Remak-Energomontaz S.A. (RMK.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

-39.0%

PLN 12.10

vs PLN 19.85 price

Levered DCF

-PLN 59.26

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.01

Distress zone

Rating

B-

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	-2.97×	7.11×	7.78×	15.87×	4.83×	1.89×	2.56×	2.42×
P/B	0.5×	0.47×	0.58×	0.57×	0.71×	0.56×	0.71×	0.92×
P/S	0.18×	0.15×	0.2×	0.21×	0.2×	0.1×	0.07×	0.1×
EV / EBITDA	-5.76×	3.78×	1.71×	0.68×	0.12×	-1.24×	0.26×	1.59×
Gross margin	10.8%	11.1%	13.1%	15.9%	11.5%	9.0%	7.1%	11.4%
Operating margin	-6.5%	2.2%	2.9%	2.5%	5.0%	7.2%	3.4%	5.4%
Net margin	-6.1%	2.1%	2.6%	1.3%	4.2%	5.5%	2.8%	4.2%
Current ratio	1.29×	1.5×	1.43×	1.68×	1.48×	1.18×	1.14×	1.14×
Debt / equity	0.57×	0.15×	0.04×	0.02×	0.02×	0.01×	0.02×	0.28×
Interest coverage	-4.38×	3.71×	3.1×	5.96×	50.93×	35.55×	6.88×	15.58×
Dividend yield	2.8%	2.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-8.4%	18.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-16.7%	6.6%	7.5%	3.6%	14.7%	29.7%	27.9%	37.8%
Return on invested capital	-9.4%	5.3%	7.1%	3.6%	12.5%	26.5%	18.2%	15.8%
Return on assets	-6.1%	2.9%	3.0%	1.6%	5.7%	6.5%	5.2%	5.5%
Free cash flow yield	-17.8%	-63.1%	-7.7%	-29.1%	-39.7%	100.3%	103.0%	-26.2%
Earnings yield	-33.7%	14.1%	12.8%	6.3%	20.7%	53.0%	39.0%	41.3%
Enterprise value	PLN 43.7M	PLN 35.2M	PLN 17.8M	PLN 7.3M	PLN 2.1M	-PLN 33.4M	PLN 5M	PLN 31.2M
Net debt / EBITDA	-1.54×	-0.02×	-2.33×	-2.9×	-2.48×	-2.37×	-1.16×	0.29×
Cash conversion cycle (days)	78	48	121	82	2	29	50	33