LARQ S.a. (LRQ.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

-131.0%

-PLN 0.84

vs PLN 2.70 price

Levered DCF

-PLN 1.24

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.23

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	2.02×	-4.3×	1.52×	-3.04×	-1.6×	-0.32×	-0.64×	-3.57×
P/B	0.37×	0.51×	0.35×	0.37×	0.32×	0.28×	0.2×	0.39×
P/S	80.81×	62.59×	53.58×	49.3×	41.94×	45.45×	56.9×	104.17×
EV / EBITDA	2.45×	-24.36×	1.5×	-3.84×	-25.02×	-0.37×	-0.79×	-3.53×
Gross margin	-179.7%	90.4%	100.0%	94.9%	91.3%	92.8%	89.6%	89.8%
Operating margin	5015.1%	-166.0%	4635.7%	-1331.6%	-3100.4%	-17362.7%	-1168.8%	-3205.0%
Net margin	3979.0%	-1451.9%	3550.1%	-1641.7%	-2618.4%	-14302.6%	-8956.8%	-2923.1%
Current ratio	0.02×	0.15×	0.12×	0.27×	0.13×	0.26×	0.26×	0.34×
Debt / equity	0.2×	0.25×	0.1×	0.14×	0.15×	0.13×	0.1×	0.04×
Interest coverage	23.16×	-1.1×	71.35×	-16.75×	-36.39×	-145.48×	-11.77×	-83.13×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.2%	-11.9%	23.4%	-12.4%	-19.9%	-86.8%	-31.2%	-10.9%
Return on invested capital	15.7%	-1.1%	21.5%	-8.5%	-17.2%	-76.2%	-3.1%	-9.2%
Return on assets	15.1%	-9.5%	19.8%	-9.9%	-16.8%	-75.2%	-27.7%	-9.8%
Free cash flow yield	-1.4%	-24.5%	-2.0%	-3.0%	-6.2%	-15.7%	-20.5%	-5.8%
Earnings yield	49.2%	-23.2%	66.3%	-33.3%	-62.4%	-314.7%	-157.4%	-28.1%
Enterprise value	PLN 35.6M	PLN 38.3M	PLN 24.4M	PLN 19.1M	PLN 19.8M	PLN 19.8M	PLN 26.6M	PLN 51.3M
Net debt / EBITDA	0.86×	-7.71×	0.33×	-0.76×	-7.79×	-0.1×	-0.25×	-0.3×
Cash conversion cycle (days)	213	256	-614	-366	-3,548	-5,294	1,306	-10,373