ULMA Construccion Polska S.A. (ULM.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

+602.8%

PLN 375.99

vs PLN 53.50 price

Levered DCF

-PLN 0.39

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.57

Safe zone

Rating

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	24.21×	21.13×	19.28×	21.09×	13.89×	12.66×	6.37×	7.1×
P/B	0.94×	1.02×	1.17×	0.89×	1.03×	0.74×	0.86×	1.03×
P/S	1.32×	1.54×	1.93×	1.52×	1.65×	1.34×	1.28×	1.49×
EV / EBITDA	4.29×	4.87×	5.1×	3.93×	4.03×	2.92×	2.5×	3.14×
Gross margin	22.0%	21.7%	24.5%	22.7%	26.0%	23.6%	36.9%	36.7%
Operating margin	8.2%	8.7%	11.2%	7.6%	15.2%	13.4%	25.7%	24.9%
Net margin	5.4%	7.3%	10.0%	7.2%	11.9%	10.6%	20.1%	21.0%
Current ratio	1.45×	1.5×	2.5×	2.37×	2.48×	3.44×	3.19×	3.13×
Debt / equity	0.06×	0.08×	0.03×	0.03×	0.04×	0.02×	0.03×	0.01×
Interest coverage	8.76×	12.5×	19.34×	14.51×	54.73×	43.25×	72.36×	436.07×
Dividend yield	0.0%	3.5%	5.1%	0.0%	11.5%	5.3%	10.2%	6.0%
Payout ratio	0.0%	74.2%	97.9%	0.0%	160.3%	67.7%	65.0%	42.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.9%	4.8%	6.1%	4.2%	7.4%	5.8%	13.4%	14.6%
Return on invested capital	4.1%	4.1%	5.2%	3.4%	7.0%	5.7%	12.8%	13.7%
Return on assets	3.1%	3.9%	5.2%	3.6%	6.2%	5.2%	11.8%	12.8%
Free cash flow yield	2.4%	-13.8%	5.1%	-2.5%	7.6%	14.2%	8.4%	9.6%
Earnings yield	4.1%	4.7%	5.2%	4.7%	7.2%	7.9%	15.7%	14.1%
Enterprise value	PLN 334M	PLN 362.4M	PLN 361.3M	PLN 279.4M	PLN 309.2M	PLN 205.3M	PLN 255.9M	PLN 286.3M
Net debt / EBITDA	0.14×	0.24×	-0.46×	-0.36×	-0.49×	-0.71×	-0.37×	-0.52×
Cash conversion cycle (days)	26	38	28	44	43	33	69	72