Krynica Vitamin S.A. (KVT.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

+70.5%

PLN 21.31

vs PLN 12.50 price

Levered DCF

PLN 13.09

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.28

Grey zone

Rating

B+

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	10.71×	8.12×	-25×	12.15×	13.7×	4.18×	9×	20.49×
P/B	1.25×	1.06×	2.06×	1.75×	2.74×	2.94×	1.16×	1.84×
P/S	0.36×	0.26×	0.47×	0.42×	0.54×	0.53×	0.22×	0.38×
EV / EBITDA	5.51×	4.71×	18.53×	7.24×	7.81×	3.16×	6.55×	8.79×
Gross margin	17.0%	16.6%	14.4%	17.6%	14.8%	26.8%	12.9%	11.0%
Operating margin	4.0%	4.3%	-0.8%	4.4%	5.2%	16.7%	3.6%	3.0%
Net margin	3.4%	3.2%	-1.9%	3.5%	3.9%	12.7%	2.4%	1.9%
Current ratio	0.99×	0.86×	0.79×	0.88×	0.83×	0.87×	0.61×	0.67×
Debt / equity	0.29×	0.52×	0.8×	0.78×	0.79×	0.47×	1.09×	0.74×
Interest coverage	6.03×	4.2×	-0.67×	4.19×	14.88×	15.23×	4.46×	7.49×
Dividend yield	2.6%	0.0%	1.5%	0.0%	8.4%	11.6%	12.6%	2.9%
Payout ratio	27.7%	0.0%	-36.7%	0.0%	115.6%	48.5%	114.5%	58.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.6%	13.0%	-8.2%	14.4%	20.0%	70.3%	12.8%	9.0%
Return on invested capital	8.4%	10.1%	-2.0%	9.2%	10.3%	45.8%	7.5%	6.7%
Return on assets	6.3%	5.5%	-2.9%	5.6%	6.9%	26.9%	4.1%	3.3%
Free cash flow yield	17.6%	20.3%	6.6%	-1.1%	-3.5%	24.6%	3.1%	-7.7%
Earnings yield	9.3%	12.3%	-4.0%	8.2%	7.3%	23.9%	11.0%	4.9%
Enterprise value	PLN 158.1M	PLN 148.5M	PLN 231.5M	PLN 229.4M	PLN 272.8M	PLN 267.6M	PLN 123.3M	PLN 143.6M
Net debt / EBITDA	1.03×	1.55×	5.05×	2.21×	1.71×	0.37×	3.15×	2.49×
Cash conversion cycle (days)	31	27	13	28	7	11	-7	3