PGF Polska Grupa Fotowoltaiczna S.A. (PGV.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

-105.9%

-PLN 0.08

vs PLN 1.42 price

Levered DCF

PLN 0.10

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.88

Safe 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	3.85×	-1.38×	-6.24×	-0.43×	1.29×	-0.54×	0.04×	-1.76×
P/B	0.75×	0.44×	0.66×	0.69×	0.51×	0.57×	0.01×	0.44×
P/S	2.64×	0.47×	0.06×	0.68×	-40.52×	-65.96×	-181.47×	0.27×
EV / EBITDA	2.83×	6.92×	7.32×	-0.36×	1.17×	-0.45×	-2.99×	-9.03×
Gross margin	99.2%	31.1%	4.1%	10.0%	100.0%	100.0%	104.0%	16.5%
Operating margin	95.5%	-0.8%	-0.0%	-23.8%	40.5%	196.2%	8588.0%	-13.3%
Net margin	68.9%	-36.3%	-1.0%	-158.3%	-2743.1%	12285.1%	-514576.0%	-15.6%
Current ratio	0.07×	1.16×	2.06×	9.86×	5.22×	0.15×	0.3×	0.75×
Debt / equity	0×	0.04×	0.05×	0.05×	0×	0.01×	0.01×	0.61×
Interest coverage	49.97×	-0.44×	-0.26×	-73.85×	-7.03×	-19.6×	-16.39×	-4.66×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.6%	-33.4%	-10.6%	-161.2%	34.3%	-106.1%	39.7%	-25.2%
Return on invested capital	16.8%	-0.5%	0.1%	-13.7%	-0.3%	-1.2%	-0.4%	-8.7%
Return on assets	15.2%	-17.7%	-4.1%	-94.9%	28.6%	-86.4%	32.2%	-8.1%
Free cash flow yield	0.0%	-1.6%	2.5%	-0.9%	-4.7%	-0.1%	1.0%	8.8%
Earnings yield	26.1%	-76.6%	-16.0%	-233.6%	67.7%	-186.2%	2835.6%	-56.9%
Enterprise value	PLN 50.6M	PLN 24.8M	PLN 46.2M	PLN 85.6M	PLN 130.9M	PLN 92.4M	PLN 6.4M	PLN 19.8M
Net debt / EBITDA	0.02×	-1.19×	-0.59×	-0.03×	0×	-0.01×	-0.88×	-5.17×
Cash conversion cycle (days)	-1,055	66	13	43	-2,843	-258	-410,844	-142,187