Lubawa S.A. (LBW.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

+42.1%

PLN 14.21

vs PLN 10.00 price

Levered DCF

PLN 42.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

10.03

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	9.55×	6.54×	8.57×	16×	6.78×	6.57×	4.17×	14.7×
P/B	2.05×	1.42×	1.07×	1.07×	0.55×	0.77×	0.36×	0.31×
P/S	1.95×	1.29×	1.02×	1.01×	0.61×	0.87×	0.34×	0.28×
EV / EBITDA	6.59×	3.67×	4.42×	8.57×	4.13×	4.7×	3.77×	5.84×
Gross margin	39.7%	40.2%	31.1%	28.1%	29.6%	33.3%	25.1%	19.7%
Operating margin	23.5%	22.7%	14.1%	8.7%	11.5%	17.6%	8.9%	5.5%
Net margin	20.5%	19.8%	12.1%	6.2%	9.1%	13.2%	8.0%	2.6%
Current ratio	2.96×	1.89×	1.95×	2.67×	2.09×	1.74×	1.32×	1.2×
Debt / equity	0×	0.01×	0.05×	0.11×	0.09×	0.21×	0.32×	0.42×
Interest coverage	106.37×	64.64×	16.62×	7.79×	22.36×	14.85×	9.01×	3.75×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.5%	21.8%	12.6%	6.5%	8.2%	11.6%	8.6%	2.9%
Return on invested capital	19.1%	19.5%	11.0%	6.3%	7.1%	9.5%	5.3%	3.0%
Return on assets	15.7%	13.3%	8.1%	4.9%	5.6%	7.5%	4.9%	1.6%
Free cash flow yield	6.1%	22.9%	26.6%	-1.5%	10.3%	5.4%	10.0%	-1.3%
Earnings yield	10.5%	15.3%	11.8%	6.1%	14.9%	15.1%	23.8%	9.3%
Enterprise value	PLN 1.1B	PLN 500M	PLN 306.9M	PLN 361.9M	PLN 181.5M	PLN 252.2M	PLN 152.6M	PLN 148.4M
Net debt / EBITDA	-0.83×	-1.16×	-1.14×	0.6×	0.42×	0.83×	1.63×	3.22×
Cash conversion cycle (days)	135	184	181	185	225	210	249	157