TOYA S.a. (TOA.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

+42.0%

PLN 15.79

vs PLN 11.12 price

Levered DCF

PLN 8.38

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.78

Safe 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	8.28×	7.9×	9.47×	5.53×	7.77×	6.69×	8.67×	12.1×
P/B	1.3×	1.1×	1.54×	1.05×	2×	9.32×	1.66×	2.76×
P/S	0.79×	0.66×	0.88×	0.51×	0.87×	0.81×	0.89×	1.38×
EV / EBITDA	5.28×	5.32×	5.76×	4.06×	6.05×	4.96×	6.88×	9.96×
Gross margin	34.0%	31.5%	33.3%	31.8%	33.7%	34.9%	36.0%	36.9%
Operating margin	11.5%	10.0%	12.1%	12.8%	14.4%	15.2%	13.2%	14.6%
Net margin	9.6%	8.3%	9.3%	9.2%	11.3%	12.0%	10.2%	11.5%
Current ratio	3.64×	2.44×	4.17×	2.63×	1.9×	2.52×	2.51×	1.99×
Debt / equity	0.07×	0.15×	0.08×	0.29×	0.41×	1.33×	0.32×	0.45×
Interest coverage	46.54×	31.31×	20.66×	10.2×	59.03×	50.64×	27.94×	54.24×
Dividend yield	0.0%	0.0%	0.0%	0.0%	3.6%	13.7%	0.0%	6.7%
Payout ratio	0.0%	0.0%	0.0%	0.0%	28.1%	92.4%	0.0%	80.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.7%	14.0%	16.3%	18.9%	25.7%	138.5%	19.1%	22.9%
Return on invested capital	14.0%	11.6%	15.7%	16.2%	18.4%	22.0%	15.2%	16.5%
Return on assets	11.7%	8.7%	12.3%	11.9%	12.8%	16.4%	11.9%	12.6%
Free cash flow yield	8.5%	-10.6%	20.0%	8.7%	-5.1%	24.6%	9.0%	-2.0%
Earnings yield	12.1%	12.7%	10.6%	18.0%	12.9%	14.9%	11.5%	8.3%
Enterprise value	PLN 694.8M	PLN 574.3M	PLN 608.9M	PLN 459.5M	PLN 686M	PLN 465.1M	PLN 449M	PLN 596.9M
Net debt / EBITDA	-0.19×	0.32×	-0.36×	0.61×	0.76×	0.3×	0.9×	1.17×
Cash conversion cycle (days)	250	265	200	232	234	200	288	320