Wirtualna Polska Holding S.A. (WPL.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

+1546.4%

PLN 931.87

vs PLN 56.60 price

Levered DCF

PLN 1,001.71

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.19

Distress zone

Rating

C+

Overall 2 / 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	-52.78×	14.8×	21.8×	17.32×	22.52×	34.44×	29.33×	20.63×
P/B	2.07×	2.38×	3.86×	3.4×	5.65×	4.61×	4.04×	3.34×
P/S	0.82×	1.47×	2.37×	2.74×	4.72×	4.28×	2.86×	2.69×
EV / EBITDA	5.78×	6.28×	8.98×	9.5×	12.97×	15.18×	11.63×	10.96×
Gross margin	15.7%	20.8%	65.9%	90.3%	89.7%	91.6%	94.6%	98.2%
Operating margin	14.3%	17.8%	19.6%	22.2%	26.1%	19.2%	18.3%	18.9%
Net margin	-1.5%	9.9%	10.8%	15.8%	20.9%	12.4%	9.7%	13.0%
Current ratio	1.39×	1.24×	1.04×	1.07×	1.64×	1.69×	1.15×	1.09×
Debt / equity	2.16×	0.79×	0.89×	0.85×	0.41×	0.73×	0.82×	0.81×
Interest coverage	2.93×	4.49×	4.37×	8.26×	20.51×	8.46×	7.46×	7.5×
Dividend yield	3.6%	2.6%	2.2%	1.2%	1.1%	0.0%	1.4%	1.8%
Payout ratio	-192.0%	38.0%	47.0%	20.6%	24.8%	0.0%	42.0%	37.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.9%	16.1%	17.7%	19.6%	25.1%	13.4%	13.8%	16.2%
Return on invested capital	-7.5%	11.1%	11.7%	10.7%	16.8%	10.1%	9.4%	9.6%
Return on assets	-0.9%	6.8%	7.5%	8.5%	14.5%	6.3%	6.0%	7.0%
Free cash flow yield	14.7%	13.1%	7.7%	5.7%	4.0%	5.5%	6.4%	7.4%
Earnings yield	-1.9%	6.8%	4.6%	5.8%	4.4%	2.9%	3.4%	4.8%
Enterprise value	PLN 3.3B	PLN 2.8B	PLN 3.9B	PLN 3.5B	PLN 4.3B	PLN 2.9B	PLN 2.4B	PLN 1.8B
Net debt / EBITDA	2.61×	1.13×	1.23×	1.49×	0.49×	1.24×	1.65×	1.81×
Cash conversion cycle (days)	-1	10	-37	-271	-75	-178	-388	-5,806