Budimex SA

BDX.WA · Industrials · Engineering & Construction · Valued as of 2026-11-03 · Statements 2025-12-31

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

2.86B USD

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

Profit

1.88B USD

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

FCFF

217.66M USD

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

Average Intrinsic Value

1.65B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

4.38B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.38×

the ratio the screener ranks by

Margin of Safety

-165.5%

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: 2.86B 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)2.10B USD
+②Net Cash Today274.19M USD
+③Growth Value479.24M USD
=Value2.86B USD

EPV of the Operations (NOPAT over WACC)

2.10B USD

Net cash today

+274.19M USD

Growth Value

+479.24M USD

Value

2.86B USD

①EPV (Earnings Power Value)

2.10B USD

②Net Cash Today

274.19M USD

③Growth Value

479.24M USD

Market value

Market Cap4.38B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-53.4%

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): 1.88B 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 FCFE1.66B USD
+②Equity at Year 15, Today221.80M USD
=Value1.88B 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 falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

1.66B USD

②Equity at Year 15, Today

221.80M USD

Market value

Market Cap4.38B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-133.4%

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): 217.66M 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).

The projection was not made (no invested capital or measured change in working capital for the latest year), so the value is the book value today, 217.66M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap4.38B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-1913.2%

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: 7.83%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.57×Market Risk Premium 6.00%= 7.93%

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 53.60M USDPretax Income 262.88M USD= 20.39%

The tax the interest saves.

Interest Expense =EBIT 269.88M USD−Pretax Income 262.88M USD= 6.99M USD

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

Cost of Debt =Interest Expense 6.99M USDTotal Debt 130.67M USD×(1 − Tax Rate for WACC 20.39%)= 4.26%

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

Debt Weight =Total Debt 130.67M USDMarket Cap + Total Debt 4.38B USD + 130.67M USD= 2.90%

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

WACC =Equity Weight 97.10%×Cost of Equity 7.93%+Debt Weight 2.90%×Cost of Debt 4.26%= 7.83%

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, 2026-06-30.

Total Assets 1.95B USD − Total Liabilities 1.74B USD = Book Value Today 217.66M USD

Total Debt 130.67M USD − Cash and Short-Term Investments 404.86M USD = Net Debt Today -274.19M 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 − 10.0%at most 5%passes25,530,098 / 25,530,098
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-0.4%at least -10.0%passes(200.34M USD − 208.46M USD) ÷ 1.95B USD
Price to bookMarket Cap ÷ Book Value Today20.13×at most 3×does not pass4.38B USD ÷ 217.66M USD
Operating marginOperating Income ÷ Revenue9.1%above 10.0%does not pass238.69M USD ÷ 2.63B USD
Revenue growthRevenue ÷ Revenue a Year Before − 118.4%above 10.0%passes2.63B USD / 2.22B USD
Net cash(Cash − Total Debt) ÷ Market Cap6.3%above -30%passes(404.55M USD − 130.67M USD) ÷ 4.38B USD
Operating efficiencyOperating Income ÷ Gross Profit66.1%above 25.0%passes238.69M USD ÷ 360.85M USD

Market Data

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

Share price

673.87 PLN

Enterprise value

15.92B PLN

the provider's own figure

EV / EBITDA

15.37×

Price / book

22.53×

the provider's book

Price / earnings

23.62×

Return on equity

85.4%

the provider's figure, not this page's

Profit margin

7.5%

Revenue growth

18.6%

Analyst target, mean

735.82 PLN

Analysts

6

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.

Income statement (USD)2022202320242025

Revenue

1.97B2.51B2.22B2.63B

Gross profit

199.17M287.50M283.29M360.85M

Operating income

130.83M187.08M183.18M238.69M

EBITDA

operating income before depreciation and amortisation

185.44M281.26M247.43M323.43M

Pretax income

148.15M237.65M204.67M262.88M

Net income

122.01M188.72M150.12M208.46M

Normalized income

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

123.06M178.27M150.88M200.31M

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

1.69B2.15B1.87B2.27B

Total liabilities

1.39B1.75B1.55B1.89B

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

287.28M391.35M300.34M372.35M

Total debt

51.40M60.48M63.62M122.88M

Cash and equivalents

741.81M997.10M781.23M808.10M

Net PP&E

fixed assets after depreciation

146.28M183.55M230.57M330.49M

Working capital

current assets less current liabilities

116.51M169.94M46.53M53.20M
Cash flow (USD)2022202320242025

Operating cash flow

325.95M335.42M137.47M200.34M

Capital expenditure

paid out, so below zero

-28.58M-36.29M-61.78M-90.23M

Depreciation and amortisation

34.79M40.22M38.82M53.55M

Free cash flow

operating cash flow plus capital expenditure

297.37M299.13M75.69M110.11M