Gielda Papierów Wartosciowych w Warszawie S.A. (GPW.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

+17.2%

PLN 110.89

vs PLN 94.65 price

Levered DCF

PLN 78.38

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

8.01

Safe 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	13.98×	11.43×	11.42×	10.3×	10.79×	8.16×	8.95×	5.42×
P/B	2.41×	1.59×	1.72×	1.5×	1.8×	1.35×	1.23×	1.12×
P/S	4.94×	3.65×	4.01×	3.83×	4.27×	3.08×	3.18×	2.87×
EV / EBITDA	8.93×	7.55×	7.05×	5.14×	6.94×	4.46×	5×	3.96×
Gross margin	70.8%	68.3%	28.2%	73.6%	79.5%	80.8%	79.3%	76.8%
Operating margin	36.5%	20.1%	28.8%	33.5%	44.1%	46.9%	46.5%	49.1%
Net margin	35.3%	32.0%	35.1%	37.2%	39.6%	37.7%	35.5%	53.0%
Current ratio	3.66×	4.52×	4.15×	4.16×	2.02×	4.88×	6.58×	10.51×
Debt / equity	0.02×	0.03×	0.02×	0.01×	0.26×	0.28×	0.31×	0.28×
Interest coverage	50.27×	17.22×	139.71×	22.19×	21.96×	9.97×	6.26×	19.44×
Dividend yield	4.9%	7.4%	6.4%	7.7%	6.1%	8.1%	12.5%	9.3%
Payout ratio	67.9%	84.7%	72.7%	79.4%	65.2%	66.1%	111.8%	50.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.2%	13.9%	15.0%	14.6%	16.7%	16.6%	13.8%	20.7%
Return on invested capital	13.4%	6.8%	9.4%	10.2%	11.9%	12.5%	10.7%	11.9%
Return on assets	14.4%	11.7%	12.4%	12.3%	11.4%	11.2%	9.5%	15.1%
Free cash flow yield	4.7%	8.0%	4.1%	10.5%	0.6%	15.7%	16.3%	11.6%
Earnings yield	7.1%	8.8%	8.7%	9.7%	9.3%	12.2%	11.2%	18.4%
Enterprise value	PLN 2.5B	PLN 1.6B	PLN 1.6B	PLN 1.1B	PLN 1.6B	PLN 1.1B	PLN 1.1B	PLN 1.1B
Net debt / EBITDA	-0.71×	-0.5×	-1×	-1.71×	-0.39×	-0.61×	-0.04×	0.22×
Cash conversion cycle (days)	-22	-13	28	-13	-26	-55	-32	-7