Polski Holding Nieruchomosci S.A. (PHN.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

-436.6%

-PLN 29.68

vs PLN 8.82 price

Levered DCF

-PLN 44.26

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.41

Distress zone

Rating

B+

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	2.4×	-2.5×	-4.44×	20×	7.92×	8.05×	8.06×	8.67×
P/B	0.22×	0.23×	0.32×	0.26×	0.26×	0.25×	0.24×	0.2×
P/S	0.56×	0.56×	1.26×	0.98×	1.3×	0.78×	2.6×	2.45×
EV / EBITDA	5.87×	17.73×	-188.28×	16.42×	11.36×	9.06×	11.6×	11.4×
Gross margin	25.6%	24.4%	30.5%	100.0%	100.0%	27.4%	49.3%	50.9%
Operating margin	30.1%	14.9%	19.8%	24.0%	35.1%	22.0%	56.1%	38.6%
Net margin	23.3%	-22.4%	-28.3%	4.9%	16.4%	9.7%	33.0%	28.2%
Current ratio	0.65×	0.83×	0.54×	0.41×	0.93×	2.08×	0.96×	0.91×
Debt / equity	0.85×	0.99×	0.85×	0.69×	0.64×	0.63×	0.44×	0.26×
Interest coverage	2.28×	0.99×	1.35×	3.38×	4.9×	0×	4.12×	5.09×
Dividend yield	0.0%	0.0%	0.6%	3.0%	2.9%	4.8%	3.5%	3.1%
Payout ratio	0.0%	0.0%	-2.5%	60.1%	22.7%	38.3%	27.8%	26.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.2%	-9.0%	-7.3%	1.3%	3.3%	3.2%	3.1%	2.4%
Return on invested capital	4.4%	2.9%	2.6%	1.3%	2.3%	2.7%	2.5%	2.0%
Return on assets	4.4%	-4.0%	-3.5%	0.7%	1.8%	1.7%	1.8%	1.7%
Free cash flow yield	36.8%	10.7%	7.4%	-15.3%	-35.5%	36.2%	29.0%	17.5%
Earnings yield	41.8%	-40.0%	-22.5%	5.0%	12.6%	12.4%	12.7%	11.5%
Enterprise value	PLN 2.3B	PLN 2.3B	PLN 2.5B	PLN 2.2B	PLN 2B	PLN 1.5B	PLN 1.5B	PLN 827.7M
Net debt / EBITDA	4.6×	14.22×	-133.98×	11.83×	7.83×	5.62×	7.33×	5.7×
Cash conversion cycle (days)	-6	146	154	39	137	-6	503	535