Torpol S.A. (TOR.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

+256.4%

PLN 230.25

vs PLN 64.60 price

Levered DCF

PLN 252.64

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.13

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	17.15×	10.91×	5.27×	2.32×	3.83×	6.11×	5.43×	5.24×
P/B	2.32×	1.41×	1.05×	1.04×	1.01×	1.18×	0.71×	0.5×
P/S	0.68×	0.51×	0.49×	0.39×	0.26×	0.21×	0.1×	0.07×
EV / EBITDA	6.2×	5.09×	0.54×	0.06×	-0.23×	0.23×	2×	2.65×
Gross margin	7.3%	8.7%	14.5%	23.9%	13.0%	7.2%	4.7%	5.4%
Operating margin	4.7%	5.1%	10.4%	20.3%	9.4%	4.6%	2.7%	3.4%
Net margin	3.9%	4.7%	9.3%	16.9%	6.9%	3.5%	1.8%	1.3%
Current ratio	1.54×	1.72×	1.73×	1.68×	1.27×	1.18×	1.14×	1.22×
Debt / equity	0.11×	0.15×	0.13×	0.2×	0.36×	0.51×	0.77×	0.57×
Interest coverage	15.48×	12.31×	13.86×	29.9×	20.7×	10.9×	6.37×	16.74×
Dividend yield	2.3%	6.5%	0.0%	16.2%	11.9%	7.0%	3.6%	0.0%
Payout ratio	39.7%	71.4%	0.0%	37.5%	45.6%	42.6%	19.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.5%	12.8%	20.0%	45.0%	26.3%	19.3%	13.0%	9.5%
Return on invested capital	10.0%	9.3%	14.3%	32.1%	18.5%	12.8%	8.4%	12.5%
Return on assets	5.4%	5.6%	9.0%	17.9%	8.0%	4.7%	2.3%	2.3%
Free cash flow yield	35.3%	-32.3%	3.7%	36.8%	42.9%	95.6%	101.0%	-175.5%
Earnings yield	5.8%	9.1%	19.0%	43.2%	26.1%	16.4%	18.4%	19.2%
Enterprise value	PLN 748M	PLN 582.9M	PLN 87.3M	PLN 14.7M	-PLN 30.1M	PLN 19.8M	PLN 129.6M	PLN 181.9M
Net debt / EBITDA	-4.9×	-1.41×	-2.78×	-1.56×	-2.54×	-3.2×	-0.44×	1.19×
Cash conversion cycle (days)	28	104	52	55	51	59	123	88