Orzel Bialy S.A. (OBL.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

+47.1%

PLN 60.01

vs PLN 40.80 price

Levered DCF

PLN 60.18

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.3

Safe zone

Rating

A+

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	8.22×	5.46×	5.44×	4.64×	6.64×	4.38×	9.4×	12.1×
P/B	0.82×	0.8×	0.96×	0.96×	1.09×	0.66×	0.64×	0.69×
P/S	1.06×	0.78×	0.79×	0.53×	0.64×	0.42×	0.29×	0.27×
EV / EBITDA	10.22×	3.88×	3.47×	2.55×	4.35×	2.58×	6.57×	5.26×
Gross margin	16.6%	20.9%	21.4%	18.8%	17.0%	11.9%	8.8%	5.9%
Operating margin	8.6%	11.8%	16.0%	13.3%	16.7%	5.4%	4.4%	3.2%
Net margin	12.9%	14.2%	14.5%	11.3%	9.6%	9.5%	3.1%	2.2%
Current ratio	10.06×	14.12×	9.53×	5.71×	6.13×	4.71×	3.43×	3.83×
Debt / equity	0.01×	0.01×	0.01×	0.02×	0.02×	0.03×	0.2×	0.03×
Interest coverage	39.7×	54.18×	204.47×	36.65×	82.37×	46.6×	14.88×	10.69×
Dividend yield	3.3%	3.1%	0.0%	0.0%	0.0%	0.0%	0.0%	10.5%
Payout ratio	27.4%	16.8%	0.0%	0.0%	0.0%	0.0%	0.0%	127.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.0%	14.6%	17.7%	20.7%	16.4%	15.1%	6.8%	5.7%
Return on invested capital	5.2%	9.3%	14.6%	17.6%	20.1%	6.5%	5.8%	5.4%
Return on assets	8.7%	13.0%	15.2%	16.7%	13.4%	11.7%	4.8%	4.2%
Free cash flow yield	21.8%	28.0%	14.6%	19.8%	-2.1%	37.8%	-32.8%	11.5%
Earnings yield	12.2%	18.3%	18.4%	21.5%	15.1%	22.8%	10.6%	8.3%
Enterprise value	PLN 596.3M	PLN 514.1M	PLN 503.8M	PLN 361.4M	PLN 406.7M	PLN 177.7M	PLN 234.2M	PLN 158.8M
Net debt / EBITDA	-0.05×	-0.22×	-0.52×	-0.74×	-0.16×	-0.51×	1.48×	-0.61×
Cash conversion cycle (days)	141	150	170	137	158	143	135	82