Makarony Polskie S.A. (MAK.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

+254.4%

PLN 82.23

vs PLN 23.20 price

Levered DCF

PLN 84.57

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.41

Safe zone

Rating

Overall 4 / 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	11.45×	6.23×	7.38×	3.97×	10.15×	7.04×	11.71×	7.14×
P/B	1.33×	1.21×	1.63×	0.79×	0.63×	0.62×	0.56×	0.53×
P/S	0.84×	0.69×	0.68×	0.3×	0.38×	0.28×	0.27×	0.27×
EV / EBITDA	5.89×	2.99×	3.99×	2.9×	4.79×	4.57×	6.25×	4.94×
Gross margin	23.3%	28.7%	27.4%	22.3%	18.2%	20.2%	22.3%	22.0%
Operating margin	7.7%	13.7%	12.3%	10.1%	5.0%	6.0%	4.2%	5.4%
Net margin	7.3%	11.1%	9.3%	7.4%	3.8%	4.0%	2.3%	3.8%
Current ratio	2.83×	2.42×	1.92×	1.27×	1.34×	0.9×	0.86×	0.98×
Debt / equity	0.07×	0.09×	0.13×	0.25×	0.41×	0.37×	0.51×	0.34×
Interest coverage	20.57×	30.63×	21.2×	13.63×	14.73×	10.08×	5.86×	11.74×
Dividend yield	3.3%	3.9%	2.7%	3.4%	4.3%	4.4%	5.2%	5.6%
Payout ratio	38.0%	24.6%	20.1%	13.5%	43.4%	30.7%	60.8%	39.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.6%	19.4%	22.0%	19.9%	6.3%	8.8%	4.8%	7.4%
Return on invested capital	8.6%	16.2%	18.0%	14.9%	4.2%	6.1%	3.5%	5.7%
Return on assets	8.6%	13.3%	13.8%	10.2%	3.1%	4.2%	2.2%	4.0%
Free cash flow yield	2.5%	18.2%	19.0%	15.4%	9.4%	-7.2%	-27.9%	-5.1%
Earnings yield	8.7%	16.1%	13.5%	25.1%	9.9%	14.3%	8.6%	14.0%
Enterprise value	PLN 224.9M	PLN 173M	PLN 233M	PLN 120.8M	PLN 79.5M	PLN 83.9M	PLN 84.3M	PLN 68.2M
Net debt / EBITDA	-0.56×	-0.63×	-0.17×	0.56×	0.91×	1.7×	2.95×	1.92×
Cash conversion cycle (days)	56	40	45	39	19	25	14	31