LPP S.A. (LPP.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

-62.3%

PLN 10,089.34

vs PLN 26,760.00 price

Levered DCF

PLN 18,153.41

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.54

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	24.31×	17.48×	17.97×	17.13×	30.63×	-74.44×	36.88×	28.49×
P/B	6.5×	5.76×	6.13×	4.71×	8.93×	4.61×	4.78×	5.03×
P/S	1.58×	1.51×	1.66×	1.18×	2.08×	1.8×	1.68×	1.79×
EV / EBITDA	9.27×	9.32×	9.52×	9.71×	16.52×	15.32×	9.54×	12.5×
Gross margin	46.6%	53.1%	51.5%	51.1%	57.8%	52.0%	53.6%	54.7%
Operating margin	11.3%	12.2%	13.1%	9.2%	10.5%	1.9%	9.5%	9.4%
Net margin	6.5%	8.7%	9.2%	6.9%	6.8%	-2.4%	5.3%	6.3%
Current ratio	0.83×	0.9×	1.03×	1.07×	1.03×	1.13×	1.17×	1.36×
Debt / equity	1.32×	1.72×	1.45×	1.33×	1.57×	1.36×	1.18×	0.1×
Interest coverage	6.78×	11.58×	10.79×	7.08×	13.24×	0.94×	6.59×	50.6×
Dividend yield	3.4%	3.7%	2.8%	3.5%	2.9%	0.0%	0.7%	0.5%
Payout ratio	81.7%	64.8%	49.6%	59.2%	87.4%	0.0%	22.6%	14.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	26.7%	33.0%	34.1%	27.5%	29.1%	-6.2%	15.0%	17.7%
Return on invested capital	14.4%	13.2%	15.5%	13.0%	12.3%	2.1%	8.0%	16.8%
Return on assets	7.8%	10.0%	11.6%	8.5%	6.7%	-1.8%	5.1%	9.4%
Free cash flow yield	3.1%	6.5%	11.3%	-2.8%	5.7%	1.8%	4.0%	2.9%
Earnings yield	4.1%	5.7%	5.6%	5.8%	3.3%	-1.3%	3.1%	3.5%
Enterprise value	PLN 43.4B	PLN 38.8B	PLN 34.7B	PLN 23.6B	PLN 33B	PLN 17.1B	PLN 18B	PLN 13.6B
Net debt / EBITDA	1.48×	1.98×	1.59×	1.99×	1.9×	2.61×	1.3×	-0.69×
Cash conversion cycle (days)	87	118	85	118	-32	-38	16	41