REINO Capital S.A. (RNC.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

-403.3%

-PLN 4.43

vs PLN 1.46 price

Levered DCF

PLN 3.86

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.67

Grey zone

Rating

A-

Overall 4 / 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	47.13×	-10.31×	378.38×	-132.35×	169×	-20.74×	-29.74×	-530×
P/B	2.8×	7.05×	2.87×	2.74×	1.98×	3.13×	0.9×	1.03×
P/S	0.95×	3.17×	4.05×	7.52×	7.43×	17.69×	17.47×	93.91×
EV / EBITDA	13.26×	-17.98×	40.91×	64.77×	50.57×	-30.79×	-93.07×	-326.71×
Gross margin	29.6%	73.8%	74.3%	71.9%	73.0%	42.9%	57.3%	74.9%
Operating margin	5.4%	0.6%	6.6%	5.9%	6.0%	-90.6%	-84.1%	-59.2%
Net margin	2.0%	-30.8%	1.1%	-5.7%	4.4%	-85.3%	-33.8%	-17.6%
Current ratio	2.22×	1.46×	0.49×	2.53×	19.54×	0.95×	2.82×	1.34×
Debt / equity	0.9×	1.21×	0.54×	0.45×	0.47×	0.36×	0.04×	0×
Interest coverage	1.53×	0.1×	0.9×	0.4×	2.83×	-2.87×	-2.16×	-72.96×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	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	5.9%	-68.4%	0.8%	-2.1%	1.2%	-15.1%	-1.7%	-0.2%
Return on invested capital	3.9%	0.6%	2.0%	1.3%	0.8%	-11.0%	-3.4%	-0.4%
Return on assets	2.3%	-26.7%	0.5%	-1.4%	0.8%	-10.5%	-1.6%	-0.2%
Free cash flow yield	3.9%	2.1%	2.0%	1.8%	-2.7%	-5.2%	-7.3%	-0.1%
Earnings yield	2.1%	-9.7%	0.3%	-0.8%	0.6%	-4.8%	-1.9%	-0.2%
Enterprise value	PLN 92.2M	PLN 128.2M	PLN 131.3M	PLN 122.6M	PLN 71.4M	PLN 69M	PLN 59.2M	PLN 60.6M
Net debt / EBITDA	2.95×	-2.23×	5.71×	7.35×	-6.22×	-3.12×	-2.04×	6.26×
Cash conversion cycle (days)	-9	-119	-11	-0	106	183	-117	-204