Passus S.A. (PAS.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

-39.8%

PLN 96.43

vs PLN 160.20 price

Levered DCF

PLN 129.47

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

9.27

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	17.47×	11.04×	27.59×	14.45×	16.83×	29.9×	32.68×	92.86×
P/B	6.12×	2.04×	2.24×	3.42×	6.31×	5.92×	0×	3.37×
P/S	1.28×	0.53×	0.52×	0.82×	1.6×	1.37×	0.66×	1.01×
EV / EBITDA	10.44×	2.88×	2.41×	3.64×	7.72×	10.1×	10.23×	21.65×
Gross margin	11.5%	13.5%	14.1%	91.8%	41.0%	57.1%	59.5%	58.2%
Operating margin	10.0%	8.1%	12.5%	7.7%	14.1%	8.1%	5.2%	3.1%
Net margin	8.2%	4.8%	1.9%	5.7%	9.5%	4.6%	2.0%	1.1%
Current ratio	1.15×	1.59×	1.18×	1.1×	1.09×	1.19×	0×	1.48×
Debt / equity	0.03×	0.04×	0.06×	0.06×	0.09×	0.17×	0×	0.61×
Interest coverage	25.92×	27.32×	39.89×	39.18×	59.43×	6.81×	7.22×	5.9×
Dividend yield	2.2%	10.6%	0.0%	0.0%	0.1%	0.2%	0.4%	0.8%
Payout ratio	34.5%	116.7%	0.0%	0.0%	2.2%	4.9%	12.2%	80.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	39.4%	18.5%	8.1%	23.6%	37.5%	19.8%	0.0%	3.5%
Return on invested capital	71.0%	22.7%	36.3%	24.0%	47.1%	18.1%	11.9%	4.8%
Return on assets	14.6%	7.5%	2.3%	5.9%	11.3%	6.7%	0.0%	1.6%
Free cash flow yield	1.7%	11.5%	-32.4%	35.5%	6.8%	-3.3%	30.7%	-8.5%
Earnings yield	6.4%	9.1%	3.6%	6.9%	5.9%	3.3%	3.1%	1.1%
Enterprise value	PLN 145.3M	PLN 41.3M	PLN 29.1M	PLN 31.7M	PLN 91.8M	PLN 55.5M	PLN 25.7M	PLN 26.9M
Net debt / EBITDA	-0.9×	-1.08×	-1.29×	-3.55×	-0.74×	-0.63×	0×	1.58×
Cash conversion cycle (days)	30	82	-8	-1,335	-50	-96	-219	95