M.W. Trade S.A. (MWT.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

-1082.2%

-PLN 25.73

vs PLN 2.62 price

Levered DCF

-PLN 17.83

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-1.4

Distress zone

Rating

B-

Overall 3 / 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	-1.52×	-2.64×	-6.63×	-6.41×	-68.6×	-3.96×	-13.28×	12×
P/B	0.42×	0.31×	0.57×	0.38×	0.69×	0.25×	0.34×	0.28×
P/S	2.32×	15.82×	21.18×	8.79×	23.31×	3.79×	2.13×	0.87×
EV / EBITDA	-0.65×	1.3×	1.23×	7.45×	5.68×	-2×	5.23×	20.04×
Gross margin	-0.4%	-426.7%	88.3%	-97.7%	-46.0%	1.6%	15.3%	24.9%
Operating margin	-199.4%	-791.9%	-463.3%	-176.1%	-86.6%	-56.9%	2.9%	17.9%
Net margin	-153.2%	-599.6%	-320.0%	-137.9%	-34.0%	-95.4%	-15.8%	7.4%
Current ratio	36.83×	7.65×	12.64×	8.33×	21.14×	4.66×	5.65×	1.25×
Debt / equity	0.07×	0.02×	0.03×	0.02×	0×	0.04×	0.07×	1.11×
Interest coverage	-60.49×	-58.83×	-41.7×	-57.95×	-775.5×	-191.08×	18.7×	291.24×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	115.4%	0.0%	16.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-458.0%	0.0%	188.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-28.1%	-11.8%	-8.5%	-6.0%	-1.0%	-6.3%	-2.5%	2.4%
Return on invested capital	-31.3%	-14.7%	-11.8%	-6.6%	-0.9%	-2.5%	-1.2%	0.8%
Return on assets	-24.1%	-10.9%	-7.8%	-4.8%	-0.9%	-3.7%	-1.5%	0.7%
Free cash flow yield	-79.9%	-105.7%	-36.2%	24.2%	91.6%	30.1%	388.6%	486.4%
Earnings yield	-66.2%	-37.9%	-15.1%	-15.7%	-1.5%	-25.2%	-7.4%	8.5%
Enterprise value	PLN 3.6M	-PLN 3.9M	-PLN 3.6M	-PLN 11.7M	-PLN 8.1M	PLN 4M	PLN 3.6M	PLN 103.9M
Net debt / EBITDA	0.74×	3.81×	6.41×	14.62×	34.77×	5.61×	-35.65×	15.38×
Cash conversion cycle (days)	112	2,534	-575	-2	-8	-7	-3	-4,740