Voxel S.A. (VOX.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

+38.9%

PLN 210.93

vs PLN 151.80 price

Levered DCF

PLN 175.46

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.27

Safe 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	12.74×	13.73×	10.21×	10.4×	6.77×	12.48×	14.75×	10.22×
P/B	3.08×	3.67×	2.81×	1.91×	2.09×	2.35×	2.18×	1.67×
P/S	2.16×	2.61×	1.95×	1.11×	1.08×	1.29×	1.6×	1.41×
EV / EBITDA	7.56×	7.92×	5.86×	4.77×	4.5×	6.57×	7.93×	6.44×
Gross margin	28.8%	30.4%	33.1%	23.7%	28.8%	20.6%	26.3%	28.4%
Operating margin	23.0%	23.4%	26.6%	16.4%	22.2%	15.4%	16.2%	18.2%
Net margin	16.9%	19.0%	17.5%	10.7%	15.9%	10.4%	10.9%	13.7%
Current ratio	1.4×	1.21×	1.62×	1.45×	1.61×	0.76×	1.18×	1.41×
Debt / equity	0.45×	0.35×	0.43×	0.57×	0.73×	0.81×	0.73×	0.44×
Interest coverage	13.79×	12.46×	10.69×	6.43×	12.27×	9.11×	5.58×	10.33×
Dividend yield	3.8%	2.6%	1.8%	7.0%	4.4%	2.3%	3.1%	4.4%
Payout ratio	48.4%	35.8%	20.4%	72.6%	29.8%	28.1%	45.3%	44.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.1%	26.8%	25.3%	18.4%	30.8%	18.9%	14.8%	16.3%
Return on invested capital	17.2%	18.6%	20.1%	13.3%	18.3%	10.9%	9.3%	10.6%
Return on assets	13.9%	15.1%	14.0%	9.5%	14.3%	7.7%	6.8%	8.3%
Free cash flow yield	3.2%	3.9%	10.3%	14.1%	15.6%	7.0%	6.7%	8.3%
Earnings yield	7.8%	7.3%	9.0%	9.6%	14.8%	8.0%	6.8%	9.8%
Enterprise value	PLN 1.4B	PLN 1.4B	PLN 888.5M	PLN 567.4M	PLN 590.6M	PLN 553.6M	PLN 445.6M	PLN 295.4M
Net debt / EBITDA	0.91×	0.42×	0.42×	0.89×	0.86×	1.55×	1.89×	1.22×
Cash conversion cycle (days)	57	26	26	42	43	40	35	38