Polimex-Mostostal S.A. (PXM.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

-42.7%

PLN 4.04

vs PLN 7.05 price

Levered DCF

PLN 9.32

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.23

Grey 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	15.37×	-1.48×	-8.85×	8.07×	10.26×	13.29×	10.26×	41.14×
P/B	2.84×	0.88×	1.08×	1.2×	1.02×	1.12×	0.7×	0.98×
P/S	0.5×	0.18×	0.33×	0.33×	0.4×	0.54×	0.32×	0.41×
EV / EBITDA	5.61×	-0.04×	-9.93×	2.35×	1.74×	5.22×	4.77×	9.32×
Gross margin	8.1%	-9.1%	-0.9%	7.4%	9.2%	11.2%	6.8%	5.0%
Operating margin	4.6%	-14.0%	-3.9%	4.4%	5.5%	5.5%	3.8%	2.2%
Net margin	3.3%	-12.2%	-4.1%	3.5%	3.9%	4.1%	3.2%	1.0%
Current ratio	0.99×	0.92×	1.24×	1.37×	1.34×	1.29×	1.23×	1.41×
Debt / equity	0.17×	0.26×	0.23×	0.23×	0.26×	0.28×	0.46×	0.61×
Interest coverage	7.71×	-14.16×	-4.84×	7.52×	9.6×	3.46×	1.98×	1.09×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	18.4%	-59.4%	-13.2%	12.8%	10.0%	8.4%	6.9%	2.4%
Return on invested capital	14.9%	-39.0%	-8.3%	9.7%	8.5%	6.6%	4.9%	2.9%
Return on assets	4.4%	-13.1%	-5.0%	4.9%	3.8%	3.4%	2.9%	0.9%
Free cash flow yield	10.8%	44.1%	-40.3%	7.8%	57.0%	19.0%	-1.1%	-20.5%
Earnings yield	6.5%	-67.3%	-12.3%	10.6%	9.8%	7.5%	10.0%	2.4%
Enterprise value	PLN 1.4B	PLN 12.7M	PLN 726.5M	PLN 531.2M	PLN 270.5M	PLN 731.5M	PLN 558.3M	PLN 658.4M
Net debt / EBITDA	-2.81×	1.45×	3.79×	-3.16×	-4.2×	-1.06×	0.41×	-0.09×
Cash conversion cycle (days)	35	42	70	30	52	118	67	70