Talex S.A. (TLX.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

+486.8%

PLN 102.69

vs PLN 17.50 price

Levered DCF

PLN 88.17

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-2.4

Distress zone

Rating

A+

Overall 4 / 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	13.24×	65.52×	34×	30.69×	-8.13×	9.5×	16.19×	5.25×
P/B	1.08×	1.12×	0.97×	1.05×	0.82×	0.61×	0.71×	0.63×
P/S	0.45×	0.79×	0.62×	0.65×	0.55×	0.36×	0.44×	0.36×
EV / EBITDA	6.28×	12.42×	9.02×	6.62×	51.36×	3.43×	4.6×	2.9×
Gross margin	17.6%	24.4%	22.4%	18.6%	18.9%	22.1%	22.5%	25.5%
Operating margin	4.1%	-0.5%	2.9%	-3.9%	-6.5%	1.8%	3.2%	8.8%
Net margin	3.4%	1.2%	1.8%	2.1%	-6.8%	3.7%	2.7%	6.9%
Current ratio	1.51×	1.5×	1.03×	0.85×	1×	1.27×	1.04×	1.01×
Debt / equity	0.08×	0.09×	0.17×	0.15×	0.16×	0.16×	0.27×	0.25×
Interest coverage	13.7×	-0.87×	3.65×	-6.65×	-21.81×	5.35×	5.26×	14.26×
Dividend yield	1.3%	4.7%	0.0%	0.0%	5.2%	5.2%	10.0%	10.4%
Payout ratio	16.9%	306.1%	0.0%	0.0%	-42.2%	49.7%	162.2%	54.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.1%	1.7%	2.8%	3.4%	-10.1%	6.4%	4.4%	11.9%
Return on invested capital	6.8%	-0.6%	3.1%	-3.7%	-7.7%	2.1%	3.1%	9.1%
Return on assets	5.6%	1.3%	1.9%	2.3%	-7.1%	4.3%	2.9%	7.0%
Free cash flow yield	4.1%	9.1%	-1.1%	3.7%	11.8%	15.1%	14.1%	16.0%
Earnings yield	7.5%	1.5%	2.9%	3.3%	-12.3%	10.5%	6.2%	19.1%
Enterprise value	PLN 56.3M	PLN 54.7M	PLN 56.9M	PLN 55.8M	PLN 43.6M	PLN 38.1M	PLN 46.3M	PLN 41.8M
Net debt / EBITDA	-0.26×	-0.51×	0.93×	0.29×	3.6×	0.33×	0.74×	0.51×
Cash conversion cycle (days)	27	4	23	4	9	32	31	61