PPC Ltd

OZV2.F · Basic Materials · Building Materials · Valued as of 2026-11-03 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

459.47M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

457.97M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

556.37M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

491.27M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

651.55M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.75×

the ratio the screener ranks by

Margin of Safety

-32.6%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 459.47M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)274.53M USD
+②Net Cash Today21.43M USD
+③Growth Value163.51M USD
=Value459.47M USD

EPV of the Operations (NOPAT over WACC)

274.53M USD

Net cash today

+21.43M USD

Growth Value

+163.51M USD

Value

459.47M USD

①EPV (earnings power value)

274.53M USD

②Net Cash Today

21.43M USD

③Growth Value

163.51M USD

Market value

Market Cap651.55M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-41.8%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 457.97M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE330.94M USD
+②Equity at Year 15, Today127.03M USD
=Value457.97M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

330.94M USD

②Equity at Year 15, Today

127.03M USD

Market value

Market Cap651.55M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-42.3%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 556.37M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF429.92M USD
+②Invested Capital at Year 15, Today105.02M USD
+③Net Cash Today21.43M USD
=Value556.37M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

429.92M USD

②Invested Capital at Year 15, Today

105.02M USD

③Net Cash Today

21.43M USD

Market value

Market Cap651.55M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-17.1%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 9.75%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.90×Market Risk Premium 6.00%= 9.88%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 22.59M USDPretax Income 72.61M USD= 31.11%

The tax the interest saves.

Interest Expense =EBIT 77.39M USD−Pretax Income 72.61M USD= 4.77M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 4.77M USDTotal Debt 41.98M USD×(1 − Tax Rate for WACC 31.11%)= 7.83%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 41.98M USDMarket Cap + Total Debt 651.55M USD + 41.98M USD= 6.05%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 93.95%×Cost of Equity 9.88%+Debt Weight 6.05%×Cost of Debt 7.83%= 9.75%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 588.46M USD − Total Liabilities 234.54M USD = Book Value Today 353.91M USD

Total Debt 41.98M USD − Cash and Short-Term Investments 63.41M USD = Net Debt Today -21.43M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-3.8%at most 5%passes1,466,990,756 / 1,525,210,061
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets5.7%at least -10.0%passes(81.81M USD − 48.33M USD) ÷ 588.46M USD
Price to bookMarket Cap ÷ Book Value Today1.84×at most 3×passes651.55M USD ÷ 353.91M USD
Operating marginOperating Income ÷ Revenue14.4%above 10.0%passes85.77M USD ÷ 597.13M USD
Revenue growthRevenue ÷ Revenue a Year Before − 111.3%above 10.0%passes597.13M USD / 536.68M USD
Net cash(Cash − Total Debt) ÷ Market Cap3.3%above -30%passes(63.41M USD − 41.98M USD) ÷ 651.55M USD
Operating efficiencyOperating Income ÷ Gross Profit67.3%above 25.0%passes85.77M USD ÷ 127.52M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

0.40 EUR

Enterprise value

162.16M EUR

the provider's own figure

EV / EBITDA

0.08×

Price / book

1.81×

the provider's book

Price / earnings

13.20×

Return on equity

14.6%

the provider's figure, not this page's

Profit margin

8.1%

Revenue growth

1.4%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2023202420252026
Income statement

Revenue

470.54M532.79M536.68M597.13M

Gross profit

62.52M87.35M105.97M127.52M

Operating income

6.60M32.79M55.40M85.77M

EBITDA

operating income before depreciation and amortisation

43.73M52.28M79.05M112.73M

Pretax income

-7.11M12.34M42.08M72.61M

Net income

-37.64M21.51M25.34M48.33M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

-13.64M8.90M31.42M48.01M

R&D

————
Balance sheet, year end

Total assets

591.74M506.15M490.19M588.46M

Total liabilities

233.89M193.77M180.94M234.54M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

323.04M316.24M313.33M358.40M

Total debt

71.04M49.42M34.96M41.98M

Cash and equivalents

23.92M45.40M47.41M63.41M

Net PP&E

fixed assets after depreciation

417.50M319.85M308.16M359.21M

Working capital

current assets less current liabilities

58.80M62.24M71.71M66.67M
Cash flow

Operating cash flow

47.45M42.70M76.66M81.81M

Capital expenditure

paid out, so below zero

-21.44M-21.61M-20.50M-48.39M

Depreciation and amortisation

43.90M33.00M31.21M35.34M

Free cash flow

operating cash flow plus capital expenditure

26.01M21.08M56.16M33.42M