Novita S.A. (NVT.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

+108.5%

PLN 227.31

vs PLN 109.00 price

Levered DCF

PLN 212.14

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.83

Safe zone

Rating

S-

Overall 5 / 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	12.23×	12.3×	12.89×	10.81×	8.24×	7.99×	7.74×	11.57×
P/B	1.99×	2.36×	2.3×	1.57×	3.26×	2.52×	0.8×	1.07×
P/S	1.34×	1.45×	1.62×	0.93×	1.85×	1.62×	0.92×	1.43×
EV / EBITDA	8.86×	8.68×	8.99×	7.36×	6.28×	6.05×	6.4×	8.01×
Gross margin	26.6%	27.0%	23.3%	20.8%	37.9%	35.5%	28.5%	29.3%
Operating margin	12.6%	14.6%	14.4%	11.4%	27.9%	24.7%	13.9%	15.2%
Net margin	11.0%	11.8%	12.6%	8.6%	22.5%	20.2%	11.9%	12.3%
Current ratio	2.23×	1.99×	2.77×	2.93×	1.38×	1.6×	1.49×	1.07×
Debt / equity	0.04×	0.04×	0.04×	0.03×	0.12×	0.08×	0.15×	0.04×
Interest coverage	87.68×	100.26×	100.38×	65.57×	186.44×	134.54×	27.51×	252.48×
Dividend yield	8.2%	10.7%	13.3%	0.0%	12.9%	12.3%	0.0%	0.0%
Payout ratio	99.9%	131.5%	171.8%	0.0%	106.5%	98.3%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.3%	19.2%	17.8%	14.5%	39.5%	31.5%	10.3%	9.3%
Return on invested capital	13.6%	17.2%	15.2%	14.6%	33.6%	27.9%	9.2%	8.3%
Return on assets	12.2%	14.2%	14.2%	11.4%	25.4%	23.2%	7.5%	6.9%
Free cash flow yield	7.9%	8.7%	11.0%	5.5%	12.5%	15.8%	-16.6%	-26.6%
Earnings yield	8.2%	8.1%	7.8%	9.3%	12.1%	12.5%	12.9%	8.6%
Enterprise value	PLN 247.9M	PLN 292.4M	PLN 296.2M	PLN 226.3M	PLN 417.5M	PLN 332.3M	PLN 121.2M	PLN 127.6M
Net debt / EBITDA	0.1×	0.07×	-0.12×	-0.15×	0.11×	0.13×	0.99×	0.24×
Cash conversion cycle (days)	76	67	64	64	72	69	133	109