Seco/Warwick S.A. (SWG.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

+566.9%

PLN 220.09

vs PLN 33.00 price

Levered DCF

-PLN 154.26

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.86

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	9.27×	9.61×	7.28×	6.11×	8.64×	9.08×	10.58×	7.76×
P/B	1.06×	0.89×	1.06×	0.84×	0.76×	0.69×	0.85×	0.85×
P/S	0.32×	0.33×	0.38×	0.3×	0.32×	0.32×	0.36×	0.28×
EV / EBITDA	5.27×	4.13×	4.98×	3.72×	4.63×	3.91×	4.89×	4.17×
Gross margin	21.9%	21.0%	22.4%	22.1%	22.5%	21.8%	24.6%	22.3%
Operating margin	5.7%	4.5%	5.9%	6.8%	5.2%	4.9%	5.1%	5.6%
Net margin	3.5%	3.4%	5.2%	4.9%	3.7%	3.5%	3.4%	3.6%
Current ratio	1.26×	1.29×	1.33×	1.33×	1.39×	1.34×	1.25×	1.17×
Debt / equity	0.67×	0.54×	0.38×	0.41×	0.36×	0.3×	0.23×	0.4×
Interest coverage	4.43×	3.42×	4.29×	6.02×	11.92×	8.61×	7.54×	8.96×
Dividend yield	3.6%	3.7%	3.3%	1.4%	3.4%	0.0%	2.5%	0.0%
Payout ratio	33.5%	35.4%	24.0%	8.3%	29.2%	0.0%	26.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	9.3%	14.6%	13.8%	8.8%	7.6%	8.1%	10.9%
Return on invested capital	8.5%	6.8%	11.6%	12.2%	7.6%	6.0%	6.6%	8.6%
Return on assets	4.0%	3.4%	5.7%	5.3%	3.7%	3.1%	3.4%	4.0%
Free cash flow yield	-20.2%	23.1%	14.2%	7.1%	-0.5%	19.9%	15.2%	6.6%
Earnings yield	10.8%	10.4%	13.7%	16.4%	11.6%	11.0%	9.5%	12.9%
Enterprise value	PLN 335.4M	PLN 229.8M	PLN 274.9M	PLN 202.8M	PLN 160.1M	PLN 126M	PLN 169.3M	PLN 163.8M
Net debt / EBITDA	1.47×	-0.07×	0.31×	0.29×	0.41×	0.03×	0.22×	0.4×
Cash conversion cycle (days)	125	133	148	148	140	158	160	129