Bowim S.A. (BOW.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

+132.1%

PLN 15.78

vs PLN 6.80 price

Levered DCF

PLN 11.46

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.25

Safe zone

Rating

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	116.8×	-5.84×	10.15×	1.78×	1.05×	3.22×	19.67×	4.78×
P/B	0.24×	0.2×	0.42×	0.6×	0.53×	0.48×	0.31×	0.53×
P/S	0.04×	0.03×	0.07×	0.07×	0.06×	0.05×	0.02×	0.04×
EV / EBITDA	5.22×	3.05×	2.91×	1.3×	0.94×	5.15×	6.14×	4.51×
Gross margin	0.7%	7.1%	6.0%	11.2%	16.0%	9.4%	7.4%	8.7%
Operating margin	0.4%	0.3%	1.7%	6.3%	10.1%	2.3%	1.2%	2.4%
Net margin	0.0%	-0.6%	0.6%	4.0%	6.7%	1.4%	0.2%	0.8%
Current ratio	1.82×	1.87×	1.99×	2.3×	1.65×	1.37×	1.4×	1.26×
Debt / equity	0.07×	0.04×	0.06×	0.23×	0.36×	1.11×	1.17×	0.97×
Interest coverage	0.31×	0.21×	1.65×	4.16×	7.07×	5.26×	1.74×	3.92×
Dividend yield	0.0%	2.8%	15.2%	22.1%	1.5%	0.0%	1.7%	3.3%
Payout ratio	0.0%	-16.2%	154.9%	39.2%	1.4%	0.0%	16.9%	15.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.2%	-3.4%	4.1%	33.6%	58.1%	14.9%	3.1%	11.1%
Return on invested capital	0.8%	1.1%	9.5%	31.5%	46.8%	9.0%	5.2%	11.1%
Return on assets	0.1%	-1.9%	2.3%	17.4%	22.3%	4.1%	0.8%	2.4%
Free cash flow yield	-8.0%	-9.2%	82.7%	43.6%	23.5%	63.2%	2.2%	7.4%
Earnings yield	0.9%	-17.1%	9.8%	56.3%	109.5%	31.2%	10.0%	21.1%
Enterprise value	PLN 87.9M	PLN 59.3M	PLN 121.5M	PLN 249.3M	PLN 220.8M	PLN 176M	PLN 146.3M	PLN 151.8M
Net debt / EBITDA	0.79×	-0.12×	-0.31×	0.29×	0.35×	3.55×	4.81×	2.9×
Cash conversion cycle (days)	36	36	37	39	38	32	31	36