ML System S.A. (MLS.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

-697.6%

-PLN 78.64

vs PLN 13.16 price

Levered DCF

-PLN 87.14

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.11

Distress zone

Rating

C+

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	-2.61×	-3.37×	-80.6×	1,668.67×	333.33×	48.95×	42.79×	24.96×
P/B	1.07×	0.94×	1.9×	2.45×	3.93×	3.46×	1.91×	1.89×
P/S	0.9×	0.85×	1.95×	1.28×	3.04×	3.92×	1.58×	1.15×
EV / EBITDA	-18.62×	-66.61×	19.2×	12.64×	26.29×	24.38×	12.85×	10.67×
Gross margin	-1.8%	9.1%	16.5%	13.1%	14.1%	24.1%	12.8%	12.9%
Operating margin	-28.8%	-20.0%	1.6%	2.5%	2.3%	9.1%	2.7%	5.8%
Net margin	-34.5%	-25.1%	-2.4%	0.1%	0.9%	8.0%	3.7%	4.6%
Current ratio	0.44×	0.6×	0.96×	1.16×	1.47×	1.86×	1.52×	1.51×
Debt / equity	1.52×	0.91×	0.75×	0.81×	0.64×	0.41×	0.62×	0.38×
Interest coverage	-2.74×	-3.11×	0.41×	1.08×	3.14×	9.62×	1.57×	4.65×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.8%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	32.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-41.0%	-27.9%	-2.3%	0.1%	1.2%	7.0%	4.5%	7.6%
Return on invested capital	-8.9%	-7.5%	0.6%	0.5%	0.7%	4.2%	1.4%	4.7%
Return on assets	-8.6%	-8.2%	-0.8%	0.0%	0.4%	3.4%	1.6%	3.2%
Free cash flow yield	-17.3%	-2.6%	-44.8%	-9.9%	-8.5%	-15.0%	-32.4%	-21.0%
Earnings yield	-38.3%	-29.7%	-1.2%	0.1%	0.3%	2.0%	2.3%	4.0%
Enterprise value	PLN 261.2M	PLN 265.2M	PLN 505M	PLN 450.9M	PLN 643M	PLN 537.5M	PLN 180.6M	PLN 155.4M
Net debt / EBITDA	-10.73×	-32.09×	4.87×	2.57×	2.79×	1.72×	2.36×	0.94×
Cash conversion cycle (days)	127	84	115	129	186	246	174	121