Grupa Azoty S.A. (ZAP.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

-488.6%

-PLN 168.65

vs PLN 43.40 price

Levered DCF

PLN 861.05

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.86

Distress zone

Rating

C+

Overall 2 / 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	-2.69×	-2.18×	-1.89×	4.76×	7.19×	7.6×	5.63×	22.53×
P/B	0.37×	0.27×	0.35×	0.35×	0.4×	0.46×	0.49×	0.4×
P/S	0.25×	0.23×	0.27×	0.16×	0.27×	0.51×	0.48×	0.36×
EV / EBITDA	175.21×	13.26×	-2.76×	0.71×	3.3×	2.58×	2.28×	2.66×
Gross margin	4.5%	-3.7%	-3.1%	15.6%	17.0%	21.5%	24.2%	15.4%
Operating margin	-7.3%	-6.7%	-13.5%	2.8%	2.5%	8.8%	10.4%	2.7%
Net margin	-9.2%	-10.6%	-14.1%	3.3%	3.8%	6.7%	8.4%	1.6%
Current ratio	0.57×	0.68×	0.86×	1.16×	1.02×	1.26×	1.78×	1.67×
Debt / equity	0.41×	0.1×	0.09×	0.09×	0.21×	0.08×	0.09×	0.02×
Interest coverage	-2.17×	-2.18×	-7.23×	7.21×	9.52×	19.2×	34.24×	27.81×
Dividend yield	0.0%	0.0%	0.0%	9.1%	0.0%	6.4%	2.0%	6.6%
Payout ratio	0.0%	0.0%	0.0%	43.4%	0.1%	48.3%	11.1%	148.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-13.6%	-12.4%	-18.6%	7.3%	5.5%	6.0%	8.7%	1.8%
Return on invested capital	-7.7%	-6.6%	-14.0%	5.5%	3.1%	5.3%	7.3%	2.0%
Return on assets	-5.9%	-5.6%	-9.0%	3.9%	2.9%	3.9%	6.0%	1.3%
Free cash flow yield	297.6%	280.5%	169.0%	132.5%	74.8%	-0.3%	13.6%	-8.9%
Earnings yield	-37.1%	-46.0%	-53.0%	21.0%	13.9%	13.2%	17.7%	4.4%
Enterprise value	PLN 1.6B	PLN 699.7M	PLN 908.4M	PLN 764.7M	PLN 1.3B	PLN 1.4B	PLN 1.4B	PLN 777.6M
Net debt / EBITDA	67.6×	-1.92×	0.81×	-0.58×	-0.4×	-0.52×	-0.41×	-1.76×
Cash conversion cycle (days)	-22	-21	11	9	4	37	55	27