Protektor S.A. (PRT.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

+100.0%

PLN 1.62

vs PLN 0.81 price

Levered DCF

PLN 0.68

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.24

Distress zone

Rating

C-

Overall 1 / 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	-2.96×	-1.98×	-6.43×	-40.25×	100.25×	116.32×	-157.21×	-194.88×
P/B	1.76×	0.87×	1.3×	1.13×	1.53×	1.7×	1.73×	2×
P/S	0.35×	0.24×	0.44×	0.49×	0.73×	0.94×	0.82×	1×
EV / EBITDA	57.07×	123.28×	16.63×	8.02×	14.42×	13.1×	13.37×	24.85×
Gross margin	34.8%	26.8%	30.9%	35.2%	34.3%	36.8%	37.3%	35.4%
Operating margin	-6.8%	-7.7%	-3.6%	2.9%	0.7%	2.3%	3.1%	2.6%
Net margin	-11.9%	-12.2%	-6.9%	-1.2%	0.7%	0.8%	-0.5%	-0.5%
Current ratio	1.15×	1.04×	1.23×	1.33×	1.52×	1.73×	2.01×	2.34×
Debt / equity	1.58×	1×	0.81×	0.72×	0.67×	0.61×	0.63×	0.33×
Interest coverage	-2.95×	-2.26×	-1.39×	1.4×	0.46×	1.71×	2.27×	3.5×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%	0.0%	2.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	13.5%	12.4%	0.0%	-425.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-59.8%	-43.9%	-20.2%	-2.8%	1.5%	1.5%	-1.1%	-1.0%
Return on invested capital	-13.0%	-13.5%	-5.8%	-3.0%	0.3%	1.6%	-0.9%	-0.6%
Return on assets	-17.2%	-15.8%	-8.3%	-1.2%	0.7%	0.7%	-0.6%	-0.6%
Free cash flow yield	-7.1%	33.5%	15.8%	7.1%	0.3%	3.6%	6.1%	-0.2%
Earnings yield	-34.1%	-50.3%	-15.6%	-2.5%	1.0%	0.9%	-0.6%	-0.5%
Enterprise value	PLN 50.8M	PLN 41.8M	PLN 69M	PLN 78.7M	PLN 96.1M	PLN 109.4M	PLN 107.6M	PLN 119.9M
Net debt / EBITDA	26.01×	63.25×	6.03×	2.98×	4.18×	2.9×	3.22×	3.18×
Cash conversion cycle (days)	160	150	165	205	218	219	200	216