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 4,166 - -
Change - -14.24% 19.65% -4.82% 60.69% 52.69% - -
Enterprise Value (EV) 1 1,368 1,491 1,563 1,329 2,344 3,613 3,670 3,648
Change - 9.01% 4.82% -14.93% 76.31% 54.13% 1.58% -0.59%
P/E 10.8x 10.3x 11.4x 11.4x 14x 16.8x 16.8x 16.9x
PBR 1.8x - 1.72x 1.59x - 3.48x 3.28x 3.11x
PEG - -1x 1.46x -2.36x 0.4x 0.6x 123.69x -19.91x
Capitalization / Revenue 4.27x 3.83x 4.01x 3.65x 4.94x 6.46x 6.31x 6.25x
EV / Revenue 3.36x 3.83x 3.51x 2.86x 4.25x 5.61x 5.56x 5.47x
EV / EBITDA 6.41x 8.9x 9.75x 10.6x 10.8x 12.5x 12.2x 12.3x
EV / EBIT 7.68x 11.5x 12.2x 14.2x 13x 15.7x 15.4x 15.9x
EV / FCF 141x - 21.4x 14.6x 18.5x 14.9x 22.4x 21.6x
FCF Yield 0.71% - 4.67% 6.87% 5.42% 6.7% 4.46% 4.63%
Dividend per Share 2 2.5 - - 3 - 3.9 3.893 4.267
Rate of return 6.04% - - 7.42% - 3.93% 3.92% 4.3%
EPS 2 3.84 3.45 3.72 3.54 4.65 5.905 5.913 5.863
Distribution rate 65.1% - - 84.7% - 66% 65.8% 72.8%
Net sales 1 407.6 389.3 444.9 464.8 551.9 644.5 659.7 666.9
EBITDA 1 213.4 167.4 160.2 125 216.5 290.1 301.4 296.7
EBIT 1 178.2 130 128 93.5 179.8 230.2 237.7 230
Net income 1 161.2 145 156 148.7 195 240.9 248.2 245.9
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 99.25 99.25 99.25
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.($)
16.81x5.61x12.45x3.93% 107.09Cr
22.47x13.59x18.86x4.48% 9.53TCr
21.2x9.36x13.93x1.4% 8.5TCr
24.15x14.56x18.19x3.69% 6.25TCr
22.88x8.53x14.22x1.64% 5.82TCr
26.7x4.9x9.74x2.05% 5.16TCr
25.77x10.03x16.72x1.31% 5.12TCr
29.49x8.15x14.97x0.57% 2.18TCr
28.62x13.44x20.68x2.23% 1.89TCr
Average 24.23x 9.80x 15.53x 2.37% 4.95TCr
Weighted average by Cap. 23.98x 10.55x 15.79x 2.48%

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