PCC Exol S.A. (PCX.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

+135.5%

PLN 4.95

vs PLN 2.10 price

Levered DCF

PLN 3.22

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.2

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	10.05×	11×	12.13×	4.57×	7.48×	14.35×	11.5×	13.73×
P/B	0.76×	0.81×	1.12×	1.26×	1.3×	1.91×	1.19×	1.04×
P/S	0.35×	0.4×	0.53×	0.46×	0.53×	0.88×	0.5×	0.41×
EV / EBITDA	7.63×	8.37×	7.88×	4.09×	6.81×	10.68×	9.27×	9.59×
Gross margin	17.1%	17.5%	18.3%	21.9%	18.6%	20.0%	17.5%	14.9%
Operating margin	6.0%	6.0%	6.9%	13.6%	9.5%	9.1%	6.4%	5.4%
Net margin	3.5%	3.8%	4.4%	10.1%	7.2%	6.2%	4.4%	3.1%
Current ratio	1.27×	1.23×	1.42×	1.5×	1.02×	1.34×	0.91×	1.29×
Debt / equity	0.55×	0.57×	0.45×	0.48×	0.68×	0.71×	0.68×	0.68×
Interest coverage	3.37×	3.68×	4.03×	10.31×	9.51×	7.11×	4.31×	3.46×
Dividend yield	0.0%	3.2%	3.4%	3.8%	6.9%	1.5%	4.9%	6.0%
Payout ratio	0.0%	34.2%	41.3%	17.4%	50.6%	21.5%	54.9%	79.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.5%	7.5%	9.3%	27.5%	17.6%	13.5%	10.6%	7.8%
Return on invested capital	6.8%	6.2%	8.0%	19.4%	10.6%	8.9%	7.5%	7.0%
Return on assets	3.9%	3.7%	5.2%	14.3%	8.0%	6.3%	5.0%	3.5%
Free cash flow yield	3.2%	6.1%	9.4%	16.3%	-4.4%	6.0%	3.9%	8.4%
Earnings yield	9.9%	9.3%	8.3%	21.8%	13.5%	7.1%	8.9%	7.5%
Enterprise value	PLN 643.1M	PLN 622.5M	PLN 689.5M	PLN 731.1M	PLN 638.2M	PLN 726.5M	PLN 485.5M	PLN 415.2M
Net debt / EBITDA	3.06×	3.22×	2.09×	1.02×	2.24×	2.3×	3.2×	3.57×
Cash conversion cycle (days)	45	40	39	48	48	29	25	27