Spyrosoft Spólka Akcyjna (SPR.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

+354.5%

PLN 1,472.55

vs PLN 324.00 price

Levered DCF

PLN 1,340.87

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.61

Safe zone

Rating

S-

Overall 5 / 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	15.4×	14.49×	31.99×	14.2×	15.79×	14.18×	15.13×	26.77×
P/B	3.9×	4.15×	7.51×	8.28×	6.08×	7.92×	8.92×	23.12×
P/S	1.04×	1.07×	1.51×	1.6×	1.34×	1.55×	1.04×	2.37×
EV / EBITDA	8.02×	8.16×	16.97×	9.67×	7.56×	6.55×	8.64×	16.14×
Gross margin	31.7%	32.4%	31.4%	33.1%	34.8%	37.7%	30.5%	26.9%
Operating margin	9.8%	9.7%	7.4%	13.6%	13.3%	17.7%	10.5%	14.6%
Net margin	6.8%	7.4%	4.7%	11.3%	8.5%	11.0%	6.9%	8.9%
Current ratio	2.84×	2.58×	1.78×	1.94×	2.15×	2.13×	1.43×	1.39×
Debt / equity	0.14×	0.24×	0.52×	0.39×	0.3×	0.06×	0.41×	1.27×
Interest coverage	20.92×	18.48×	9.65×	19.24×	34.22×	20.22×	43.06×	49.47×
Dividend yield	0.0%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	1.7%	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	25.3%	28.6%	23.5%	58.3%	38.5%	55.9%	59.0%	86.4%
Return on invested capital	23.3%	23.7%	20.2%	33.3%	31.4%	47.9%	37.8%	44.2%
Return on assets	13.1%	14.0%	9.9%	22.6%	17.8%	26.3%	17.8%	21.4%
Free cash flow yield	8.3%	10.3%	1.3%	5.0%	4.0%	6.6%	3.8%	-1.0%
Earnings yield	6.5%	6.9%	3.1%	7.0%	6.3%	7.1%	6.6%	3.7%
Enterprise value	PLN 563.1M	PLN 467.4M	PLN 629.3M	PLN 521.6M	PLN 226.9M	PLN 164.2M	PLN 73.4M	PLN 77.2M
Net debt / EBITDA	-0.92×	-0.51×	-0.03×	-0.16×	-0.16×	-0.44×	-0.09×	0.36×
Cash conversion cycle (days)	40	45	39	32	45	28	35	-50