Seko S.A. (SEK.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

+544.4%

PLN 66.69

vs PLN 10.35 price

Levered DCF

PLN 87.21

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.74

Grey zone

Rating

A+

Overall 5 / 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	6.38×	6.66×	5.29×	8.58×	258.98×	13.62×	8.86×	6.87×
P/B	0.63×	0.67×	0.86×	0.48×	0.77×	0.82×	0.82×	0.85×
P/S	0.26×	0.27×	0.3×	0.17×	0.29×	0.34×	0.32×	0.33×
EV / EBITDA	4.04×	3.46×	3.41×	4.33×	8.75×	4.57×	4.49×	3.81×
Gross margin	17.9%	17.4%	17.8%	15.2%	14.0%	16.2%	18.5%	19.7%
Operating margin	4.4%	4.6%	6.7%	2.7%	0.2%	3.5%	4.5%	6.1%
Net margin	4.1%	4.0%	5.7%	1.9%	0.1%	2.4%	3.6%	4.8%
Current ratio	1.9×	1.58×	1.68×	1.55×	1.67×	1.69×	1.88×	1.6×
Debt / equity	0.16×	0.23×	0.14×	0.23×	0.28×	0.36×	0.26×	0.4×
Interest coverage	14.06×	10.67×	12.28×	4.02×	0.98×	11.72×	11.84×	17.31×
Dividend yield	7.5%	10.5%	2.8%	0.0%	3.9%	4.8%	7.1%	4.9%
Payout ratio	47.7%	69.9%	14.7%	0.0%	1018.5%	65.6%	62.6%	33.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	10.1%	16.3%	5.6%	0.3%	6.0%	9.3%	12.3%
Return on invested capital	7.2%	7.2%	12.9%	4.8%	0.4%	4.7%	6.8%	8.2%
Return on assets	6.5%	6.0%	10.6%	3.2%	0.2%	3.3%	5.4%	6.4%
Free cash flow yield	14.3%	21.4%	4.9%	16.6%	-7.3%	15.3%	13.1%	3.3%
Earnings yield	15.7%	15.0%	18.9%	11.7%	0.4%	7.3%	11.3%	14.5%
Enterprise value	PLN 75.5M	PLN 69.3M	PLN 90.7M	PLN 55.7M	PLN 62.4M	PLN 60.5M	PLN 68.6M	PLN 66.2M
Net debt / EBITDA	0.66×	0.3×	0.44×	1.35×	0.69×	-0.15×	0.44×	0.29×
Cash conversion cycle (days)	42	36	37	25	26	28	28	32