MDI Energia S.A. (MDI.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

-136.4%

-PLN 0.68

vs PLN 1.86 price

Levered DCF

PLN 3.03

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.79

Distress zone

Rating

Overall 4 / 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	10.33×	-18.09×	-27.66×	-7.74×	-92.54×	29.73×	933.33×	140.79×
P/B	2.02×	4.32×	5.09×	3.83×	3.93×	4.25×	4.28×	6.55×
P/S	0.13×	0.29×	0.49×	0.38×	0.45×	0.53×	0.66×	1.31×
EV / EBITDA	3.75×	-16.13×	-56.84×	-11.7×	85.74×	17.65×	23.81×	49.98×
Gross margin	4.4%	1.4%	3.8%	0.9%	3.6%	4.9%	5.2%	6.2%
Operating margin	1.5%	-1.8%	-1.2%	-4.5%	0.4%	2.9%	2.9%	3.7%
Net margin	1.3%	-1.6%	-1.8%	-4.8%	-0.5%	1.9%	0.1%	0.9%
Current ratio	1.26×	1.12×	1.17×	1.24×	1.3×	1.36×	1.33×	1.36×
Debt / equity	0.07×	0.01×	0.55×	1.46×	1.84×	1.22×	1.19×	1.24×
Interest coverage	9.82×	-9.99×	-1.28×	-3.27×	0.79×	4.21×	2.82×	3.09×
Dividend yield	0.0%	0.0%	0.0%	0.0%	1.8%	0.0%	0.0%	1.9%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-170.2%	0.0%	0.0%	263.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.5%	-23.9%	-18.4%	-48.5%	-4.3%	14.8%	0.5%	4.7%
Return on invested capital	12.3%	-16.5%	-5.9%	-13.8%	1.2%	7.5%	0.2%	2.6%
Return on assets	4.0%	-4.3%	-3.3%	-10.5%	-0.9%	3.8%	0.1%	1.3%
Free cash flow yield	35.1%	14.8%	24.3%	18.4%	-12.9%	-0.5%	5.6%	3.9%
Earnings yield	9.7%	-5.5%	-3.6%	-12.7%	-1.1%	3.5%	0.1%	0.7%
Enterprise value	PLN 15.9M	PLN 50.5M	PLN 85.4M	PLN 95.2M	PLN 148.2M	PLN 152.4M	PLN 128.9M	PLN 196.8M
Net debt / EBITDA	-4.13×	2.27×	-0.77×	-2.49×	19.6×	1.71×	2.04×	4.31×
Cash conversion cycle (days)	17	24	46	72	91	68	79	100