Polwax S.A. (PWX.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

-41.2%

PLN 0.52

vs PLN 0.88 price

Levered DCF

-PLN 0.14

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.41

Distress zone

Rating

Overall 2 / 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	-6×	-3.62×	-1.6×	10.89×	17.93×	19.43×	-1.09×	4.09×
P/B	1.48×	1.33×	1.15×	0.91×	0.89×	0.66×	0.92×	0.59×
P/S	0.57×	0.43×	0.25×	0.27×	0.31×	0.27×	0.28×	0.26×
EV / EBITDA	-8.37×	-4.02×	149.2×	4.17×	7.29×	6.36×	-1.7×	3.75×
Gross margin	3.8%	9.8%	11.7%	14.6%	12.4%	15.8%	10.1%	16.5%
Operating margin	-10.6%	-9.0%	-6.9%	6.0%	2.8%	2.7%	8.8%	8.0%
Net margin	-9.3%	-12.0%	-15.5%	2.5%	1.8%	1.4%	-25.8%	6.3%
Current ratio	2.37×	1.68×	2.73×	2.64×	2.37×	2.26×	1.47×	1.1×
Debt / equity	0.51×	0.05×	0.14×	0.11×	0.16×	0.23×	0.55×	0.31×
Interest coverage	-3.77×	-3.16×	-0.98×	2.07×	3.45×	3.48×	11.21×	15.19×
Dividend yield	0.0%	0.0%	9.9%	2.7%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-15.8%	29.7%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-24.2%	-36.6%	-72.0%	8.4%	5.1%	3.4%	-83.8%	14.4%
Return on invested capital	-17.9%	-25.9%	-19.6%	13.4%	5.4%	3.3%	16.6%	11.0%
Return on assets	-13.2%	-20.2%	-34.9%	5.8%	3.4%	2.2%	-44.5%	8.8%
Free cash flow yield	-28.2%	3.5%	27.5%	3.2%	6.9%	15.0%	6.5%	1.8%
Earnings yield	-16.4%	-27.5%	-62.5%	9.2%	5.8%	5.2%	-91.5%	24.4%
Enterprise value	PLN 98.5M	PLN 56.1M	PLN 66.4M	PLN 98.9M	PLN 84.7M	PLN 64.4M	PLN 91.2M	PLN 105.6M
Net debt / EBITDA	-2.08×	1.9×	8.93×	0.34×	0.13×	0.6×	-0.57×	1.19×
Cash conversion cycle (days)	106	65	93	89	105	117	106	75