ZUE S.A. (ZUE.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

-61.2%

PLN 4.29

vs PLN 11.05 price

Levered DCF

PLN 26.27

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.13

Grey zone

Rating

B+

Overall 3 / 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	25.41×	17.45×	8.93×	6.83×	6.4×	19.89×	26.25×	-1.6×
P/B	1.33×	0.91×	0.94×	0.62×	0.46×	0.56×	0.64×	0.69×
P/S	0.3×	0.15×	0.13×	0.12×	0.09×	0.1×	0.1×	0.12×
EV / EBITDA	14.87×	6.37×	1.17×	3.43×	-0.1×	4.08×	5.34×	-0.84×
Gross margin	6.4%	4.1%	3.8%	4.6%	4.1%	3.5%	2.8%	-6.7%
Operating margin	2.2%	1.6%	2.0%	2.0%	1.7%	1.2%	0.8%	-9.4%
Net margin	1.2%	0.9%	1.4%	1.8%	1.4%	0.5%	0.4%	-7.5%
Current ratio	1.34×	1.2×	1.19×	1.09×	1.14×	1.12×	1.06×	1×
Debt / equity	0.25×	0.39×	0.45×	0.27×	0.17×	0.25×	0.34×	0.24×
Interest coverage	2.68×	3.92×	46.94×	9.96×	11.72×	6.56×	4.27×	-67.79×
Dividend yield	0.0%	2.6%	0.9%	3.0%	0.0%	0.0%	0.5%	0.0%
Payout ratio	0.0%	44.6%	7.6%	20.8%	0.0%	0.0%	12.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.2%	5.2%	10.6%	9.1%	7.1%	2.8%	2.5%	-42.8%
Return on invested capital	5.2%	5.1%	6.7%	5.4%	4.6%	2.0%	1.9%	-30.9%
Return on assets	1.8%	1.5%	2.2%	2.4%	2.0%	0.8%	0.7%	-10.0%
Free cash flow yield	1.6%	-67.2%	69.1%	15.5%	134.5%	10.4%	-61.6%	-37.8%
Earnings yield	3.9%	5.7%	11.2%	14.6%	15.2%	5.0%	3.9%	-62.4%
Enterprise value	PLN 313.5M	PLN 212.9M	PLN 52.9M	PLN 97.4M	-PLN 3.1M	PLN 101.6M	PLN 117M	PLN 54.6M
Net debt / EBITDA	1.27×	0.78×	-2.97×	-0.52×	-2.72×	0.62×	0.98×	0.71×
Cash conversion cycle (days)	94	107	60	96	65	77	64	70