Relpol S.A. (RLP.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

+43.9%

PLN 8.40

vs PLN 5.84 price

Levered DCF

-PLN 16.53

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.7

Grey zone

Rating

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	-34.5×	-6.74×	8.09×	46.62×	11.5×	7.06×	10.39×	8.02×
P/B	0.56×	0.52×	0.66×	0.6×	0.79×	0.63×	0.63×	0.93×
P/S	0.49×	0.46×	0.43×	0.39×	0.56×	0.45×	0.42×	0.55×
EV / EBITDA	17.53×	5.96×	5.59×	7.2×	5.18×	3.19×	4.35×	4.24×
Gross margin	14.9%	10.9%	20.3%	16.0%	20.7%	19.7%	20.2%	23.9%
Operating margin	-1.3%	-6.3%	7.0%	4.0%	6.9%	7.6%	5.4%	8.8%
Net margin	-1.4%	-6.9%	5.4%	0.8%	4.9%	6.4%	4.0%	6.8%
Current ratio	2.88×	2.77×	3.34×	2.23×	2.8×	4.67×	3.33×	3.13×
Debt / equity	0.21×	0.23×	0.24×	0.17×	0.1×	0.03×	0.1×	0.05×
Interest coverage	-1.59×	-8.61×	21.7×	11.57×	30.9×	89.56×	52.83×	108.48×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	4.4%	8.2%	5.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	1.4%	31.0%	86.0%	42.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.6%	-7.8%	8.2%	1.3%	6.9%	8.8%	6.0%	11.5%
Return on invested capital	-1.2%	-5.7%	7.2%	2.4%	6.6%	7.7%	5.4%	10.6%
Return on assets	-1.2%	-5.6%	5.9%	0.9%	5.2%	7.2%	4.5%	8.7%
Free cash flow yield	4.9%	13.4%	-22.4%	-23.6%	-8.0%	6.5%	6.5%	5.5%
Earnings yield	-2.9%	-14.9%	12.4%	2.1%	8.7%	14.1%	9.5%	12.4%
Enterprise value	PLN 72.1M	PLN 72.2M	PLN 92.9M	PLN 72.1M	PLN 79.9M	PLN 54.8M	PLN 56.9M	PLN 76.8M
Net debt / EBITDA	4.63×	1.78×	1.42×	1.39×	0.31×	-0.01×	0.45×	0.16×
Cash conversion cycle (days)	198	195	172	164	178	179	179	165