TenderHut S.A. (THG.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

-360.1%

-PLN 13.68

vs PLN 5.26 price

Levered DCF

-PLN 20.11

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.68

Distress zone

Rating

C+

Overall 2 / 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
P/E	-2.26×	-3.57×	-1.79×	-7.12×	27.32×	15.92×	34.01×
P/B	1.05×	0.69×	0.84×	2.25×	3.07×	4.45×	0×
P/S	0.3×	0.27×	0.33×	1.1×	2.55×	2.04×	0×
EV / EBITDA	86.8×	-14.19×	-2.37×	14.09×	17.56×	10.15×	21.36×
Gross margin	4.1%	81.0%	76.9%	2.8%	10.3%	17.2%	0.0%
Operating margin	-0.0%	-3.8%	-18.8%	1.5%	9.1%	14.7%	0.0%
Net margin	-13.3%	-7.5%	-18.2%	1.5%	9.3%	12.8%	0.0%
Current ratio	1.3×	1.56×	1.13×	2.38×	2.67×	2.24×	0×
Debt / equity	0.21×	0.25×	0.29×	0.05×	0.07×	0.12×	0×
Interest coverage	-0×	-3.4×	-20.97×	4.79×	26.24×	48.46×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	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
Return on equity	-46.3%	-19.3%	-46.7%	3.1%	11.3%	27.9%	0.0%
Return on invested capital	-0.0%	-7.9%	-33.4%	0.6%	6.1%	21.7%	0.0%
Return on assets	-28.1%	-12.2%	-29.5%	2.2%	8.4%	18.5%	0.0%
Free cash flow yield	2.9%	15.8%	-58.8%	-10.6%	0.6%	5.8%	-2.6%
Earnings yield	-44.3%	-28.0%	-55.7%	1.4%	3.7%	6.3%	3.8%
Enterprise value	PLN 13.8M	PLN 14.1M	PLN 22M	PLN 68.5M	PLN 106.9M	PLN 89.4M	PLN 92.2M
Net debt / EBITDA	1.77×	-0.93×	-0.42×	-1.27×	-2.25×	-0.5×	-0.37×
Cash conversion cycle (days)	27	-90	-37	65	51	44	0