Cyber_Folks Valuation

Q: What is the Fair Price of CBF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

CBF (PLN172) is trading below our estimate of [[fair value]] (PLN425.14)

Is CBF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CBF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow

Simply Wall St

zł425.14

Fair Value

59.5% undervalued

Number of Analysts

Below Fair Value: CBF (PLN172) is trading below our estimate of fair value (PLN425.14)

Significantly Below Fair Value: CBF is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CBF?

Key metric: As CBF is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CBF. This is calculated by dividing CBF's market cap by their current earnings.
What is CBF's PE Ratio?
PE Ratio	21.2x
Earnings	zł114.42m
Market Cap	zł2.43b

CBF key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	4.7x
Enterprise Value/EBITDA	19.8x
PEG Ratio	1.4x

Price to Earnings Ratio vs Peers

How does CBF's PE Ratio compare to its peers?

The above table shows the PE ratio for CBF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	14x
OPL Orange Polska	14.4x	9.21%	zł12.7b
YRL yarrl	14.7x	n/a	zł55.5m
TLS Telestrada	4.8x	n/a	zł40.0m
TLG Przedsiebiorstwa Telekomunikacyjnego TELGAM	21.9x	n/a	zł13.2m
CBF Cyber_Folks	21.2x	14.84%	zł2.4b

Price-To-Earnings vs Peers: CBF is expensive based on its Price-To-Earnings Ratio (21.2x) compared to the peer average (14x).

Price to Earnings Ratio vs Industry

How does CBF's PE Ratio compare vs other companies in the European Telecom Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: CBF is expensive based on its Price-To-Earnings Ratio (21.2x) compared to the European Telecom industry average (19.7x).

Price to Earnings Ratio vs Fair Ratio

What is CBF's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CBF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	21.2x
Fair PE Ratio	17.6x

Price-To-Earnings vs Fair Ratio: CBF is expensive based on its Price-To-Earnings Ratio (21.2x) compared to the estimated Fair Price-To-Earnings Ratio (17.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CBF forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	zł172.00	zł169.68 -1.35%	10.81%	zł192.50	zł142.00	n/a	4
May ’26	zł155.00	zł169.68 +9.47%	10.81%	zł192.50	zł142.00	n/a	4
Apr ’26	zł150.60	zł169.68 +12.67%	10.81%	zł192.50	zł142.00	n/a	4
Mar ’26	zł156.50	zł161.33 +3.08%	7.95%	zł177.00	zł142.00	n/a	4
Feb ’26	zł161.00	zł162.08 +0.67%	7.23%	zł177.00	zł145.00	n/a	4
Jan ’26	zł150.50	zł161.45 +7.28%	7.94%	zł177.00	zł142.00	n/a	4
Dec ’25	zł139.50	zł155.78 +11.67%	8.98%	zł177.00	zł142.00	n/a	4
Nov ’25	zł119.00	zł148.62 +24.89%	12.02%	zł177.00	zł127.00	n/a	5
Oct ’25	zł132.50	zł148.62 +12.17%	12.02%	zł177.00	zł127.00	n/a	5
Sep ’25	zł127.00	zł134.00 +5.51%	18.42%	zł177.00	zł100.30	n/a	5
Aug ’25	zł134.00	zł134.00 0%	18.42%	zł177.00	zł100.30	n/a	5
Jul ’25	zł126.00	zł134.04 +6.38%	18.46%	zł177.20	zł100.30	n/a	5
Jun ’25	zł130.00	zł123.25 -5.19%	10.99%	zł135.00	zł100.30	zł172.00	4
May ’25	zł111.50	zł120.40 +7.98%	12.74%	zł135.00	zł99.20	zł155.00	3
Apr ’25	zł111.00	zł92.10 -17.03%	7.71%	zł99.20	zł85.00	zł150.60	2
Mar ’25	zł110.00	zł92.10 -16.27%	7.71%	zł99.20	zł85.00	zł156.50	2
Feb ’25	zł90.00	zł92.10 +2.33%	7.71%	zł99.20	zł85.00	zł161.00	2
Jan ’25	zł87.40	zł92.10 +5.38%	7.71%	zł99.20	zł85.00	zł150.50	2
Dec ’24	zł89.60	zł92.10 +2.79%	7.71%	zł99.20	zł85.00	zł139.50	2
Nov ’24	zł76.80	zł91.30 +18.88%	6.90%	zł97.60	zł85.00	zł119.00	2
Oct ’24	zł79.20	zł90.00 +13.64%	5.56%	zł95.00	zł85.00	zł132.50	2

AnalystConsensusTarget

Consensus Narrative from 4 Analysts

zł169.68

Fair Value

1.4% overvalued

Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/06/02 08:32
End of Day Share Price	2025/05/30 00:00
Earnings	2025/03/31
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Cyber_Folks S.A. is covered by 9 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Kamil Kliszcz	Biuro maklerskie mBanku
Pawel Szpigiel	Biuro maklerskie mBanku
Konrad Ksiezopolski	Haitong Bank S.A.