Mennica Polska S.A. (MNC.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

+18.5%

PLN 43.96

vs PLN 37.10 price

Levered DCF

PLN 77.66

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.22

Safe zone

Rating

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	4.92×	12.25×	9.53×	24.03×	12.35×	17.08×	-936.17×	15.15×
P/B	2.17×	1.4×	1.29×	1.4×	1.83×	1.84×	2.23×	1.84×
P/S	1.34×	0.69×	0.71×	0.64×	0.82×	1.05×	1.68×	0.99×
EV / EBITDA	18.49×	8.62×	4.65×	14.32×	7.92×	10.66×	31.24×	8.83×
Gross margin	10.6%	12.8%	12.6%	8.9%	11.4%	13.6%	10.1%	12.2%
Operating margin	5.8%	8.3%	9.0%	4.0%	6.8%	8.2%	5.1%	7.7%
Net margin	27.3%	5.6%	7.4%	2.7%	6.6%	6.1%	-0.2%	6.5%
Current ratio	1.01×	1.48×	2.22×	1.91×	2.13×	1.85×	1.59×	2.4×
Debt / equity	0.19×	0.53×	0.12×	0.14×	0.13×	0.15×	0.15×	0×
Interest coverage	5.48×	11.95×	20.66×	8.23×	15.26×	20.52×	9.95×	87.47×
Dividend yield	2.3%	6.7%	0.6%	4.3%	3.3%	2.6%	4.5%	5.0%
Payout ratio	11.3%	82.0%	5.6%	103.8%	41.1%	44.2%	-4250.9%	75.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	44.0%	11.4%	13.6%	5.9%	14.8%	10.8%	-0.2%	12.1%
Return on invested capital	4.7%	8.1%	11.0%	6.2%	11.4%	12.0%	-1.1%	11.2%
Return on assets	17.8%	5.6%	8.4%	3.6%	9.5%	6.6%	-0.1%	8.3%
Free cash flow yield	11.9%	2.5%	17.7%	-0.3%	2.0%	-3.1%	6.0%	4.3%
Earnings yield	20.3%	8.1%	10.5%	4.2%	8.1%	5.9%	-0.1%	6.6%
Enterprise value	PLN 2.6B	PLN 1.3B	PLN 768.9M	PLN 890.6M	PLN 1.1B	PLN 1B	PLN 1.1B	PLN 902.8M
Net debt / EBITDA	0.89×	2.23×	-0.62×	1.1×	0.26×	0.34×	-0.53×	-1.17×
Cash conversion cycle (days)	162	200	136	145	118	168	214	93