Modivo S.A. (MDV.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

+405.5%

PLN 475.59

vs PLN 94.08 price

Levered DCF

PLN 351.10

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.17

Distress zone

Rating

D+

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	406.21×	12.38×	-68.61×	-5.78×	-18.87×	-3.62×	-164.18×	134.24×
P/B	4.13×	6.58×	4.58×	5.8×	4.28×	23.54×	4.7×	7.79×
P/S	0.82×	1.15×	0.41×	0.26×	0.56×	0.82×	0.77×	1.68×
EV / EBITDA	10.1×	7.84×	8.48×	11.85×	12.46×	-38.83×	8.44×	11.47×
Gross margin	40.5%	50.3%	46.5%	46.8%	47.1%	32.3%	48.8%	50.1%
Operating margin	4.8%	10.1%	1.9%	-0.6%	0.1%	-11.0%	2.3%	7.9%
Net margin	0.2%	9.3%	-0.6%	-4.6%	-2.9%	-22.7%	-0.5%	1.3%
Current ratio	0.92×	1.16×	0.81×	0.93×	1.4×	0.91×	0.99×	1.08×
Debt / equity	2.09×	2.16×	4.55×	10.34×	4.32×	19.46×	3.74×	2.87×
Interest coverage	1.78×	2.41×	0.42×	-0.14×	0.03×	-6.57×	1.52×	5.45×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%	1.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-87.2%	159.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.0%	53.2%	-6.7%	-100.3%	-22.7%	-650.1%	-2.8%	5.8%
Return on invested capital	-7.5%	17.5%	3.4%	-1.0%	0.1%	-11.6%	1.6%	6.5%
Return on assets	0.2%	10.6%	-0.8%	-5.9%	-3.0%	-17.7%	-0.4%	0.9%
Free cash flow yield	0.6%	7.0%	12.9%	3.3%	-6.2%	-8.1%	10.8%	7.0%
Earnings yield	0.2%	8.1%	-1.5%	-17.3%	-5.3%	-27.6%	-0.6%	0.7%
Enterprise value	PLN 13B	PLN 15.3B	PLN 7.4B	PLN 6.3B	PLN 7.5B	PLN 7.4B	PLN 7.6B	PLN 10.5B
Net debt / EBITDA	3.17×	1.76×	4.08×	7.32×	5.48×	-16.24×	3.4×	2.78×
Cash conversion cycle (days)	53	90	134	146	180	190	213	274