PJP Makrum S.A. (PJP.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

-146.4%

-PLN 10.03

vs PLN 21.60 price

Levered DCF

PLN 17.66

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.02

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	14.04×	8.6×	5.39×	2.49×	40×	6.47×	14.3×	12.16×
P/B	0.53×	0.55×	0.59×	0.48×	0.62×	0.8×	0.74×	1.28×
P/S	0.18×	0.2×	0.22×	0.13×	0.24×	0.28×	0.29×	0.51×
EV / EBITDA	14.04×	5.49×	4.83×	2.45×	10.61×	4.92×	7.79×	7.33×
Gross margin	17.9%	20.2%	21.7%	19.4%	17.9%	20.6%	19.8%	19.6%
Operating margin	2.3%	2.8%	5.1%	6.6%	0.7%	6.4%	2.9%	6.4%
Net margin	1.3%	2.4%	4.1%	5.4%	0.6%	4.3%	2.0%	4.2%
Current ratio	1.45×	1.32×	1.43×	1.37×	1.05×	1.28×	1.23×	1.41×
Debt / equity	1.34×	0.61×	0.68×	0.36×	0.5×	0.37×	0.35×	0.2×
Interest coverage	1.21×	1.16×	3.03×	8.21×	1.16×	11.99×	5.13×	12.73×
Dividend yield	3.5%	9.3%	3.2%	0.0%	2.7%	3.7%	4.5%	4.9%
Payout ratio	49.1%	80.1%	17.3%	0.0%	108.3%	24.1%	64.6%	59.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.7%	6.4%	10.9%	19.2%	1.6%	12.4%	5.2%	10.5%
Return on invested capital	1.7%	3.8%	5.8%	13.1%	0.6%	9.2%	3.5%	9.4%
Return on assets	1.0%	2.6%	4.3%	8.3%	0.6%	6.1%	2.4%	5.9%
Free cash flow yield	-1.6%	-8.5%	2.5%	29.6%	13.5%	15.0%	4.7%	13.2%
Earnings yield	7.1%	11.6%	18.6%	40.1%	2.5%	15.4%	7.0%	8.2%
Enterprise value	PLN 299M	PLN 176.2M	PLN 183.6M	PLN 116.6M	PLN 118.8M	PLN 131.6M	PLN 104.7M	PLN 143.5M
Net debt / EBITDA	9.94×	2.68×	2.33×	0.95×	3.98×	1.32×	1.87×	0.46×
Cash conversion cycle (days)	232	163	181	98	102	95	79	91