Tesgas S.A. (TSG.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

+140.3%

PLN 3.64

vs PLN 1.52 price

Levered DCF

PLN 3.19

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.92

Distress 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	-2.11×	-125.84×	7.53×	13.79×	5.74×	7.21×	9.06×	13×
P/B	0.29×	0.29×	0.37×	0.44×	0.44×	0.59×	0.45×	0.42×
P/S	0.31×	0.32×	0.23×	0.29×	0.33×	0.46×	0.26×	0.38×
EV / EBITDA	-2.17×	2.32×	0.98×	5.08×	3.95×	4.4×	4.2×	4.13×
Gross margin	5.9%	18.4%	17.0%	14.3%	18.0%	20.6%	14.0%	19.3%
Operating margin	-15.8%	-0.5%	4.8%	3.2%	6.3%	7.1%	3.8%	4.2%
Net margin	-14.9%	-0.3%	3.0%	2.1%	5.8%	6.5%	2.8%	2.9%
Current ratio	2.01×	2.4×	2.71×	2×	2.03×	2.15×	1.94×	2.03×
Debt / equity	0.09×	0.16×	0.13×	0.12×	0.22×	0.11×	0.12×	0.07×
Interest coverage	-16.33×	-0.41×	5.92×	6.41×	32.58×	32.23×	10.09×	12.78×
Dividend yield	0.0%	0.0%	7.0%	9.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	53.1%	124.2%	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	-13.9%	-0.2%	4.9%	3.2%	7.6%	8.3%	4.9%	3.2%
Return on invested capital	-11.8%	-0.4%	4.5%	3.4%	6.0%	7.3%	4.4%	3.3%
Return on assets	-9.5%	-0.2%	3.4%	2.0%	5.0%	5.5%	3.3%	2.3%
Free cash flow yield	-32.1%	0.2%	87.7%	28.6%	-14.7%	7.0%	-2.9%	-13.8%
Earnings yield	-47.5%	-0.8%	13.2%	7.3%	17.4%	14.0%	11.0%	7.5%
Enterprise value	PLN 14.2M	PLN 11.9M	PLN 11.5M	PLN 42.9M	PLN 46.5M	PLN 50.3M	PLN 36.7M	PLN 28.8M
Net debt / EBITDA	1.26×	-2.65×	-1.78×	0.63×	0.74×	0.25×	0.43×	-0.1×
Cash conversion cycle (days)	107	131	70	153	193	159	99	121