Render (RND.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

+283.9%

PLN 282.56

vs PLN 73.60 price

Levered DCF

PLN 155.60

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

26.71

Safe 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
P/E	11.51×	13.64×	21.86×	15.45×	15.59×	21.8×	1,090×
P/B	2.61×	0.02×	4.21×	3.94×	5.83×	21.38×	1,073.44×
P/S	5.2×	5.7×	10.75×	8.86×	10.17×	17.11×	140.87×
EV / EBITDA	5.54×	5.5×	13.44×	10.28×	11.31×	19.19×	1,006.93×
Gross margin	66.3%	72.7%	76.8%	79.9%	88.8%	86.0%	27.4%
Operating margin	48.0%	55.1%	64.0%	69.9%	81.4%	83.9%	14.6%
Net margin	45.4%	41.6%	49.2%	57.3%	65.2%	78.4%	12.7%
Current ratio	41.38×	56.86×	65.53×	57.23×	7.77×	9.59×	2.11×
Debt / equity	0×	0×	0×	0×	0×	0×	0×
Interest coverage	112,585.32×	0×	0×	218.71×	6,455.15×	1,981,860.13×	1,169.8×
Dividend yield	16.4%	6.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	187.7%	83.9%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.8%	0.2%	19.2%	25.5%	37.4%	98.0%	97.1%
Return on invested capital	22.3%	17.6%	22.4%	25.1%	37.7%	95.6%	101.3%
Return on assets	21.9%	16.9%	19.1%	25.2%	34.3%	87.8%	51.2%
Free cash flow yield	6.2%	11.4%	2.1%	3.6%	6.9%	3.4%	0.1%
Earnings yield	8.7%	7.3%	4.6%	6.5%	6.4%	4.6%	0.1%
Enterprise value	PLN 70.8M	PLN 72.5M	PLN 145.9M	PLN 105.8M	PLN 122.3M	PLN 123.2M	PLN 127.5M
Net debt / EBITDA	-1.37×	-1.94×	-1.86×	-1.72×	-1.3×	-0.7×	-1.12×
Cash conversion cycle (days)	322	28	84	5	3	70	-32