Wawel S.A. (WWL.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

+178.2%

PLN 1,975.07

vs PLN 710.00 price

Levered DCF

PLN 1,548.34

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.74

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	10.99×	10.55×	13.44×	15.97×	16.97×	15.3×	15.97×	16.19×
P/B	1.16×	1.07×	1.39×	0.92×	1.04×	1.25×	1.36×	1.87×
P/S	1.26×	1.13×	1.46×	1.01×	1.42×	1.79×	1.66×	2.24×
EV / EBITDA	6.78×	4.64×	6.47×	5.84×	6.29×	7.3×	7.74×	8.87×
Gross margin	30.2%	29.4%	30.4%	25.9%	33.0%	37.1%	36.9%	37.8%
Operating margin	12.4%	11.3%	11.7%	6.4%	10.9%	14.8%	12.5%	16.9%
Net margin	11.4%	10.7%	10.9%	6.3%	8.3%	11.7%	10.4%	13.8%
Current ratio	6.28×	4.8×	5.05×	4.38×	5.14×	5.93×	4.62×	3.99×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.02×	0×
Interest coverage	151.17×	168.72×	156.32×	68.65×	127.46×	138.92×	173.16×	368.63×
Dividend yield	1.4%	5.8%	1.3%	0.0%	5.1%	5.1%	4.0%	3.0%
Payout ratio	15.3%	61.3%	17.9%	0.0%	86.7%	78.6%	64.0%	48.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.6%	10.2%	10.3%	5.8%	6.1%	8.2%	8.5%	11.5%
Return on invested capital	8.9%	8.3%	8.8%	4.6%	5.9%	8.0%	8.1%	11.2%
Return on assets	9.4%	8.6%	8.9%	5.0%	5.3%	7.2%	7.3%	10.0%
Free cash flow yield	3.8%	8.5%	6.8%	10.0%	12.8%	4.7%	6.2%	8.0%
Earnings yield	9.1%	9.5%	7.4%	6.3%	5.9%	6.5%	6.3%	6.2%
Enterprise value	PLN 804.5M	PLN 560.4M	PLN 759.5M	PLN 442.8M	PLN 543.6M	PLN 743.5M	PLN 797.3M	PLN 1.1B
Net debt / EBITDA	-1.06×	-1.8×	-1.78×	-1.95×	-2.2×	-1.3×	-1.35×	-1.03×
Cash conversion cycle (days)	134	125	115	108	142	192	115	115