Stalprofil S.A. (STF.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

-424.5%

-PLN 28.10

vs PLN 8.66 price

Levered DCF

PLN 13.69

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.82

Grey zone

Rating

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	20.37×	9.04×	9.63×	2.22×	1.53×	6.07×	8×	5.45×
P/B	0.27×	0.26×	0.3×	0.36×	0.41×	0.4×	0.44×	0.55×
P/S	0.06×	0.08×	0.1×	0.08×	0.11×	0.08×	0.09×	0.11×
EV / EBITDA	5.96×	5.73×	4.51×	2.54×	1.84×	4.63×	7.3×	6.25×
Gross margin	8.0%	7.8%	8.6%	9.8%	14.5%	8.3%	7.0%	8.4%
Operating margin	1.2%	1.6%	2.4%	4.9%	9.0%	2.3%	2.0%	2.8%
Net margin	0.3%	0.8%	1.0%	3.6%	7.0%	1.4%	1.2%	2.0%
Current ratio	1.72×	1.46×	1.8×	1.67×	1.43×	1.37×	1.35×	1.42×
Debt / equity	0.37×	0.45×	0.32×	0.41×	0.43×	0.5×	0.64×	0.71×
Interest coverage	1.86×	2.27×	2.71×	9.33×	46.93×	9.36×	7×	13.69×
Dividend yield	3.9%	4.0%	8.6%	12.0%	1.6%	1.0%	3.0%	2.7%
Payout ratio	78.6%	36.3%	83.0%	26.7%	2.4%	5.8%	24.2%	14.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.3%	2.9%	3.2%	16.0%	26.7%	6.6%	5.5%	10.0%
Return on invested capital	2.6%	2.4%	3.8%	10.7%	16.2%	4.8%	3.9%	5.7%
Return on assets	0.6%	1.1%	1.5%	7.0%	9.6%	2.3%	1.8%	3.2%
Free cash flow yield	32.8%	-94.1%	77.9%	-0.1%	7.4%	62.0%	33.4%	-56.6%
Earnings yield	4.9%	11.0%	10.4%	45.0%	65.3%	16.5%	12.5%	18.4%
Enterprise value	PLN 288.3M	PLN 313.3M	PLN 249.5M	PLN 346.7M	PLN 314.2M	PLN 242.4M	PLN 318.9M	PLN 358.9M
Net debt / EBITDA	3.16×	3.33×	1.8×	1.26×	0.8×	2.18×	4.25×	3.51×
Cash conversion cycle (days)	79	129	90	90	127	86	101	109