Pekabex S.A. (PBX.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

+356.6%

PLN 37.63

vs PLN 8.24 price

Levered DCF

PLN 21.81

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.3

Distress zone

Rating

B-

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	-4.47×	11.88×	7.84×	5.36×	14.81×	7.19×	7.4×	6.11×
P/B	0.62×	0.83×	1.08×	0.78×	1.57×	1.21×	0.73×	1.1×
P/S	0.15×	0.25×	0.35×	0.21×	0.4×	0.44×	0.29×	0.35×
EV / EBITDA	-9.2×	5.36×	5.69×	3.44×	8.59×	5.23×	4.5×	3.8×
Gross margin	2.1%	9.7%	16.8%	16.8%	12.9%	17.5%	15.5%	18.5%
Operating margin	-4.5%	3.3%	7.0%	6.0%	3.8%	7.3%	5.1%	7.6%
Net margin	-3.3%	2.1%	4.4%	3.9%	2.7%	6.1%	4.0%	5.8%
Current ratio	1.19×	1.36×	1.26×	1.35×	1.27×	1.4×	1.34×	1.4×
Debt / equity	0.82×	0.61×	0.8×	0.46×	0.62×	0.54×	0.44×	0.32×
Interest coverage	-6.47×	2.14×	6.05×	5.46×	7.84×	15.74×	15.65×	24.82×
Dividend yield	1.5%	2.3%	1.9%	1.4%	1.7%	0.9%	3.4%	1.2%
Payout ratio	-6.7%	27.4%	14.7%	7.5%	25.3%	6.8%	25.0%	7.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-13.9%	7.0%	13.8%	14.6%	10.6%	16.8%	9.9%	17.9%
Return on invested capital	-7.2%	5.5%	9.5%	10.9%	6.8%	9.5%	6.8%	13.7%
Return on assets	-3.9%	2.5%	4.5%	5.0%	3.3%	6.4%	4.0%	8.0%
Free cash flow yield	-38.0%	18.1%	-0.5%	17.4%	5.4%	14.8%	0.7%	21.2%
Earnings yield	-22.3%	8.4%	12.8%	18.7%	6.8%	13.9%	13.5%	16.3%
Enterprise value	PLN 518.5M	PLN 555.6M	PLN 733.9M	PLN 441.1M	PLN 716.6M	PLN 501.5M	PLN 254.6M	PLN 308.4M
Net debt / EBITDA	-4.18×	1.12×	1.49×	0.68×	1.45×	0.88×	0.51×	-0.06×
Cash conversion cycle (days)	82	91	115	89	69	85	40	49