Medicalgorithmics S.A. (MDG.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

-148.0%

-PLN 10.63

vs PLN 22.15 price

Levered DCF

-PLN 18.19

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.09

Distress zone

Rating

C-

Overall 1 / 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	-28.72×	-10.43×	-277.73×	-5.89×	-0.48×	-7.28×	-192.28×	6.6×
P/B	5.18×	2.18×	1.75×	0.74×	1.82×	0.45×	0.29×	0.5×
P/S	10.79×	7.01×	3.75×	1.11×	1.78×	0.84×	0.33×	0.48×
EV / EBITDA	-51.87×	-13.93×	63.4×	1.47×	7.55×	-5.08×	4.72×	2.74×
Gross margin	-18.0%	84.9%	39.3%	80.3%	234.1%	92.4%	95.2%	95.4%
Operating margin	-37.0%	-68.9%	1.0%	27.4%	-9.1%	-33.6%	-0.1%	12.4%
Net margin	-37.7%	-67.0%	-1.3%	-18.9%	-373.6%	-11.6%	-0.2%	7.2%
Current ratio	1.3×	2.49×	3.52×	5.45×	0.91×	1.1×	1.3×	1.23×
Debt / equity	0.35×	0.05×	0.06×	0×	0.2×	0.19×	0.21×	0.35×
Interest coverage	-5.6×	-101.46×	4.01×	63.51×	-7.1×	-36.81×	-0.06×	6.4×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	35.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-18.1%	-20.8%	-0.6%	-12.5%	-381.2%	-6.2%	-0.2%	7.6%
Return on invested capital	-11.4%	-16.8%	0.4%	14.6%	-5.1%	-10.1%	-0.0%	7.2%
Return on assets	-10.5%	-15.2%	-0.5%	-10.9%	-157.9%	-4.6%	-0.1%	4.6%
Free cash flow yield	-0.6%	-13.7%	-6.9%	-8.6%	-26.0%	-9.5%	8.3%	39.7%
Earnings yield	-3.5%	-9.6%	-0.4%	-17.0%	-209.8%	-13.8%	-0.5%	15.1%
Enterprise value	PLN 354.3M	PLN 166.8M	PLN 141.8M	PLN 43.7M	PLN 84.1M	PLN 117.1M	PLN 86.7M	PLN 101.2M
Net debt / EBITDA	-2.9×	0.11×	-8.86×	-0.88×	-0.18×	-1.01×	1.59×	0.16×
Cash conversion cycle (days)	96	814	157	315	-110	-74	-43	-755