The Discounted Cash Flow (DCF) valuation of X Trade Brokers Dom Maklerski SA (XTB.WA) is 134.19 PLN. With the latest stock price at 71.88 PLN, the upside of X Trade Brokers Dom Maklerski SA based on DCF is 86.7%.

Is XTB.WA a buy or a sell?

Based on the latest price of 71.88 PLN and our DCF valuation, X Trade Brokers Dom Maklerski SA (XTB.WA) is a buy. Buying XTB.WA stocks now will result in a potential gain of 86.7%.

	Range	Selected
WACC / Discount Rate	9.8% - 13.8%	11.8%
Long-term Growth Rate	0.0% - 1.0%	0.5%
Fair Price	120.01 - 156.53	134.19
Upside	67.0% - 117.8%	86.7%

71.88 PLN

Stock Price

134.19 PLN

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

XTB.WA DCF Valuation: Revenue & Expenses Forecast

(PLN in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	1,906	2,142	2,397	2,531	2,740	2,868
% Growth	21%	12%	12%	6%	8%	5%

Cost of goods sold	(211)	(237)	(265)	(280)	(303)	(317)
% of Revenue	11%	11%	11%	11%	11%	11%

Selling, G&A expenses	(680)	(764)	(855)	(903)	(977)	(1,023)
% of Revenue	36%	36%	36%	36%	36%	36%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	33	37	42	44	48	50
% of Revenue	2%	2%	2%	2%	2%	2%

Tax expense	(192)	(213)	(239)	(252)	(273)	(286)
Tax rate	18%	18%	18%	18%	18%	18%

Net profit	857	965	1,079	1,140	1,234	1,292
% Margin	45%	45%	45%	45%	45%	45%