Mostostal Zabrze S.A. (MSZ.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

+67.3%

PLN 10.72

vs PLN 6.41 price

Levered DCF

PLN 30.30

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.09

Grey 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	10.5×	5.98×	4.24×	4.98×	9.73×	9.5×	5.91×	3.2×
P/B	1.24×	1.18×	1.1×	0.7×	0.76×	0.57×	0.37×	0.23×
P/S	0.35×	0.37×	0.23×	0.14×	0.19×	0.16×	0.1×	0.06×
EV / EBITDA	5.39×	2.65×	1.85×	1.42×	3.44×	3.35×	2.27×	1.54×
Gross margin	11.1%	13.5%	11.5%	9.6%	10.0%	11.7%	10.8%	11.4%
Operating margin	2.8%	7.9%	6.9%	5.0%	4.2%	4.3%	3.4%	3.7%
Net margin	3.1%	6.1%	5.5%	2.7%	1.9%	1.7%	1.7%	1.8%
Current ratio	1.21×	1.17×	1.24×	1.26×	1.37×	1.32×	1.3×	1.16×
Debt / equity	0.15×	0.15×	0.12×	0.14×	0.16×	0.27×	0.25×	0.2×
Interest coverage	2.45×	6.25×	10.15×	10.31×	8.62×	4.54×	3.73×	3.76×
Dividend yield	0.2%	0.4%	0.3%	0.3%	0.2%	0.2%	0.7%	0.3%
Payout ratio	2.6%	2.2%	1.2%	1.4%	2.0%	1.7%	4.0%	1.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	19.8%	25.9%	14.1%	7.7%	5.9%	6.1%	7.1%
Return on invested capital	4.1%	13.5%	19.0%	11.9%	8.1%	6.3%	5.3%	7.5%
Return on assets	3.7%	7.1%	10.5%	4.7%	3.0%	2.1%	2.2%	3.0%
Free cash flow yield	12.6%	20.6%	42.0%	36.8%	11.6%	-3.8%	12.0%	-86.4%
Earnings yield	8.8%	16.7%	23.6%	20.0%	10.1%	10.3%	16.3%	30.9%
Enterprise value	PLN 308.1M	PLN 280M	PLN 233.3M	PLN 105.1M	PLN 126.5M	PLN 118.3M	PLN 71.2M	PLN 52.3M
Net debt / EBITDA	-2.18×	-0.85×	-0.64×	-0.74×	-0.5×	0.54×	0.3×	0.49×
Cash conversion cycle (days)	132	78	45	66	91	90	71	-47