Milisystem S.A (MLM) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Milisystem S.A stock PLN 0.16, price PLN 0.33, that is 52.1% below the price, quality 35 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range 0.1688 PLN – 3.26 PLN · fair‑value band 0.1500 PLN – 0.1800 PLN · the 0.3340 PLN price screens above the 0.1600 PLN fair value. As of Nov 4, 2026.
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Milisystem S.A. engages in the production and distribution of the shooting simulation solutions for military and civilian markets.
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The company provides Wisla SP, a shooting training system; Wisla SN, an IT-advanced device that allows for extensive shooting training; and Wisla VR, a solution that allows to conduct shooting training in virtual reality. It also offers weapon replicas such as electric and gas replicas.
The company was formerly known as Intelligent Gaming Solutions S.A. and changed its name to Milisystem S.A. in October 2022. Milisystem S.A. was incorporated in 2013 and is headquartered in Torun, Poland.
Stock analysis
Milisystem S.A (MLM) currently trades at 0.3340 PLN, while our model-based Fair Value estimate is 0.1600 PLN, 52% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 0.1600 PLN per share, and 0 of the 7 models we run sit above the 0.3340 PLN price.
Bear case: the Asset-Based group reads lowest at 0.1200 PLN, and 7 of the 7 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.1500 PLN (bear) to 0.1800 PLN (bull), the price of 0.3340 PLN sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 35/100 (below-average quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Milisystem S.A reported revenue of 3.9M PLN in FY2025 versus 313K PLN in FY2022, a compound +132.1%/yr. Reported net income was −679K PLN in FY2025.
Key figures
Market cap 29.0M PLN (≈ $7.4M) Micro · P/S ratio 8.45 · EPS (TTM) −0.0200 PLN · Net margin −17.3% · Return on equity −15.4% · Return on assets (EBIT) 16.2% · Operating margin −16,315% · Revenue (TTM) 3.4M PLN.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).
What moves the price
The share trades about 49% below its 52-week high and 59% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −19% fair-value upside, at −52%, MLM screens richer than that median.
Fair Value models
Bear0.1500 PLNFair Value 0.1600 PLNBull0.1800 PLN
Price 0.3340 PLN · Downside -52.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−8.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+132.1%
’22
’23
’24
’25
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+32.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +28.7% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 632 stocks
Beats the industry median on 0/7 measures
Overall it trails its industry peers.
Valuation
Quality Score35 · Bottom 25%
Fair Value upside−52.1% · Below median
Profitability
Return on assets−5.0% · Bottom 25%
Net margin (12 months)−32.5% · Bottom 25%
Valuation Multiplesvs Software - Application median · lower = cheaper
P/B2.54× · Pricier than median
P/S (12 months)8.43× · Priciest 25%
Price / free cash flow85.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 25
FUTURE (revenue growth)0· sector 41
PAST (return on equity)0· sector 20
HEALTH (low debt)100· sector 97
DIVIDEND (yield)0· sector 29
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Milisystem S.A Fair Value". https://www.fairvalue-calculator.com/stock/MLM.WAR
Frequently asked questions
Is Milisystem S.A (MLM) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 0.1600 PLN versus a price of 0.3340 PLN, about 52% lower (overvalued).
What is the fair value of MLM?
Our model-based fair value for Milisystem S.A is 0.1600 PLN (as of Nov 4, 2026), built from audited fundamentals. The current price: 0.3340 PLN.
What is the quality score of MLM?
Milisystem S.A has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Milisystem S.A (MLM)?
Our model-based price target is the fair value of 0.1600 PLN (as of Nov 4, 2026) from 7 valuation models. Cautious scenario 0.1500 PLN, optimistic scenario 0.1800 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Milisystem S.A stock forecast for 2026?
Our models put fair value at 0.1600 PLN, about 52% lower versus a price of 0.3340 PLN (overvalued). Cautious scenario 0.1500 PLN, optimistic scenario 0.1800 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Milisystem S.A (MLM)?
Milisystem S.A reported trailing-twelve-month revenue of about 3.4M PLN (latest available figure, as of Nov 4, 2026).
What growth is priced into Milisystem S.A (MLM)?
For today's price to be fair in a discounted-cash-flow model, Milisystem S.A would have to grow free cash flow by +32.7 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +132.1 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of MLM use?
Our models discount Milisystem S.A at 10.6 %: a base by market capitalisation (nano), country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Milisystem S.A that is +32.7 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Milisystem S.A (MLM) delivered so far?
Over the past 3 years revenue at Milisystem S.A grew +132.1 % a year. The price currently implies +32.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Milisystem S.A (MLM) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into Milisystem S.A (+32.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Milisystem S.A (MLM)?
The free-cash-flow yield on the price is 1.17 %: that much free cash flow Milisystem S.A produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Milisystem S.A (MLM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Milisystem S.A it is 0.1600 PLN per share (as of Nov 4, 2026), against a price of 0.3340 PLN. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Milisystem S.A stock overvalued or undervalued in 2026?
As of Nov 4, 2026, MLM trades above its calculated fair value: price 0.3340 PLN, fair value 0.1600 PLN, a gap of about −52% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MLM?
No. The price is what the market pays today (0.3340 PLN); the fair value is what the company's own numbers justify (0.1600 PLN). For Milisystem S.A the two are 0.1740 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Milisystem S.A worth?
The market values Milisystem S.A at about 29.0M PLN (market capitalisation, as of Nov 4, 2026). Per share that is 0.3340 PLN; our models calculate a fair value of 0.1600 PLN per share.
What do the bullish and bearish scenarios say about MLM?
Our models span a range for Milisystem S.A: cautious scenario 0.1500 PLN, base 0.1600 PLN, optimistic 0.1800 PLN per share (as of Nov 4, 2026, price 0.3340 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Milisystem S.A (MLM)?
Balance-sheet figures for Milisystem S.A (as of Nov 4, 2026): return on equity −15.4%. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is MLM from its 52-week high?
Milisystem S.A trades at 0.3340 PLN, about 49% below its 52-week high of 0.6500 PLN and 59% above the low of 0.2100 PLN (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 0.1600 PLN is for.
Which stocks are comparable to Milisystem S.A?
From the same area (Technology) we also value SAP SE, Shopify Inc, Salesforce, Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Milisystem S.A stock attractive at the current price?
The data as of Nov 4, 2026: price 0.3340 PLN, calculated fair value 0.1600 PLN (−52%), Quality Score 35/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MLM calculated?
We run Milisystem S.A through 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.1600 PLN, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0% above its aggregate fair value. Milisystem S.A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Milisystem S.A (MLM)?
The closing price on Nov 4, 2026 was 0.3340 PLN. Our model-based fair value is 0.1600 PLN, about 52% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Milisystem S.A right now?
The price sits above even our optimistic bull case (0.1800 PLN). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Milisystem S.A
How large is the market capitalisation of Milisystem S.A (MLM)?
The market capitalisation of Milisystem S.A is 29.0M PLN (≈ $7.4M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Milisystem S.A (MLM)?
The price-to-sales ratio of Milisystem S.A is 8.45 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Milisystem S.A (MLM)?
Earnings per share at Milisystem S.A are −0.0200 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Milisystem S.A (MLM)?
The net margin of Milisystem S.A is −17.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Milisystem S.A (MLM)?
The return on equity (ROE) of Milisystem S.A is −15.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Milisystem S.A (MLM)?
On an EBIT basis the return on assets of Milisystem S.A is 16.2% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Milisystem S.A (MLM)?
The operating margin of Milisystem S.A is −16,315% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
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