Polimex-Mostostal Valuation

Q: What is the Fair Price of PXM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

PXM (PLN2.01) is trading below our estimate of [[fair value]] (PLN44.2)

Is PXM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PXM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PXM (PLN2.01) is trading below our estimate of fair value (PLN44.2)

Significantly Below Fair Value: PXM is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PXM?

Key metric: As PXM is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PXM. This is calculated by dividing PXM's market cap by their current revenue.
What is PXM's PS Ratio?
PS Ratio	0.2x
Sales	zł2.49b
Market Cap	zł490.68m

PXM key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.08x
Enterprise Value/EBITDA	-0.4x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does PXM's PS Ratio compare to its peers?

The above table shows the PS ratio for PXM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	0.2x
PBX Pekabex	0.3x	n/a	zł466.7m
DEK Dekpol	0.2x	n/a	zł373.0m
ERB Erbud	0.1x	3.2%	zł368.6m
TRK Trakcja	0.3x	n/a	zł582.1m
PXM Polimex-Mostostal	0.2x	n/a	zł490.7m

Price-To-Sales vs Peers: PXM is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (0.2x).

Price to Sales Ratio vs Industry

How does PXM's PS Ratio compare vs other companies in the PL Construction Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap
MSW Mostostal Warszawa	0.07x	n/a	US$26.45m

No more companies available in this PS range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: PXM is good value based on its Price-To-Sales Ratio (0.2x) compared to the Polish Construction industry average (0.5x).

Price to Sales Ratio vs Fair Ratio

What is PXM's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PXM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.2x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate PXM's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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