Newag S.A. (NWG.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

-106.9%

-PLN 6.38

vs PLN 93.10 price

Levered DCF

PLN 353.03

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.97

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	11.91×	15.55×	10.19×	26.47×	13.08×	5.39×	10.75×	7.17×
P/B	3.7×	2.16×	1.21×	0.86×	1.26×	1.63×	1.75×	1.35×
P/S	1.78×	1.2×	0.79×	0.63×	1.02×	0.89×	1.07×	0.65×
EV / EBITDA	7.2×	8.5×	3.79×	9.74×	9.06×	5.22×	8.9×	6.07×
Gross margin	28.4%	21.1%	21.4%	15.4%	18.8%	28.2%	23.0%	20.0%
Operating margin	18.5%	10.1%	11.5%	5.6%	10.2%	19.3%	14.5%	12.5%
Net margin	14.9%	7.7%	7.7%	2.4%	7.8%	16.6%	10.0%	9.1%
Current ratio	1.84×	1.62×	1.48×	1.62×	1.62×	1.83×	1.5×	1.46×
Debt / equity	0.1×	0.19×	0.27×	0.57×	0.57×	0.6×	0.85×	0.79×
Interest coverage	40.48×	10.99×	4.75×	1.46×	7.23×	16.53×	6.9×	9.53×
Dividend yield	2.1%	2.3%	0.0%	1.9%	7.2%	3.8%	3.5%	0.0%
Payout ratio	25.2%	35.3%	0.0%	49.4%	94.2%	20.6%	37.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	31.1%	13.9%	11.9%	3.2%	9.6%	30.2%	16.2%	18.8%
Return on invested capital	27.9%	11.7%	11.4%	4.7%	7.3%	19.9%	10.4%	11.2%
Return on assets	16.9%	7.0%	5.5%	1.6%	5.0%	15.6%	6.6%	7.7%
Free cash flow yield	10.1%	-4.2%	68.1%	-3.4%	7.9%	16.8%	-1.6%	-1.6%
Earnings yield	8.4%	6.4%	9.8%	3.7%	7.7%	18.5%	9.3%	14.0%
Enterprise value	PLN 3.8B	PLN 1.8B	PLN 703.6M	PLN 994.5M	PLN 1.2B	PLN 1.5B	PLN 1.4B	PLN 994M
Net debt / EBITDA	-0.79×	-0.48×	-1.44×	3.79×	2.18×	1.17×	2.89×	1.99×
Cash conversion cycle (days)	136	185	177	308	226	173	245	149