LSI Software S.A. (LSI.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

-45.7%

PLN 20.64

vs PLN 38.00 price

Levered DCF

-PLN 1.90

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.43

Safe zone

Rating

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	6.2×	8.84×	15.51×	13.53×	6.54×	15.73×	10×	6.14×
P/B	1.36×	0.91×	0.97×	0.77×	0.92×	0.95×	1.63×	1.13×
P/S	1.12×	0.75×	0.87×	0.65×	0.78×	0.88×	1.18×	0.78×
EV / EBITDA	4.34×	3.8×	4.97×	5.7×	3.24×	4.18×	5.22×	3.04×
Gross margin	36.7%	31.9%	35.3%	24.1%	30.7%	21.3%	19.4%	23.8%
Operating margin	17.8%	10.3%	6.7%	2.8%	11.0%	3.9%	12.4%	13.9%
Net margin	18.1%	8.5%	5.6%	4.8%	12.0%	5.6%	12.0%	12.7%
Current ratio	2.4×	2.34×	1.98×	2.15×	2.27×	2.35×	2.07×	2.15×
Debt / equity	0.09×	0.1×	0.08×	0.09×	0.07×	0.11×	0.13×	0.05×
Interest coverage	34.05×	26.05×	7.83×	5.65×	29.17×	3.57×	31.91×	57.26×
Dividend yield	1.1%	0.0%	1.6%	0.0%	0.0%	0.0%	2.6%	0.0%
Payout ratio	6.5%	0.0%	25.2%	0.0%	0.0%	0.0%	25.9%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.0%	10.3%	6.2%	5.6%	14.0%	6.0%	16.5%	18.5%
Return on invested capital	19.7%	9.9%	6.9%	3.0%	12.0%	3.7%	13.8%	17.0%
Return on assets	16.4%	7.8%	4.7%	4.4%	10.7%	4.4%	11.4%	13.7%
Free cash flow yield	10.4%	-6.8%	12.7%	-21.4%	-7.3%	16.4%	1.0%	13.6%
Earnings yield	16.1%	11.3%	6.4%	7.4%	15.3%	6.3%	10.2%	16.3%
Enterprise value	PLN 91.5M	PLN 51.5M	PLN 46.4M	PLN 39.3M	PLN 32.8M	PLN 28.9M	PLN 60.6M	PLN 32.1M
Net debt / EBITDA	-0.2×	-0.05×	-0.33×	0.26×	-0.93×	-1.29×	-0.03×	-0.49×
Cash conversion cycle (days)	106	93	67	109	86	70	77	60