mBank S.A. (MBK.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

+27.6%

PLN 2,044.95

vs PLN 1,602.50 price

Levered DCF

PLN 2,438.77

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.45

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	12.74×	10.36×	921.05×	-17.86×	-15.57×	73.14×	16.32×	13.64×
P/B	2.11×	1.31×	1.61×	0.99×	1.34×	0.46×	1.02×	1.18×
P/S	3.09×	1.37×	1.3×	1.1×	2.78×	1.15×	2.63×	3.1×
EV / EBITDA	4.63×	-0.84×	-2.81×	11.9×	-186.41×	18.17×	6.35×	15.71×
Gross margin	63.6%	70.9%	65.0%	70.8%	95.0%	89.7%	85.5%	82.3%
Operating margin	34.4%	17.6%	5.7%	-0.9%	-8.9%	9.3%	23.7%	30.9%
Net margin	24.3%	13.2%	0.1%	-6.1%	-17.8%	1.6%	15.7%	22.5%
Current ratio	16.1×	0.23×	0.24×	0.14×	0.08×	0.07×	0.13×	0.11×
Debt / equity	1×	0.98×	1.21×	1.19×	1.24×	1.24×	0.59×	1.63×
Interest coverage	1.1×	0.6×	0.16×	-0.03×	-1.8×	0.9×	1.63×	1.75×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	0.0%	1.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	46.9%	0.0%	16.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.6%	12.6%	0.2%	-5.5%	-8.6%	0.6%	6.1%	8.6%
Return on invested capital	1.3%	5.0%	0.1%	-0.3%	-1.8%	0.2%	2.8%	2.9%
Return on assets	1.3%	0.9%	0.0%	-0.3%	-0.6%	0.1%	0.7%	0.9%
Free cash flow yield	4.1%	-10.5%	84.8%	59.1%	55.7%	10.2%	-6.2%	3.2%
Earnings yield	7.9%	9.6%	0.1%	-5.6%	-6.4%	1.4%	5.9%	7.3%
Enterprise value	PLN 26.4B	-PLN 3B	-PLN 4.2B	PLN 4.6B	PLN 22.8B	PLN 19.6B	PLN 11.5B	PLN 32.8B
Net debt / EBITDA	-3.29×	-7.32×	-17.55×	-20.23×	-36.51×	11.12×	-2.74×	7.11×
Cash conversion cycle (days)	-103	-56	-34	-81	-1,276	-724	-186	-459