VIGO Photonics S.A. (VGO.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

-192.2%

-PLN 479.69

vs PLN 520.00 price

Levered DCF

-PLN 846.34

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.06

Safe zone

Rating

C-

Overall 1 / 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	-26.07×	-101.71×	-119.8×	45.66×	16.01×	12.65×	19.63×	15.4×
P/B	2.5×	2.44×	1.8×	2.38×	3.72×	4.1×	4.01×	3.7×
P/S	4.23×	5.31×	4.74×	4.85×	6.83×	7.71×	6.36×	5.36×
EV / EBITDA	149.3×	35.69×	16.26×	21.08×	17.17×	17.62×	15.6×	12.36×
Gross margin	48.9%	50.5%	49.0%	51.7%	63.1%	66.6%	63.0%	54.7%
Operating margin	-11.6%	-22.4%	11.3%	7.0%	28.8%	37.8%	32.7%	34.1%
Net margin	-16.2%	-5.2%	-4.0%	10.6%	42.7%	60.9%	32.4%	34.8%
Current ratio	1.92×	2.42×	2.21×	1.04×	1.17×	2.25×	2.31×	1.26×
Debt / equity	0.13×	0.12×	0.26×	0.36×	0.27×	0.3×	0.48×	0.25×
Interest coverage	-10.27×	-8.44×	4.02×	3.08×	27.1×	30.38×	74.96×	12,768×
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	-9.6%	-2.4%	-1.5%	5.2%	23.3%	32.4%	20.4%	24.0%
Return on invested capital	-5.5%	-8.5%	-1.6%	1.9%	10.2%	12.9%	11.6%	15.9%
Return on assets	-7.2%	-1.9%	-0.9%	2.8%	13.9%	19.5%	10.9%	14.4%
Free cash flow yield	-2.8%	-4.5%	-3.2%	-12.5%	-4.8%	0.2%	-8.8%	-8.4%
Earnings yield	-3.8%	-1.0%	-0.8%	2.2%	6.2%	7.9%	5.1%	6.5%
Enterprise value	PLN 407.4M	PLN 421.8M	PLN 408.3M	PLN 377.5M	PLN 516.7M	PLN 440.5M	PLN 292.6M	PLN 204.5M
Net debt / EBITDA	5.05×	0.53×	2.03×	2.68×	0.94×	1.14×	1.06×	0.24×
Cash conversion cycle (days)	191	185	477	210	86	232	194	-4