VRG S.A. (VRG.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

+293.8%

PLN 21.19

vs PLN 5.38 price

Levered DCF

PLN 21.86

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.94

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	11.05×	9.09×	7.91×	8.33×	13.46×	-13.19×	14.96×	13.93×
P/B	0.94×	0.76×	0.8×	0.83×	0.99×	0.8×	1.1×	0.93×
P/S	0.72×	0.59×	0.61×	0.61×	0.83×	0.76×	0.89×	0.93×
EV / EBITDA	4.93×	4.4×	3.89×	4.41×	5.94×	14.01×	6.44×	9.15×
Gross margin	55.6%	55.5%	54.2%	53.6%	53.1%	48.9%	52.1%	51.2%
Operating margin	9.5%	9.2%	8.6%	11.0%	9.1%	-4.7%	8.2%	8.9%
Net margin	6.5%	6.4%	7.8%	7.3%	6.2%	-5.6%	6.0%	6.6%
Current ratio	2.12×	1.88×	1.9×	1.93×	1.88×	1.69×	1.8×	2.25×
Debt / equity	0.31×	0.35×	0.32×	0.38×	0.44×	0.53×	0.42×	0.13×
Interest coverage	6.93×	6.82×	9.11×	14.16×	9.66×	-4.83×	9.6×	12.21×
Dividend yield	0.0%	2.6%	5.9%	5.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	24.0%	46.1%	42.9%	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	8.5%	8.3%	10.2%	9.9%	7.5%	-5.9%	7.4%	6.7%
Return on invested capital	7.5%	6.9%	6.7%	8.5%	6.0%	-3.1%	5.6%	5.8%
Return on assets	5.5%	5.2%	6.6%	6.1%	4.4%	-3.3%	4.5%	4.8%
Free cash flow yield	19.2%	6.4%	21.4%	18.6%	19.7%	19.4%	8.7%	4.5%
Earnings yield	9.0%	10.9%	12.8%	11.9%	7.5%	-7.4%	6.8%	7.1%
Enterprise value	PLN 1.4B	PLN 1.2B	PLN 1B	PLN 1B	PLN 1.2B	PLN 1B	PLN 1.3B	PLN 819.2M
Net debt / EBITDA	1.04×	1.33×	0.91×	1.12×	1.41×	5.17×	1.7×	0.76×
Cash conversion cycle (days)	341	357	280	278	290	325	311	325