Monnari Trade S.A. (MON.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

+330.8%

PLN 21.45

vs PLN 4.98 price

Levered DCF

-PLN 2.61

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.9

Grey zone

Rating

B+

Overall 3 / 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	7.37×	5.88×	7.86×	2.27×	3.71×	-1.73×	6.8×	7×
P/B	0.52×	0.43×	0.51×	0.49×	0.32×	0.28×	0.37×	0.56×
P/S	0.49×	0.41×	0.47×	0.45×	0.29×	0.25×	0.3×	0.49×
EV / EBITDA	4.8×	2.25×	3.58×	1.08×	0.25×	-9.23×	2.84×	1.99×
Gross margin	62.3%	61.9%	60.3%	57.2%	54.5%	54.0%	57.1%	58.6%
Operating margin	5.6%	5.6%	6.2%	9.8%	7.6%	-13.4%	4.7%	8.5%
Net margin	6.6%	7.0%	5.9%	20.0%	7.9%	-14.6%	4.4%	7.1%
Current ratio	4.1×	4.05×	4.25×	3.04×	1.83×	1.66×	2.3×	3.09×
Debt / equity	0.05×	0.05×	0.04×	0.06×	0.07×	0.32×	0.15×	0×
Interest coverage	19.2×	21.28×	32.9×	49.97×	11.5×	-12.79×	13.76×	92.14×
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	7.1%	7.2%	6.5%	21.6%	8.6%	-16.0%	5.5%	8.0%
Return on invested capital	4.4%	4.6%	5.1%	8.3%	6.1%	-10.8%	4.1%	4.5%
Return on assets	5.8%	5.8%	5.2%	16.2%	5.2%	-9.9%	4.0%	6.6%
Free cash flow yield	-15.7%	-24.0%	17.0%	-15.1%	39.1%	60.3%	15.5%	-12.6%
Earnings yield	13.6%	17.0%	12.7%	44.0%	27.0%	-57.9%	14.6%	14.2%
Enterprise value	PLN 167.3M	PLN 77.3M	PLN 115.2M	PLN 82.7M	PLN 8.3M	PLN 87.4M	PLN 105.2M	PLN 81.6M
Net debt / EBITDA	-0.16×	-1.52×	-0.91×	-0.63×	-1.8×	-3.64×	0.57×	-0.98×
Cash conversion cycle (days)	371	309	173	151	89	108	226	193