Mex Polska S.A. (MEX.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

+1046.5%

PLN 38.87

vs PLN 3.39 price

Levered DCF

PLN 28.71

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.43

Distress zone

Rating

B-

Overall 2 / 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	29.77×	11.69×	7.92×	2.87×	2.84×	-0.85×	11.38×	8.95×
P/B	1.89×	1.84×	1.99×	1.32×	2.22×	3.06×	1.66×	1.69×
P/S	0.23×	0.27×	0.32×	0.2×	0.37×	0.25×	0.3×	0.44×
EV / EBITDA	5.15×	4.42×	3.94×	2.77×	3.73×	-8.7×	1.98×	2.35×
Gross margin	11.9%	14.5%	15.8%	16.3%	12.9%	-2.9%	15.3%	13.7%
Operating margin	2.5%	5.3%	6.6%	12.1%	10.6%	-25.7%	5.5%	7.0%
Net margin	0.8%	2.3%	4.0%	7.1%	13.1%	-29.3%	2.6%	5.0%
Current ratio	0.49×	0.56×	0.65×	0.63×	0.57×	0.4×	0.45×	0.74×
Debt / equity	3.47×	3.21×	2.52×	3.22×	6.13×	12.89×	0.42×	0.28×
Interest coverage	0.96×	2.23×	3.18×	4.84×	3.82×	-7.49×	2.33×	2.7×
Dividend yield	2.8%	9.3%	5.7%	6.5%	0.0%	0.5%	6.4%	4.5%
Payout ratio	84.7%	109.1%	45.1%	18.6%	0.0%	-0.4%	73.2%	40.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.3%	15.6%	25.3%	45.9%	77.6%	-359.7%	14.5%	19.0%
Return on invested capital	3.3%	7.4%	10.2%	16.4%	8.6%	-21.7%	5.5%	14.4%
Return on assets	1.2%	3.0%	5.9%	9.0%	9.4%	-22.2%	2.9%	10.9%
Free cash flow yield	33.9%	33.2%	37.4%	71.5%	38.8%	11.8%	38.9%	8.9%
Earnings yield	3.4%	8.5%	12.7%	34.7%	35.0%	-117.6%	8.8%	11.3%
Enterprise value	PLN 77.7M	PLN 72M	PLN 61.2M	PLN 49.8M	PLN 58.9M	PLN 49.5M	PLN 25.3M	PLN 30.5M
Net debt / EBITDA	3.19×	2.66×	1.99×	1.84×	2.61×	-6.88×	0.2×	0.08×
Cash conversion cycle (days)	6	3	3	3	4	-9	7	-1