Grupa Azoty Zaklady Chemiczne Police S.A. (PCE.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

-499.1%

-PLN 27.94

vs PLN 7.00 price

Levered DCF

PLN 107.83

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.19

Distress zone

Rating

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	-1.33×	-12.14×	-1.43×	-10.32×	12.36×	12.84×	15.91×	-26.15×
P/B	-5.76×	1.33×	2.02×	0.75×	0.75×	0.86×	0.69×	0.71×
P/S	0.39×	0.35×	0.51×	0.26×	0.43×	0.62×	0.32×	0.32×
EV / EBITDA	-21.53×	10.78×	-3.73×	33.21×	6.76×	7.24×	5.61×	12.92×
Gross margin	4.3%	4.1%	0.2%	7.9%	13.9%	13.5%	13.6%	12.0%
Operating margin	-8.9%	-2.1%	-11.9%	-2.6%	5.0%	2.4%	3.0%	0.3%
Net margin	-29.6%	-2.9%	-36.0%	-2.5%	3.5%	4.8%	2.0%	-1.2%
Current ratio	0.43×	0.48×	0.52×	0.88×	0.87×	0.84×	1.03×	1.04×
Debt / equity	-5.33×	1.31×	0.87×	0.35×	0.48×	0.41×	0.59×	0.36×
Interest coverage	-2.21×	-0.53×	-3.92×	-2.98×	9.99×	3.59×	6.37×	0.61×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-134.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	434.1%	-10.9%	-141.8%	-7.3%	6.1%	6.7%	4.3%	-2.7%
Return on invested capital	-16.2%	-2.5%	-16.9%	-4.3%	4.2%	1.8%	2.5%	0.4%
Return on assets	-27.0%	-2.1%	-32.4%	-3.1%	2.7%	3.4%	1.7%	-1.2%
Free cash flow yield	-15.3%	105.0%	88.9%	59.6%	61.9%	-106.4%	15.2%	-2.4%
Earnings yield	-75.4%	-8.2%	-70.0%	-9.7%	8.1%	7.8%	6.2%	-3.8%
Enterprise value	PLN 1.7B	PLN 1.6B	PLN 2.1B	PLN 2B	PLN 2B	PLN 2.2B	PLN 1B	PLN 997.9M
Net debt / EBITDA	-9.47×	4.92×	-1.06×	10.02×	2.07×	2.21×	1.26×	2.96×
Cash conversion cycle (days)	-43	-46	-57	-14	19	16	14	-20