Pepees S.A. (PPS.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

-160.3%

-PLN 0.43

vs PLN 0.72 price

Levered DCF

-PLN 3.36

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

1.35

Distress 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	-8.27×	-5.44×	28.5×	10.91×	-46.36×	20.48×	6.92×	5.21×
P/B	0.56×	0.5×	0.64×	0.62×	0.63×	0.74×	0.92×	0.72×
P/S	0.35×	0.35×	0.51×	0.45×	0.49×	0.63×	0.71×	0.49×
EV / EBITDA	23.94×	22.73×	7.2×	5.03×	22.3×	8.27×	5.44×	4.65×
Gross margin	22.7%	18.3%	27.2%	30.1%	18.8%	25.5%	34.1%	30.2%
Operating margin	-1.9%	-3.5%	5.5%	9.2%	-2.6%	5.2%	15.2%	12.5%
Net margin	-4.5%	-6.2%	1.8%	4.2%	-1.1%	3.1%	10.4%	9.6%
Current ratio	1.12×	1.2×	1.25×	1.33×	1.28×	1.22×	1.27×	1.37×
Debt / equity	1.09×	0.98×	0.89×	0.83×	0.83×	0.78×	0.83×	0.78×
Interest coverage	-0.54×	-0.98×	1.51×	3.41×	-2.42×	2.61×	10.26×	10.66×
Dividend yield	0.0%	0.0%	8.2%	0.0%	0.0%	8.8%	6.9%	0.0%
Payout ratio	0.0%	0.0%	234.6%	0.0%	0.0%	180.6%	47.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-7.0%	-8.9%	2.3%	5.8%	-1.4%	3.6%	13.5%	14.0%
Return on invested capital	-1.3%	-2.4%	1.7%	4.2%	-1.5%	2.4%	7.8%	7.4%
Return on assets	-2.9%	-4.1%	1.1%	2.8%	-0.7%	1.7%	6.6%	6.9%
Free cash flow yield	-45.6%	-12.3%	-6.8%	15.1%	12.7%	-6.6%	6.4%	-0.0%
Earnings yield	-12.6%	-18.0%	3.5%	9.3%	-2.2%	4.9%	14.7%	19.4%
Enterprise value	PLN 242.5M	PLN 203.8M	PLN 226.7M	PLN 207.8M	PLN 208.8M	PLN 246.2M	PLN 270.7M	PLN 207.6M
Net debt / EBITDA	15.41×	13.63×	3.58×	2.28×	10.69×	3.93×	2.14×	1.99×
Cash conversion cycle (days)	280	212	265	221	222	265	221	187