Sygnity S.A. (SGN.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

+52.1%

PLN 143.10

vs PLN 94.10 price

Levered DCF

PLN 165.67

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

10.16

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	FY2018
P/E	27.61×	26.09×	23.75×	18.57×	4.81×	6.18×	4.18×	-3.24×
P/B	6.74×	5.56×	4.31×	2.97×	1.58×	1.82×	0.77×	1.1×
P/S	6.68×	5.38×	4.08×	2.37×	1.1×	0.75×	0.22×	0.13×
EV / EBITDA	18.8×	17.07×	18.61×	14.2×	4.37×	3.43×	1.56×	33.03×
Gross margin	46.0%	40.3%	34.4%	28.5%	31.7%	30.4%	30.0%	13.5%
Operating margin	27.4%	22.8%	18.2%	12.0%	24.1%	16.0%	17.1%	-2.5%
Net margin	24.2%	20.6%	17.2%	12.7%	22.8%	12.7%	6.8%	-3.9%
Current ratio	2.3×	1.67×	1.65×	1.1×	1.02×	0.86×	0.63×	0.78×
Debt / equity	0.04×	0.07×	0.11×	0.27×	0.48×	0.52×	0.65×	2.2×
Interest coverage	65.98×	33.14×	11.71×	5.04×	11.35×	5.29×	5.26×	-2.26×
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	24.4%	21.3%	18.1%	15.9%	32.9%	31.0%	24.2%	-34.0%
Return on invested capital	21.8%	18.6%	16.0%	11.5%	20.2%	16.3%	22.8%	-4.1%
Return on assets	18.5%	14.8%	12.2%	9.5%	16.7%	9.9%	5.8%	-3.3%
Free cash flow yield	4.8%	5.1%	8.0%	7.3%	8.1%	29.2%	33.8%	-37.3%
Earnings yield	3.6%	3.8%	4.2%	5.4%	20.8%	17.0%	31.4%	-30.8%
Enterprise value	PLN 2.1B	PLN 1.5B	PLN 872.6M	PLN 513.8M	PLN 266.8M	PLN 182M	PLN 75.1M	PLN 74.4M
Net debt / EBITDA	-1.36×	-1.29×	-1.66×	0.33×	0.7×	0.2×	0.5×	16.83×
Cash conversion cycle (days)	37	56	55	86	75	1	-27	-44