BIOTON S.A AND CIECH S.A

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Bioton S.A DCF Model valuation:

https://docs.google.com/spreadsheets/d/1sq_kcUOEbPBz2mmk1YVabTX0–6lZrdgfk18lfzxcnE/edit?usp=sharing

Ciech S.A DCF Model valuation:

https://docs.google.com/spreadsheets/d/1kkbcpX-VgQa6_3IspZ4ghhRuCx0UeVerj6vrl1zHgE0/edit?usp=sharing