Enterprise value	PLN 581.5M	PLN 351M	PLN 333.4M	PLN 473.8M	PLN 645.3M	PLN 440.3M	PLN 319.9M	PLN 312M
Net debt / EBITDA	90.16×	-0.1×	-0.62×	1.86×	2.95×	5.72×	0.8×	0.35×
Cash conversion cycle (days)	3,866	1,631	582	1,025	1,197	1,476	700	778