MCR S.A. (MCR.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

-1.0%

PLN 13.07

vs PLN 13.20 price

Levered DCF

-PLN 20.42

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.98

Grey zone

Rating

S-

Overall 5 / 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	0.52×	23.49×	7.59×	7.09×	6.75×	10.99×	4.54×	8.88×
P/B	0.41×	1.76×	1.65×	1.39×	1.09×	1.79×	0.59×	0.92×
P/S	0.64×	0.75×	0.64×	0.47×	0.41×	0.76×	0.25×	0.36×
EV / EBITDA	22.78×	10.3×	5.3×	4.16×	5.13×	7.05×	3.88×	6.39×
Gross margin	17.4%	23.3%	26.1%	24.9%	23.5%	27.2%	27.0%	25.4%
Operating margin	-9.2%	4.0%	9.7%	10.9%	8.9%	9.8%	8.9%	6.7%
Net margin	122.4%	3.2%	8.4%	6.6%	6.0%	7.0%	5.4%	4.0%
Current ratio	4.3×	2.21×	1.97×	1.86×	1.64×	1.61×	1.55×	1.69×
Debt / equity	0.12×	0.47×	0.39×	0.45×	0.63×	0.55×	0.57×	0.76×
Interest coverage	-4.07×	3.6×	9.52×	7.71×	12.15×	11.54×	7.9×	5.23×
Dividend yield	23.6%	3.1%	6.4%	3.5%	5.3%	1.3%	0.3%	0.4%
Payout ratio	12.3%	73.0%	48.6%	24.5%	36.0%	14.6%	1.5%	4.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	78.4%	7.5%	21.7%	19.6%	16.1%	16.3%	12.9%	10.3%
Return on invested capital	-3.9%	5.0%	15.3%	16.5%	11.1%	12.0%	10.2%	6.8%
Return on assets	57.9%	4.0%	11.4%	9.3%	6.9%	7.7%	6.1%	4.3%
Free cash flow yield	-136.7%	3.5%	10.4%	18.0%	-3.3%	8.4%	26.9%	1.7%
Earnings yield	192.0%	4.2%	13.2%	14.1%	14.8%	9.1%	22.0%	11.2%
Enterprise value	PLN 91.3M	PLN 463.5M	PLN 446.2M	PLN 362.4M	PLN 297.7M	PLN 361M	PLN 180.4M	PLN 229.8M
Net debt / EBITDA	-6.04×	1.84×	0.86×	0.77×	1.66×	1.29×	1.77×	2.68×
Cash conversion cycle (days)	109	101	102	87	102	66	80	98