Orange Polska S.A. (OPL.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

+113.0%

PLN 34.15

vs PLN 16.04 price

Levered DCF

PLN 29.93

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.08

Grey zone

Rating

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	17.57×	10.53×	13.13×	12.05×	6.65×	187.75×	113.92×	630.26×
P/B	0.99×	0.71×	0.79×	0.65×	0.88×	0.82×	0.88×	0.6×
P/S	1.02×	0.76×	0.82×	0.7×	0.93×	0.75×	0.82×	0.57×
EV / EBITDA	5.35×	4.01×	4.42×	4.17×	3.67×	5.17×	5.34×	4.55×
Gross margin	8.2%	40.9%	40.1%	40.5%	43.1%	43.2%	42.9%	41.9%
Operating margin	4.2%	11.1%	9.4%	9.3%	7.0%	3.5%	3.6%	3.1%
Net margin	5.8%	7.2%	6.3%	5.8%	14.0%	0.4%	0.8%	0.1%
Current ratio	0.44×	0.78×	0.65×	0.86×	0.95×	0.44×	0.85×	0.67×
Debt / equity	0.54×	0.52×	0.53×	0.58×	0.62×	0.82×	0.8×	0.7×
Interest coverage	1.55×	4.48×	4.22×	3.57×	2.6×	1.27×	1.16×	1×
Dividend yield	5.2%	6.5%	4.3%	3.8%	0.0%	0.0%	0.0%	0.0%
Payout ratio	91.3%	69.0%	56.1%	45.3%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.6%	6.7%	6.1%	5.4%	13.3%	0.4%	0.9%	0.1%
Return on invested capital	2.0%	5.1%	4.4%	4.2%	3.3%	1.4%	1.5%	0.4%
Return on assets	2.8%	3.4%	3.0%	2.7%	6.4%	0.2%	0.4%	0.0%
Free cash flow yield	5.8%	10.3%	10.9%	7.1%	8.1%	8.9%	3.8%	-8.5%
Earnings yield	5.7%	9.4%	7.7%	8.3%	15.1%	0.5%	1.0%	0.2%
Enterprise value	PLN 20.1B	PLN 16.2B	PLN 17B	PLN 15.4B	PLN 17.9B	PLN 17B	PLN 17.4B	PLN 13B
Net debt / EBITDA	1.79×	1.62×	1.65×	1.82×	1.4×	2.54×	2.47×	2.35×
Cash conversion cycle (days)	-9	-42	-3	1	-5	-4	7	13