Marvipol Development S.A. (MVP.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

+139.0%

PLN 19.36

vs PLN 8.10 price

Levered DCF

PLN 44.31

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.77

Distress 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	6.2×	8.21×	5.82×	2.68×	3.43×	2.74×	2.49×	2.85×
P/B	0.49×	0.37×	0.45×	0.37×	0.54×	0.4×	0.36×	0.33×
P/S	0.65×	0.56×	0.85×	0.41×	0.84×	0.51×	0.6×	0.51×
EV / EBITDA	5.77×	8.8×	6.18×	5.32×	6.82×	7.17×	14.84×	5.6×
Gross margin	25.3%	19.2%	31.4%	24.3%	28.4%	24.5%	23.0%	23.3%
Operating margin	16.9%	11.5%	21.5%	20.7%	29.6%	20.8%	31.1%	16.9%
Net margin	10.4%	6.9%	14.6%	15.3%	24.3%	18.6%	24.0%	17.8%
Current ratio	13.74×	3.23×	2.92×	3.15×	2.01×	2.2×	2.18×	2.69×
Debt / equity	0.75×	0.76×	0.65×	0.63×	0.6×	0.68×	0.91×	0.83×
Interest coverage	3.66×	2.9×	8.07×	13.94×	76.58×	52.75×	61.66×	80.58×
Dividend yield	6.9%	17.0%	0.0%	19.7%	12.0%	3.2%	0.0%	0.0%
Payout ratio	43.0%	139.2%	0.0%	52.8%	41.4%	8.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.0%	4.5%	7.8%	13.7%	15.6%	14.5%	14.5%	11.4%
Return on invested capital	5.1%	3.4%	5.4%	9.0%	9.8%	7.5%	7.4%	4.9%
Return on assets	4.0%	2.0%	3.8%	6.5%	6.2%	6.1%	5.5%	4.9%
Free cash flow yield	1.3%	-17.1%	18.4%	28.5%	20.2%	-22.5%	-15.9%	-18.5%
Earnings yield	16.1%	12.2%	17.1%	37.3%	29.1%	36.6%	40.0%	34.9%
Enterprise value	PLN 641.7M	PLN 602.4M	PLN 545.3M	PLN 523.4M	PLN 513.3M	PLN 453.2M	PLN 439.3M	PLN 323.5M
Net debt / EBITDA	2.52×	5×	2.53×	2.87×	2.45×	3.69×	8.94×	3.26×
Cash conversion cycle (days)	752	923	1,103	602	1,299	917	1,114	913