Vercom S.A. (VRC.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

+127.4%

PLN 270.59

vs PLN 119.00 price

Levered DCF

PLN 268.19

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

10.2

Safe zone

Rating

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	31.79×	36.85×	24.59×	25.32×	35.76×	49.43×	52.4×	124.76×
P/B	7.12×	6.72×	4.73×	2.43×	3.95×	37.34×	43.79×	29.48×
P/S	6.07×	5.69×	5.13×	3.06×	4.55×	6.69×	9.74×	12.96×
EV / EBITDA	22.15×	25×	16.81×	17.91×	22.44×	38.57×	39.82×	73.74×
Gross margin	53.9%	44.5%	53.6%	44.5%	30.2%	29.1%	32.0%	27.8%
Operating margin	23.9%	18.9%	20.5%	16.3%	15.8%	19.5%	21.2%	13.9%
Net margin	19.1%	15.4%	20.9%	12.1%	12.7%	13.5%	18.6%	10.5%
Current ratio	1.34×	1.42×	1.24×	1.13×	4.11×	1.16×	1.13×	1.47×
Debt / equity	0.2×	0.23×	0.31×	0.42×	0.23×	1.97×	0.97×	0.29×
Interest coverage	22.19×	12.46×	6.14×	6.84×	15.72×	30.69×	23.81×	16.14×
Dividend yield	1.6%	1.3%	1.4%	0.0%	1.9%	1.1%	1.1%	0.0%
Payout ratio	50.1%	46.3%	35.5%	0.0%	66.3%	53.2%	55.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.4%	18.2%	19.2%	9.6%	11.0%	75.4%	83.5%	23.9%
Return on invested capital	19.0%	15.3%	12.3%	6.7%	9.3%	30.2%	40.6%	18.2%
Return on assets	15.0%	12.2%	12.6%	5.4%	7.7%	18.6%	22.6%	13.0%
Free cash flow yield	3.4%	3.6%	4.4%	3.1%	3.1%	2.4%	1.8%	1.1%
Earnings yield	3.1%	2.7%	4.1%	3.9%	2.8%	2.0%	1.9%	0.8%
Enterprise value	PLN 2.8B	PLN 2.8B	PLN 1.8B	PLN 937.1M	PLN 743.4M	PLN 1B	PLN 772.4M	PLN 758.2M
Net debt / EBITDA	-0.19×	-0.09×	0.48×	2.7×	-2.11×	1.5×	0.73×	-0×
Cash conversion cycle (days)	-30	-36	-41	-110	52	-63	17	5