PCF Group Spólka Akcyjna (PCF.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

-3954.5%

-PLN 123.34

vs PLN 3.20 price

Levered DCF

-PLN 76.06

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.88

Distress 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	-1.22×	-1.61×	-12.53×	63.23×	23.63×	78.89×	404.33×	125.48×
P/B	1.11×	1.14×	2.28×	4.31×	5.64×	25.23×	38.69×	41.16×
P/S	0.76×	1.47×	6.41×	6.85×	8.05×	18.61×	23.85×	28.47×
EV / EBITDA	8.36×	-1.69×	-12.59×	23.28×	17.56×	56.95×	210.04×	84.62×
Gross margin	10.4%	25.4%	34.7%	50.3%	49.9%	36.1%	23.4%	37.7%
Operating margin	-11.2%	-103.7%	-57.6%	18.1%	34.2%	24.7%	6.3%	26.2%
Net margin	-61.8%	-91.6%	-51.1%	10.9%	34.0%	23.7%	5.8%	22.6%
Current ratio	1.56×	1.36×	4.33×	4.13×	7.03×	8.65×	7.97×	4.87×
Debt / equity	0.34×	0.25×	0.08×	0.14×	0.14×	0.18×	0.02×	0.04×
Interest coverage	-6.26×	-67.18×	-37.47×	19.83×	60.68×	62.72×	95.84×	238.07×
Dividend yield	0.0%	0.0%	0.0%	0.8%	0.4%	0.0%	0.2%	0.0%
Payout ratio	0.0%	0.0%	0.0%	52.9%	9.2%	0.0%	103.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-91.2%	-70.7%	-18.1%	6.9%	23.8%	32.1%	9.3%	32.7%
Return on invested capital	-12.1%	-54.9%	-15.3%	6.9%	19.5%	25.8%	10.0%	29.7%
Return on assets	-57.2%	-46.7%	-14.9%	5.3%	19.4%	25.7%	8.2%	25.8%
Free cash flow yield	-7.2%	-44.6%	-13.4%	-4.4%	2.2%	0.5%	-0.1%	0.9%
Earnings yield	-81.9%	-62.1%	-8.0%	1.6%	4.2%	1.3%	0.2%	0.8%
Enterprise value	PLN 173.6M	PLN 283.6M	PLN 871.7M	PLN 1.1B	PLN 1.4B	PLN 1.9B	PLN 2B	PLN 2B
Net debt / EBITDA	1.1×	-0.02×	1.32×	-0.62×	-1.3×	-0.82×	-2.99×	-1.52×
Cash conversion cycle (days)	38	27	68	52	80	100	29	23