Votum S.A. (VOT.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

+813.7%

PLN 356.34

vs PLN 39.00 price

Levered DCF

PLN 533.57

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.33

Safe zone

Rating

S-

Overall 5 / 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	3.9×	3.32×	4.28×	6.17×	19.88×	16.6×	9.79×	6.81×
P/B	1.43×	1.16×	2.21×	3.72×	2.91×	2.24×	3.06×	1.38×
P/S	1.18×	0.92×	1.46×	1.86×	1.02×	0.95×	1.19×	0.54×
EV / EBITDA	2.23×	2.22×	3.36×	4.88×	10.21×	12.12×	7.5×	4.67×
Gross margin	98.9%	98.9%	86.6%	99.0%	90.3%	93.5%	98.6%	98.0%
Operating margin	38.9%	34.6%	41.0%	36.9%	8.9%	7.6%	15.9%	11.1%
Net margin	30.3%	27.7%	34.1%	30.1%	5.1%	5.8%	12.2%	7.9%
Current ratio	1.01×	2.55×	3.14×	2.6×	1.59×	1.46×	1.38×	1.6×
Debt / equity	0.06×	0.09×	0.1×	0.17×	0.41×	0.42×	0.51×	0.59×
Interest coverage	70.54×	24.86×	73.14×	53.46×	23.34×	14.09×	24.71×	12.34×
Dividend yield	14.9%	9.3%	5.3%	0.9%	2.1%	0.0%	1.4%	0.4%
Payout ratio	58.3%	30.8%	22.9%	5.4%	41.7%	0.3%	13.9%	2.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	36.7%	35.1%	51.7%	60.4%	14.6%	13.5%	31.3%	20.2%
Return on invested capital	26.7%	24.1%	35.0%	42.6%	10.1%	9.4%	20.8%	13.5%
Return on assets	20.9%	19.4%	29.7%	33.4%	7.6%	7.6%	16.2%	8.8%
Free cash flow yield	34.9%	26.6%	6.8%	3.0%	-0.5%	-1.0%	4.8%	13.2%
Earnings yield	25.6%	30.1%	23.4%	16.2%	5.0%	6.0%	10.2%	14.7%
Enterprise value	PLN 421.5M	PLN 343M	PLN 576.3M	PLN 577.3M	PLN 224.6M	PLN 161.6M	PLN 187.9M	PLN 71.5M
Net debt / EBITDA	-0.67×	-0.2×	0.07×	0.13×	1.1×	1.36×	0.75×	0.99×
Cash conversion cycle (days)	-7,320	-8,472	-298	-2,698	-273	-629	-2,644	-2,307