Mirbud S.A. (MRB.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

+26.9%

PLN 14.38

vs PLN 11.33 price

Levered DCF

PLN 0.43

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.29

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	14.53×	10.8×	5.53×	3.47×	2.81×	5.32×	3.42×	3.47×
P/B	1.37×	1.19×	0.95×	0.61×	0.62×	0.67×	0.24×	0.26×
P/S	0.55×	0.4×	0.23×	0.12×	0.14×	0.25×	0.1×	0.08×
EV / EBITDA	15.32×	5.95×	2.74×	1.03×	1.06×	2.35×	4.81×	4.16×
Gross margin	7.7%	9.0%	10.1%	8.1%	9.2%	11.0%	10.6%	8.2%
Operating margin	3.3%	5.8%	7.2%	6.0%	7.2%	7.3%	5.9%	4.5%
Net margin	3.8%	3.7%	4.1%	3.6%	5.1%	4.7%	3.0%	2.2%
Current ratio	1.98×	1.92×	1.45×	1.65×	1.68×	1.83×	1.59×	1.34×
Debt / equity	0.38×	0.32×	0.34×	0.46×	0.54×	0.51×	0.65×	0.73×
Interest coverage	3.24×	4.83×	5.24×	5.45×	7.82×	6.72×	3.66×	2.94×
Dividend yield	0.7%	1.5%	3.4%	4.4%	2.0%	0.6%	0.0%	0.3%
Payout ratio	9.8%	15.9%	19.1%	15.4%	5.7%	3.2%	0.0%	1.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.4%	11.1%	17.1%	17.5%	22.0%	12.6%	6.9%	7.6%
Return on invested capital	3.7%	8.7%	13.8%	11.4%	11.0%	6.6%	5.0%	5.7%
Return on assets	3.9%	5.0%	5.9%	5.3%	6.3%	3.8%	2.5%	2.3%
Free cash flow yield	-6.5%	-11.0%	4.5%	30.5%	56.2%	77.5%	8.0%	55.2%
Earnings yield	6.9%	9.3%	18.0%	28.8%	35.5%	18.9%	28.9%	28.7%
Enterprise value	PLN 2B	PLN 1.3B	PLN 625.1M	PLN 217.7M	PLN 205.7M	PLN 252.8M	PLN 251.6M	PLN 258.7M
Net debt / EBITDA	2.66×	-0.19×	-0.55×	-0.93×	-0.8×	-0.51×	2.95×	2.78×
Cash conversion cycle (days)	128	93	56	59	62	84	30	1