Mostostal Plock S.A. (MSP.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

-17.1%

PLN 9.94

vs PLN 12.00 price

Levered DCF

-PLN 16.35

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.64

Distress zone

Rating

B-

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	13.82×	-2.55×	-2.99×	12.14×	2.47×	4.42×	2.47×	-0.9×
P/B	1.39×	0.89×	1.42×	0.88×	1.1×	0.8×	0.62×	0.39×
P/S	0.17×	0.14×	0.31×	0.21×	0.27×	0.2×	0.11×	0.06×
EV / EBITDA	6.15×	-16.85×	-3.07×	2.33×	0.96×	1.85×	1.56×	0.58×
Gross margin	8.9%	-1.0%	-5.4%	6.5%	17.7%	13.9%	12.1%	1.4%
Operating margin	3.6%	-4.5%	-10.8%	2.6%	12.0%	6.0%	5.0%	-4.6%
Net margin	1.2%	-5.6%	-10.3%	1.8%	10.8%	4.6%	4.5%	-6.6%
Current ratio	0.94×	0.84×	1.08×	2.43×	1.36×	1.21×	1.21×	1.01×
Debt / equity	0.28×	1.03×	0.27×	0.15×	0.17×	0.17×	0.07×	0.41×
Interest coverage	6.92×	-2.43×	-10.17×	3.79×	47.17×	32.33×	12.57×	-7.31×
Dividend yield	0.0%	0.0%	4.6%	23.9%	2.1%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-13.7%	289.6%	5.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.0%	-34.8%	-47.6%	7.3%	44.6%	18.0%	25.2%	-43.7%
Return on invested capital	15.3%	-11.6%	-29.8%	6.3%	35.3%	13.7%	20.5%	-15.7%
Return on assets	2.4%	-6.2%	-11.9%	4.4%	14.0%	4.9%	7.6%	-7.3%
Free cash flow yield	35.6%	-142.7%	-15.4%	-4.5%	57.9%	25.5%	-36.2%	231.0%
Earnings yield	7.2%	-39.2%	-33.4%	8.2%	40.4%	22.6%	40.6%	-111.5%
Enterprise value	PLN 33.5M	PLN 31.4M	PLN 28.2M	PLN 19M	PLN 22.9M	PLN 14.9M	PLN 10.9M	-PLN 1.8M
Net debt / EBITDA	0.97×	-8.17×	0.74×	-1.79×	-1.04×	-0.61×	-0.26×	2.48×
Cash conversion cycle (days)	52	39	18	14	65	101	14	58