ESOTIQ & Henderson S.A. (EAH.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

+482.3%

PLN 177.60

vs PLN 30.50 price

Levered DCF

PLN 108.24

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.69

Grey zone

Rating

A-

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	5.84×	5.24×	7.75×	4.68×	6.74×	7.02×	6.63×	5.29×
P/B	0.65×	1.21×	0.93×	0.65×	1.86×	0.68×	0.5×	0.81×
P/S	0.14×	0.27×	0.21×	0.16×	0.58×	0.22×	0.14×	0.25×
EV / EBITDA	3.49×	3.59×	2.65×	3.14×	4.12×	3.55×	3.48×	3.95×
Gross margin	67.0%	67.5%	64.7%	56.4%	65.0%	61.8%	61.6%	63.7%
Operating margin	4.6%	6.2%	5.8%	5.4%	11.0%	4.5%	4.9%	5.8%
Net margin	2.4%	3.7%	2.7%	3.3%	8.5%	3.2%	3.3%	4.7%
Current ratio	1.31×	1.18×	1.36×	1.26×	1.39×	1.28×	1.19×	1.32×
Debt / equity	1.09×	0.71×	0.58×	1×	0.7×	0.95×	1.04×	0.32×
Interest coverage	2.27×	4.8×	3.9×	3.89×	10.85×	3.03×	3.17×	6.72×
Dividend yield	13.0%	7.2%	4.1%	10.4%	0.0%	0.0%	4.2%	5.7%
Payout ratio	75.6%	53.6%	32.1%	48.7%	0.0%	0.0%	18.1%	30.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	16.3%	12.0%	13.8%	27.5%	9.7%	11.4%	15.4%
Return on invested capital	8.2%	12.3%	12.4%	8.7%	16.5%	4.6%	5.3%	10.2%
Return on assets	3.7%	5.7%	5.1%	4.9%	11.4%	3.8%	4.1%	7.1%
Free cash flow yield	-16.1%	2.6%	66.5%	-3.4%	17.8%	69.2%	33.7%	-11.8%
Earnings yield	17.1%	13.5%	12.9%	21.4%	14.8%	14.3%	23.0%	18.9%
Enterprise value	PLN 115.4M	PLN 126.2M	PLN 83.9M	PLN 89.6M	PLN 154.4M	PLN 83M	PLN 75.2M	PLN 49.7M
Net debt / EBITDA	2.12×	1.27×	0.84×	1.82×	0.96×	1.9×	2.29×	0.92×
Cash conversion cycle (days)	190	163	117	136	178	146	160	174