MFO S.A. (MFO.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

-984.9%

-PLN 255.72

vs PLN 28.90 price

Levered DCF

-PLN 111.95

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.77

Distress zone

Rating

A-

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	24.08×	24.59×	-15.13×	8.28×	2.6×	6.72×	6.49×	5.57×
P/B	0.75×	0.57×	0.75×	0.65×	1.1×	0.97×	1.03×	1.1×
P/S	0.35×	0.29×	0.39×	0.22×	0.35×	0.43×	0.38×	0.37×
EV / EBITDA	13.55×	8.3×	-534.13×	4.6×	2.26×	5.08×	4.97×	5.04×
Gross margin	11.9%	10.6%	8.7%	9.3%	25.2%	20.5%	20.2%	19.9%
Operating margin	2.5%	2.2%	-0.4%	3.7%	16.8%	7.4%	7.8%	8.4%
Net margin	1.5%	1.2%	-2.6%	2.7%	13.4%	6.4%	5.8%	6.7%
Current ratio	1.63×	1.77×	2.18×	2.65×	1.98×	1.82×	1.59×	1.56×
Debt / equity	0.48×	0.26×	0.26×	0.22×	0.23×	0.27×	0.27×	0.43×
Interest coverage	2.47×	2.65×	-0.42×	7.85×	233.73×	30.07×	14.94×	27.33×
Dividend yield	0.0%	0.0%	0.0%	12.9%	1.9%	0.0%	3.4%	2.7%
Payout ratio	0.0%	0.0%	0.0%	107.3%	5.0%	0.0%	21.8%	14.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.1%	2.3%	-4.9%	7.8%	42.1%	14.4%	15.9%	19.8%
Return on invested capital	3.1%	2.8%	-0.5%	6.5%	31.6%	9.3%	11.9%	12.4%
Return on assets	1.7%	1.4%	-3.0%	5.3%	23.9%	8.7%	8.9%	10.8%
Free cash flow yield	-24.3%	-32.5%	13.8%	42.0%	-2.4%	9.4%	4.0%	-12.6%
Earnings yield	4.2%	4.1%	-6.6%	12.1%	38.4%	14.9%	15.4%	18.0%
Enterprise value	PLN 347.1M	PLN 181.3M	PLN 167.7M	PLN 188.6M	PLN 384.6M	PLN 199.1M	PLN 184.2M	PLN 195M
Net debt / EBITDA	4.11×	0.19×	179.23×	-0.38×	0.23×	0.46×	0.51×	1.03×
Cash conversion cycle (days)	86	48	63	54	95	85	81	74