Fabryka Farb i Lakierow Sniezka S.A. (SKA.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

+23.3%

PLN 102.55

vs PLN 83.20 price

Levered DCF

PLN 128.51

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.95

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	14.63×	15.05×	13.2×	21.24×	16.15×	14.4×	17.37×	15.88×
P/B	2.57×	2.79×	2.95×	2.66×	3.17×	3.83×	3.9×	3.73×
P/S	1.35×	1.31×	1.19×	0.98×	1.21×	1.37×	1.44×	1.67×
EV / EBITDA	8.14×	8.62×	7.59×	9.52×	10.84×	9.72×	11.17×	10.49×
Gross margin	47.7%	49.3%	44.8%	38.4%	39.7%	42.1%	42.4%	41.9%
Operating margin	13.7%	13.2%	14.1%	8.8%	9.5%	12.5%	11.0%	13.6%
Net margin	9.2%	8.7%	9.1%	4.6%	7.5%	9.5%	8.3%	10.5%
Current ratio	1.37×	1.31×	1.15×	0.97×	1.14×	0.82×	1.2×	1.3×
Debt / equity	0.37×	0.7×	0.82×	1.03×	0.97×	0.85×	0.84×	0.25×
Interest coverage	6.69×	4.73×	4.86×	3.17×	35.36×	40.75×	28.38×	39.94×
Dividend yield	4.1%	4.4%	2.9%	4.4%	4.7%	3.4%	3.9%	2.8%
Payout ratio	59.7%	65.5%	38.7%	93.7%	76.1%	48.7%	68.0%	45.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.5%	18.6%	22.3%	12.5%	19.6%	26.6%	22.4%	23.5%
Return on invested capital	14.5%	12.9%	14.8%	8.5%	9.8%	14.3%	11.1%	19.0%
Return on assets	10.0%	8.8%	9.5%	4.6%	7.4%	11.0%	9.0%	15.2%
Free cash flow yield	12.7%	7.8%	11.3%	5.8%	1.4%	-0.5%	1.1%	1.1%
Earnings yield	6.8%	6.7%	7.6%	4.7%	6.2%	6.9%	5.8%	6.3%
Enterprise value	PLN 1.2B	PLN 1.3B	PLN 1.2B	PLN 1.1B	PLN 1.2B	PLN 1.4B	PLN 1.2B	PLN 1B
Net debt / EBITDA	0.92×	1.53×	1.34×	2.53×	2.42×	1.67×	1.7×	0.61×
Cash conversion cycle (days)	74	78	59	61	68	78	65	76