Muza S.A. (MZA.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

+257.6%

PLN 31.11

vs PLN 8.70 price

Levered DCF

PLN 16.74

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.67

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	9.55×	10.68×	3.61×	5.98×	6.3×	20.14×	10.96×	-11.57×
P/B	0.54×	1.05×	1.18×	0.66×	0.61×	0.34×	0.33×	0.35×
P/S	0.59×	1.01×	0.69×	0.49×	0.44×	0.28×	0.29×	0.27×
EV / EBITDA	2.31×	4.08×	1.81×	2.52×	2.39×	3.16×	3.2×	4.04×
Gross margin	40.1%	45.2%	49.7%	47.0%	47.0%	48.0%	41.3%	38.9%
Operating margin	7.9%	11.8%	23.7%	11.9%	11.4%	2.2%	1.9%	-2.3%
Net margin	6.2%	9.4%	19.0%	8.1%	6.9%	1.4%	2.6%	-2.3%
Current ratio	2.42×	2.43×	1.86×	1.75×	1.95×	1.45×	1.53×	1.4×
Debt / equity	0.05×	0.08×	0.11×	0.16×	0.21×	0.25×	0.21×	0.07×
Interest coverage	14.7×	21.49×	49.53×	18.43×	16.29×	2.14×	1.47×	-5.45×
Dividend yield	0.0%	7.0%	0.0%	0.0%	12.7%	0.0%	0.0%	0.0%
Payout ratio	0.0%	75.4%	0.0%	0.0%	80.5%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.6%	9.8%	32.6%	11.0%	9.7%	1.7%	3.0%	-3.0%
Return on invested capital	5.0%	8.4%	27.2%	9.9%	7.6%	1.8%	1.7%	-2.0%
Return on assets	4.0%	6.8%	19.7%	6.5%	5.9%	1.0%	1.8%	-1.7%
Free cash flow yield	-10.6%	-4.3%	23.2%	7.0%	14.2%	10.2%	-15.3%	0.5%
Earnings yield	10.5%	9.3%	27.7%	16.7%	15.8%	5.1%	9.0%	-8.5%
Enterprise value	PLN 21M	PLN 43.3M	PLN 37.9M	PLN 21.2M	PLN 18.3M	PLN 11.6M	PLN 12.1M	PLN 9.4M
Net debt / EBITDA	-0.44×	-0.29×	-0.44×	0.19×	0.35×	1.02×	1.17×	0.54×
Cash conversion cycle (days)	171	129	58	106	120	136	148	142