Wittchen S.A. (WTN.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

+517.8%

PLN 66.53

vs PLN 10.77 price

Levered DCF

PLN 71.33

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.8

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	8.26×	11.18×	9.01×	7.97×	6.31×	12.58×	6.99×	9.27×
P/B	1.32×	2.06×	2.55×	2.34×	1.3×	1.02×	1.49×	2.13×
P/S	0.61×	0.84×	1.18×	1.23×	0.96×	0.79×	0.79×	1.17×
EV / EBITDA	3.85×	5.85×	5.43×	5.03×	3.83×	5.14×	4.58×	6.54×
Gross margin	61.7%	61.8%	63.5%	63.0%	62.6%	58.7%	57.1%	58.1%
Operating margin	10.3%	11.4%	16.6%	21.6%	20.4%	8.7%	12.8%	15.5%
Net margin	7.4%	7.5%	13.1%	15.5%	15.2%	6.3%	11.3%	12.6%
Current ratio	2.28×	1.63×	2.28×	2.35×	2.19×	1.7×	2.13×	2.93×
Debt / equity	0.29×	0.62×	0.28×	0.26×	0.43×	0.4×	0.47×	0.13×
Interest coverage	6.82×	9.58×	19.17×	28.8×	29.97×	9.4×	11.72×	31.02×
Dividend yield	0.0%	17.2%	11.1%	11.1%	0.0%	0.0%	8.1%	5.3%
Payout ratio	0.0%	192.2%	99.8%	88.1%	0.0%	0.0%	56.8%	49.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.0%	18.4%	28.3%	29.3%	20.5%	8.1%	21.4%	23.0%
Return on invested capital	13.1%	12.6%	22.1%	25.6%	15.3%	6.4%	14.7%	20.6%
Return on assets	10.3%	9.8%	18.1%	19.1%	12.6%	4.8%	12.3%	15.8%
Free cash flow yield	28.2%	11.1%	14.8%	13.5%	15.1%	9.9%	15.6%	6.1%
Earnings yield	12.1%	8.9%	11.1%	12.6%	15.8%	7.9%	14.3%	10.8%
Enterprise value	PLN 326.7M	PLN 481.9M	PLN 589.5M	PLN 537.5M	PLN 303.5M	PLN 226.5M	PLN 289.7M	PLN 297.4M
Net debt / EBITDA	0.42×	1.2×	0.35×	0.34×	0.46×	1.35×	1.05×	0.22×
Cash conversion cycle (days)	179	231	217	264	334	299	187	210