Zaklady Magnezytowe ROPCZYCE S.A. (RPC.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

+326.0%

PLN 99.27

vs PLN 23.30 price

Levered DCF

-PLN 36.45

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.19

Grey zone

Rating

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	16.28×	-114.74×	10.03×	3.17×	4.92×	3.81×	3.31×	5.59×
P/B	0.33×	0.3×	0.39×	0.38×	0.46×	0.34×	0.35×	0.58×
P/S	0.33×	0.28×	0.35×	0.28×	0.43×	0.35×	0.28×	0.41×
EV / EBITDA	6.8×	6.93×	5.55×	2.88×	2.73×	2.23×	2.69×	3.44×
Gross margin	18.2%	15.6%	16.3%	23.1%	28.8%	22.4%	22.4%	25.1%
Operating margin	4.4%	0.5%	7.5%	11.4%	14.5%	11.1%	10.5%	13.9%
Net margin	2.0%	-0.2%	3.5%	8.8%	8.7%	9.3%	8.3%	7.4%
Current ratio	2.01×	2.41×	1.86×	1.84×	2.17×	2.84×	2.1×	1.9×
Debt / equity	0.28×	0.19×	0.39×	0.21×	0.07×	0.11×	0.25×	0.34×
Interest coverage	3.66×	0.24×	3.7×	13.15×	112.98×	32.41×	15.28×	16.42×
Dividend yield	4.7%	4.6%	5.0%	7.7%	4.7%	4.3%	6.2%	3.2%
Payout ratio	76.0%	-529.3%	50.3%	24.4%	22.9%	16.4%	20.7%	17.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.0%	-0.3%	3.9%	11.9%	9.3%	9.0%	10.6%	10.4%
Return on invested capital	2.4%	-0.2%	5.1%	9.1%	10.2%	6.7%	7.1%	7.7%
Return on assets	1.3%	-0.2%	2.3%	7.2%	6.0%	6.4%	6.2%	5.8%
Free cash flow yield	-5.6%	22.6%	-1.1%	-46.6%	12.4%	38.2%	54.6%	11.7%
Earnings yield	6.1%	-0.9%	10.0%	31.6%	20.3%	26.2%	30.2%	17.9%
Enterprise value	PLN 234.9M	PLN 189.4M	PLN 228.4M	PLN 212.7M	PLN 144.8M	PLN 109.4M	PLN 129.9M	PLN 212.5M
Net debt / EBITDA	2.99×	2.48×	1.72×	0.96×	-0.19×	0.09×	0.81×	1.01×
Cash conversion cycle (days)	260	211	217	229	175	155	163	167