Triton Development S.A. (TRI.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

-4036.4%

-PLN 156.67

vs PLN 3.98 price

Levered DCF

PLN 63.87

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.05

Grey 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	5.84×	-2.93×	-7.04×	-339.29×	23.44×	-5.27×	-6.21×	3.54×
P/B	0.27×	0.22×	0.37×	0.28×	0.28×	0.18×	0.13×	0.16×
P/S	0.23×	0.76×	1.99×	0.77×	0.62×	0.47×	0.61×	0.43×
EV / EBITDA	1.9×	-1.92×	-10.52×	8.16×	5.29×	-5.7×	-10.55×	2.12×
Gross margin	15.8%	19.3%	37.7%	27.7%	18.8%	15.1%	23.9%	30.4%
Operating margin	5.8%	-24.0%	-25.4%	1.0%	2.2%	-3.8%	-8.3%	10.5%
Net margin	4.0%	-25.9%	-28.1%	-0.2%	2.7%	-8.9%	-9.8%	12.2%
Current ratio	2.61×	1.75×	2.56×	6.81×	4.54×	9.25×	7.79×	10.12×
Debt / equity	0.06×	0×	0.05×	0×	0.01×	0.04×	0.03×	0.02×
Interest coverage	16.36×	-9.87×	-8.83×	2.57×	7.12×	-9.91×	-12.7×	13.24×
Dividend yield	0.0%	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%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.7%	-7.4%	-5.3%	-0.1%	1.2%	-3.4%	-2.1%	4.5%
Return on invested capital	4.6%	-6.4%	-4.2%	-0.1%	0.9%	-1.4%	-1.7%	3.8%
Return on assets	3.1%	-3.5%	-3.2%	-0.1%	0.9%	-3.0%	-1.9%	4.1%
Free cash flow yield	17.2%	27.2%	0.4%	-19.5%	37.0%	15.9%	-54.0%	21.4%
Earnings yield	17.0%	-34.0%	-14.2%	-0.3%	4.3%	-19.0%	-16.0%	28.2%
Enterprise value	PLN 14.3M	PLN 6.6M	PLN 22.3M	PLN 16.8M	PLN 11.9M	PLN 12.9M	PLN 11.9M	PLN 7.7M
Net debt / EBITDA	-1.12×	3.05×	3.63×	-3.58×	-5.27×	0.95×	-0.37×	-1.81×
Cash conversion cycle (days)	391	2,503	3,282	1,038	856	934	1,326	745