BioMaxima S.A. (BMX.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

-109.3%

-PLN 0.88

vs PLN 9.47 price

Levered DCF

-PLN 17.34

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.25

Grey zone

Rating

B-

Overall 2 / 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	482×	82.31×	117.29×	3.85×	11.1×	14.3×	-988.7×	-32.46×
P/B	1.05×	0.95×	1.51×	2.12×	3.89×	5.73×	0.81×	0.94×
P/S	0.83×	0.85×	1.52×	0.77×	1.44×	1.85×	0.44×	0.51×
EV / EBITDA	17.71×	12.61×	25.05×	2.71×	8.89×	10.69×	10.19×	25.33×
Gross margin	2.7%	44.0%	42.8%	37.7%	36.7%	38.7%	42.5%	43.1%
Operating margin	-0.2%	2.5%	1.6%	24.2%	17.3%	17.0%	2.2%	-0.8%
Net margin	0.2%	1.0%	1.3%	20.1%	13.0%	12.9%	-0.0%	-1.6%
Current ratio	1.74×	1.48×	2.19×	3.3×	1.93×	1.94×	1.44×	0.93×
Debt / equity	0.3×	0.31×	0.27×	0.11×	0.59×	0.63×	0.74×	0.94×
Interest coverage	-0.11×	1.34×	1.2×	73.38×	52.11×	28.77×	1.17×	-0.75×
Dividend yield	0.0%	0.0%	3.0%	1.8%	1.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	357.8%	6.7%	10.7%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.2%	1.1%	1.2%	55.1%	35.1%	40.0%	-0.1%	-2.9%
Return on invested capital	-0.1%	1.9%	1.1%	43.1%	20.6%	20.4%	0.1%	-0.7%
Return on assets	0.1%	0.7%	0.8%	38.8%	16.5%	14.9%	-0.0%	-1.1%
Free cash flow yield	2.6%	-5.4%	-23.3%	24.4%	-4.1%	1.8%	24.6%	-97.2%
Earnings yield	0.2%	1.2%	0.8%	26.0%	9.0%	7.0%	-0.1%	-3.1%
Enterprise value	PLN 63.2M	PLN 58.6M	PLN 82.3M	PLN 104.1M	PLN 130.6M	PLN 122M	PLN 25M	PLN 30.5M
Net debt / EBITDA	3.56×	2.95×	3.46×	-0.18×	1.15×	0.71×	4.74×	12.26×
Cash conversion cycle (days)	98	190	183	62	144	103	271	290