Sanwil Holding S.A. (SNW.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

+62.4%

PLN 2.91

vs PLN 1.79 price

Levered DCF

PLN 1.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.27

Grey zone

Rating

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	11.82×	15.16×	4.86×	100×	5.89×	5.15×	-3.22×	27.1×
P/B	0.33×	0.33×	0.47×	0.33×	0.47×	0.87×	0.23×	0.22×
P/S	0.83×	0.74×	0.89×	0.63×	0.86×	0.93×	0.34×	0.33×
EV / EBITDA	-7.49×	1.41×	2.2×	3.02×	3.47×	2.99×	-3.5×	5.67×
Gross margin	23.8%	23.6%	30.3%	24.1%	16.9%	31.0%	18.3%	18.8%
Operating margin	-7.3%	-2.1%	5.6%	2.9%	-2.1%	15.2%	-9.0%	-1.9%
Net margin	7.2%	4.9%	18.1%	0.6%	14.7%	18.1%	-10.2%	1.2%
Current ratio	7.02×	6.13×	4.77×	4.21×	4.34×	3.64×	3.98×	3.89×
Debt / equity	0.03×	0.03×	0.08×	0.05×	0.05×	0.08×	0.08×	0.01×
Interest coverage	-5.23×	-1.18×	4.84×	1.16×	-6.43×	6.87×	-18.98×	-7.64×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	2.9%	2.2%	9.6%	0.3%	8.1%	17.0%	-6.9%	0.8%
Return on invested capital	-2.1%	-0.7%	2.6%	-1.4%	-0.9%	11.0%	-5.3%	-0.8%
Return on assets	2.4%	1.8%	7.6%	0.3%	6.2%	12.5%	-5.4%	0.7%
Free cash flow yield	5.5%	23.0%	-4.5%	-7.5%	-7.2%	18.9%	-6.0%	-25.7%
Earnings yield	8.6%	6.6%	20.3%	1.0%	17.0%	19.5%	-30.2%	3.7%
Enterprise value	PLN 6.7M	PLN 4.5M	PLN 15.8M	PLN 6.5M	PLN 20.6M	PLN 35.5M	PLN 6.2M	PLN 8.5M
Net debt / EBITDA	15.7×	-5×	-1.69×	-5.21×	-0.81×	-0.62×	1.73×	-0.78×
Cash conversion cycle (days)	273	240	184	276	301	159	227	238