Dr. Miele Cosmed Group S.A. (DMG.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

+565.0%

PLN 12.27

vs PLN 1.85 price

Levered DCF

PLN 8.07

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.8

Distress zone

Rating

B+

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	11.26×	13.02×	12.68×	-78.76×	35.27×	13.33×	32.38×	-12.62×
P/B	0.82×	1.8×	1.18×	0.84×	1.84×	1.81×	0.59×	0.46×
P/S	0.44×	0.96×	0.62×	0.45×	1.14×	1.05×	0.35×	0.28×
EV / EBITDA	6.2×	8.38×	7.31×	18.41×	17.34×	10.15×	8.48×	14.88×
Gross margin	34.4%	42.9%	38.8%	31.6%	38.0%	44.0%	40.8%	36.9%
Operating margin	5.9%	10.0%	7.4%	0.4%	4.0%	8.6%	3.2%	0.3%
Net margin	3.9%	7.4%	5.0%	-0.6%	3.3%	7.8%	1.1%	-2.2%
Current ratio	0.97×	1.06×	1.02×	0.82×	0.94×	1.05×	0.71×	0.69×
Debt / equity	0.23×	0.25×	0.26×	0.31×	0.25×	0.3×	0.36×	0.39×
Interest coverage	6.07×	9.5×	7.05×	0.39×	9.28×	14.48×	3.2×	0.28×
Dividend yield	1.9%	1.7%	0.0%	1.5%	1.3%	0.0%	0.0%	0.0%
Payout ratio	21.8%	21.8%	0.0%	-115.3%	45.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.3%	13.9%	9.5%	-1.1%	5.3%	13.5%	1.8%	-3.6%
Return on invested capital	6.7%	11.9%	8.8%	0.5%	4.3%	10.0%	2.6%	0.3%
Return on assets	4.6%	8.9%	5.8%	-0.6%	3.2%	8.2%	1.0%	-2.0%
Free cash flow yield	3.8%	4.1%	7.8%	-0.4%	2.1%	4.5%	10.3%	22.1%
Earnings yield	8.9%	7.7%	8.0%	-1.3%	2.9%	7.4%	3.1%	-7.9%
Enterprise value	PLN 273.8M	PLN 511.7M	PLN 322.6M	PLN 235.6M	PLN 444.3M	PLN 428.9M	PLN 169.1M	PLN 148.9M
Net debt / EBITDA	1.17×	0.74×	1.04×	4.49×	1.71×	1.06×	3.05×	6.59×
Cash conversion cycle (days)	34	42	30	21	21	32	17	11