PMPG Polskie Media S.A. (PGM.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

-79.1%

PLN 0.47

vs PLN 2.23 price

Levered DCF

PLN 1.96

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.48

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	-2.02×	-2.24×	13.04×	5.96×	9.58×	4.04×	-1.03×	10.73×
P/B	0.81×	0.75×	0.96×	0.87×	1.49×	0.82×	0.6×	0.93×
P/S	0.5×	0.55×	0.66×	0.58×	1.3×	0.6×	0.24×	0.57×
EV / EBITDA	-2.88×	-2.2×	4.76×	1.93×	5.27×	2.15×	-0.88×	3.8×
Gross margin	42.3%	39.2%	57.4%	61.3%	58.6%	59.7%	56.4%	63.2%
Operating margin	-15.7%	-18.0%	2.3%	8.4%	14.2%	5.6%	1.0%	5.8%
Net margin	-24.9%	-24.7%	5.1%	9.7%	13.5%	14.8%	-22.9%	5.3%
Current ratio	2.18×	2.16×	3.64×	2.7×	2.49×	1.93×	1.38×	1.11×
Debt / equity	0.05×	0.07×	0.08×	0.04×	0.09×	0.25×	0.03×	0.06×
Interest coverage	-19.93×	-40.43×	4.23×	4.49×	15.13×	36.56×	1.76×	9.13×
Dividend yield	0.0%	0.0%	0.0%	0.9%	0.6%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	5.3%	5.8%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-40.1%	-33.6%	7.4%	14.7%	15.5%	20.1%	-58.4%	8.6%
Return on invested capital	-22.8%	-21.6%	2.7%	9.0%	12.7%	5.4%	2.4%	7.0%
Return on assets	-28.7%	-24.1%	5.7%	11.1%	11.1%	12.0%	-35.6%	5.4%
Free cash flow yield	-9.2%	-15.1%	0.3%	7.9%	10.6%	12.3%	5.8%	-6.4%
Earnings yield	-49.6%	-44.9%	7.7%	16.8%	10.4%	24.5%	-97.0%	9.2%
Enterprise value	PLN 12.1M	PLN 15.3M	PLN 21.6M	PLN 15.5M	PLN 32.1M	PLN 14.1M	PLN 8.5M	PLN 25.8M
Net debt / EBITDA	0.97×	0.44×	-2.11×	-1.36×	-1.19×	-0.88×	0.33×	-0.45×
Cash conversion cycle (days)	22	18	18	-44	14	-5	12	-42