MCI Capital Alternatywna Spólka Inwestycyjna S.A. (MCI.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

-10.9%

PLN 24.32

vs PLN 27.30 price

Levered DCF

PLN 4.94

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.25

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	31.72×	82.67×	7.77×	5.78×	2.29×	5.71×	4.25×	3.58×
P/B	0.71×	0.62×	0.61×	0.43×	0.59×	0.57×	0.38×	0.41×
P/S	11.92×	28.01×	5.53×	4.73×	2.59×	3.55×	20.15×	4.84×
EV / EBITDA	20.06×	47.08×	7.68×	7.79×	3.54×	5.46×	4×	4.25×
Gross margin	99.8%	97.8%	99.8%	99.5%	99.1%	87.1%	92.4%	98.7%
Operating margin	67.8%	63.8%	84.2%	78.1%	87.1%	83.3%	633.1%	149.9%
Net margin	37.4%	33.4%	71.2%	81.9%	113.3%	62.1%	475.4%	135.4%
Current ratio	0.68×	2.7×	2.2×	0.4×	0.42×	0.47×	0.14×	0.12×
Debt / equity	0.14×	0.14×	0.12×	0.15×	0.13×	0.2×	0.11×	0.15×
Interest coverage	2.9×	1.37×	6.17×	5.35×	28.75×	14.26×	13.18×	9.41×
Dividend yield	5.8%	0.0%	0.0%	4.4%	2.6%	0.0%	0.0%	0.0%
Payout ratio	185.6%	0.0%	0.0%	25.6%	6.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.2%	0.7%	7.9%	7.5%	25.8%	9.9%	8.9%	11.6%
Return on invested capital	2.8%	1.2%	8.2%	6.2%	17.4%	8.1%	7.9%	11.0%
Return on assets	1.9%	0.6%	7.0%	6.4%	22.6%	7.5%	7.4%	10.1%
Free cash flow yield	8.9%	-0.8%	4.8%	1.8%	7.3%	4.0%	28.8%	-4.6%
Earnings yield	3.1%	1.2%	12.9%	17.3%	43.7%	17.5%	23.6%	28.0%
Enterprise value	PLN 1.7B	PLN 1.6B	PLN 1.5B	PLN 1.1B	PLN 1.3B	PLN 997M	PLN 618M	PLN 663.1M
Net debt / EBITDA	3.2×	7.68×	1.21×	1.84×	0.57×	1.25×	0.89×	1.1×
Cash conversion cycle (days)	48	-107	-768	-272	-48	45	-144	-296