Company Valuation: Mennica Polska S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 1,125 986.7 1,073 822.5 858.3 957.5
Change - -12.3% 8.73% -23.33% 4.35% 11.57%
Enterprise Value (EV) 1 1,028 961.1 1,038 847.7 719.5 1,058
Change - -6.53% 8% -18.33% -15.13% 47.06%
P/E ratio 1,182x 17.1x 12.4x 24x 9.39x 12.3x
PBR 2.23x 1.84x 1.83x 1.4x 1.28x 1.39x
PEG - 0x 0.2x -0.4x 0x -0.8x
Capitalization / Revenue 1.68x 1.05x 0.82x 0.64x 0.7x 0.69x
EV / Revenue 1.54x 1.02x 0.79x 0.66x 0.58x 0.76x
EV / EBITDA 20.5x 9.28x 9.45x 13.2x 5.81x 7.62x
EV / EBIT 34.2x 11.5x 11.7x 18x 6.79x 8.81x
EV / FCF 425x -55.9x 86.4x -54.4x 5.58x -17.9x
FCF Yield 0.24% -1.79% 1.16% -1.84% 17.9% -5.57%
Dividend per Share 2 0.5 0.7 0.7 0.1 1.25 1.1
Rate of return 2.27% 3.63% 3.33% 0.62% 7.44% 5.87%
EPS 2 0.0186 1.131 1.7 0.67 1.79 1.526
Distribution rate 2,686% 61.9% 41.2% 14.9% 69.8% 72.1%
Net sales 1 669.4 943.4 1,309 1,282 1,233 1,389
EBITDA 1 50.23 103.6 109.8 64.18 123.8 138.8
EBIT 1 30.06 83.52 88.78 47.05 105.9 120.1
Net income 1 0.952 57.82 87 34.46 91.52 77.92
Net Debt 1 -96.85 -25.59 -34.8 25.23 -138.8 100.6
Reference price 2 22.00 19.30 21.00 16.10 16.80 18.75
Nbr of stocks (in thousands) 51,138 51,124 51,087 51,087 51,087 51,068
Announcement Date 23/03/20 21/04/21 29/03/22 23/03/23 22/03/24 13/03/25
1PLN in Million2PLN
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 70Cr
20.39x3.03x13.48x1.57% 15TCr
34.56x2.3x12.03x1.07% 2.99TCr
35.26x - - 0.86% 766.37Cr
Average 30.07x 2.67x 12.75x 1.17% 4.72TCr
Weighted average by Cap. 23.25x 2.91x 13.24x 1.46%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Mennica Polska S.A.