olivLaw · European equity research
Muza Spółka Akcyjna MZA.WA
Poland · GPW Warszawa · ISIN PLMUZA000019 · Vertical: Listed companies from Poland
At the close of 05 Nov 2026, Muza Spółka Akcyjna (MZA.WA) stock was 8.30 PLN (−1.78% on the day), with market capitalisation 27.3 k PLN, P/E 0.0 on diluted EPS of 3,990.00 PLN over the last 12 months, dividend yield 0.00%, beta 0.21, 52-week range 7.52–11.40 PLN.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.7
- weak (30–45)
- Bollinger (20, 2)
- 8.15 – 9.05
- in the lower half of the band · %B 0.16 · band width 10.4%
- SMA 50 / 200
- 8.65 / 9.02
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.06 / -0.06
- 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 | −7.3% | −0.6% | −6.6 pp | — |
| 3 months | −4.6% | −4.2% | −0.4 pp | — |
| 6 months | −11.7% | +4.3% | −16.0 pp | — |
| Year to date | +8.6% | +7.5% | +1.1 pp | — |
| 1 year | −17.8% | +9.9% | −27.7 pp | +5.9% |
| 3 years | −46.1% | +49.8% | −95.9 pp | +1.8% |
| 5 years | +41.9% | +42.8% | −0.9 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 0 percentile of its own 3-quarter history (min 0.0, median 0.0, max 0.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 35.7 m | 40.5 m | 68.4 m |
| Revenue YoY | unavailable | +13.4% | +69.1% |
| Net income | 2.6 m | 3.4 m | 13.1 m |
| Net income YoY | unavailable | +33.5% | +281.1% |
| Diluted EPS | 810.00 | 1,070.00 | 3,990.00 |
| Diluted EPS YoY | unavailable | +32.1% | +272.9% |
| net % | 7.2% | 8.5% | 19.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 13.5 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 40.4 m PLN
- Total assets
- 66.3 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.86x
- ROE
- 37.2%
- ROA
- 22.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 35.7 m | 40.5 m | 68.4 m | esef· 08 May 2024verified |
| Cost of revenue | 18.9 m | 20.9 m | 34.4 m | esef· 08 May 2024verified |
| Gross profit | 16.8 m | 19.5 m | 34.0 m | esef· 08 May 2024verified |
| Operating income | 4.1 m | 4.8 m | 16.2 m | esef· 08 May 2024verified |
| Interest expense | 386.0 k | 477.0 k | 330.0 k | esef· 08 May 2024verified |
| Pre-tax income | 4.1 m | 4.4 m | 16.2 m | esef· 08 May 2024verified |
| Income tax | 1.5 m | 944.0 k | 3.1 m | esef· 08 May 2024verified |
| Net income | 2.6 m | 3.4 m | 13.1 m | esef· 08 May 2024verified |
| Diluted EPS | 810.00 | 1,070.00 | 3,990.00 | esef· 08 May 2024verified |
| Dividend per share | 625.78 | 0.00 | 0.00 | esef· 08 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.6 m | 3.3 m | 13.5 m | esef· 08 May 2024verified |
| Receivables | 7.5 m | 10.1 m | 11.0 m | esef· 08 May 2024verified |
| Inventories | 8.4 m | 10.0 m | 11.6 m | esef· 08 May 2024verified |
| Current assets | 18.6 m | 23.5 m | 36.4 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 3.7 m | 3.6 m | 3.5 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 7.9 m | 9.9 m | 11.7 m | esef· 08 May 2024verified |
| Total assets | 42.0 m | 50.1 m | 66.3 m | esef· 08 May 2024verified |
| Accounts payable | 8.8 m | 12.7 m | 18.5 m | esef· 08 May 2024verified |
| Current liabilities | 9.6 m | 13.5 m | 19.5 m | esef· 08 May 2024verified |
| Total liabilities | 16.2 m | 19.9 m | 25.8 m | esef· 08 May 2024verified |
| Equity | 25.8 m | 30.2 m | 40.4 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 3.2 k | 3.2 k | 3.3 k | esef· 08 May 2024derived |
Cash flow · PLN
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
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 27.3 k PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 19.2% | 85 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 49.1x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.9x | 88 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet95/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial85/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial100/100 · 1/3 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
Muza Spółka Akcyjna (MZA.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 68.4 m PLN in 2023; YoY growth 69.1%; net margin 19.2%; ROE 37.6%.
The estimated value range is 23,573.10–69,426.76 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 40,783.81 PLN, the price of 8.30 PLN leaves a potential of 491,271.3% (value / price − 1) and a margin of safety of 100.0% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 19.2%
- Interest coverage: 49.1x
- Current ratio: 1.9x
- P/E (TTM): 0.0x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
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% |
| 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% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for MZA.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 | 5.42 Total return -35% · Per year -35% | 9.55 Total return 15% · Per year 15% | 14.32 Total return 73% · Per year 73% |
| 3 years | 6.43 Total return -22% · Per year -8% | 12.62 Total return 52% · Per year 15% | 20.62 Total return 148% · Per year 35% |
| 5 years | 7.63 Total return -8% · Per year -2% | 16.70 Total return 101% · Per year 15% | 29.69 Total return 258% · Per year 29% |
- Exit P/E± 3.16
- Net margin± 2.21
- Annual revenue growth± 1.65
- Annual dilution± 0.19
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 202308 May 2024
- Annual report 202223 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.