Sunex S.A. (SNX.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

-968.8%

-PLN 30.50

vs PLN 3.51 price

Levered DCF

-PLN 13.48

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.9

Distress zone

Rating

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	-4.24×	-6.6×	9.78×	11.77×	11.48×	15.75×	10.12×	10.91×
P/B	1.04×	1.3×	2.41×	5.72×	1.69×	3.16×	1.33×	0.72×
P/S	0.39×	0.64×	0.75×	1.58×	0.55×	1.21×	0.56×	0.29×
EV / EBITDA	-40.61×	-65.85×	9.3×	9.56×	7.94×	11.29×	8.03×	5.95×
Gross margin	19.5%	20.0%	29.6%	25.5%	16.8%	20.2%	17.8%	15.3%
Operating margin	-6.3%	-8.7%	9.6%	17.7%	7.8%	12.0%	7.6%	4.6%
Net margin	-9.2%	-9.7%	7.7%	13.5%	4.8%	7.7%	5.6%	2.6%
Current ratio	0.85×	1.03×	1.24×	1.46×	1.21×	1.13×	0.95×	1.1×
Debt / equity	1.5×	1.27×	1.12×	0.75×	0.92×	0.78×	0.8×	0.39×
Interest coverage	-2.03×	-2.36×	5.06×	22.26×	10.9×	17.68×	8.08×	4.65×
Dividend yield	0.0%	0.0%	2.4%	0.4%	1.1%	0.4%	1.0%	0.0%
Payout ratio	0.0%	0.0%	23.3%	5.2%	13.0%	6.2%	10.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-24.5%	-19.6%	24.7%	48.6%	14.5%	20.3%	13.2%	6.6%
Return on invested capital	-5.9%	-5.9%	12.0%	27.8%	8.3%	13.2%	7.2%	6.1%
Return on assets	-7.3%	-6.9%	9.1%	19.6%	5.3%	8.7%	5.6%	3.2%
Free cash flow yield	13.7%	-10.5%	-7.0%	7.0%	-21.3%	-1.1%	-32.4%	0.2%
Earnings yield	-23.5%	-15.1%	10.2%	8.5%	8.6%	6.4%	10.0%	9.2%
Enterprise value	PLN 207.7M	PLN 262.7M	PLN 346.9M	PLN 516.2M	PLN 110.8M	PLN 125.8M	PLN 55.8M	PLN 25.6M
Net debt / EBITDA	-23.79×	-32.39×	2.91×	1.07×	2.77×	2.11×	3.01×	2.1×
Cash conversion cycle (days)	139	187	148	105	99	86	80	43