Trakcja S.A. (TRK.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

-174.2%

-PLN 2.32

vs PLN 3.12 price

Levered DCF

PLN 3.35

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.32

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	19.56×	19×	10.12×	-0.88×	-14.78×	-1.67×	-0.32×	-1.82×
P/B	3.55×	1.7×	2.38×	1.28×	0.53×	0.55×	0.22×	0.31×
P/S	0.72×	0.3×	0.28×	0.18×	0.12×	0.14×	0.06×	0.13×
EV / EBITDA	9.04×	4.84×	3.24×	-2.08×	8.19×	-8.01×	-1.33×	-3.33×
Gross margin	8.4%	5.9%	7.3%	-9.5%	4.0%	0.5%	-4.7%	-5.4%
Operating margin	5.6%	3.0%	4.6%	-19.2%	1.6%	-6.7%	-20.0%	-7.5%
Net margin	3.6%	1.7%	2.7%	-20.4%	-0.8%	-8.2%	-19.8%	-7.1%
Current ratio	1.05×	1.11×	0.88×	0.84×	1.16×	1.12×	1.07×	1.03×
Debt / equity	0.41×	0.53×	0.88×	1.66×	1.34×	1.19×	0.86×	0.31×
Interest coverage	4.98×	2.03×	2.33×	-7.65×	0.81×	-3.36×	-10.04×	-8.97×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.5%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-4.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.9%	9.4%	22.9%	-145.8%	-3.6%	-33.2%	-67.8%	-17.2%
Return on invested capital	10.4%	7.7%	19.2%	-46.1%	2.9%	-10.8%	-32.3%	-11.5%
Return on assets	4.3%	2.0%	3.7%	-22.0%	-0.8%	-7.4%	-19.2%	-7.2%
Free cash flow yield	7.8%	-11.4%	78.3%	-50.5%	-30.2%	15.9%	-225.6%	-33.1%
Earnings yield	5.0%	5.5%	9.6%	-114.0%	-6.9%	-59.9%	-313.3%	-54.8%
Enterprise value	PLN 1.5B	PLN 496.1M	PLN 412.3M	PLN 519.1M	PLN 461.9M	PLN 443.1M	PLN 345.1M	PLN 284.7M
Net debt / EBITDA	-0.83×	-1.4×	-1.31×	-1×	5.25×	-4.69×	-0.98×	-0.96×
Cash conversion cycle (days)	50	57	49	110	96	111	113	81