Synthaverse S.A. (SVE.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

-587.2%

-PLN 12.72

vs PLN 2.61 price

Levered DCF

-PLN 15.44

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.34

Distress zone

Rating

C-

Overall 1 / 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	-13.52×	41.09×	63.07×	64.41×	65.97×	125.67×	26.32×	-1.94×
P/B	2.12×	2.62×	2.66×	3.71×	3.76×	14.95×	1.99×	2.09×
P/S	6.3×	4.44×	5.12×	7.77×	6.81×	13.89×	1.67×	1.97×
EV / EBITDA	-47.75×	19.12×	24.7×	24.65×	20.81×	52.51×	6.42×	-2.58×
Gross margin	30.9%	61.7%	60.0%	56.5%	55.1%	51.2%	54.3%	50.0%
Operating margin	-49.0%	17.3%	14.8%	19.5%	17.5%	14.8%	14.6%	-109.7%
Net margin	-47.4%	10.5%	8.1%	12.1%	10.3%	11.1%	6.3%	-100.4%
Current ratio	0.9×	1.07×	1.47×	2.26×	2.38×	0.9×	0.73×	0.64×
Debt / equity	0.68×	0.66×	0.62×	0.14×	0.09×	0.36×	0.29×	0.42×
Interest coverage	-5.21×	4×	5.11×	11.77×	5.61×	3.6×	2.84×	-13.31×
Dividend yield	0.0%	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	29.5%	0.0%	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	-16.0%	6.2%	4.2%	5.8%	5.7%	11.9%	7.6%	-106.6%
Return on invested capital	-6.8%	3.5%	2.6%	4.9%	5.0%	8.6%	6.2%	-40.9%
Return on assets	-6.6%	2.5%	1.8%	3.7%	3.6%	5.2%	3.1%	-37.6%
Free cash flow yield	-7.9%	-8.8%	-39.3%	-8.6%	-7.7%	-0.3%	11.2%	-5.1%
Earnings yield	-7.5%	2.4%	1.6%	1.6%	1.5%	0.8%	3.8%	-51.0%
Enterprise value	PLN 347.8M	PLN 398.4M	PLN 367.9M	PLN 379.7M	PLN 272.5M	PLN 569.3M	PLN 74.3M	PLN 76.2M
Net debt / EBITDA	-11.39×	3.82×	4.56×	-0.78×	-0.6×	1.06×	0.77×	-0.43×
Cash conversion cycle (days)	325	86	323	270	252	222	154	95