Trans Polonia S.A. (TRN.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

+267.3%

PLN 48.12

vs PLN 13.10 price

Levered DCF

PLN 34.25

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.47

Distress zone

Rating

C+

Overall 2 / 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	-40.11×	20.21×	11.03×	8.23×	-73.14×	4.44×	5.68×	10.77×
P/B	0.49×	0.38×	0.49×	0.37×	0.51×	0.48×	0.57×	0.57×
P/S	0.24×	0.24×	0.33×	0.28×	0.6×	0.63×	0.26×	0.27×
EV / EBITDA	12.87×	2.88×	3.3×	2.17×	2.96×	2.56×	4.54×	4.14×
Gross margin	8.3%	6.9%	7.5%	9.9%	9.8%	11.1%	12.5%	12.5%
Operating margin	-1.4%	1.3%	2.0%	3.7%	1.3%	3.9%	7.6%	6.4%
Net margin	-0.6%	1.2%	3.0%	3.3%	-0.8%	0.5%	4.6%	2.4%
Current ratio	1.37×	1.97×	2.06×	2.5×	3.09×	2.25×	1.77×	2.08×
Debt / equity	1.78×	0.48×	0.49×	0.38×	0.32×	0.43×	1.03×	0.84×
Interest coverage	-0.7×	0.68×	1.47×	3.72×	0.72×	2×	3.91×	2.54×
Dividend yield	0.0%	3.9%	13.7%	4.5%	7.0%	3.2%	4.0%	7.5%
Payout ratio	0.0%	81.1%	151.2%	37.4%	-514.7%	385.4%	22.8%	81.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.2%	1.8%	4.4%	4.5%	-0.7%	0.4%	9.9%	5.2%
Return on invested capital	-0.8%	0.9%	1.3%	2.7%	0.8%	0.6%	6.1%	4.9%
Return on assets	-0.3%	1.1%	2.5%	2.7%	-0.5%	0.2%	4.1%	2.4%
Free cash flow yield	10.3%	39.3%	25.3%	18.0%	9.4%	44.9%	52.8%	16.5%
Earnings yield	-2.5%	4.8%	9.1%	12.1%	-1.4%	0.8%	17.5%	9.2%
Enterprise value	PLN 264.6M	PLN 77.5M	PLN 98.7M	PLN 55.9M	PLN 47.5M	PLN 78.8M	PLN 135.7M	PLN 109.8M
Net debt / EBITDA	9.56×	0.91×	1.02×	0.07×	-1.53×	0.5×	2.24×	1.73×
Cash conversion cycle (days)	98	34	59	74	52	30	38	39