Neuca S.a. (NEU.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

+82.7%

PLN 1,260.63

vs PLN 690.00 price

Levered DCF

PLN 1,577.44

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.88

Grey zone

Rating

B+

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	23.75×	25.28×	27.78×	20.65×	24.48×	19.84×	13.92×	12.64×
P/B	3.49×	3.42×	4.1×	3.22×	4.35×	3.67×	2.53×	1.9×
P/S	0.27×	0.31×	0.34×	0.25×	0.37×	0.3×	0.2×	0.16×
EV / EBITDA	12.24×	10.14×	11.5×	8.5×	12.9×	10.79×	8.93×	7.48×
Gross margin	11.4%	11.4%	11.1%	11.1%	10.4%	10.6%	10.1%	10.1%
Operating margin	1.7%	2.2%	2.2%	2.1%	2.0%	2.3%	1.9%	1.6%
Net margin	1.1%	1.2%	1.2%	1.2%	1.5%	1.5%	1.4%	1.3%
Current ratio	0.89×	0.95×	0.87×	0.92×	0.92×	0.95×	0.92×	0.96×
Debt / equity	0.81×	0.39×	0.67×	0.43×	0.21×	0.23×	0.71×	0.34×
Interest coverage	3.67×	3.75×	3.14×	4.71×	15.41×	14.47×	12.71×	8.1×
Dividend yield	1.9%	1.7%	1.4%	1.8%	1.2%	1.3%	2.0%	2.4%
Payout ratio	46.3%	43.0%	39.8%	37.6%	29.3%	26.2%	27.4%	30.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	13.5%	14.8%	15.6%	17.8%	18.5%	18.3%	15.0%
Return on invested capital	7.8%	10.2%	11.6%	11.1%	11.4%	13.8%	10.7%	10.7%
Return on assets	2.5%	2.8%	2.8%	2.8%	3.7%	3.9%	3.4%	3.2%
Free cash flow yield	10.1%	-0.8%	4.8%	9.0%	6.7%	8.5%	5.0%	1.0%
Earnings yield	4.2%	4.0%	3.6%	4.8%	4.1%	5.0%	7.2%	7.9%
Enterprise value	PLN 4.4B	PLN 4.2B	PLN 4.6B	PLN 3B	PLN 3.8B	PLN 3B	PLN 2B	PLN 1.4B
Net debt / EBITDA	1.99×	0.81×	1.39×	0.48×	0.38×	0.55×	1.67×	0.99×
Cash conversion cycle (days)	-7	-1	-10	-12	-8	-8	-8	-5