Lentex S.A. (LTX.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

+89.9%

PLN 13.87

vs PLN 7.30 price

Levered DCF

PLN 35.32

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.39

Safe 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	16.59×	14.4×	12.79×	19.17×	12.18×	12.67×	41.78×	12.76×
P/B	0.93×	1.01×	1.14×	1.23×	1.46×	1.79×	1.23×	1.06×
P/S	0.76×	0.82×	0.85×	0.79×	1.01×	1.35×	1.11×	0.76×
EV / EBITDA	5.52×	5.44×	5.69×	7.72×	6.98×	7.36×	6.55×	7.44×
Gross margin	27.1%	27.9%	25.6%	20.9%	28.3%	30.7%	27.3%	26.6%
Operating margin	7.5%	8.7%	10.1%	6.5%	11.1%	14.1%	8.9%	7.1%
Net margin	4.6%	5.7%	6.7%	4.1%	8.3%	10.6%	6.7%	6.0%
Current ratio	4.59×	4.06×	4.46×	3.72×	2.2×	2.27×	2.86×	2.25×
Debt / equity	0.09×	0.08×	0.08×	0.08×	0.24×	0.21×	0.16×	0.22×
Interest coverage	29.09×	37.03×	21.59×	8.35×	33.74×	36.37×	15.73×	21.8×
Dividend yield	0.0%	0.0%	0.0%	0.0%	3.2%	8.8%	0.0%	7.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	38.3%	111.5%	0.0%	94.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.6%	7.0%	9.0%	6.4%	12.0%	14.1%	7.5%	8.4%
Return on invested capital	4.8%	5.5%	7.0%	4.9%	6.6%	9.4%	4.8%	4.5%
Return on assets	3.1%	3.9%	5.1%	3.5%	6.2%	8.1%	4.3%	4.8%
Free cash flow yield	8.8%	7.1%	15.2%	-5.2%	3.0%	4.2%	13.4%	12.6%
Earnings yield	6.1%	7.0%	7.9%	5.2%	8.2%	7.9%	6.1%	7.9%
Enterprise value	PLN 205.8M	PLN 242.7M	PLN 270.1M	PLN 320.5M	PLN 429.3M	PLN 537.2M	PLN 337.8M	PLN 413.7M
Net debt / EBITDA	-0.74×	-0.3×	-0.37×	-0.01×	0.19×	0.49×	-0.34×	0.94×
Cash conversion cycle (days)	156	157	133	126	141	136	-39	158