Xplus S.A. (XPL.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

-13.5%

PLN 2.53

vs PLN 2.93 price

Levered DCF

PLN 4.99

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.83

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	21.25×	20.89×	-26.21×	26.52×	22.5×	11.42×	7.97×	7.63×
P/B	7.82×	6.56×	8.06×	9.81×	12.79×	5.88×	2.9×	1.93×
P/S	3.04×	2.24×	2.17×	2.95×	4.1×	2.37×	1.09×	0.78×
EV / EBITDA	12.71×	11.8×	-88.19×	16.15×	15.35×	7.78×	5.25×	4.75×
Gross margin	83.4%	10.8%	-5.0%	16.7%	28.1%	25.2%	19.1%	12.4%
Operating margin	16.5%	12.1%	-7.1%	12.9%	22.0%	25.9%	16.5%	10.7%
Net margin	14.5%	10.7%	-8.3%	11.1%	18.3%	20.8%	13.7%	10.3%
Current ratio	1.6×	1.73×	1.46×	1.89×	1.8×	3.39×	2.94×	2.79×
Debt / equity	0.04×	0.05×	0.05×	0.09×	0.12×	0.09×	0.06×	0.09×
Interest coverage	108.44×	47.74×	-5.84×	36.25×	73.93×	146.94×	88.3×	46.54×
Dividend yield	3.5%	0.0%	3.6%	3.8%	3.2%	4.4%	10.3%	3.2%
Payout ratio	73.8%	0.0%	-93.5%	101.2%	71.1%	49.9%	82.0%	24.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	37.4%	31.4%	-30.8%	37.0%	57.1%	51.6%	36.3%	25.3%
Return on invested capital	36.5%	28.4%	-19.3%	28.3%	45.2%	43.6%	29.2%	17.2%
Return on assets	18.0%	16.2%	-13.4%	18.8%	27.4%	34.0%	22.0%	13.2%
Free cash flow yield	7.1%	6.3%	2.2%	4.5%	3.1%	5.5%	11.8%	23.1%
Earnings yield	4.8%	4.8%	-3.8%	3.8%	4.5%	8.8%	12.5%	13.1%
Enterprise value	PLN 158.4M	PLN 120.8M	PLN 107M	PLN 168.2M	PLN 206.2M	PLN 86.2M	PLN 28.7M	PLN 14M
Net debt / EBITDA	-1.54×	-1.33×	5.09×	-0.8×	-0.44×	-0.55×	-0.92×	-1.41×
Cash conversion cycle (days)	-179	52	72	49	75	79	42	59