Rawlplug S.A. (RWL.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

+204.2%

PLN 47.91

vs PLN 15.75 price

Levered DCF

-PLN 2.84

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.88

Grey zone

Rating

B+

Overall 3 / 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	19.68×	9.62×	14.52×	4.01×	4.96×	5.73×	8.96×	7.92×
P/B	0.57×	0.75×	0.73×	0.65×	0.95×	0.6×	0.63×	0.65×
P/S	0.36×	0.45×	0.41×	0.36×	0.55×	0.36×	0.34×	0.35×
EV / EBITDA	6.73×	5.2×	6.12×	3.66×	4.33×	4.86×	6.06×	6.03×
Gross margin	39.3%	38.1%	34.8%	36.7%	40.2%	36.2%	33.8%	34.1%
Operating margin	6.3%	9.1%	7.8%	13.0%	15.8%	10.2%	6.9%	7.9%
Net margin	1.8%	4.7%	2.8%	8.9%	11.1%	6.4%	3.7%	4.4%
Current ratio	2.17×	1.33×	1.76×	2.22×	1.38×	1.73×	1.95×	1.38×
Debt / equity	0.8×	0.68×	0.73×	0.62×	0.61×	0.64×	0.75×	0.73×
Interest coverage	1.98×	2.96×	2.57×	6.57×	16.74×	8.39×	4.67×	5.75×
Dividend yield	3.2%	2.4%	9.1%	4.3%	2.2%	0.2%	4.2%	4.2%
Payout ratio	63.9%	23.4%	132.6%	17.1%	11.1%	1.2%	37.4%	33.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	7.8%	5.0%	16.3%	19.3%	10.5%	7.0%	8.1%
Return on invested capital	3.5%	6.2%	5.8%	11.1%	12.8%	7.9%	5.4%	6.4%
Return on assets	1.3%	3.7%	2.3%	7.7%	9.3%	5.0%	3.1%	3.5%
Free cash flow yield	3.8%	13.3%	17.8%	4.4%	4.8%	23.5%	10.3%	-0.5%
Earnings yield	5.1%	10.4%	6.9%	24.9%	20.2%	17.4%	11.1%	12.6%
Enterprise value	PLN 839.6M	PLN 893.5M	PLN 865.1M	PLN 798M	PLN 848.3M	PLN 547.5M	PLN 553.5M	PLN 532.1M
Net debt / EBITDA	3.64×	2.22×	2.77×	1.66×	1.49×	2.31×	3.06×	2.93×
Cash conversion cycle (days)	215	208	198	199	216	187	161	183