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ML System S.A. (MLS) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of ML System S.A. PLN 6.04, price PLN 13.46, upside -55.1%, quality 23 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Technology · PL · ISIN PLMLSTM00015

MS Thin data Sep 24, 2026

ML System S.A.

MLS · WAR

Weakest SetupStrongly overvalued and low quality.

!Fair value 6.04 PLN · Strongly overvalued (−55%)
!Quality 23/100
!Weak Growth (revenue 5y −0.7 %/yr)
!Loss-making · -22.6% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/10)
!Narrow moat 10/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

123.00 PLN 13.16 PLN Fair Value 6.04 PLN Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 13.16 PLN – 123.00 PLN · fair‑value band 4.51 PLN – 9.02 PLN · the 13.46 PLN price screens above the 6.04 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

ML System S.A. produces and sale of flat glass and glass-photovoltaic panels in Poland.

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ML System S.A. produces and sale of flat glass and glass-photovoltaic panels in Poland. The company offers PV, building integrated photovoltaics (BIPV), Ultra PV, and semi-flexible PV modules; smart city products, including photovoltaic terrace shelters, car parking roofing, and lamp, as well as smart pylon, intelligent bus shelter, and smart benches; intelligent heating glass, glass with an active quantum coating for automotive and construction industry, variable translucency glass, and glass heater, and sill glass. It also provides anti-virus barrier and ML-UV-BOX products; photovoltaic sunshades, facade panels, insulated glass, and skylights, as well as ventilated facade and roof tiles; PV Max Color module products; and building management systems. ML System S.A. was incorporated in 2006 and is based in Zaczernie, Poland.

Stock analysis

ML System S.A. (MLS) currently trades at 13.46 PLN, while our model-based Fair Value estimate is 6.04 PLN, implying the stock looks roughly 122.9% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 80/100, which puts the evidence level at low.

Scenario range: 4.51 PLN (bear) to 9.02 PLN (bull), the price of 13.46 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 23/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

ML System S.A. reported revenue of 123M PLN in FY2025 versus 189M PLN in FY2021, a compound −10.2%/yr. Reported net income was −42.4M PLN in FY2025.

Key figures

Market cap 110M PLN (≈ $28.6M) · P/S ratio 0.79 · EPS (TTM) −4.27 PLN · Net margin −34.5% · Return on equity −28.0% · Return on assets (EBIT) −2.1% · Operating margin −14.8% · Revenue (TTM) 139M PLN.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 33% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at −55%, MLS screens richer than that median.

Fair Value models

Bear 4.51 PLN Fair Value 6.04 PLN Bull 9.02 PLN
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
NCAV (Graham) 7.02 PLN 9.41 PLN 14.04 PLN 54
All 1 models by family
Asset-Based
NCAV (Graham) 7.02 PLN 9.41 PLN 14.04 PLN 54

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Quality Score breakdown

Overall quality 23/100

Of which business quality 22 · Market factors (momentum, volatility) 35

Profitability 2
Margins and returns on capital today
Quality Growth 12
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 14
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 59
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 3/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−24.3%
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.
−24.2%
Revenue growth 5 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.
−0.7%
Start year 2020 (pandemic). Over 10 years: +9.2% a year
Revenue growth 11 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.
+8.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
9.1% (2020) → −28.8% (2025)
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

MLS screens 123% overvalued. Compare with First Solar, Inc →

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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.Solar · 113 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 22 · Bottom 25%
Fair Value upside −55% · Below median
Profitability
Return on assets −3% · Below median
Net margin (TTM) −23% · Bottom 25%
Operating margin (TTM) −15% · Below median
Growth and dividend
Revenue growth 90% · Top 25%
Balance sheet
Debt / equity 0.41× · Above median

Valuation Multiplesvs Solar median · lower = cheaper

P/B 0.28× · Cheaper than median
P/S (TTM) 0.21× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 22
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)79 · sector 81
DIVIDEND (yield)0 · sector 30

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Solar stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
First Solar, Inc FSLR $191.97 $392.12 +104%
Nextpower Inc NXT $82.52 $90.77 +10%
Waaree Energies Limited WAAREEENER ₹2,512 ₹2,709 +8%
Tongwei Co 600438 ¥11.58 ¥12.13 +5%
Jinko Solar Co 688223 ¥3.85 ¥6.47 +68%
Enphase Energy, Inc ENPH $34.42 $24.15 −30%
CSI Solar Co 688472 ¥8.53 ¥4.82 −43%
Hengdian Group 002056 ¥20.33 ¥31.86 +57%
Premier Energies Limited PREMIERENE ₹915.00 ₹648.94 −29%
Trina Solar Co 688599 ¥11.20 ¥31.67 +183%

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ML System S.A. · Fair Value
6.04 PLN −123%Fair Value
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Cite: Fair Value Calculator (2026). "ML System S.A. Fair Value". https://www.fairvalue-calculator.com/stock/MLS

Frequently asked questions

Is ML System S.A. (MLS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 6.04 PLN versus a price of 13.46 PLN, about −55% upside (overvalued).
What is the fair value of MLS?
Our model-based fair value for ML System S.A. is 6.04 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 13.46 PLN.
What is the quality score of MLS?
ML System S.A. has a Quality Score of 23/100. 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 ML System S.A. (MLS)?
Our model-based price target is the fair value of 6.04 PLN (as of Sep 24, 2026) from 1 valuation models. Cautious scenario 4.51 PLN, optimistic scenario 9.02 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the ML System S.A. stock forecast for 2026?
Our models put fair value at 6.04 PLN, about −55% upside versus a price of 13.46 PLN (overvalued). Cautious scenario 4.51 PLN, optimistic scenario 9.02 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of ML System S.A. (MLS)?
ML System S.A. reported trailing-twelve-month revenue of about 139M PLN (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of ML System S.A. (MLS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ML System S.A. it is 6.04 PLN per share (as of Sep 24, 2026), against a price of 13.46 PLN. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is ML System S.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MLS trades above its calculated fair value: price 13.46 PLN, fair value 6.04 PLN, a gap of about −55% (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 MLS?
No. The price is what the market pays today (13.46 PLN); the fair value is what the company's own numbers justify (6.04 PLN). For ML System S.A. the two are 7.42 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is ML System S.A. worth?
The market values ML System S.A. at about 110M PLN (market capitalisation, as of Sep 24, 2026). Per share that is 13.46 PLN; our models calculate a fair value of 6.04 PLN per share.
What do the bullish and bearish scenarios say about MLS?
Our models span a range for ML System S.A.: cautious scenario 4.51 PLN, base 6.04 PLN, optimistic 9.02 PLN per share (as of Sep 24, 2026, price 13.46 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of ML System S.A. (MLS)?
Balance-sheet figures for ML System S.A. (as of Sep 24, 2026): return on equity −28.0%, debt of 0.41 per unit of equity. They feed the Quality Score of 23/100, which measures business quality independently of the share price.
How far is MLS from its 52-week high?
ML System S.A. trades at 13.46 PLN, about 33% below its 52-week high of 19.96 PLN and 2% above the low of 13.16 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 6.04 PLN is for.
Which stocks are comparable to ML System S.A.?
From the same area (Technology) we also value First Solar, Inc, Nextpower Inc, Waaree Energies Limited, Tongwei Co, 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 ML System S.A. stock attractive at the current price?
The data as of Sep 24, 2026: price 13.46 PLN, calculated fair value 6.04 PLN (−55%), Quality Score 23/100, from 1 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 MLS calculated?
We run ML System S.A. through 1 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 6.04 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 14.0 % above its aggregate fair value. ML System 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 ML System S.A. (MLS)?
The closing price on Sep 24, 2026 was 13.46 PLN. Our model-based fair value is 6.04 PLN, about −55% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ML System S.A. right now?
The price sits above even our optimistic bull case (9.02 PLN). The favourable scenario is already priced in. Weak quality (23/100) 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. A fairly wide model range (4.51 PLN to 9.02 PLN) leaves room in how you read the outcome.

Key figures of ML System S.A.

How large is the market capitalisation of ML System S.A. (MLS)?
The market capitalisation of ML System S.A. is 110M PLN (≈ $28.6M). 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 ML System S.A. (MLS)?
The price-to-sales ratio of ML System S.A. is 0.79 (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 ML System S.A. (MLS)?
Earnings per share at ML System S.A. are −4.27 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ML System S.A. (MLS)?
The net margin of ML System S.A. is −34.5% (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 ML System S.A. (MLS)?
The return on equity (ROE) of ML System S.A. is −28.0% (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 ML System S.A. (MLS)?
On an EBIT basis the return on assets of ML System S.A. is −2.1% (avg 5y). 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 ML System S.A. (MLS)?
The operating margin of ML System S.A. is −14.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ML System S.A. (MLS)?
Revenue at ML System S.A. is growing +89.9% versus a year earlier (3y avg −24.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ML System S.A. (MLS)?
Earnings per share at ML System S.A. are growing −1.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ML System S.A. (MLS) generate?
The free cash flow of ML System S.A. is −19.2M PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ML System S.A. (MLS) carry?
The net debt of ML System S.A. is 150M PLN (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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