Mabion S.A. (MAB.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

-128.9%

-PLN 2.28

vs PLN 7.90 price

Levered DCF

-PLN 5.44

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-3.73

Distress zone

Rating

D+

Overall 1 / 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	-1.8×	-22.82×	7.12×	14.69×	509.17×	-5.11×	-16.31×	-16.46×
P/B	2.31×	1.29×	2.49×	4.44×	17.83×	-3.68×	-48.96×	26.9×
P/S	7.16×	2.08×	1.93×	2.07×	16.71×	0×	0×	0×
EV / EBITDA	-2.73×	10.78×	4.82×	9.89×	7,814.28×	-7.21×	-20.28×	-19.38×
Gross margin	-110.5%	59.6%	75.5%	40.2%	49.5%	0.0%	0.0%	0.0%
Operating margin	-334.8%	-11.0%	36.3%	17.2%	-19.3%	0.0%	0.0%	0.0%
Net margin	-397.4%	-9.2%	27.2%	14.1%	3.3%	0.0%	0.0%	0.0%
Current ratio	0.29×	1.17×	1.63×	1.11×	0.86×	0.11×	0.47×	1.08×
Debt / equity	0.26×	0.04×	0.3×	0.1×	0.38×	-0.47×	-1.02×	0.13×
Interest coverage	-65.62×	-2.41×	45.17×	14.57×	-7.18×	-40.04×	-84.25×	-33.61×
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	-128.2%	-5.7%	35.0%	30.3%	3.6%	73.9%	299.9%	-163.4%
Return on invested capital	-77.5%	-6.1%	24.5%	24.5%	1.9%	-773.5%	-140.3%	-77.1%
Return on assets	-56.7%	-4.0%	19.8%	12.5%	1.0%	-73.0%	-57.0%	-47.6%
Free cash flow yield	-37.7%	18.3%	-13.7%	6.5%	-6.8%	-13.6%	-4.1%	-4.0%
Earnings yield	-55.5%	-4.4%	14.1%	6.8%	0.2%	-20.1%	-6.1%	-6.1%
Enterprise value	PLN 119.1M	PLN 110M	PLN 281.4M	PLN 293M	PLN 922.1M	PLN 319M	PLN 1.1B	PLN 1.1B
Net debt / EBITDA	-0.14×	-3.32×	-0.21×	-1.56×	-240.19×	-0.77×	0.12×	0.95×
Cash conversion cycle (days)	21	-7	60	21	-137	-422	-5,567	-1,814