Zamet S.A. (ZMT.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

-94.9%

PLN 0.03

vs PLN 0.57 price

Levered DCF

PLN 0.03

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.04

Grey 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	2.61×	8.48×	13.15×	-29.4×	1,496.67×	8.53×	-17.14×	11.02×
P/B	0.83×	0.82×	1.35×	0.81×	0.77×	0.68×	0.9×	0.62×
P/S	167.57×	1.18×	1.35×	0.39×	0.58×	0.49×	0.51×	0.42×
EV / EBITDA	-20.33×	4.29×	4.38×	21.38×	9.34×	2.81×	20.57×	5.27×
Gross margin	52.1%	20.0%	16.3%	15.0%	13.3%	18.9%	19.6%	15.1%
Operating margin	-821.5%	0.6%	0.7%	3.2%	0.3%	7.5%	7.8%	4.8%
Net margin	6493.0%	13.9%	10.6%	-1.3%	0.0%	5.8%	-2.9%	3.8%
Current ratio	146.31×	9.58×	3.44×	1.91×	2.66×	2.99×	1.92×	1.53×
Debt / equity	0×	0.1×	0.17×	0.33×	0.11×	0.11×	0.29×	0.39×
Interest coverage	-123.71×	0.18×	0.24×	2.81×	0.28×	7.18×	7.17×	3.85×
Dividend yield	0.0%	48.8%	0.0%	0.0%	8.9%	0.0%	0.0%	0.0%
Payout ratio	0.0%	413.5%	0.0%	0.0%	14122.7%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	32.2%	9.7%	10.5%	-2.7%	0.0%	8.0%	-5.2%	5.6%
Return on invested capital	-4.0%	0.3%	0.1%	4.8%	0.1%	7.2%	9.9%	3.9%
Return on assets	31.9%	7.9%	7.3%	-1.5%	0.0%	5.4%	-3.0%	3.3%
Free cash flow yield	-8.4%	19.4%	6.8%	-27.0%	-2.0%	33.3%	13.4%	-11.4%
Earnings yield	38.7%	11.8%	7.8%	-3.4%	0.1%	11.7%	-5.8%	9.1%
Enterprise value	PLN 82.3M	PLN 73.2M	PLN 124.4M	PLN 92.6M	PLN 71.3M	PLN 60.2M	PLN 109M	PLN 83.6M
Net debt / EBITDA	0.87×	-0.68×	-2×	-1.27×	-3.12×	-1.12×	1.18×	0.59×
Cash conversion cycle (days)	-710	183	161	121	109	97	103	100