Votum S.A.

VOT.WA

Specialty Business Services · Industrials

Exchange

Warsaw Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Exceptional

Growth

Weak

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

Votum S.A. is a Polish company that helps people win legal cases against banks. It specializes in representing clients who took out Swiss franc mortgage loans — a product that became very controversial in Poland because the loans became much more expensive when the franc's value rose. Votum handles the legal process from start to finish, acting as a middleman between harmed borrowers and the courts.

The company makes money by taking a share of the compensation its clients win, which explains its unusually high gross margin. It operates almost entirely in Poland and has built a strong position by focusing on this one niche legal market. The key risk is that its business depends heavily on ongoing Swiss franc litigation — once courts resolve the bulk of these cases, the pipeline of new clients could shrink significantly, forcing the company to find new legal service areas to replace that revenue.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

32.3%

Excellent — 32.3% operating margin

Return on the money invested

ROCE

36.7%

Exceptional — 36.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

-1.5%

Shrinking sales (-1.5% YoY)

Profit growth

EPS YoY

-8.5%

Earnings shrinking (-8.5% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

152%

Turns 152% of profit into real cash

Spare cash per sale

FCF Margin

39.3%

Converts sales into free cash efficiently (39.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

54.96x

Comfortably covers interest (55.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

4.2x

no trend

Attractive valuation — P/E 4.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-0.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

19.15%

no trend

Healthy income — 19.15% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+159.9%

no trend

Dividend growing fast (159.9% YoY)

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