Lubelski Wegiel Bogdanka S.A. (LWB.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

-833.2%

-PLN 172.67

vs PLN 23.55 price

Levered DCF

PLN 93.97

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.06

Distress 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	-3.85×	-0.49×	1.68×	9.67×	3.54×	8.97×	3.84×	32.47×
P/B	0.24×	0.27×	0.27×	0.46×	0.3×	0.2×	0.37×	0.59×
P/S	0.22×	0.2×	0.29×	0.69×	0.44×	0.36×	0.55×	0.99×
EV / EBITDA	5.12×	0.06×	0.35×	2.02×	0.64×	0.97×	1.08×	3.36×
Gross margin	13.6%	22.8%	29.2%	16.7%	22.2%	13.6%	23.7%	9.8%
Operating margin	5.1%	-50.6%	21.3%	8.2%	15.9%	5.2%	17.4%	3.5%
Net margin	-5.6%	-40.7%	17.4%	7.2%	12.5%	4.0%	14.3%	3.1%
Current ratio	2.48×	2.37×	2.27×	2.09×	1.99×	1.7×	1.98×	1.05×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×
Interest coverage	7.76×	-785.36×	421.61×	119.74×	195.53×	46.92×	58.26×	8.37×
Dividend yield	0.0%	11.6%	7.6%	5.0%	0.0%	0.0%	2.2%	0.0%
Payout ratio	0.0%	-5.7%	12.8%	48.5%	0.0%	0.0%	8.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-6.3%	-55.4%	16.0%	4.7%	8.5%	2.2%	9.6%	1.8%
Return on invested capital	3.9%	-47.1%	13.5%	3.7%	7.5%	1.9%	7.9%	1.5%
Return on assets	-4.4%	-38.2%	11.9%	3.6%	6.5%	1.7%	7.3%	1.4%
Free cash flow yield	-7.8%	25.0%	29.7%	-3.5%	34.4%	-19.8%	20.6%	2.2%
Earnings yield	-26.0%	-203.5%	59.4%	10.3%	28.2%	11.2%	26.0%	3.1%
Enterprise value	PLN 308M	-PLN 91.4M	PLN 459.7M	PLN 1.3B	PLN 523.6M	PLN 448.4M	PLN 835.3M	PLN 1.6B
Net debt / EBITDA	-5.1×	0.58×	-0.53×	-0.72×	-0.69×	-0.45×	-0.45×	-0.32×
Cash conversion cycle (days)	5	11	16	-2	-16	-2	-46	-57