Miraculum S.A. (MIR.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

+331.6%

PLN 2.70

vs PLN 0.63 price

Levered DCF

PLN 5.30

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

Distress zone

Rating

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	-20.58×	-9.32×	-30.98×	-22.6×	-14.02×	-8.14×	-17.64×	-10×
P/B	1.11×	1.17×	2.34×	2.52×	2.68×	1.9×	1.83×	1.77×
P/S	0.56×	0.71×	1.08×	1.28×	1.71×	1.59×	1.84×	1.78×
EV / EBITDA	44.68×	-104.49×	48.32×	527.53×	-42.28×	-31.21×	-12.21×	-14.27×
Gross margin	29.4%	33.1%	34.4%	31.8%	30.1%	32.8%	34.2%	34.3%
Operating margin	0.1%	-3.2%	0.8%	-1.2%	-8.4%	-12.4%	-26.9%	-18.6%
Net margin	-2.7%	-7.6%	-3.5%	-5.7%	-12.2%	-19.0%	-10.4%	-18.2%
Current ratio	1.26×	1.28×	0.64×	1.33×	1.33×	0.82×	1.46×	0.94×
Debt / equity	0.5×	0.46×	1×	0.88×	0.94×	1.04×	0.94×	0.71×
Interest coverage	0.04×	-1.31×	0.24×	-0.65×	-5.46×	-5.71×	-11.73×	-4.67×
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	-5.4%	-12.5%	-7.6%	-11.2%	-19.1%	-22.7%	-10.4%	-18.1%
Return on invested capital	0.1%	-3.3%	0.8%	-1.2%	-6.2%	-6.7%	-4.7%	-7.0%
Return on assets	-2.6%	-6.0%	-2.7%	-4.4%	-7.2%	-8.7%	-4.2%	-8.0%
Free cash flow yield	4.6%	-3.1%	-1.1%	-2.4%	-7.6%	-8.2%	-14.4%	-12.1%
Earnings yield	-4.9%	-10.7%	-3.2%	-4.4%	-7.1%	-12.0%	-5.7%	-10.2%
Enterprise value	PLN 43.7M	PLN 46.7M	PLN 72.3M	PLN 74.9M	PLN 77.5M	PLN 59M	PLN 59.6M	PLN 53.7M
Net debt / EBITDA	13.7×	-29.31×	14.44×	135.85×	-10.89×	-10.71×	-4.01×	-3.74×
Cash conversion cycle (days)	66	89	88	82	88	92	79	79