Pharmena S.a. (PHR.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

-151.4%

-PLN 1.51

vs PLN 2.93 price

Levered DCF

-PLN 1.55

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

13.19

Safe zone

Rating

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	-10.4×	-34.82×	2.73×	-40×	-19.29×	-14.29×	-5.64×	-131.68×
P/B	3×	3.43×	3.51×	-9.61×	-18.06×	-711.24×	10.51×	30.23×
P/S	18.36×	159.17×	8.04×	208.6×	5.78×	9.95×	4.86×	4.49×
EV / EBITDA	-9.18×	-12.44×	1.6×	-549.79×	-27.35×	-19.01×	-5.54×	144.11×
Gross margin	75.4%	73.9%	59.4%	3456.5%	51.5%	51.2%	66.7%	67.6%
Operating margin	-208.1%	-1267.5%	354.5%	-169.9%	-26.2%	-60.8%	-92.3%	0.6%
Net margin	-175.6%	-470.9%	294.2%	-525.1%	-30.2%	-69.4%	-86.3%	-3.4%
Current ratio	9.2×	12.98×	13.17×	0.59×	0.71×	0.74×	1.27×	0.97×
Debt / equity	0.04×	0.02×	0.01×	-1.56×	-2×	-39.64×	0.1×	0.55×
Interest coverage	-164.05×	-89.39×	65.79×	-0.7×	-15.03×	-29.58×	-26.47×	0.46×
Dividend yield	0.0%	22.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	-750.2%	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	-28.7%	-10.2%	128.5%	24.2%	94.4%	4957.6%	-186.3%	-22.9%
Return on invested capital	-32.7%	-13.2%	129.1%	-14.9%	-86.4%	-116.3%	-108.0%	2.8%
Return on assets	-25.4%	-9.3%	119.9%	-12.5%	-41.2%	-62.9%	-81.5%	-6.5%
Free cash flow yield	-10.2%	-6.4%	41.4%	2.6%	-4.0%	-2.5%	-24.9%	5.4%
Earnings yield	-9.6%	-3.0%	36.6%	-2.5%	-5.2%	-7.0%	-17.7%	-0.8%
Enterprise value	PLN 29M	PLN 41.2M	PLN 57M	PLN 70.9M	PLN 96.1M	PLN 102.7M	PLN 53.4M	PLN 59.1M
Net debt / EBITDA	-0×	0.45×	-0.62×	-66.29×	-2.35×	-0.7×	0.06×	1.46×
Cash conversion cycle (days)	361	1,412	-17	4,541	5	92	224	-18