PCC Rokita S.A. (PCR.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

+157.8%

PLN 162.17

vs PLN 62.90 price

Levered DCF

PLN 145.60

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.43

Grey 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	19.84×	9.57×	7.22×	2.81×	4.36×	8.76×	10.4×	7.13×
P/B	0.9×	0.98×	1.4×	1.23×	1.61×	1.31×	1.32×	2×
P/S	0.68×	0.7×	0.81×	0.6×	0.83×	0.7×	0.65×	1.08×
EV / EBITDA	8.71×	4.77×	4.32×	1.98×	3.33×	5.14×	6.52×	6.49×
Gross margin	18.1%	20.1%	24.5%	36.5%	32.0%	23.3%	24.6%	30.3%
Operating margin	1.9%	5.1%	14.4%	26.5%	21.9%	12.2%	11.6%	17.7%
Net margin	3.4%	7.3%	11.2%	21.5%	18.9%	8.0%	6.3%	15.2%
Current ratio	1.47×	1.73×	1.59×	1.63×	1.55×	1.14×	1.01×	0.86×
Debt / equity	0.4×	0.47×	0.43×	0.42×	0.6×	1.03×	1.11×	0.79×
Interest coverage	0.97×	2.84×	10.83×	36.74×	20.86×	6.87×	6.25×	14.02×
Dividend yield	8.4%	9.7%	22.1%	13.8%	4.0%	6.6%	17.0%	10.2%
Payout ratio	167.0%	93.0%	159.9%	38.9%	17.5%	57.7%	176.9%	72.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	10.3%	19.4%	43.7%	36.9%	14.9%	12.7%	28.1%
Return on invested capital	1.5%	4.0%	13.8%	29.8%	22.4%	7.9%	7.1%	16.7%
Return on assets	2.7%	5.7%	10.6%	23.3%	17.7%	5.7%	4.8%	12.7%
Free cash flow yield	9.8%	10.6%	15.3%	29.7%	20.9%	19.0%	7.9%	2.5%
Earnings yield	5.0%	10.4%	13.9%	35.6%	22.9%	11.4%	9.6%	14.0%
Enterprise value	PLN 1.6B	PLN 1.8B	PLN 2.2B	PLN 2B	PLN 2.2B	PLN 1.7B	PLN 1.7B	PLN 2.2B
Net debt / EBITDA	2.24×	1.09×	0.59×	0.11×	0.54×	1.96×	2.84×	1.72×
Cash conversion cycle (days)	70	70	30	49	37	19	27	29