Wikana S.A. (WIK.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

+99.2%

PLN 19.63

vs PLN 9.85 price

Levered DCF

PLN 13.99

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.13

Distress 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	8.83×	2.06×	5.66×	3.8×	1.9×	10.46×	24.55×	-3×
P/B	0.91×	0.72×	0.89×	0.66×	0.85×	1.13×	0.51×	0.31×
P/S	2.02×	0.68×	1.16×	0.81×	0.5×	0.75×	0.28×	0.3×
EV / EBITDA	6.56×	2.34×	4.58×	5.34×	2.27×	100.69×	70.59×	42.87×
Gross margin	37.8%	34.7%	33.2%	33.1%	38.9%	24.6%	21.2%	17.1%
Operating margin	25.1%	28.8%	24.6%	27.1%	33.6%	14.8%	13.4%	4.5%
Net margin	23.0%	32.8%	20.4%	21.3%	26.3%	7.1%	1.1%	-9.9%
Current ratio	15.22×	3.68×	119.01×	1.55×	1.55×	1.27×	1.04×	1.03×
Debt / equity	0.07×	0.08×	0.22×	0.46×	0.71×	2.05×	1.92×	1.98×
Interest coverage	21.33×	29.81×	4.52×	10.8×	14.97×	2.74×	2.13×	0.35×
Dividend yield	0.0%	7.3%	5.3%	8.1%	4.3%	0.0%	0.0%	0.0%
Payout ratio	0.0%	15.1%	30.2%	30.7%	8.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.3%	34.9%	15.7%	17.4%	44.8%	10.6%	2.1%	-10.3%
Return on invested capital	6.0%	21.8%	3.2%	11.4%	26.2%	5.7%	4.0%	1.4%
Return on assets	6.3%	22.5%	5.9%	6.5%	16.7%	2.0%	0.4%	-1.9%
Free cash flow yield	9.9%	-4.2%	32.5%	0.8%	39.9%	12.0%	17.8%	162.2%
Earnings yield	11.4%	48.5%	17.6%	26.4%	52.5%	9.4%	4.1%	-33.3%
Enterprise value	PLN 129M	PLN 108.5M	PLN 92.3M	PLN 97.7M	PLN 108.1M	PLN 130.6M	PLN 98.4M	PLN 94.3M
Net debt / EBITDA	-0.62×	0.02×	-0.03×	2.02×	0.82×	58.93×	54.99×	36.96×
Cash conversion cycle (days)	39	553	1,247	1,143	550	987	715	1,089