Onde S.A. (OND.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

-4.1%

PLN 7.71

vs PLN 8.04 price

Levered DCF

-PLN 1.44

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.36

Grey zone

Rating

C+

Overall 2 / 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	25.06×	19.11×	28.03×	76.38×	17.83×	46.8×	112.32×	156×
P/B	1.33×	1.63×	2.71×	1.75×	2.47×	18.21×	21.41×	19.88×
P/S	0.55×	0.73×	0.86×	0.5×	0.68×	2.64×	4.06×	4.85×
EV / EBITDA	9.35×	10.45×	15.64×	22.75×	10.41×	30.14×	64.83×	97.36×
Gross margin	12.7%	11.3%	9.9%	6.6%	11.6%	9.7%	8.4%	8.1%
Operating margin	4.6%	5.7%	4.5%	2.0%	5.1%	6.9%	4.4%	3.5%
Net margin	2.2%	3.8%	3.1%	0.7%	3.8%	5.6%	3.6%	3.2%
Current ratio	2.3×	2.16×	2×	1.99×	2.42×	1.22×	1.45×	1.67×
Debt / equity	0.4×	0.31×	0.08×	0.27×	0.07×	0.19×	0.25×	0.14×
Interest coverage	3.99×	8.37×	5.7×	3.47×	28.17×	30.37×	15.55×	15.64×
Dividend yield	3.5%	2.9%	0.0%	0.0%	3.9%	1.3%	0.4%	0.8%
Payout ratio	89.2%	55.8%	0.0%	0.0%	70.2%	61.3%	44.1%	119.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.3%	8.5%	9.7%	2.3%	13.8%	38.6%	19.0%	13.1%
Return on invested capital	4.9%	6.8%	9.8%	3.1%	12.2%	28.3%	13.2%	9.3%
Return on assets	2.6%	4.1%	5.0%	1.2%	8.1%	8.8%	6.8%	6.6%
Free cash flow yield	-3.2%	6.8%	14.9%	-14.8%	-17.2%	5.6%	2.5%	-1.0%
Earnings yield	4.0%	5.2%	3.6%	1.3%	5.6%	2.1%	0.9%	0.7%
Enterprise value	PLN 494.6M	PLN 559.7M	PLN 893.5M	PLN 616.4M	PLN 743.5M	PLN 1.4B	PLN 1.5B	PLN 1.3B
Net debt / EBITDA	0.31×	-0.44×	-0.68×	2.7×	-1.15×	-2×	-2.14×	-1.32×
Cash conversion cycle (days)	115	125	124	109	59	7	55	52