Magna Polonia S.A. (06N.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+166.8%

PLN 6.24

vs PLN 2.34 price

Levered DCF

PLN 13.36

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.95

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.45×	9.54×	0.76×	-90.73×	31.03×	5.54×	1.67×	-0.57×
P/B	0.34×	0.38×	0.55×	2.12×	1.3×	0.86×	0.13×	0.14×
P/S	1.63×	1.92×	7.31×	8.45×	6.22×	2.78×	0.53×	0.43×
EV / EBITDA	-276.52×	3.55×	0.33×	-96.34×	11.57×	2.49×	0.95×	-0.83×
Gross margin	32.2%	34.1%	54.2%	79.4%	49.9%	61.4%	35.3%	37.2%
Operating margin	-17.6%	3.7%	1144.9%	-38.7%	22.7%	80.6%	23.3%	-20.4%
Net margin	19.4%	19.8%	964.7%	-9.3%	20.1%	49.2%	31.2%	-74.4%
Current ratio	9.88×	9.56×	27.21×	3.19×	2.68×	3.3×	0.7×	1.24×
Debt / equity	0.01×	0.02×	0.01×	0.05×	0.1×	0.02×	0.03×	0.08×
Interest coverage	-32.7×	2.62×	701.05×	-10.68×	6.77×	25.17×	23.96×	-1,314×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.0%	3.9%	73.2%	-2.3%	4.2%	15.3%	7.7%	-24.6%
Return on invested capital	-2.8%	0.7%	67.3%	-3.3%	3.3%	15.3%	4.8%	-4.6%
Return on assets	3.5%	3.4%	68.3%	-1.7%	3.2%	11.5%	5.4%	-16.7%
Free cash flow yield	15.0%	-8.5%	126.2%	-2.5%	-5.2%	15.0%	-71.0%	-72.9%
Earnings yield	11.9%	10.3%	131.9%	-1.1%	3.2%	17.7%	58.4%	-172.3%
Enterprise value	PLN 29.6M	PLN 31.9M	PLN 28.1M	PLN 52.3M	PLN 38.5M	PLN 19.7M	PLN 2.7M	PLN 3.9M
Net debt / EBITDA	42.25×	-0.53×	-0.28×	1.47×	0.45×	-0.24×	-0.02×	-0.23×
Cash conversion cycle (days)	1,036	1,070	1,535	1,539	247	379	-82	-119