Maxcom S.A. (MXC.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

-1038.5%

-PLN 54.81

vs PLN 5.84 price

Levered DCF

PLN 21.55

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.68

Grey zone

Rating

C+

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	-7.79×	-18.43×	40.26×	-5.95×	9.62×	11.32×	14.02×	3.27×
P/B	0.23×	0.38×	0.42×	0.42×	0.47×	0.52×	0.55×	0.53×
P/S	0.12×	0.19×	0.18×	0.17×	0.2×	0.26×	0.31×	0.3×
EV / EBITDA	8.39×	21.83×	7.42×	-21.01×	8.35×	6.06×	5.99×	2.26×
Gross margin	2.8%	28.1%	26.9%	-0.6%	26.0%	25.4%	26.6%	29.7%
Operating margin	1.1%	0.8%	3.7%	-1.9%	4.5%	3.8%	4.0%	11.3%
Net margin	-1.5%	-1.0%	0.4%	-2.9%	2.1%	2.3%	2.2%	9.2%
Current ratio	3.24×	2.87×	2.91×	2.39×	2.64×	4.08×	5.89×	5.02×
Debt / equity	0.16×	0.23×	0.28×	0.38×	0.42×	0.25×	0.09×	0.14×
Interest coverage	0.74×	0.42×	1.85×	-1.28×	5.37×	5.95×	6.39×	26.91×
Dividend yield	0.0%	12.9%	0.0%	11.0%	8.8%	17.0%	15.6%	8.4%
Payout ratio	0.0%	-236.8%	0.0%	-65.2%	84.5%	193.4%	217.6%	27.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.0%	-2.1%	1.0%	-7.1%	4.9%	4.6%	3.9%	16.2%
Return on invested capital	1.8%	1.1%	2.3%	-3.1%	5.6%	4.3%	4.9%	14.0%
Return on assets	-2.2%	-1.4%	0.7%	-4.5%	3.0%	3.3%	3.2%	13.0%
Free cash flow yield	45.5%	34.3%	18.2%	16.3%	-36.3%	-22.8%	27.7%	-28.4%
Earnings yield	-12.9%	-5.5%	2.5%	-16.9%	10.4%	8.8%	7.2%	30.5%
Enterprise value	PLN 16.1M	PLN 30.7M	PLN 37.9M	PLN 41M	PLN 54.7M	PLN 41.5M	PLN 31.8M	PLN 34.4M
Net debt / EBITDA	2.02×	6.99×	2.53×	-8.41×	3.68×	1.16×	-0.92×	-0.19×
Cash conversion cycle (days)	166	210	206	162	205	233	179	200