Starhedge S.A. (SHG.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

-23.4%

PLN 0.14

vs PLN 0.19 price

Levered DCF

-PLN 0.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.47

Grey zone

Rating

C+

Overall 2 / 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	-3.38×	-4.2×	10.27×	8.89×	52.98×	16.07×	14.01×	11.16×
P/B	0.82×	0.4×	0.61×	0.68×	0.93×	0.96×	1.15×	1.36×
P/S	2.27×	12.01×	0.9×	0.95×	0.98×	1.25×	1.09×	1.26×
EV / EBITDA	-36.41×	42.59×	9.73×	5.48×	13.19×	9.91×	7.97×	10.99×
Gross margin	1.3%	99.7%	10.3%	65.0%	52.5%	60.9%	58.4%	28.1%
Operating margin	-6.8%	-5.0%	6.7%	15.1%	10.1%	10.1%	14.9%	13.6%
Net margin	-67.2%	-305.4%	8.8%	10.6%	1.9%	7.8%	7.8%	11.3%
Current ratio	4.7×	1.74×	2.06×	2.96×	2.45×	2.32×	3.27×	7.06×
Debt / equity	0.08×	0.02×	0.19×	0.1×	0.18×	0.23×	0.26×	0.41×
Interest coverage	-0.25×	-3.23×	2.27×	4.45×	5.35×	3.54×	6.86×	8.68×
Dividend yield	0.0%	0.0%	0.1%	0.0%	0.0%	8.8%	0.0%	0.0%
Payout ratio	0.0%	0.0%	1.1%	0.0%	0.0%	142.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-24.1%	-10.1%	6.0%	7.7%	1.8%	6.0%	8.2%	12.2%
Return on invested capital	-1.6%	-0.2%	3.2%	7.0%	5.6%	4.8%	8.4%	8.4%
Return on assets	-17.6%	-9.7%	3.4%	4.4%	0.9%	3.2%	4.3%	6.9%
Free cash flow yield	0.7%	-1.0%	-16.0%	-0.9%	1.2%	1.1%	28.6%	18.2%
Earnings yield	-29.6%	-25.4%	9.7%	11.2%	1.9%	6.2%	7.1%	9.0%
Enterprise value	PLN 28.8M	PLN 24.9M	PLN 42.8M	PLN 39.7M	PLN 45.9M	PLN 46.3M	PLN 49.4M	PLN 57.5M
Net debt / EBITDA	-2.49×	1.44×	2.16×	0.66×	1.92×	1.44×	0.88×	1.91×
Cash conversion cycle (days)	731	-8,281	322	812	492	703	430	352