Sanok Rubber Company Spólka Akcyjna (SNK.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

+376.8%

PLN 92.27

vs PLN 19.35 price

Levered DCF

PLN 148.16

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.65

Grey 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	12.79×	10.93×	8.66×	6.42×	14.6×	14.48×	10.1×	10.13×
P/B	0.93×	1×	1.09×	0.67×	0.88×	1.06×	1.1×	1.44×
P/S	0.36×	0.4×	0.44×	0.26×	0.38×	0.54×	0.49×	0.63×
EV / EBITDA	4.72×	5.98×	4.38×	4.04×	5.59×	7.05×	8.01×	6.37×
Gross margin	21.6%	20.9%	19.0%	17.5%	17.8%	17.4%	16.3%	21.6%
Operating margin	4.4%	4.5%	6.0%	4.1%	3.4%	4.2%	3.1%	8.3%
Net margin	2.8%	3.7%	5.1%	4.1%	2.6%	3.7%	4.9%	6.3%
Current ratio	2.45×	1.95×	2.05×	2.38×	1.45×	1.45×	1.87×	1.26×
Debt / equity	0.57×	0.59×	0.31×	0.42×	0.44×	0.63×	0.64×	0.59×
Interest coverage	5.69×	4.34×	6.65×	8.77×	10.04×	9.6×	7.09×	27.58×
Dividend yield	7.1%	5.1%	4.9%	0.0%	6.1%	0.0%	5.2%	12.4%
Payout ratio	91.2%	56.4%	42.3%	0.0%	88.3%	0.0%	52.2%	125.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.3%	9.1%	12.6%	10.3%	6.1%	7.3%	10.9%	14.2%
Return on invested capital	4.7%	6.4%	9.8%	7.2%	4.3%	4.9%	4.1%	8.6%
Return on assets	3.4%	4.4%	7.2%	5.6%	3.2%	3.6%	5.4%	7.1%
Free cash flow yield	17.0%	3.0%	19.0%	4.1%	8.1%	20.1%	-6.5%	-6.7%
Earnings yield	7.8%	9.1%	11.5%	15.5%	6.9%	6.9%	9.9%	9.9%
Enterprise value	PLN 731.2M	PLN 882.1M	PLN 700.6M	PLN 499.8M	PLN 583.5M	PLN 727.5M	PLN 738.5M	PLN 828.4M
Net debt / EBITDA	1.31×	2.03×	0.37×	1.1×	1.34×	1.96×	2.38×	1.39×
Cash conversion cycle (days)	100	104	87	98	96	104	98	106