Quantum software S.A. (QNT.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

+193.4%

PLN 122.04

vs PLN 41.60 price

Levered DCF

PLN 71.49

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

8.12

Safe zone

Rating

S-

Overall 5 / 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	8.62×	5.71×	11.86×	16.67×	15.84×	5.03×	7.21×	11.68×
P/B	1.99×	1.28×	1.84×	2.14×	2.53×	1.76×	1.54×	1.52×
P/S	0.79×	0.47×	0.65×	0.78×	1.23×	0.78×	0.59×	0.65×
EV / EBITDA	5.69×	3.08×	7.26×	8.86×	8.33×	2.71×	3.97×	4.91×
Gross margin	30.5%	26.7%	25.2%	25.7%	29.2%	32.0%	29.4%	28.3%
Operating margin	9.4%	8.2%	5.7%	6.1%	9.6%	17.7%	9.0%	8.6%
Net margin	9.2%	8.3%	5.4%	4.7%	7.8%	15.6%	8.3%	5.6%
Current ratio	3.75×	2.9×	3.27×	2.57×	4.09×	2.85×	3.22×	3.56×
Debt / equity	0.05×	0.08×	0.04×	0.11×	0.16×	0.1×	0.05×	0.05×
Interest coverage	156.24×	735.17×	486.83×	172.06×	5.31×	100.43×	19.34×	13.61×
Dividend yield	4.1%	9.5%	2.7%	11.5%	8.8%	3.0%	11.0%	15.2%
Payout ratio	35.3%	54.2%	31.9%	192.1%	138.8%	15.2%	79.2%	177.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.1%	22.5%	15.5%	12.9%	16.0%	34.9%	21.3%	13.0%
Return on invested capital	21.2%	19.2%	14.8%	13.2%	16.6%	30.3%	20.9%	13.8%
Return on assets	16.4%	14.3%	10.7%	8.0%	12.3%	21.1%	14.6%	9.4%
Free cash flow yield	3.9%	19.2%	3.6%	6.5%	6.3%	23.1%	16.4%	6.8%
Earnings yield	11.6%	17.6%	8.4%	6.0%	6.3%	19.9%	13.9%	8.6%
Enterprise value	PLN 37M	PLN 17.3M	PLN 26.5M	PLN 29.1M	PLN 41.5M	PLN 20.9M	PLN 14.7M	PLN 14.9M
Net debt / EBITDA	-1.24×	-1.43×	-1.8×	-1.95×	-1.26×	-1.22×	-1.37×	-1.39×
Cash conversion cycle (days)	35	15	58	49	39	33	23	30