Termo-Rex S.A. (TRR.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

-47.6%

PLN 0.28

vs PLN 0.54 price

Levered DCF

-PLN 0.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

5.22

Safe zone

Rating

B+

Overall 3 / 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	27.13×	7.64×	80.39×	-40.15×	43.43×	69.54×	29.34×	-121.95×
P/B	2.56×	2.41×	3.27×	2.34×	3.59×	4.82×	5.06×	3.12×
P/S	3.93×	3.9×	1.92×	1.34×	1.86×	2.19×	1.74×	0.9×
EV / EBITDA	22.88×	5.66×	40.63×	57.79×	16.75×	23.44×	15.12×	48.97×
Gross margin	26.4%	29.4%	19.0%	18.1%	21.7%	18.5%	16.3%	9.8%
Operating margin	13.9%	4.7%	1.8%	1.6%	7.7%	6.2%	9.6%	-0.1%
Net margin	14.5%	51.1%	2.4%	-3.4%	4.3%	3.2%	5.9%	-0.7%
Current ratio	5.87×	6.36×	1.93×	1.61×	2.09×	1.58×	1.5×	1.64×
Debt / equity	0.02×	0.02×	0.08×	0.11×	0.17×	0.3×	0.17×	0.23×
Interest coverage	31.19×	8.41×	2.9×	3.26×	50.92×	23.94×	27.15×	-0.11×
Dividend yield	6.0%	0.0%	0.0%	0.0%	0.4%	0.3%	0.0%	0.0%
Payout ratio	162.3%	0.0%	0.0%	0.0%	16.1%	22.6%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.4%	31.6%	4.1%	-5.8%	8.3%	7.0%	17.3%	-2.6%
Return on invested capital	7.6%	2.3%	1.9%	2.1%	8.8%	7.1%	15.5%	-0.3%
Return on assets	8.3%	28.2%	2.9%	-3.4%	5.2%	3.5%	9.4%	-1.5%
Free cash flow yield	0.4%	-4.3%	1.0%	-3.7%	-1.2%	-0.2%	3.6%	6.6%
Earnings yield	3.7%	13.1%	1.2%	-2.5%	2.3%	1.4%	3.4%	-0.8%
Enterprise value	PLN 75.1M	PLN 72.1M	PLN 94M	PLN 62.8M	PLN 98.1M	PLN 120.8M	PLN 112.7M	PLN 60.8M
Net debt / EBITDA	-0.23×	-0.31×	0.41×	2.4×	0.08×	0.31×	0.2×	3.24×
Cash conversion cycle (days)	231	134	85	118	92	48	-33	-8