Zaklady Urzadzen Kotlowych "Staporków" Spólka Akcyjna (ZUK.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

-4.8%

PLN 4.61

vs PLN 4.84 price

Levered DCF

PLN 10.45

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.88

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	10.45×	15×	-7.75×	4.19×	12.7×	-542.86×	2.98×	5.19×
P/B	1.4×	0.74×	1.03×	1.24×	1.1×	1.27×	0.45×	0.53×
P/S	0.57×	0.33×	0.49×	0.39×	0.37×	0.35×	0.18×	0.17×
EV / EBITDA	5.93×	6.41×	647.01×	3.65×	7.03×	4.39×	3.21×	3.52×
Gross margin	21.9%	21.0%	14.1%	21.9%	16.1%	12.1%	16.9%	20.2%
Operating margin	7.7%	3.6%	-3.3%	12.4%	5.0%	1.4%	8.0%	3.8%
Net margin	5.4%	2.2%	-6.4%	9.2%	2.9%	-0.1%	6.0%	3.4%
Current ratio	1.33×	1.25×	1.26×	1.49×	1.09×	1.09×	0.68×	0.88×
Debt / equity	0.14×	0.27×	0.46×	0.45×	0.81×	1.36×	0.74×	0.75×
Interest coverage	9.62×	2.97×	-1.46×	7.44×	2.39×	1.19×	5.8×	2.33×
Dividend yield	0.0%	0.0%	7.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-55.2%	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	13.4%	4.9%	-13.4%	29.6%	8.8%	-0.2%	15.0%	10.2%
Return on invested capital	12.9%	6.0%	-4.5%	22.6%	7.4%	1.2%	9.3%	5.7%
Return on assets	7.6%	2.5%	-7.1%	16.6%	3.4%	-0.1%	5.0%	3.2%
Free cash flow yield	5.8%	31.9%	20.4%	22.0%	-8.2%	-4.9%	-7.0%	-7.5%
Earnings yield	9.5%	6.7%	-13.0%	23.8%	7.9%	-0.2%	33.3%	19.3%
Enterprise value	PLN 32.7M	PLN 17.6M	PLN 25.9M	PLN 35.8M	PLN 26.7M	PLN 28.6M	PLN 20.1M	PLN 18.4M
Net debt / EBITDA	0.51×	1.44×	193.38×	0.96×	2.69×	1.74×	1.76×	1.78×
Cash conversion cycle (days)	90	116	140	98	116	89	45	62