Zaklady Przemyslu Cukierniczego Otmuchów S.A. (OTM.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

-120.6%

-PLN 0.93

vs PLN 4.54 price

Levered DCF

-PLN 1.33

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.03

Safe 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	12.7×	18.17×	9.29×	-8.26×	-19.44×	-52.32×	-2.06×	-3.21×
P/B	1.08×	1.05×	1.09×	0.76×	0.99×	0.45×	0.34×	0.39×
P/S	0.52×	0.44×	0.41×	0.28×	0.36×	0.19×	0.15×	0.19×
EV / EBITDA	4.56×	5.81×	4.42×	12.07×	9.34×	4.43×	-14.57×	23.96×
Gross margin	24.2%	20.2%	20.8%	13.6%	19.6%	18.8%	17.5%	18.7%
Operating margin	8.0%	6.1%	7.2%	-1.8%	-1.6%	0.2%	-4.3%	-4.6%
Net margin	4.2%	2.5%	4.4%	-3.4%	-1.8%	-0.4%	-7.4%	-6.1%
Current ratio	1.17×	1.01×	0.86×	0.94×	1.13×	1.23×	1.16×	1.35×
Debt / equity	0.05×	0.39×	0.32×	0.14×	0.22×	0.23×	0.12×	0.13×
Interest coverage	4.34×	2.75×	3.8×	-1.02×	-2.05×	0.33×	-6.82×	-5.7×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	8.6%	5.9%	11.8%	-9.1%	-5.0%	-0.9%	-16.4%	-12.1%
Return on invested capital	10.8%	7.9%	12.7%	-4.0%	-2.8%	0.3%	-6.5%	-7.3%
Return on assets	5.0%	2.8%	6.0%	-4.5%	-2.6%	-0.5%	-8.7%	-6.8%
Free cash flow yield	8.8%	-15.1%	-13.0%	-6.7%	13.6%	-33.1%	26.4%	5.3%
Earnings yield	7.9%	5.6%	10.8%	-12.1%	-5.0%	-1.9%	-48.3%	-31.4%
Enterprise value	PLN 144.5M	PLN 159.2M	PLN 137.3M	PLN 68.7M	PLN 91M	PLN 57.3M	PLN 32.7M	PLN 49.8M
Net debt / EBITDA	0.06×	1.19×	0.65×	-0.52×	0.18×	1.1×	-0.04×	3.09×
Cash conversion cycle (days)	29	34	31	27	20	37	6	26