Gielda Praw Majatkowych Vindexus Spolka Akcyjna (VIN.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

+282.3%

PLN 51.61

vs PLN 13.50 price

Levered DCF

PLN 4.34

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.66

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	5.18×	4.08×	6.39×	2.23×	2.24×	10×	7.32×	4.48×
P/B	0.46×	0.38×	0.47×	0.28×	0.36×	0.29×	0.51×	0.45×
P/S	1.72×	0.91×	1.18×	0.62×	0.64×	0.85×	2×	1.7×
EV / EBITDA	5.73×	3.06×	4.15×	2.24×	1.62×	6.99×	8.77×	6×
Gross margin	60.0%	47.6%	43.8%	46.4%	59.9%	34.6%	100.0%	100.0%
Operating margin	75.7%	36.4%	29.8%	36.8%	54.4%	24.9%	41.2%	50.1%
Net margin	33.3%	21.4%	17.7%	27.8%	28.7%	8.5%	27.2%	37.9%
Current ratio	12.69×	10.74×	8×	8.84×	8.65×	6.35×	8.08×	8.68×
Debt / equity	0.34×	0.41×	0.19×	0.27×	0.41×	0.46×	0.53×	0.47×
Interest coverage	4.65×	4.2×	4.21×	4.53×	10.11×	2.71×	3.13×	4.59×
Dividend yield	3.8%	4.0%	2.5%	4.1%	1.4%	2.1%	3.7%	3.6%
Payout ratio	19.7%	16.9%	17.0%	9.0%	3.2%	20.9%	26.9%	16.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	9.0%	7.0%	12.6%	15.9%	2.9%	6.9%	10.1%
Return on invested capital	13.5%	8.0%	7.4%	11.9%	11.5%	3.2%	6.6%	8.8%
Return on assets	5.9%	5.9%	5.5%	9.2%	9.9%	1.9%	4.4%	6.8%
Free cash flow yield	-23.3%	18.7%	31.3%	15.1%	45.4%	70.5%	-20.9%	11.1%
Earnings yield	19.3%	23.5%	15.0%	44.9%	44.7%	10.0%	13.6%	22.3%
Enterprise value	PLN 217.6M	PLN 132.4M	PLN 133.2M	PLN 98.2M	PLN 112.1M	PLN 113.8M	PLN 186.8M	PLN 143.6M
Net debt / EBITDA	2.07×	0.58×	0.29×	0.6×	0.45×	3.56×	4.33×	2.65×
Cash conversion cycle (days)	1,608	908	947	894	789	83	1,953	1,683