olivLaw · European equity research
Mennica Polska S.A. MNC.WA
Poland · GPW Warszawa · ISIN PLMNNCP00011 · Vertical: Listed companies from Poland
Mennica Polska S.A. is the Warsaw-based group that produces coins and minting products, runs urban card systems and develops real estate through dedicated subsidiaries. In 2022 the group saw a visible drop in activity at its protection subsidiary and withdrew from a fibre optic project, so segment results are worth tracking.
At the close of 05 Nov 2026, Mennica Polska S.A. (MNC.WA) stock was 37.50 PLN (+0.81% on the day), with market capitalisation 1.9 bn PLN, P/E 56.0 on diluted EPS of 0.67 PLN over the last 12 months, dividend yield 1.87%, beta 0.23, 52-week range 32.60–53.60 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.7
- weak (30–45)
- Bollinger (20, 2)
- 36.68 – 40.07
- in the lower half of the band · %B 0.24 · band width 8.8%
- SMA 50 / 200
- 39.27 / 42.49
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.57 / -0.47
- 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 | −4.8% | −0.6% | −4.2 pp | — |
| 3 months | −11.6% | −4.2% | −7.4 pp | — |
| 6 months | −16.1% | +4.3% | −20.4 pp | — |
| Year to date | −22.0% | +7.5% | −29.5 pp | — |
| 1 year | +7.8% | +9.9% | −2.2 pp | +7.1% |
| 3 years | +130.8% | +49.8% | +80.9 pp | +3.3% |
| 5 years | +77.7% | +42.8% | +34.9 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 100 percentile of its own 3-quarter history (min 12.4, median 17.1, max 24.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 943.4 m | 1.3 bn | 1.3 bn |
| Revenue YoY | unavailable | +38.8% | −2.0% |
| Net income | 57.8 m | 87.0 m | 34.5 m |
| Net income YoY | unavailable | +50.5% | −60.4% |
| Diluted EPS | 1.13 | 1.70 | 0.67 |
| Diluted EPS YoY | unavailable | +50.4% | −60.6% |
| net % | 6.1% | 6.6% | 2.7% |
| Free cash flow | -29.3 m | 22.3 m | -1.2 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 15.3 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 637.7 m PLN
- Total assets
- 967.1 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.91x
- ROE
- 5.4%
- ROA
- 3.7%
- FCF margin
- -0.1%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 943.4 m | 1.3 bn | 1.3 bn | esef· 02 May 2023verified |
| Cost of revenue | 814.7 m | 1.2 bn | 1.2 bn | esef· 02 May 2023verified |
| Gross profit | 127.2 m | 148.1 m | 112.3 m | esef· 02 May 2023verified |
| Operating income | 79.5 m | 88.4 m | 51.8 m | esef· 02 May 2023verified |
| Interest expense | 15.9 m | 5.8 m | 23.3 m | esef· 02 May 2023verified |
| Pre-tax income | 68.9 m | 112.9 m | 37.8 m | esef· 02 May 2023verified |
| Income tax | 13.3 m | 23.5 m | 5.4 m | esef· 02 May 2023verified |
| Net income | 57.8 m | 87.0 m | 34.5 m | esef· 02 May 2023verified |
| Diluted EPS | 1.13 | 1.70 | 0.67 | esef· 02 May 2023verified |
| Dividend per share | 0.50 | 0.70 | 0.70 | esef· 02 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 48.6 m | 51.1 m | 15.3 m | esef· 02 May 2023verified |
| Receivables | 36.5 m | 36.0 m | 69.4 m | esef· 02 May 2023verified |
| Inventories | 377.8 m | 411.2 m | 469.0 m | esef· 02 May 2023verified |
| Current assets | 521.0 m | 558.0 m | 602.6 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 137.1 m | 129.4 m | 123.5 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 18.6 m | 19.2 m | 19.0 m | esef· 02 May 2023verified |
| Total assets | 882.3 m | 917.8 m | 967.1 m | esef· 02 May 2023verified |
| Accounts payable | 187.4 m | 177.4 m | 220.9 m | esef· 02 May 2023verified |
| Current liabilities | 281.0 m | 261.7 m | 316.1 m | esef· 02 May 2023verified |
| Total liabilities | 294.8 m | 276.7 m | 329.4 m | esef· 02 May 2023verified |
| Equity | 587.5 m | 641.1 m | 637.7 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 51.2 m | 51.2 m | 51.4 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -15.3 m | 36.6 m | 9.6 m | esef· 02 May 2023verified |
| Capex | 14.0 m | 14.2 m | 10.9 m | esef· 02 May 2023verified |
| Free cash flow | -29.3 m ≈ | 22.3 m ≈ | -1.2 m ≈ | esef· 02 May 2023derived |
| Investing cash flow | -20.0 m | 1.7 m | -11.8 m | esef· 02 May 2023verified |
| Financing cash flow | -26.6 m | -35.8 m | -33.6 m | esef· 02 May 2023verified |
| Dividends paid | 25.6 m | 35.8 m | 35.8 m | esef· 02 May 2023verified |
| Share repurchases | 976.0 k | 0 | 0 | esef· 02 May 2023verified |
≈ 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · 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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.7% | 46 (vs peers) | 13% |
| FCF conversion · Quality | -3.5% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.2x | 11 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.9x | 92 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 56.0x | 11 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.1% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 1.9% | 26 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet44/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality23/100 · 2/3 factors with a value
- Returns· partial26/100 · 1/2 factors with a value
- Valuation6/100 · 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
Mennica Polska Spółka Akcyjna (MNC.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.3 bn PLN in 2022; YoY growth -2.0%; net margin 2.7%; ROE 5.9%.
The estimated value range is 5.57–10.13 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 7.50 PLN, the price of 37.50 PLN leaves a potential of -80.0% (value / price − 1) and a margin of safety of -400.0% (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 (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
What contradicts it
- FCF conversion: -3.5%
- Interest coverage: 2.2x
- P/E (TTM): 56.0x
- FCF yield: -0.1%
- Shareholder yield (distributions): 1.9%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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 | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| MNC.WAMennica Polska Spółka Akcyjna | 1.9 bn | 56.0 | 5.9% | 2.7% | −2.0% | +7% / +136% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for MNC.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 | 20.71 Total return -43% · Per year -43% | 36.73 Total return -0% · Per year -0% | 55.50 Total return 50% · Per year 50% |
| 3 years | 17.54 Total return -50% · Per year -20% | 35.25 Total return -1% · Per year -0% | 58.83 Total return 63% · Per year 18% |
| 5 years | 14.86 Total return -55% · Per year -15% | 33.82 Total return -1% · Per year -0% | 62.35 Total return 77% · Per year 12% |
- Exit P/E± 8.81
- Net margin± 6.17
- Annual revenue growth± 5.40
- Annual dilution± 0.52
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Mennica Polska S.A. is the Warsaw-based group that produces coins and minting products, runs urban card systems and develops real estate through dedicated subsidiaries. In 2022 the group saw a visible drop in activity at its protection subsidiary and withdrew from a fibre optic project, so segment results are worth tracking.1
SWOT
Strengths
- The group has a diversified structure across three segments, which reduces dependence on a single business line.
- The urban card business brings contracts with public authorities, providing a fairly stable revenue base.
- The consolidated audit was performed by a registered audit firm and the statements are presented under IFRS as adopted by the EU.
Weaknesses
- Results of some subsidiaries fell visibly in 2022, which could point to profitability problems in certain segments.
- The company dropped a major project after risk increased, showing vulnerability to large contracts.
- The management board changed in 2022, with several resignations and appointments within a few months.
Opportunities
- Real estate development could add value if the projects in that segment are completed and rented.
- Extending electronic payment services to other cities could widen the base of institutional clients.
- Demand from collectors and foreign issuers could support sales of special minting products.
Threats
- Macroeconomic changes can alter the risk of long-term contracts, which could lead to further withdrawals.
- Reliance on contracts with local authorities exposes the group to political changes or public procurement procedures.
- Possible litigation or proceedings linked to bankrupt subsidiaries could affect the consolidated financial position.
Risks
- Execution risk on large projectsmedium
Withdrawing from the fibre optic contract shows that large projects can be stopped if risk rises after signing.
- Macroeconomic riskmedium
Changes in economic conditions could affect costs and demand across all segments, especially construction.
- Dependence on public contractsmedium
Urban payment revenue depends on local authorities, and any change in contracts could quickly reduce revenue.
- Management changeslow
Turnover in the management board in 2022 could create uncertainty in strategy and project execution over the medium term.
- Bankrupt and restructured entitieslow
A subsidiary in bankruptcy and other entities with impaired holdings could affect consolidated results.
Investment thesis
What would need to be true (bull case)
- If the urban payments segment keeps its contracts, the group could have a recurring and predictable revenue stream.
- The three-segment structure could allow weak results in one line to be offset by another.
- If the real estate projects are completed and rented, a new source of recurring income could emerge.
What would break the thesis
- The drop in results at some subsidiaries in 2022 could signal structural problems that are not quickly resolved.
- Withdrawing from a major project could signal that execution risks are hard to control.
- Frequent management changes could slow strategic decisions and their implementation.
What to watch
- Revenue trend of the protection subsidiary and other entities with negative results2023
- Progress of the real estate development projects2023
- Renewal or modification of contracts with local authorities for urban cards2023
- Any further project withdrawals or reorganisations of companies and projectsnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Mennica Polska S.A. is the parent of the Grupa Kapitałowa which, at 31 December 2022, included several subsidiaries and special-purpose companies consolidated by the full method.1 The group organises its activity into three segments: minting products, electronic payments and real estate development.1 The consolidated annual report for 2022 was approved for publication by the Management Board on 23 March 2023.1
Segments
Minting products
This segment produces and sells circulating and collector coins, tokens, bullion, medals, decorations, stamps and other minting products, with clients including the National Bank of Poland, foreign issuers and collectors.1 Sales take place both domestically and abroad.1
Electronic payments
Electronic payments: the segment runs urban card systems, sells public and rail transport tickets, prepaid cards, service and technical equipment, with local authorities, transport companies and individuals as main clients, operating only in Poland.1
Market context
Demand for minting products depends on central banks, issuers and collectors, while urban payment services depend on contracts with cities and transport companies.1 The sources do not give the total size of these markets, so conclusions about market position stay limited to what the company states in its report.1
Trends
- Withdrawal from the fibre optic projectmixed
In 2022 the contract for laying a submarine cable was terminated because the conditions precedent were not met after a reassessment of risk, and management dropped the project.1 The effect on results depends on how much was invested, which the source does not detail.1
- Changing macroeconomic conditionsheadwind
The company cited shifts in macroeconomic conditions as the reason for reassessing project risk, which could also affect other long-term contracts.1
- Demand for urban cards and ticketstailwind
Contracts with local authorities for card and ticket systems provide a recurring revenue base, if they remain in force and are renewed.1
- Changes in the subsidiary structuremixed
In 2022 companies were acquired and reorganised and the stake in certain entities changed, which could affect comparability between years.1
Competitive position
The supplied source does not name competitors and does not describe the group's market share in any of its segments.1 Such information would need other public company documents or independent sources.1
Without a list of competitors in the sources, it cannot be said how the group compares with other coin issuers or urban card operators.1
- Other coin issuers with international operations
Competition in minting products is not named explicitly in the source.
- Urban ticketing system operators
No specific competitors are identified in the documents provided.
- Residential developers in Warsaw
The consolidated report does not name competitors for the real estate segment.
- Security and cash-in-transit firms
The protection subsidiary operates in this field, but the source names no competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Mennica Polska S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.