P.A. Nova S.A. (NVA.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

+444.8%

PLN 100.25

vs PLN 18.40 price

Levered DCF

-PLN 34.99

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.35

Distress 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	7.22×	6.68×	4.88×	5.02×	6.36×	7.36×	4.42×	8.31×
P/B	0.31×	0.3×	0.36×	0.26×	0.35×	0.27×	0.41×	0.41×
P/S	0.65×	0.52×	0.49×	0.54×	0.75×	0.69×	0.56×	0.8×
EV / EBITDA	10.18×	7.33×	7.07×	9.75×	11.02×	13.13×	7.43×	13.82×
Gross margin	22.9%	21.2%	21.1%	26.9%	24.7%	24.0%	19.8%	24.3%
Operating margin	16.1%	17.0%	17.8%	21.9%	20.1%	19.5%	16.2%	19.0%
Net margin	8.9%	7.9%	9.9%	11.1%	11.7%	9.4%	12.7%	9.6%
Current ratio	0.75×	2.21×	1.11×	0.99×	1.26×	1.39×	1.14×	0.96×
Debt / equity	0.73×	0.67×	0.71×	0.93×	0.87×	0.91×	0.95×	1.12×
Interest coverage	2.17×	2.38×	3.51×	2.63×	4.02×	3.18×	3.36×	2.98×
Dividend yield	4.7%	4.7%	3.8%	5.4%	0.0%	0.5%	3.7%	0.0%
Payout ratio	33.9%	31.1%	18.6%	26.1%	0.0%	3.9%	16.4%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.3%	4.5%	7.3%	5.3%	5.6%	3.6%	9.2%	5.0%
Return on invested capital	3.6%	4.0%	5.9%	4.2%	4.1%	3.0%	4.2%	3.5%
Return on assets	2.2%	2.4%	3.8%	2.4%	2.7%	1.7%	4.0%	1.9%
Free cash flow yield	-23.2%	-8.8%	23.5%	-1.6%	-8.2%	51.4%	-5.2%	-16.0%
Earnings yield	13.9%	15.1%	20.5%	20.5%	15.7%	13.6%	22.6%	12.1%
Enterprise value	PLN 468.5M	PLN 419.8M	PLN 443M	PLN 459M	PLN 450M	PLN 421.1M	PLN 493.9M	PLN 506.6M
Net debt / EBITDA	6.72×	4.74×	4.36×	7.38×	7.37×	9.84×	5.03×	9.82×
Cash conversion cycle (days)	7	21	7	-11	31	7	77	-30