Zaklad Budowy Maszyn ZREMB - Chojnice Spolka Akcyjna (ZRE.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

-97.3%

PLN 0.21

vs PLN 7.80 price

Levered DCF

-PLN 3.29

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.76

Grey 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	10.2×	5.9×	21.76×	13.04×	171.32×	8.67×	14.44×	1.4×
P/B	2.62×	1.92×	2.58×	1.61×	2.41×	1.21×	1×	1.18×
P/S	2.71×	1.5×	1.37×	0.65×	1×	0.35×	0.18×	0.18×
EV / EBITDA	41.53×	4.21×	10.4×	6.8×	27.32×	5.25×	4.96×	1.45×
Gross margin	22.0%	26.1%	26.5%	22.6%	13.1%	19.4%	20.8%	20.0%
Operating margin	0.8%	10.8%	10.6%	10.2%	-4.7%	5.9%	2.7%	7.2%
Net margin	26.6%	25.3%	6.3%	4.9%	0.6%	4.0%	22.7%	12.5%
Current ratio	0.91×	0.93×	0.92×	1.01×	0.9×	1.1×	0.92×	0.53×
Debt / equity	0.13×	0.18×	0.31×	1.05×	0.75×	0.76×	0.59×	0.6×
Interest coverage	0.47×	5.31×	2.26×	3.71×	-6.69×	6.8×	1.78×	7.45×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.7%	32.3%	11.9%	12.1%	1.4%	13.9%	126.8%	83.8%
Return on invested capital	0.5%	7.3%	8.7%	6.7%	-2.6%	5.6%	5.0%	16.7%
Return on assets	15.9%	18.8%	5.3%	4.2%	0.5%	3.9%	30.1%	15.3%
Free cash flow yield	0.5%	-2.5%	7.0%	-5.9%	-9.2%	5.0%	19.4%	24.9%
Earnings yield	9.8%	16.9%	4.6%	7.5%	0.6%	11.5%	126.4%	71.1%
Enterprise value	PLN 112.2M	PLN 63.1M	PLN 54.4M	PLN 33.7M	PLN 36.2M	PLN 12M	PLN 8.2M	PLN 7.1M
Net debt / EBITDA	1.36×	0.3×	0.71×	2.36×	5.64×	1.45×	1.38×	0.31×
Cash conversion cycle (days)	55	43	62	50	43	44	33	-27