Patentus S.A. (PAT.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

-4570.7%

-PLN 85.61

vs PLN 1.92 price

Levered DCF

-PLN 28.17

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

2.32

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	17.06×	12×	1.7×	12.17×	-5×	134.59×	2.96×	2.76×
P/B	0.57×	0.59×	0.63×	0.41×	0.32×	0.27×	0.4×	0.25×
P/S	0.89×	0.96×	0.43×	0.52×	0.85×	0.47×	0.29×	0.17×
EV / EBITDA	8.75×	4.98×	1.27×	3.31×	15.35×	4.28×	2.03×	2.51×
Gross margin	13.1%	21.0%	32.7%	11.6%	-11.3%	7.8%	19.7%	14.6%
Operating margin	1.1%	3.8%	28.7%	4.9%	-28.2%	-1.1%	13.2%	9.3%
Net margin	5.2%	8.0%	25.4%	4.3%	-16.7%	0.3%	9.8%	6.3%
Current ratio	4.1×	5.29×	2.49×	3.81×	3.71×	3.27×	2.6×	1.67×
Debt / equity	0.04×	0.04×	0.06×	0.14×	0.16×	0.17×	0.18×	0.39×
Interest coverage	2.75×	6.76×	155.23×	3.38×	-9.11×	-1.3×	12.1×	12.37×
Dividend yield	8.1%	18.0%	0.4%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	139.9%	217.2%	0.7%	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	3.3%	4.9%	36.9%	3.3%	-6.2%	0.2%	13.5%	9.1%
Return on invested capital	0.7%	1.8%	32.4%	3.0%	-7.3%	0.1%	11.0%	6.8%
Return on assets	2.8%	3.9%	23.9%	2.4%	-4.6%	0.1%	8.7%	4.8%
Free cash flow yield	-30.2%	10.7%	39.4%	21.5%	-45.6%	18.7%	24.3%	-46.2%
Earnings yield	5.8%	8.3%	58.8%	8.2%	-19.6%	0.7%	33.5%	36.3%
Enterprise value	PLN 95.6M	PLN 97.3M	PLN 103.5M	PLN 44.9M	PLN 45.8M	PLN 38.8M	PLN 57.1M	PLN 50.9M
Net debt / EBITDA	0.46×	0.09×	-0.03×	0.14×	4.48×	1.04×	0.48×	1.35×
Cash conversion cycle (days)	176	220	116	171	328	223	121	126