Bank Millennium S.A. (MIL.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

-155.4%

-PLN 12.24

vs PLN 22.09 price

Levered DCF

PLN 205.04

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.31

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	16.8×	15.08×	17.79×	-5.45×	-7.45×	173.94×	12.72×	14.08×
P/B	2.21×	1.39×	1.47×	1.01×	1.48×	0.44×	0.79×	1.28×
P/S	1.9×	1.11×	1×	0.95×	2.52×	0.92×	1.59×	3.09×
EV / EBITDA	13.43×	11.92×	6.18×	4.74×	-10.35×	11.58×	8.28×	9.56×
Gross margin	68.4%	66.3%	68.7%	71.7%	96.7%	87.4%	79.0%	78.6%
Operating margin	15.2%	9.0%	12.9%	-12.4%	-25.4%	4.9%	18.7%	29.4%
Net margin	11.3%	7.4%	5.7%	-17.3%	-33.8%	0.5%	12.5%	21.8%
Current ratio	0.04×	0.07×	0.07×	0.12×	0.05×	0.03×	0.04×	0.05×
Debt / equity	1.02×	1.02×	0.75×	0.41×	0.34×	0.33×	0.48×	0.33×
Interest coverage	0.48×	0.27×	0.41×	-0.44×	-7.76×	0.39×	0.89×	1.38×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.2%	9.3%	8.3%	-18.5%	-19.9%	0.3%	6.3%	9.1%
Return on invested capital	4.8%	3.3%	3.3%	-6.0%	-8.2%	0.2%	3.5%	5.7%
Return on assets	0.8%	0.5%	0.5%	-0.9%	-1.3%	0.0%	0.6%	0.9%
Free cash flow yield	66.2%	112.7%	140.1%	177.1%	27.1%	-81.0%	-10.8%	39.1%
Earnings yield	6.0%	6.7%	5.7%	-18.3%	-13.4%	0.6%	7.9%	7.1%
Enterprise value	PLN 24.8B	PLN 13.1B	PLN 9.4B	-PLN 2.5B	PLN 8.3B	PLN 4.9B	PLN 8.4B	PLN 10.3B
Net debt / EBITDA	2.49×	2.12×	-0.48×	15.39×	2.08×	2.16×	1.3×	-0.41×
Cash conversion cycle (days)	-3	49	27	28	-6	10	-11	1