Cavatina Holding S.A. (CAV.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

-2418.6%

-PLN 292.15

vs PLN 12.60 price

Levered DCF

-PLN 2,099.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.42

Distress zone

Rating

Overall 2 / 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	103.08×	30.35×	4.76×	18.79×	2.42×	4.14×	3.79×	3.99×
P/B	0.29×	0.28×	0.37×	0.47×	0.44×	0.9×	1.14×	1.59×
P/S	1.12×	2.51×	3.06×	6.17×	6.05×	10.23×	17.19×	31.47×
EV / EBITDA	19.75×	19.05×	10.61×	-87.07×	5.55×	5.18×	6.17×	5.65×
Gross margin	44.9%	52.3%	34.8%	34.1%	139.7%	55.8%	46.4%	38.9%
Operating margin	32.8%	70.3%	101.2%	96.1%	318.6%	417.7%	600.2%	1054.7%
Net margin	1.1%	8.2%	64.3%	32.8%	249.6%	246.9%	453.8%	789.6%
Current ratio	0.31×	0.73×	1.03×	0.83×	0.94×	0.56×	0.36×	0.48×
Debt / equity	1.94×	1.61×	1.52×	1.19×	1.08×	0.84×	1.46×	1.41×
Interest coverage	0.83×	0.95×	1.75×	2.74×	9.5×	0×	12.15×	22.97×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.7%	1.7%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	2.7%	6.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.3%	0.9%	7.7%	2.5%	18.0%	21.8%	30.1%	40.0%
Return on invested capital	1.5%	2.6%	3.8%	2.6%	8.6%	14.1%	12.5%	17.1%
Return on assets	0.1%	0.3%	2.9%	1.0%	7.6%	10.4%	10.4%	14.5%
Free cash flow yield	-52.1%	-42.9%	-5.9%	-25.8%	-30.3%	-23.7%	-0.8%	-5.0%
Earnings yield	1.0%	3.3%	21.0%	5.3%	41.3%	24.1%	26.4%	25.1%
Enterprise value	PLN 2.6B	PLN 2.2B	PLN 2.1B	PLN 1.7B	PLN 1.5B	PLN 1.1B	PLN 1.3B	PLN 1.1B
Net debt / EBITDA	17.17×	16.21×	8.49×	-61.62×	3.81×	2.46×	3.39×	2.61×
Cash conversion cycle (days)	2,663	1,954	730	528	651	429	62	-390