NTT System S.A. (NTT.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

-11.7%

PLN 31.62

vs PLN 35.80 price

Levered DCF

PLN 12.45

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.17

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	3.9×	4.7×	2.97×	3.93×	3.91×	8.19×	6.34×	7×
P/B	0.53×	0.46×	0.37×	0.37×	0.44×	0.49×	0.22×	0.24×
P/S	0.09×	0.07×	0.04×	0.05×	0.06×	0.09×	0.06×	0.08×
EV / EBITDA	3.09×	3.37×	2.54×	2.66×	2.27×	6.64×	2.63×	30.76×
Gross margin	8.8%	6.9%	5.7%	5.6%	5.5%	5.4%	5.8%	6.4%
Operating margin	3.2%	1.9%	1.8%	2.3%	2.0%	1.7%	1.1%	1.4%
Net margin	2.4%	1.4%	1.5%	1.3%	1.6%	1.1%	0.9%	1.2%
Current ratio	1.38×	1.66×	1.51×	1.57×	1.5×	1.68×	2.65×	2.8×
Debt / equity	0.14×	0.23×	0.14×	0.26×	0.04×	0.19×	0×	0.09×
Interest coverage	8.8×	3.45×	2.54×	3.41×	8.08×	11.45×	5.7×	4.61×
Dividend yield	1.4%	2.0%	1.3%	6.2%	2.9%	1.4%	5.0%	5.0%
Payout ratio	5.6%	9.6%	3.9%	24.6%	11.3%	11.1%	31.8%	35.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	9.8%	12.5%	9.5%	11.2%	5.9%	3.4%	3.5%
Return on invested capital	12.6%	8.3%	10.0%	10.8%	11.7%	6.3%	3.6%	3.2%
Return on assets	4.6%	4.7%	5.3%	4.3%	4.9%	3.1%	2.5%	2.6%
Free cash flow yield	10.0%	-9.3%	21.2%	-24.4%	43.4%	-29.9%	45.0%	17.6%
Earnings yield	25.7%	21.3%	33.7%	25.4%	25.6%	12.2%	15.6%	14.4%
Enterprise value	PLN 142.6M	PLN 121.9M	PLN 83.5M	PLN 79.2M	PLN 56.7M	PLN 82.2M	PLN 19.3M	PLN 32.8M
Net debt / EBITDA	0.23×	0.61×	0.32×	0.48×	-0.53×	0.99×	-1.47×	0.28×
Cash conversion cycle (days)	65	56	42	53	44	68	65	90