Mo-BRUK S.A. (MBR.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

-27.2%

PLN 299.05

vs PLN 410.50 price

Levered DCF

PLN 330.08

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.85

Safe zone

Rating

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	75.06×	16.36×	14.74×	11.36×	11.76×	10.4×	9.33×	7.53×
P/B	5.34×	4.69×	5.26×	5.56×	6.54×	5.04×	2.83×	1.41×
P/S	3.57×	4.05×	4.91×	4.3×	5.06×	4.59×	2.86×	1.67×
EV / EBITDA	15.07×	10.37×	10.38×	8.07×	8.23×	7.49×	6.39×	4.95×
Gross margin	40.3%	43.6%	47.9%	50.9%	61.8%	57.9%	45.8%	35.4%
Operating margin	33.1%	33.7%	40.5%	46.0%	54.6%	54.5%	38.4%	28.7%
Net margin	4.8%	24.8%	33.3%	37.9%	43.0%	44.1%	30.7%	22.1%
Current ratio	0.7×	2.1×	1.43×	2.08×	5.98×	4.53×	2.41×	1.64×
Debt / equity	0.72×	0.46×	0.12×	0.01×	0.01×	0.04×	0.11×	0.2×
Interest coverage	4.06×	12.23×	66.62×	231.66×	66.23×	225.39×	62.15×	20.04×
Dividend yield	4.1%	4.0%	4.0%	10.6%	5.2%	5.9%	2.6%	0.0%
Payout ratio	304.4%	65.6%	58.7%	120.1%	61.6%	61.4%	24.2%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	28.8%	35.7%	48.9%	55.6%	48.4%	30.3%	18.8%
Return on invested capital	11.0%	17.4%	26.5%	42.9%	49.4%	40.6%	23.1%	13.2%
Return on assets	2.9%	14.9%	23.3%	34.0%	44.3%	37.7%	21.1%	11.8%
Free cash flow yield	1.6%	-2.3%	0.7%	7.7%	10.0%	8.8%	10.3%	16.7%
Earnings yield	1.3%	6.1%	6.8%	8.8%	8.5%	9.6%	10.7%	13.3%
Enterprise value	PLN 1.3B	PLN 1.2B	PLN 1.2B	PLN 966.2M	PLN 1.2B	PLN 775.2M	PLN 360.8M	PLN 161.2M
Net debt / EBITDA	1.43×	0.59×	0.08×	-0.67×	-0.7×	-0.42×	-0.23×	0.21×
Cash conversion cycle (days)	35	47	38	8	1	42	47	35