Stalexport Autostrady S.A. (STX.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

+416.1%

PLN 10.15

vs PLN 1.97 price

Levered DCF

PLN 10.47

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.03

Safe zone

Rating

A+

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	9×	5.65×	7.23×	17.93×	9.43×	9.71×	9.84×	4.38×
P/B	1.21×	0.98×	1.05×	0.96×	1.09×	0.98×	0.96×	0.98×
P/S	1.36×	1.3×	1.55×	1.61×	2.4×	2.9×	2.15×	2.35×
EV / EBITDA	0.37×	0.42×	0.66×	1.3×	2.61×	3.82×	2.08×	1.83×
Gross margin	66.8%	68.4%	66.5%	42.7%	65.3%	66.8%	74.7%	84.5%
Operating margin	12.9%	29.6%	23.8%	14.6%	34.8%	34.6%	36.7%	72.1%
Net margin	13.7%	23.0%	21.5%	8.8%	25.1%	30.1%	21.5%	53.8%
Current ratio	2.23×	2.27×	1.72×	1.67×	1.78×	2.66×	2.22×	2.39×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0×	0×	0×	0.1×
Interest coverage	64.54×	163.58×	3.18×	431.39×	45.79×	18.21×	38.48×	39.61×
Dividend yield	18.2%	14.8%	6.3%	8.9%	18.3%	1.5%	12.1%	9.1%
Payout ratio	180.5%	83.7%	45.3%	162.4%	174.8%	14.2%	121.1%	39.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.3%	17.2%	14.5%	5.3%	11.4%	10.1%	9.6%	22.5%
Return on invested capital	7.8%	13.7%	8.7%	3.5%	8.4%	7.5%	7.5%	16.0%
Return on assets	7.5%	10.7%	7.1%	2.5%	6.7%	6.1%	5.7%	13.7%
Free cash flow yield	21.3%	-25.4%	11.6%	25.5%	14.3%	11.0%	26.7%	25.0%
Earnings yield	10.1%	17.6%	13.9%	5.5%	10.5%	10.4%	10.0%	22.9%
Enterprise value	PLN 71M	PLN 115M	PLN 153M	PLN 193.2M	PLN 540M	PLN 614.1M	PLN 384.5M	PLN 534.9M
Net debt / EBITDA	-4.06×	-2.35×	-2.73×	-3.18×	-1.56×	-1.41×	-2×	-0.87×
Cash conversion cycle (days)	-46	1	-69	-30	4	-49	-47	-47