Selena FM S.A. (SEL.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

+124.6%

PLN 125.77

vs PLN 56.00 price

Levered DCF

PLN 183.65

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.04

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	11.35×	7.53×	16.51×	4.93×	5.33×	5.57×	8.96×	7.28×
P/B	1.69×	0.88×	1.26×	0.73×	0.91×	0.79×	0.77×	0.45×
P/S	0.73×	0.36×	0.49×	0.27×	0.32×	0.3×	0.27×	0.16×
EV / EBITDA	6.11×	4.42×	9.13×	2.85×	4.99×	2.86×	4.21×	4.14×
Gross margin	33.8%	33.9%	30.9%	30.1%	27.8%	33.8%	30.0%	29.1%
Operating margin	10.1%	8.2%	6.1%	7.8%	5.4%	9.2%	4.8%	4.3%
Net margin	6.4%	4.8%	2.8%	5.7%	5.9%	5.3%	3.0%	2.2%
Current ratio	1.74×	1.67×	1.44×	2.08×	1.74×	1.56×	1.83×	2.08×
Debt / equity	0.26×	0.35×	0.34×	0.19×	0.29×	0.16×	0.34×	0.36×
Interest coverage	5.38×	4.43×	4.76×	8.24×	14.07×	5.67×	8.79×	6.61×
Dividend yield	4.1%	5.0%	3.5%	0.0%	0.0%	0.0%	1.9%	3.6%
Payout ratio	47.0%	37.8%	60.5%	0.0%	0.0%	0.0%	17.4%	25.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.9%	11.7%	7.2%	15.7%	17.1%	14.2%	8.6%	6.3%
Return on invested capital	14.1%	11.3%	10.3%	14.9%	11.7%	15.8%	7.1%	6.2%
Return on assets	8.4%	6.4%	3.8%	9.6%	9.3%	8.0%	4.7%	3.3%
Free cash flow yield	10.3%	14.7%	2.9%	29.1%	-11.5%	19.2%	31.0%	9.3%
Earnings yield	8.8%	13.3%	5.7%	21.4%	18.8%	18.0%	11.2%	13.8%
Enterprise value	PLN 1.4B	PLN 813.1M	PLN 1B	PLN 557.8M	PLN 685.9M	PLN 441.9M	PLN 425.1M	PLN 301.2M
Net debt / EBITDA	0.42×	0.9×	1.41×	0.17×	1.01×	0.19×	0.71×	1.49×
Cash conversion cycle (days)	68	73	74	68	89	82	68	85