Murapol S.A. (MUR.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

+266.2%

PLN 138.24

vs PLN 37.75 price

Levered DCF

PLN 112.51

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.36

Distress 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	6.83×	5.82×	6.84×	7.24×	6.82×	19.09×	-36.86×	29.38×
P/B	2.51×	2.33×	2.69×	3.51×	3.07×	5.6×	8.16×	6.42×
P/S	1.28×	1.05×	1.23×	1.53×	1.41×	1.8×	1.79×	1.68×
EV / EBITDA	6.75×	5.83×	6.59×	6.2×	5.5×	13.38×	17.25×	66.23×
Gross margin	33.5%	30.6%	31.5%	35.3%	33.5%	25.4%	21.1%	13.3%
Operating margin	24.0%	22.1%	21.9%	25.4%	26.0%	15.0%	11.3%	2.6%
Net margin	18.7%	18.1%	18.0%	21.1%	20.7%	9.4%	-4.9%	5.7%
Current ratio	2.22×	2.25×	2.1×	1.88×	1.88×	1.18×	0×	0×
Debt / equity	1.15×	1.1×	0.87×	0.98×	0.67×	1.04×	2.6×	2.49×
Interest coverage	90.49×	92.42×	134.72×	142.36×	126.71×	82.34×	0×	0×
Dividend yield	12.4%	14.2%	6.7%	13.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	84.9%	82.8%	45.6%	95.0%	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	36.8%	40.1%	39.3%	48.5%	45.0%	29.3%	-22.2%	21.9%
Return on invested capital	16.4%	17.2%	19.4%	22.3%	24.6%	15.5%	16.3%	5.4%
Return on assets	9.7%	11.2%	11.8%	12.2%	13.9%	6.5%	-2.7%	3.3%
Free cash flow yield	19.2%	8.5%	2.0%	10.2%	12.0%	16.5%	18.9%	12.9%
Earnings yield	14.6%	17.2%	14.6%	13.8%	14.7%	5.2%	-2.7%	3.4%
Enterprise value	PLN 2.1B	PLN 1.8B	PLN 1.8B	PLN 1.7B	PLN 1.6B	PLN 1.7B	PLN 1.8B	PLN 1.8B
Net debt / EBITDA	1.51×	1.15×	1.12×	0.59×	0.25×	1.31×	2.18×	11.21×
Cash conversion cycle (days)	725	591	561	651	482	414	54	63