Pkp Cargo S.A. (PKP.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

-2739.4%

-PLN 244.41

vs PLN 9.26 price

Levered DCF

-PLN 13.46

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.26

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	15.09×	-0.26×	7.97×	4.39×	-2.79×	-2.73×	25.63×	10.68×
P/B	0.77×	0.85×	0.2×	0.2×	0.21×	0.2×	0.27×	0.56×
P/S	0.16×	0.14×	0.12×	0.12×	0.15×	0.15×	0.2×	0.39×
EV / EBITDA	4.88×	-1.57×	3.13×	2.72×	6.07×	5.21×	4.75×	3.57×
Gross margin	17.1%	9.9%	20.6%	14.8%	-5.4%	20.6%	15.1%	15.2%
Operating margin	0.2%	-60.3%	5.3%	6.2%	-4.9%	-7.7%	3.1%	5.5%
Net margin	1.0%	-54.1%	1.5%	2.7%	-5.3%	-5.5%	0.8%	3.6%
Current ratio	0.34×	0.44×	0.55×	0.63×	0.65×	0.83×	1.02×	1.2×
Debt / equity	3.38×	3.7×	0.9×	0.73×	0.84×	0.82×	1.06×	0.41×
Interest coverage	0.06×	-17.49×	1.94×	2.63×	-4.1×	-5.18×	2.45×	8.34×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.3%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	186.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.1%	-323.3%	2.6%	4.6%	-7.4%	-7.1%	1.1%	5.3%
Return on invested capital	0.1%	-55.0%	3.0%	4.1%	-2.8%	-4.0%	1.0%	3.8%
Return on assets	0.6%	-37.5%	1.0%	1.9%	-3.0%	-3.0%	0.5%	2.7%
Free cash flow yield	-14.3%	163.4%	-22.7%	24.9%	-17.3%	-27.0%	-26.1%	7.3%
Earnings yield	6.6%	-382.0%	12.6%	22.8%	-35.9%	-36.6%	3.9%	9.4%
Enterprise value	PLN 2.8B	PLN 2.8B	PLN 3.3B	PLN 2.8B	PLN 2.9B	PLN 2.9B	PLN 4B	PLN 3B
Net debt / EBITDA	3.85×	-1.22×	2.52×	2.1×	4.77×	4.1×	3.67×	1.22×
Cash conversion cycle (days)	-75	-51	-9	4	14	32	27	21