Text S.A. (TXT.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

+235.6%

PLN 125.93

vs PLN 37.52 price

Levered DCF

PLN 116.08

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

9.67

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.29×	8.28×	13.93×	21.41×	22.16×	32.34×	14.24×	12.36×
P/B	8.8×	9.99×	18.31×	21.06×	21.18×	30.17×	13.79×	13.01×
P/S	2.94×	3.85×	6.92×	11.68×	11.85×	18.1×	8.29×	6.47×
EV / EBITDA	5.92×	6.38×	11.27×	19.78×	18.45×	27.22×	11.86×	9.02×
Gross margin	67.6%	79.7%	81.0%	85.3%	85.6%	84.4%	86.7%	83.6%
Operating margin	38.8%	50.1%	53.4%	58.8%	57.6%	59.8%	62.6%	64.8%
Net margin	35.4%	46.4%	49.7%	49.2%	53.5%	56.0%	58.2%	52.4%
Current ratio	1.26×	1.64×	1.65×	6.19×	7.67×	6.35×	8.25×	5.99×
Debt / equity	0.04×	0.04×	0.01×	0.01×	0.01×	0.02×	0.04×	0×
Interest coverage	326.68×	5,067.63×	675.55×	488.13×	1,024.53×	7,650.93×	718.17×	777,753.59×
Dividend yield	14.8%	11.4%	6.8%	3.3%	3.8%	2.2%	4.8%	6.8%
Payout ratio	122.6%	94.1%	94.6%	78.3%	85.2%	71.2%	68.0%	84.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	106.0%	120.5%	131.5%	88.7%	95.6%	93.3%	96.7%	105.3%
Return on invested capital	101.6%	114.0%	128.1%	98.1%	94.5%	91.3%	93.1%	105.0%
Return on assets	59.5%	72.5%	79.3%	78.7%	86.4%	81.9%	86.9%	93.1%
Free cash flow yield	13.3%	10.9%	6.3%	4.4%	3.7%	2.9%	5.4%	7.1%
Earnings yield	12.1%	12.1%	7.2%	4.2%	4.5%	3.1%	7.0%	8.1%
Enterprise value	PLN 908.6M	PLN 1.3B	PLN 2.2B	PLN 3.6B	PLN 2.6B	PLN 3.2B	PLN 1B	PLN 674.2M
Net debt / EBITDA	-0.38×	-0.36×	-0.42×	-0.52×	-0.39×	-0.49×	-0.4×	-0.44×
Cash conversion cycle (days)	-33	-46	-48	-70	-127	-89	-102	-87