PlayWay S.A. (PLW.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

+283.3%

PLN 958.24

vs PLN 250.00 price

Levered DCF

PLN 1,141.99

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

8.43

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	23.95×	10.76×	19.79×	18.21×	21.61×	20.89×	18.15×	18.96×
P/B	4.74×	4.41×	5.25×	4.87×	6.3×	11.72×	9.01×	9.15×
P/S	5.61×	5.99×	7.71×	7.95×	11.79×	25.46×	13.57×	12.38×
EV / EBITDA	8.11×	7.35×	14.59×	12.67×	16.06×	33.7×	13.49×	16.49×
Gross margin	56.0%	73.9%	65.0%	111.9%	107.1%	110.3%	112.7%	109.3%
Operating margin	53.6%	60.9%	58.1%	67.1%	65.6%	72.0%	71.0%	69.3%
Net margin	23.4%	56.2%	39.0%	43.7%	54.5%	121.9%	74.8%	65.3%
Current ratio	13.44×	15.07×	18.93×	29.1×	28.92×	37.92×	28.64×	17.83×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0×	0×	0×	0×
Interest coverage	476.83×	507.83×	200.7×	551.56×	1,448.27×	1,595.51×	723.6×	525.27×
Dividend yield	10.6%	8.8%	7.2%	7.5%	4.7%	1.5%	1.3%	1.8%
Payout ratio	252.6%	93.8%	143.0%	136.6%	101.2%	31.2%	24.4%	33.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.8%	41.4%	26.6%	26.7%	29.1%	56.1%	49.7%	48.3%
Return on invested capital	34.2%	31.4%	29.3%	29.3%	25.4%	22.3%	35.7%	35.2%
Return on assets	14.7%	30.8%	20.0%	20.1%	22.3%	43.6%	41.0%	38.6%
Free cash flow yield	7.9%	8.9%	6.1%	5.6%	4.6%	1.3%	2.6%	4.0%
Earnings yield	4.2%	9.4%	5.1%	5.5%	4.6%	4.8%	5.5%	5.3%
Enterprise value	PLN 1.6B	PLN 1.7B	PLN 2B	PLN 1.9B	PLN 2.5B	PLN 4B	PLN 1.5B	PLN 821.7M
Net debt / EBITDA	-0.57×	-0.53×	-0.72×	-0.91×	-1.39×	-1.52×	-0.9×	-1.39×
Cash conversion cycle (days)	59	514	423	-679	-741	-479	-474	-802