Mennica Skarbowa Valuation

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

MNS (PLN47) is trading below our estimate of [[fair value]] (PLN187.13)

Is MNS 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 MNS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MNS (PLN47) is trading below our estimate of fair value (PLN187.13)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for MNS. This is calculated by dividing MNS's market cap by their current revenue.
What is MNS's PS Ratio?
PS Ratio	0.07x
Sales	zł729.43m
Market Cap	zł48.88m

MNS 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	0.05x
Enterprise Value/EBITDA	-7.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for MNS 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	4.8x
NVG Novavis Group	9.3x	24.0%	zł59.5m
IPE IPOPEMA Securities	0.3x	n/a	zł82.6m
RNC REINO Capital	3.9x	n/a	zł109.8m
UNF Unfold.vc ASI	5.6x	n/a	zł47.3m
MNS Mennica Skarbowa	0.07x	n/a	zł48.9m

Price-To-Sales vs Peers: MNS is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (4.8x).

Price to Sales Ratio vs Industry

How does MNS's PS Ratio compare vs other companies in the PL Capital Markets Industry?

18 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	3.4x	3.9%
MNS Mennica Skarbowa	0.07x	n/a	US$11.86m
GPW Gielda Papierów Wartosciowych w Warszawie	3.8x	0.5%	US$430.69m
QRS Quercus TFI	2.9x	n/a	US$104.91m

18 Companies		Estimated Growth	Market Cap
Industry Avg.	3.4x	18.7%
MNS Mennica Skarbowa	0.07x	n/a	US$11.86m

No more companies

Price-To-Sales vs Industry: MNS is good value based on its Price-To-Sales Ratio (0.1x) compared to the Polish Capital Markets industry average (3.4x).

Price to Sales Ratio vs Fair Ratio

What is MNS'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.

MNS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.07x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate MNS'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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