Company Valuation: Wawel S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 875.9 733.4 556.8 968.9 777.7 930.1
Change - -16.27% -24.08% 74.01% -19.73% 19.6%
Enterprise Value (EV) 1 741.5 543.5 408.9 759.5 550.6 716.2
Change - -26.7% -24.77% 85.75% -27.51% 30.08%
P/E 15.3x 17x 16x 13.4x 10.5x 11x
PBR 1.25x 1.04x 0.87x 1.39x 1.07x 1.16x
PEG - -0.7x -2.5x 0x 4.59x 0.7x
Capitalization / Revenue 1.79x 1.42x 0.95x 1.46x 1.13x 1.26x
EV / Revenue 1.52x 1.05x 0.7x 1.14x 0.8x 0.97x
EV / EBITDA 7.39x 6.42x 6.27x 7.29x 5.29x 6.05x
EV / EBIT 10.3x 9.64x 10.9x 9.8x 7.1x 7.73x
EV / FCF 30.6x 6.51x 7.95x 15.2x 9.81x 91.6x
FCF Yield 3.27% 15.4% 12.6% 6.6% 10.2% 1.09%
Dividend per Share 2 25 - 10 35 10 35
Rate of return 4.28% - 2.32% 4.67% 1.66% 4.86%
EPS 2 38.18 28.82 26.98 55.8 57.08 65.5
Distribution rate 65.5% - 37.1% 62.7% 17.5% 53.4%
Net sales 1 488.6 517.9 585.1 663.4 689.3 739.4
EBITDA 1 100.4 84.7 65.24 104.2 104 118.3
EBIT 1 72.11 56.4 37.66 77.48 77.57 92.71
Net income 1 57.26 43.23 36.98 72.08 73.73 84.62
Net Debt 1 -134.4 -189.9 -147.9 -209.4 -227.1 -213.9
Reference price 2 584.00 489.00 431.00 750.00 602.00 720.00
Nbr of stocks (in thousands) 1,500 1,500 1,292 1,292 1,292 1,292
Announcement Date 2/26/21 3/15/22 3/17/23 3/18/24 3/18/25 4/6/26
1PLN in Million2PLN
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 236M
19.66x2.7x13.49x4.2% 232B
18.1x2.36x14.09x3.54% 74.27B
15.92x1.67x9.48x3.97% 42.8B
14.9x0.53x9.56x2.59% 38.77B
19.39x2.97x12.07x3.6% 32.19B
35.68x3.08x17.97x1.04% 31.54B
25.03x5.24x16.69x3.35% 28.38B
-7.82x1.76x8.76x7.23% 26.31B
Average 17.61x 2.54x 12.77x 3.69% 56.27B
Weighted average by Cap. 18.60x 2.53x 13.06x 3.83%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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