Stalprodukt S.A. (STP.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

+175.6%

PLN 661.37

vs PLN 240.00 price

Levered DCF

PLN 450.89

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.82

Grey zone

Rating

Overall 3 / 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	-23.49×	38.81×	14.32×	2.71×	2.9×	9.71×	6.22×	6.61×
P/B	0.33×	0.32×	0.34×	0.35×	0.45×	0.6×	0.38×	0.69×
P/S	0.32×	0.3×	0.27×	0.22×	0.31×	0.5×	0.27×	0.45×
EV / EBITDA	3.3×	0.88×	0.89×	1.05×	1.47×	3.66×	2.17×	3.24×
Gross margin	6.0%	7.7%	7.3%	14.6%	17.5%	12.7%	12.6%	13.9%
Operating margin	-1.7%	0.8%	2.4%	10.4%	10.1%	5.9%	5.3%	7.6%
Net margin	-1.4%	0.8%	1.9%	8.0%	10.9%	5.2%	3.7%	6.8%
Current ratio	4.14×	3.94×	4.49×	3.31×	2.72×	2.5×	2.74×	2.43×
Debt / equity	0.04×	0.04×	0.03×	0.04×	0.06×	0.08×	0.11×	0.14×
Interest coverage	-4.46×	2.58×	10.82×	51.47×	34.62×	13.89×	12.37×	20.44×
Dividend yield	2.7%	0.2%	6.8%	6.0%	2.5%	0.2%	3.5%	1.4%
Payout ratio	-62.9%	6.5%	96.7%	16.2%	7.1%	1.6%	25.0%	9.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.4%	0.8%	2.4%	12.7%	15.6%	6.2%	5.4%	10.4%
Return on invested capital	-1.5%	0.4%	1.8%	11.3%	10.1%	4.4%	4.2%	6.6%
Return on assets	-1.1%	0.6%	1.8%	9.2%	10.5%	4.0%	3.3%	6.2%
Free cash flow yield	-16.8%	8.9%	47.9%	17.1%	9.4%	7.4%	12.5%	6.0%
Earnings yield	-4.3%	2.6%	7.0%	36.9%	34.5%	10.3%	14.1%	15.1%
Enterprise value	PLN 454.6M	PLN 190.9M	PLN 283M	PLN 828M	PLN 1.2B	PLN 1.5B	PLN 907.1M	PLN 1.7B
Net debt / EBITDA	-5.35×	-4.52×	-3.09×	-0.58×	-0.37×	-0.53×	-0.25×	-0.24×
Cash conversion cycle (days)	124	106	81	99	106	122	91	104