Mercator Medical S.A. (MRC.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

-145.1%

-PLN 25.69

vs PLN 56.90 price

Levered DCF

-PLN 13.42

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.66

Safe 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	12.23×	8.79×	-20.24×	-2.54×	2.2×	4.76×	-52.37×	15.21×
P/B	0.39×	0.48×	0.46×	0.48×	0.86×	4.26×	0.79×	0.86×
P/S	0.61×	0.83×	0.85×	0.89×	0.57×	2.41×	0.19×	0.27×
EV / EBITDA	15.9×	-1,711.09×	-3.61×	-1.64×	1.3×	3.79×	8.5×	9.08×
Gross margin	19.1%	26.0%	21.9%	16.3%	39.6%	64.9%	20.9%	23.2%
Operating margin	-2.5%	5.7%	-18.6%	-33.4%	26.8%	57.1%	1.9%	3.9%
Net margin	5.0%	9.4%	-4.2%	-35.0%	25.9%	50.7%	-0.4%	1.8%
Current ratio	5.09×	6.55×	7.46×	11.63×	6.87×	4.57×	1.25×	1.19×
Debt / equity	0.03×	0×	0.01×	0×	0×	0×	1.11×	1.14×
Interest coverage	-23.77×	76.05×	-104.71×	-227.09×	850.34×	214.46×	1.18×	2.74×
Dividend yield	5.2%	0.0%	6.0%	0.0%	0.0%	0.2%	0.0%	0.0%
Payout ratio	64.1%	0.0%	-121.3%	0.0%	0.0%	0.9%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.2%	5.5%	-2.3%	-18.8%	39.1%	89.4%	-1.5%	5.6%
Return on invested capital	-1.5%	3.3%	-9.8%	-17.7%	37.3%	89.6%	-3.5%	4.9%
Return on assets	2.8%	4.9%	-2.0%	-17.5%	34.7%	72.1%	-0.5%	2.0%
Free cash flow yield	2.7%	-20.2%	-9.8%	-14.3%	33.2%	15.7%	21.8%	-44.8%
Earnings yield	8.2%	11.4%	-4.9%	-39.3%	45.5%	21.0%	-1.9%	6.5%
Enterprise value	PLN 231.5M	PLN 330.2M	PLN 185.8M	PLN 262.2M	PLN 647M	PLN 4B	PLN 238.8M	PLN 249.4M
Net debt / EBITDA	-8.1×	614.45×	4.12×	1.38×	-0.67×	-0.37×	4.75×	4.92×
Cash conversion cycle (days)	165	187	163	183	95	80	52	81