MLP Group S.A. (MLG.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

-117.5%

-PLN 17.57

vs PLN 100.50 price

Levered DCF

-PLN 91.78

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.23

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	4.8×	4.38×	-33.18×	3.86×	3.39×	9.61×	7.49×	7.92×
P/B	0.69×	0.59×	0.72×	0.65×	0.89×	1.35×	1.03×	0.9×
P/S	5.24×	4.37×	4.79×	5.86×	8.12×	8.58×	6.92×	5.17×
EV / EBITDA	7.05×	22.73×	234.94×	5.64×	4.73×	11.37×	9.03×	9.7×
Gross margin	62.2%	61.0%	62.2%	80.9%	80.9%	82.7%	80.6%	84.3%
Operating margin	49.4%	145.3%	-22.1%	212.1%	315.2%	156.2%	128.6%	106.8%
Net margin	109.1%	99.6%	-14.4%	151.8%	239.5%	89.3%	92.4%	65.3%
Current ratio	1.14×	2.25×	1.23×	1.52×	1.38×	3.01×	1.43×	1.6×
Debt / equity	0.96×	1.15×	0.91×	0.76×	0.84×	0.99×	0.92×	0.8×
Interest coverage	1.28×	3.82×	-1.06×	14.67×	20.16×	3.33×	7.45×	9.71×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	0.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.1%	3.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.4%	13.6%	-2.2%	16.9%	26.3%	14.1%	13.8%	11.3%
Return on invested capital	2.4%	7.0%	-1.4%	9.8%	13.8%	9.2%	7.3%	7.2%
Return on assets	6.6%	5.8%	-1.0%	8.5%	12.7%	6.4%	6.2%	5.6%
Free cash flow yield	3.5%	-3.2%	9.3%	-25.6%	-22.6%	-15.9%	-13.6%	-20.5%
Earnings yield	20.8%	22.8%	-3.0%	25.9%	29.5%	10.4%	13.3%	12.6%
Enterprise value	PLN 5.2B	PLN 4.1B	PLN 3.6B	PLN 3.2B	PLN 3B	PLN 2.7B	PLN 1.7B	PLN 1.3B
Net debt / EBITDA	4.04×	13.75×	120.79×	2.78×	2.15×	4.42×	3.96×	4.38×
Cash conversion cycle (days)	-105	-7	-314	-100	-64	-80	154	-65