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Mennica Polska S.A (MNC) Fair Value & Analysis

Industrials · PL · Market cap 1.9B PLN

MP Mennica Polska S.A MNC · WAR
Price42.00 PLN
Fair Value25.07 PLN
Upside-40.3%
Quality60/100
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Healthy Growth
Highly profitable · 22.6% net margin
Low debt · generates free cash flow
3.96% dividend yield
Ranks above peers (13/14)
Wide moat 67/100
Evidence: Medium Range 18.80 PLN – 33.72 PLN Share as image

Fair value as of: Jul 18, 2026

From 26 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from 74.71 PLN to 25.07 PLN (−66.4%) since Jun 24, 2026. Share price +9.9% over the past month.

A solid business, but screening 40% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (33.72 PLN). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

51.80 PLN 13.48 PLN Fair Value 25.07 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 13.48 PLN – 51.80 PLN · fair‑value band 18.80 PLN – 33.72 PLN · the 42.00 PLN price screens above the 25.07 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Mennica Polska S.A (MNC) currently trades at 42.00 PLN, while our model-based Fair Value estimate is 25.07 PLN, implying the stock looks roughly 40.3% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Mennica Polska S.A generated revenue of 2.2B PLN at a net margin of 22.6%. Revenue grew 80.4% year over year. It earns a return on equity of 38.2%. Net debt stands at 104M PLN. Fundamentals as of Jul 18, 2026

Our scenario range runs from 18.80 PLN (bear case) to 33.72 PLN (bull case); at 42.00 PLN, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 26% below its 52-week high and 73% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -72% fair-value upside, at -40%, MNC screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 58.71 PLN 90.36 PLN 134.56 PLN 80
Residual Income 73.03 PLN 125.26 PLN 2,106 PLN 76
Rev-Margin DCF 33.94 PLN 49.19 PLN 68.52 PLN 74
All 26 models by family
DCF Models
FCF DCF 59.27 PLN 94.50 PLN 146.48 PLN 38
Owner Earnings 105.71 PLN 168.97 PLN 262.30 PLN 31
5Y Revenue Exit 33.94 PLN 48.60 PLN 66.83 PLN 39
5Y EBITDA Exit 37.61 PLN 55.96 PLN 77.52 PLN 41
5Y P/E Exit 109.37 PLN 199.96 PLN 301.94 PLN 38
10Y Revenue Exit 42.78 PLN 58.88 PLN 80.53 PLN 36
10Y EBITDA Exit 45.49 PLN 63.74 PLN 88.49 PLN 37
10Y P/E Exit 88.53 PLN 158.70 PLN 255.69 PLN 35
Earnings-Based
Graham-Dodd 66.43 PLN 280.84 PLN 383.32 PLN 54
Lynch FV 71.46 PLN 102.09 PLN 132.72 PLN 50
PEG = 1.0 71.46 PLN 102.09 PLN 132.72 PLN 46
EPV 11.34 PLN 12.76 PLN 13.95 PLN 59
Dividend Discount
Gordon GGM 8.55 PLN 15.40 PLN 21.20 PLN 70
DDM Multi-Stage 8.55 PLN 14.07 PLN 16.45 PLN 61
Multiples
P/E Multiple 153.87 PLN 205.16 PLN 256.44 PLN 63
P/S Multiple 53.71 PLN 71.62 PLN 89.52 PLN 58
P/B Multiple 74.85 PLN 99.80 PLN 124.75 PLN 55
EV/EBIT 26.36 PLN 34.85 PLN 43.34 PLN 53
EV/EBITDA 26.91 PLN 35.58 PLN 44.25 PLN 54
EV/Revenue 19.08 PLN 26.86 PLN 34.65 PLN 43
Asset-Based
NCAV (Graham) 11.09 PLN 14.86 PLN 22.18 PLN 50
Growth DCF
Growth DCF 58.71 PLN 90.36 PLN 134.56 PLN 80
Rev-Margin DCF 33.94 PLN 49.19 PLN 68.52 PLN 74
Economic Profit
Residual Income 73.03 PLN 125.26 PLN 2,106 PLN 76
ROIC Compounder 11.34 PLN 12.76 PLN 13.95 PLN 72
Growth Earnings
Growth-Adj P/E 120.90 PLN 172.72 PLN 224.53 PLN 68

Widest divergence: Growth Earnings (172.72 PLN) versus Economic Profit (12.76 PLN). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 2.2B PLN
Revenue growth (YoY) +80.4%
Net margin 22.6%
Return on equity 38.2%
Free cash flow 291M PLN FY2025
P/E ratio 4.4
More key figures
Operating margin 8.3%
EPS (TTM) 9.53 PLN
Dividend yield 3.5%
EPS growth (YoY) -31.1%
Net debt 104M PLN FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 60 · Market factors (momentum, volatility) 58

Profitability 71
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 60
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 63
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Mennica Polska S.A. engages in the manufacture and distribution of minting and engraved/medallist products in Poland and internationally. The company operates through three segments: Mint Products, Electronic Payments, and Real Estate Development.

Full company description

Mennica Polska S.A. engages in the manufacture and distribution of minting and engraved/medallist products in Poland and internationally. The company operates through three segments: Mint Products, Electronic Payments, and Real Estate Development. It produces and sells mint products, including circulation and collector coins; gold and silver investment products comprising bars and bullion coins; tokens and other mint products; and engraved/medallist products, such as medals, decorations, stamps, seals, date stamps, and hallmarks, as well as engages in the marketing and sale activities relating to the promotion and distribution of collector coins, numismatic products, and investment products consist of gold bars and bullion coins. It is also involved in electronic payments, including operation of city card systems, sale of public transport and railway tickets, prepaid cards, maintenance services, and sale of technical equipment. In addition, the company delivers real estate development projects, and leases office and warehouse spaces. It serves foreign issuers, domestic and foreign distributors of mint products, collectors, investors, and corporations interested in token products; local governments operating public transport, railway companies, and private individuals; and institutional customers and natural persons. Mennica Polska S.A. was founded in 1766 and is based in Warsaw, Poland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Mennica Polska S.A reported revenue of 1.8B PLN in FY2025 versus 1.3B PLN in FY2021, a compound +8.7%/yr. Reported net income was 498M PLN in FY2025, compounding +54.7%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.8B PLN
Latest YoY
+31.5%
Avg. growth/yr (3Y)
+12.5%
Avg. growth/yr (5Y)
+14.1%
Avg. growth/yr (16Y)
+4.2%
Revenue +8.7%/yr
FY21 1.3B PLN
FY22 1.3B PLN
FY23 1.2B PLN
FY24 1.4B PLN
FY25 1.8B PLN
Net income +54.7%/yr
FY21 87.0M PLN
FY22 34.5M PLN
FY23 91.5M PLN
FY24 77.9M PLN
FY25 498M PLN

MNC screens 40% overvalued. Compare with Carpenter Technology Corporation →

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Cite: Fair Value Calculator (2026). "Mennica Polska S.A Fair Value". https://www.fairvalue-calculator.com/stock/MNC

Peer Group

Metal Fabrication · 243 stocks

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.

Quality Score 60 · Top 25%
Fair Value upside −40% · Below median
Return on equity (TTM) 38% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 23% · Top 25%
Operating margin (TTM) 8% · Above median
Revenue growth 80% · Top 25%
Dividend yield (TTM) 4.0% · Top 25%

Valuation Multiples vs Metal Fabrication median · lower = cheaper

P/E (TTM) 3.9× · Cheaper than 75% of peers
P/B 0.45× · Cheaper than 75% of peers
P/S (TTM) 0.24× · Cheaper than 75% of peers
P/FCF 1.7× · Cheaper than median
EV/EBITDA 2.5× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 100 · sector 35
PAST 100 · sector 21
HEALTH 100 · sector 95
DIVIDEND 79 · sector 25

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

Insider activity: 45/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is Mennica Polska S.A (MNC) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 25.07 PLN versus a price of 42.00 PLN, about −40% (overvalued).
What is the fair value of MNC?
Our model-based fair value for Mennica Polska S.A is 25.07 PLN (as of Jul 18, 2026), built from audited fundamentals. The current price is 42.00 PLN.
What is the quality score of MNC?
Mennica Polska S.A has a Quality Score of 60/100. 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 revenue of Mennica Polska S.A (MNC)?
Mennica Polska S.A reported trailing-twelve-month revenue of about 2.2B PLN (latest available figure, as of Jul 18, 2026).
What is the net profit margin of MNC?
The net profit margin of Mennica Polska S.A is about 22.6%, meaning it keeps roughly 22.6% of revenue as net income. Based on the latest reported figures.
Does Mennica Polska S.A pay a dividend?
Mennica Polska S.A currently shows a dividend yield of about 3.47% relative to its recent price (as of Jul 18, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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