Bioton S.a. (BIO.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

-205.5%

-PLN 3.53

vs PLN 3.35 price

Levered DCF

PLN 8.19

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.67

Distress zone

Rating

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	97.72×	-16.06×	136.23×	204.24×	124.55×	10.83×	-2.57×	16.32×
P/B	0.56×	0.42×	0.51×	0.48×	0.59×	0.6×	0.56×	0.61×
P/S	1.17×	1.19×	1.71×	1.24×	2.2×	1.68×	1.62×	1.8×
EV / EBITDA	7.42×	9.14×	11.99×	6.09×	10.21×	5.84×	-3.62×	10.22×
Gross margin	34.2%	31.2%	40.1%	41.1%	46.8%	47.2%	50.6%	48.2%
Operating margin	4.5%	-2.7%	8.4%	9.1%	8.8%	21.9%	-7.9%	-21.7%
Net margin	1.2%	-7.5%	1.3%	0.6%	1.8%	15.3%	-62.7%	10.9%
Current ratio	1.41×	1.08×	1.01×	1.09×	1.05×	0.96×	0.7×	0.87×
Debt / equity	0.1×	0.1×	0.11×	0.13×	0.18×	0.18×	0.22×	0.16×
Interest coverage	2.19×	-0.7×	1.81×	2.71×	3.16×	8.95×	-2.08×	-6.72×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	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	0.6%	-2.7%	0.4%	0.2%	0.5%	5.5%	-21.8%	3.7%
Return on invested capital	0.8%	-0.8%	0.7%	0.8%	0.6%	5.1%	-1.6%	-5.6%
Return on assets	0.4%	-2.0%	0.3%	0.2%	0.3%	3.9%	-14.4%	2.6%
Free cash flow yield	0.7%	10.0%	-1.5%	9.2%	-2.1%	10.0%	-2.1%	-3.6%
Earnings yield	1.0%	-6.3%	0.7%	0.5%	0.8%	9.1%	-38.8%	6.0%
Enterprise value	PLN 380.3M	PLN 297.8M	PLN 374.8M	PLN 356.4M	PLN 460.6M	PLN 459.7M	PLN 446.5M	PLN 538.3M
Net debt / EBITDA	0.95×	1.52×	2.07×	1.15×	2.24×	1.12×	-0.98×	1.97×
Cash conversion cycle (days)	200	225	358	269	514	235	142	183