Company Valuation: Gielda Papierów Wartosciowych w Warszawie S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,738 1,491 1,784 1,698 2,728 3,958 - -
Change - -14.24% 19.65% -4.82% 60.69% 45.08% - -
Enterprise Value (EV) 1 1,368 1,491 1,563 1,329 2,344 3,405 3,462 3,440
Change - 9.01% 4.82% -14.93% 76.31% 45.27% 1.67% -0.62%
P/E 10.8x 10.3x 11.4x 11.4x 14x 17x 16.6x 16.4x
PBR 1.8x - 1.72x 1.59x - 3.39x 3.2x 3.03x
PEG - -1x 1.46x -2.36x 0.4x 0.8x 7.71x 18.38x
Capitalization / Revenue 4.27x 3.83x 4.01x 3.65x 4.94x 6.18x 6.06x 5.94x
EV / Revenue 3.36x 3.83x 3.51x 2.86x 4.25x 5.32x 5.3x 5.17x
EV / EBITDA 6.41x 8.9x 9.75x 10.6x 10.8x 11.8x 11.7x 11.6x
EV / EBIT 7.68x 11.5x 12.2x 14.2x 13x 14.9x 14.9x 14.9x
EV / FCF 141x - 21.4x 14.6x 18.5x 14.1x 21.2x 20.4x
FCF Yield 0.71% - 4.67% 6.87% 5.42% 7.11% 4.72% 4.91%
Dividend per Share 2 2.5 - - 3 - 3.65 3.893 4.267
Rate of return 6.04% - - 7.42% - 3.78% 4.03% 4.41%
EPS 2 3.84 3.45 3.72 3.54 4.65 5.701 5.824 5.876
Distribution rate 65.1% - - 84.7% - 64% 66.8% 72.6%
Net sales 1 407.6 389.3 444.9 464.8 551.9 640.1 653.5 665.9
EBITDA 1 213.4 167.4 160.2 125 216.5 287.7 296.1 296.8
EBIT 1 178.2 130 128 93.5 179.8 228.3 232.6 230.5
Net income 1 161.2 145 156 148.7 195 239.4 244.5 246.5
Net Debt 1 -370.8 - -221.1 -368.3 -384.3 -553 -496 -517.6
Reference price 2 41.42 35.52 42.50 40.45 65.00 96.65 96.65 96.65
Nbr of stocks (in thousands) 41,972 41,972 41,972 41,972 41,972 41,972 - -
Announcement Date 18/03/22 12/04/23 10/04/24 25/03/25 23/03/26 - - -
1PLN in Million2PLN
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.54x14.2x19.93x4.34% 9.99TCr
29.3x8.12x14.89x0.57% 2.18TCr
22.37x8.58x13.12x3.42% 1.38TCr
39.55x18.74x27.47x0.9% 1.37TCr
49.24x27.37x38.87x1.09% 887Cr
21.12x7.35x12.97x3.56% 776.65Cr
37.12x13.69x38.79x1.34% 412.24Cr
15.36x-1275.14x-2539.09x - 403.08Cr
15.33x12.07x15.83x4.43% 300.41Cr
Average 28.10x -129.45x -261.92x 2.46% 1.97TCr
Weighted average by Cap. 26.57x -15.69x -37.91x 3.25%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation Gielda Papierów Wartosciowych w Warszawie S.A.