olivLaw · European equity research
Mirbud S.A. MRB.WA
Poland · GPW Warszawa · ISIN PLMRBUD00015 · Vertical: Listed companies from Poland
At the close of 06 Nov 2026, Mirbud S.A. (MRB.WA) stock was 11.37 PLN (+1.52% on the day), with market capitalisation 1.0 bn PLN, P/E 7.7 on diluted EPS of 1.48 PLN over the last 12 months, dividend yield 1.76%, beta 0.67, 52-week range 9.95–15.24 PLN.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.2
- neutral
- Bollinger (20, 2)
- 10.84 – 11.97
- in the lower half of the band · %B 0.47 · band width 9.9%
- SMA 50 / 200
- 11.59 / 11.77
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.7% | −0.6% | +2.3 pp | — |
| 3 months | −6.8% | −4.2% | −2.6 pp | — |
| 6 months | +2.5% | +4.3% | −1.8 pp | — |
| Year to date | −23.3% | +7.5% | −30.8 pp | — |
| 1 year | −19.1% | +9.9% | −29.0 pp | +5.9% |
| 3 years | +51.6% | +49.8% | +1.8 pp | +1.8% |
| 5 years | +218.9% | +42.8% | +176.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 2.8, median 3.5, max 5.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 2.5 bn | 3.3 bn | 3.3 bn |
| Revenue YoY | unavailable | +32.5% | +0.1% |
| Net income | 128.0 m | 119.2 m | 135.4 m |
| Net income YoY | unavailable | −6.9% | +13.6% |
| Diluted EPS | 1.40 | 1.30 | 1.48 |
| Diluted EPS YoY | unavailable | −7.1% | +13.8% |
| net % | 5.1% | 3.6% | 4.1% |
| Free cash flow | 202.5 m | 126.2 m | 33.5 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 395.8 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 793.6 m PLN
- Total assets
- 2.3 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 1.45x
- ROE
- 18.4%
- ROA
- 6.0%
- FCF margin
- 1.0%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.5 bn | 3.3 bn | 3.3 bn | esef· 02 May 2024verified |
| Cost of revenue | 2.3 bn | 3.0 bn | 3.0 bn | esef· 02 May 2024verified |
| Gross profit | 231.6 m | 270.5 m | 335.7 m | esef· 02 May 2024verified |
| Operating income | 174.5 m | 178.4 m | 223.9 m | esef· 02 May 2024verified |
| Interest expense | 22.9 m | 37.1 m | 54.9 m | esef· 02 May 2024verified |
| Pre-tax income | 156.1 m | 151.2 m | 170.2 m | esef· 02 May 2024verified |
| Income tax | 28.0 m | 32.0 m | 34.8 m | esef· 02 May 2024verified |
| Net income | 128.0 m | 119.2 m | 135.4 m | esef· 02 May 2024verified |
| Diluted EPS | 1.40 | 1.30 | 1.48 | esef· 02 May 2024verified |
| Dividend per share | 0.08 | 0.20 | 0.20 | esef· 02 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 467.8 m | 507.6 m | 395.8 m | esef· 02 May 2024verified |
| Receivables | 501.9 m | 577.7 m | 595.9 m | esef· 02 May 2024verified |
| Inventories | 316.2 m | 392.9 m | 389.9 m | esef· 02 May 2024verified |
| Current assets | 1.3 bn | 1.5 bn | 1.4 bn | esef· 02 May 2024verified |
| Property, plant & equipment, net | 153.0 m | 170.5 m | 268.7 m | esef· 02 May 2024verified |
| Total assets | 2.0 bn | 2.2 bn | 2.3 bn | esef· 02 May 2024verified |
| Accounts payable | 674.4 m | 848.2 m | 895.2 m | esef· 02 May 2024verified |
| Current liabilities | 790.0 m | 917.5 m | 994.1 m | esef· 02 May 2024verified |
| Total liabilities | 1.5 bn | 1.6 bn | 1.5 bn | esef· 02 May 2024verified |
| Equity | 582.3 m | 682.0 m | 793.6 m | esef· 02 May 2024verified |
| Shares outstanding at year end | 91.4 m | 91.7 m | 91.5 m | esef· 02 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 205.4 m | 133.3 m | 147.7 m | esef· 02 May 2024verified |
| Capex | 2.9 m | 7.1 m | 114.1 m | esef· 02 May 2024verified |
| Free cash flow | 202.5 m ≈ | 126.2 m ≈ | 33.5 m ≈ | esef· 02 May 2024derived |
| Investing cash flow | -54.5 m | -4.0 m | -145.8 m | esef· 02 May 2024verified |
| Financing cash flow | 27.9 m | -89.5 m | -113.7 m | esef· 02 May 2024verified |
| Dividends paid | 7.3 m | 18.3 m | 25.9 m | esef· 02 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 1.0 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.1% | 56 (vs peers) | 12% |
| FCF conversion · Quality | 24.8% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.1x | 40 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.4x | 54 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 7.7x | 68 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.2% | 40 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 2.5% | 36 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 77.1% | 61 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet45/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality28/100 · 2/3 factors with a value
- Returns46/100 · 2/2 factors with a value
- Valuation56/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MIRBUD S.A. (MRB.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 3.3 bn PLN in 2023; YoY growth 0.1%; net margin 4.1%; ROE 18.4%.
The estimated value range is 8.74–25.75 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 15.13 PLN, the price of 11.37 PLN leaves a potential of 33.1% (value / price − 1) and a margin of safety of 24.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF conversion: 24.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.0 bn | 37.8 | 7.8% | 2.9% | +19.8% | +18% / +199% |
| BDX.WABudimex Spółka Akcyjna | 18.9 bn | 35.3 | 41.5% | 6.2% | +8.9% | +18% / +33% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.7 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.6 | 18.1% | 12.0% | +36.5% | +6% / +50% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −15% / −26% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +88% |
| MRB.WAMirbud S.A. | 1.0 bn | 7.7 | 18.4% | 4.1% | +0.1% | −25% / +56% |
| ACT.WAAction S.A. | 999.4 m | 27.2 | 8.3% | 1.5% | +6.1% | +71% / +171% |
| BRS.WABoryszew Spółka Akcyjna | 874.1 m | 8.2 | 6.3% | 1.6% | +8.4% | −25% / −28% |
| AGO.WAAgora Spółka Akcyjna | 588.0 m | — | -14.2% | -9.2% | +15.2% | +37% / +18% |
| AMB.WAAmbra S.A. | 462.9 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 344.7 m | 1.4 | 16.3% | 7.0% | −27.5% | −40% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 298.5 m | 11.0 | 8.9% | 11.6% | −22.0% | −11% / +2% |
| ART.WAArtifex Mundi S.A. | 229.7 m | 17.7 | 35.7% | 33.3% | +51.9% | +48% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 192.4 m | 9.4 | 11.4% | 13.8% | +21.8% | −2% / −22% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BMC.WABumech Spółka Akcyjna | 156.9 m | — | -3.4% | -3.9% | −40.0% | −36% / −49% |
| BBT.WABoomBit Spółka Akcyjna | 71.9 m | 4.5 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.6 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 36.3 m | 62.0 | 1.2% | 1.3% | −67.5% | −31% / −46% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.1 m | 0.5 | 115.4% | 964.7% | +13.0% | −29% / −43% |
| BCM.WABETACOM Spółka Akcyjna | 26.3 m | 17.3 | 8.0% | 0.9% | +21.3% | +6% / +2% |
| AWM.WAAirway Medix Spółka Akcyjna | 13.8 m | — | -25.8% | -117,400.0% | −97.7% | −26% / −45% |
1- and 3-year price returns: for MRB.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.42 Total return -42% · Per year -42% | 11.38 Total return 2% · Per year 2% | 17.18 Total return 53% · Per year 53% |
| 3 years | 5.69 Total return -46% · Per year -19% | 11.40 Total return 6% · Per year 2% | 18.97 Total return 74% · Per year 20% |
| 5 years | 5.05 Total return -50% · Per year -13% | 11.42 Total return 9% · Per year 2% | 20.95 Total return 96% · Per year 14% |
- Exit P/E± 2.85
- Net margin± 2.00
- Annual revenue growth± 1.71
- Annual dilution± 0.17
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 May 2024
- Annual report 202216 May 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.