Tarczynski S.A. (TAR.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

-185.3%

-PLN 97.61

vs PLN 114.50 price

Levered DCF

-PLN 205.82

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.94

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	10.65×	13.64×	5.03×	4.53×	4.98×	2.73×	6.43×	7.96×
P/B	1.85×	2.58×	1×	0.96×	1.25×	0.84×	0.87×	1.09×
P/S	0.6×	0.79×	0.29×	0.27×	0.4×	0.24×	0.21×	0.27×
EV / EBITDA	8.32×	9.04×	4.9×	5.38×	4.98×	3.22×	6.03×	5.49×
Gross margin	25.0%	26.1%	27.8%	23.9%	26.5%	25.9%	20.7%	22.9%
Operating margin	8.4%	8.8%	8.7%	7.9%	11.1%	12.5%	5.9%	5.9%
Net margin	5.6%	5.8%	7.0%	6.1%	8.0%	8.9%	3.2%	3.4%
Current ratio	0.49×	0.57×	0.73×	0.82×	0.99×	1.09×	1.04×	1.04×
Debt / equity	1.46×	1.25×	1.14×	1.14×	1.06×	1.04×	1.37×	1.19×
Interest coverage	2.34×	3.04×	2.94×	4.25×	7.71×	7.11×	3.31×	3.81×
Dividend yield	2.2%	2.0%	4.4%	5.1%	3.6%	0.0%	3.1%	0.0%
Payout ratio	23.5%	27.5%	18.8%	23.2%	17.8%	0.0%	20.1%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.4%	18.9%	23.7%	21.2%	25.0%	30.7%	13.6%	13.8%
Return on invested capital	10.4%	11.7%	12.9%	11.5%	12.8%	15.8%	7.9%	8.2%
Return on assets	5.9%	6.9%	8.7%	7.3%	9.1%	11.7%	4.0%	4.2%
Free cash flow yield	-10.3%	-1.5%	0.5%	-14.1%	-11.2%	7.7%	-11.1%	-21.8%
Earnings yield	9.4%	7.3%	23.7%	22.1%	20.1%	36.6%	15.6%	12.6%
Enterprise value	PLN 2.4B	PLN 2.4B	PLN 1.2B	PLN 954.6M	PLN 869.6M	PLN 535.2M	PLN 440.4M	PLN 395.6M
Net debt / EBITDA	3.59×	2.91×	2.59×	2.88×	2.25×	1.72×	3.54×	2.66×
Cash conversion cycle (days)	18	14	25	6	8	21	18	5