Wasko S.A. (WAS.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

+148.4%

PLN 17.34

vs PLN 6.98 price

Levered DCF

PLN 27.11

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.54

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	3.54×	18.38×	-169.39×	22.98×	9.41×	8.5×	19×	18.45×
P/B	0.65×	0.51×	0.62×	0.59×	0.58×	0.45×	0.48×	0.56×
P/S	0.32×	0.24×	0.28×	0.26×	0.29×	0.24×	0.27×	0.39×
EV / EBITDA	0.94×	-0.16×	2.15×	3.76×	2.97×	1.25×	3.81×	4×
Gross margin	23.2%	14.3%	13.9%	13.6%	14.6%	14.2%	13.8%	16.5%
Operating margin	11.5%	1.6%	0.9%	2.1%	4.5%	3.7%	3.6%	2.4%
Net margin	9.1%	1.3%	-0.2%	1.1%	3.2%	2.7%	1.4%	2.1%
Current ratio	1.75×	1.71×	1.69×	1.69×	1.74×	1.52×	1.65×	1.69×
Debt / equity	0.22×	0.02×	0.15×	0.16×	0.1×	0.05×	0.1×	0.06×
Interest coverage	29.98×	4.59×	2.09×	9.26×	41.35×	24.83×	16.36×	27.96×
Dividend yield	1.4%	2.4%	4.3%	6.2%	4.1%	1.7%	0.0%	0.0%
Payout ratio	5.1%	44.4%	-732.7%	141.9%	37.6%	14.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.3%	2.8%	-0.4%	2.6%	6.3%	5.1%	2.5%	3.0%
Return on invested capital	15.4%	1.8%	-0.2%	2.0%	5.3%	4.6%	3.9%	2.3%
Return on assets	9.8%	1.4%	-0.2%	1.3%	3.6%	2.8%	1.5%	1.9%
Free cash flow yield	27.4%	3.0%	44.7%	22.1%	-10.9%	48.2%	-8.8%	-0.1%
Earnings yield	28.4%	5.4%	-0.6%	4.4%	10.9%	11.4%	5.3%	5.4%
Enterprise value	PLN 78.1M	-PLN 4.4M	PLN 49.3M	PLN 110.7M	PLN 108.9M	PLN 37.7M	PLN 91.7M	PLN 94.3M
Net debt / EBITDA	-1.36×	-4.59×	-4.46×	-1.26×	-1.01×	-2.35×	-0.81×	-1.34×
Cash conversion cycle (days)	3	0	76	82	94	84	-40	115