Quercus TFI S.A. (QRS.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

+456.6%

PLN 68.46

vs PLN 12.30 price

Levered DCF

PLN 34.80

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.88

Safe zone

Rating

A+

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	9.92×	9.23×	10.21×	12.8×	9.53×	11.44×	6.85×	-12.5×
P/B	4.93×	3.52×	3.17×	2.23×	2.69×	3.37×	2.17×	3.03×
P/S	2.96×	2.57×	2.69×	1.98×	2.93×	3.55×	2.19×	1.49×
EV / EBITDA	6.07×	5.97×	7.06×	7.48×	5.1×	8.36×	4.02×	-21.35×
Gross margin	82.3%	80.5%	76.3%	79.7%	78.3%	79.3%	84.2%	90.8%
Operating margin	35.0%	44.9%	21.1%	16.4%	31.1%	30.7%	32.1%	19.6%
Net margin	29.7%	27.9%	26.4%	15.5%	30.5%	31.3%	32.1%	-11.9%
Current ratio	1.73×	2×	1.39×	1.32×	1.27×	3.29×	4.99×	3.9×
Debt / equity	0.04×	0.03×	0.05×	0.05×	0.04×	0.03×	0×	0×
Interest coverage	385.32×	330.09×	133.71×	107.5×	521.76×	122.1×	19,557×	0×
Dividend yield	0.2%	0.2%	0.2%	0.2%	0.0%	2.7%	0.0%	0.0%
Payout ratio	1.9%	1.8%	1.6%	2.2%	0.0%	31.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	49.6%	38.1%	31.1%	17.4%	28.0%	29.8%	31.8%	-24.3%
Return on invested capital	41.1%	44.5%	15.2%	11.7%	19.4%	20.1%	22.1%	30.0%
Return on assets	24.7%	22.6%	15.1%	8.9%	12.8%	20.5%	22.9%	-15.5%
Free cash flow yield	9.2%	7.1%	7.6%	-1.5%	5.0%	7.1%	8.9%	20.6%
Earnings yield	10.0%	10.8%	9.8%	7.8%	10.4%	8.8%	14.7%	-8.0%
Enterprise value	PLN 494.2M	PLN 353.1M	PLN 300.9M	PLN 165.7M	PLN 164M	PLN 189M	PLN 95.3M	PLN 101.5M
Net debt / EBITDA	-1.29×	-0.78×	-0.34×	-0.68×	-2.4×	-0.58×	-1.61×	5.45×
Cash conversion cycle (days)	-299	-379	-582	-804	-1,303	24	85	48