Unibep S.a. (UNI.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

+249.2%

PLN 50.91

vs PLN 14.58 price

Levered DCF

PLN 252.71

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.81

Distress zone

Rating

A-

Overall 4 / 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	11.99×	5.31×	-1.78×	35.65×	11.57×	7.09×	9.56×	5.84×
P/B	2.92×	1.33×	2.16×	0.87×	1.07×	0.96×	1.02×	0.59×
P/S	0.25×	0.09×	0.12×	0.12×	0.19×	0.16×	0.17×	0.09×
EV / EBITDA	3.65×	2.07×	-2.62×	4.08×	3.77×	2.25×	4.17×	4.51×
Gross margin	9.4%	6.8%	-1.6%	6.6%	7.4%	8.2%	7.8%	5.8%
Operating margin	4.0%	6.5%	-5.7%	2.8%	3.2%	3.6%	3.4%	2.1%
Net margin	1.7%	1.7%	-6.8%	0.3%	1.6%	2.2%	1.8%	1.6%
Current ratio	1.15×	1.21×	1.23×	1.25×	1.34×	1.35×	1.35×	1.35×
Debt / equity	1.8×	2.32×	2.39×	0.8×	0.75×	0.58×	0.55×	0.46×
Interest coverage	2.68×	4.62×	-3.82×	2.86×	9.87×	4.45×	4.56×	5.04×
Dividend yield	1.1%	0.1%	7.7%	11.2%	3.0%	2.7%	2.7%	4.4%
Payout ratio	15.9%	0.6%	-13.7%	394.4%	34.2%	19.5%	25.6%	26.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.3%	24.9%	-121.2%	2.5%	9.3%	13.5%	10.8%	10.2%
Return on invested capital	7.6%	14.9%	-17.5%	6.4%	6.1%	6.8%	8.4%	5.5%
Return on assets	2.1%	2.3%	-9.2%	0.4%	1.8%	3.0%	2.7%	2.7%
Free cash flow yield	52.2%	-49.1%	50.9%	-28.7%	-3.4%	38.9%	65.6%	-84.7%
Earnings yield	7.0%	18.8%	-56.1%	2.8%	8.7%	14.1%	10.7%	17.1%
Enterprise value	PLN 457.1M	PLN 394.3M	PLN 312.5M	PLN 364.2M	PLN 280.8M	PLN 159.5M	PLN 245.3M	PLN 216.5M
Net debt / EBITDA	-1.08×	0.82×	-0.14×	1.15×	-0.6×	-1.47×	-0.51×	1.32×
Cash conversion cycle (days)	99	121	109	144	146	79	96	77