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Mostostal Zabrze S.A (MSZ) Fair Value & Analysis

Industrials · PL · Market cap 420M PLN

MZ Mostostal Zabrze S.A MSZ · WAR
Price6.50 PLN
Fair Value2.68 PLN
Upside-58.8%
Quality54/100
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Healthy Growth
Thin margins · 3.1% net margin
Low debt · generates free cash flow
Ranks above peers (8/12)
Narrow moat 36/100
Evidence: Medium Range 2.01 PLN – 3.35 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 18.64 PLN to 2.68 PLN (−85.6%) since Jun 25, 2026. Share price +1.7% over the past month.

A solid business, but screening 59% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (3.35 PLN). The favourable scenario is already priced in.
  • Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

6.94 PLN 1.23 PLN Fair Value 2.68 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 1.23 PLN – 6.94 PLN · fair‑value band 2.01 PLN – 3.35 PLN · the 6.50 PLN price screens above the 2.68 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.

Full chart & analysis →

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Analysis

Mostostal Zabrze S.A (MSZ) currently trades at 6.50 PLN, while our model-based Fair Value estimate is 2.68 PLN, implying the stock looks roughly 58.8% overvalued today. The Quality Score stands at 54/100 (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, Mostostal Zabrze S.A generated revenue of 1.3B PLN at a net margin of 3.1%. Revenue grew 32.2% year over year. It earns a return on equity of 8.7%. The balance sheet holds a net cash position of 124M PLN. Fundamentals as of Jul 18, 2026

Our scenario range runs from 2.01 PLN (bear case) to 3.35 PLN (bull case); at 6.50 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 10% below its 52-week high and 17% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -59%, MSZ screens richer 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 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
Highest evidence
Growth DCF 9.99 PLN 12.73 PLN 16.10 PLN 80
Residual Income 4.28 PLN 4.72 PLN 6.82 PLN 76
Rev-Margin DCF 8.10 PLN 10.68 PLN 13.63 PLN 74
All 26 models by family
DCF Models
FCF DCF 9.93 PLN 13.05 PLN 17.14 PLN 38
Owner Earnings 9.42 PLN 12.32 PLN 16.13 PLN 31
5Y Revenue Exit 8.10 PLN 10.58 PLN 13.65 PLN 39
5Y EBITDA Exit 9.82 PLN 13.78 PLN 18.29 PLN 41
5Y P/E Exit 10.14 PLN 14.36 PLN 18.71 PLN 38
10Y Revenue Exit 8.67 PLN 10.97 PLN 13.88 PLN 36
10Y EBITDA Exit 9.78 PLN 12.98 PLN 17.08 PLN 37
10Y P/E Exit 9.97 PLN 13.35 PLN 17.37 PLN 35
Earnings-Based
Graham-Dodd 3.77 PLN 11.12 PLN 14.71 PLN 54
Lynch FV 2.33 PLN 3.33 PLN 4.33 PLN 50
PEG = 1.0 2.33 PLN 3.33 PLN 4.33 PLN 46
EPV 4.71 PLN 5.00 PLN 5.25 PLN 59
Dividend Discount
Gordon GGM 0.1100 PLN 0.2000 PLN 0.2700 PLN 70
DDM Multi-Stage 0.1100 PLN 0.1700 PLN 0.2100 PLN 61
Multiples
P/E Multiple 8.73 PLN 11.64 PLN 14.55 PLN 63
P/S Multiple 7.07 PLN 9.42 PLN 11.78 PLN 58
P/B Multiple 7.07 PLN 9.42 PLN 11.78 PLN 55
EV/EBIT 8.92 PLN 11.03 PLN 13.14 PLN 53
EV/EBITDA 10.71 PLN 13.42 PLN 16.13 PLN 54
EV/Revenue 7.10 PLN 9.04 PLN 10.98 PLN 43
Asset-Based
NCAV (Graham) 2.55 PLN 3.41 PLN 5.09 PLN 50
Growth DCF
Growth DCF 9.99 PLN 12.73 PLN 16.10 PLN 80
Rev-Margin DCF 8.10 PLN 10.68 PLN 13.63 PLN 74
Economic Profit
Residual Income 4.28 PLN 4.72 PLN 6.82 PLN 76
ROIC Compounder 4.71 PLN 5.00 PLN 5.36 PLN 72
Growth Earnings
Growth-Adj P/E 7.09 PLN 10.13 PLN 13.16 PLN 68

Widest divergence: DCF Models (12.98 PLN) versus Dividend Discount (0.1700 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.3B PLN
Revenue growth (YoY) +32.2%
Net margin 3.1%
Return on equity 8.7%
Free cash flow 54.4M PLN FY2025
P/E ratio 8.9
More key figures
Operating margin 2.9%
EPS (TTM) 0.6900 PLN
EPS growth (YoY) +20.4%
Net cash 124M PLN FY2025

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

Quality Score breakdown

Overall quality 54/100

Of which business quality 56 · Market factors (momentum, volatility) 57

Profitability 44
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 49
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 100
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

Mostostal Zabrze S.A. engages in the design, production, construction, and assembly activities. It constructs industrial facilities; and public facilities, such as hospitals, office buildings, residential buildings, swimming pools and commercial facilities; as well as engineering work including, roads, and sewage systems and treatment plants.

Full company description

Mostostal Zabrze S.A. engages in the design, production, construction, and assembly activities. It constructs industrial facilities; and public facilities, such as hospitals, office buildings, residential buildings, swimming pools and commercial facilities; as well as engineering work including, roads, and sewage systems and treatment plants. The company offers industrial and specialist construction works in various industries, including metallurgy, cement, building materials, automotive, mining, and cableways. It also provides installation of equipment and process plants, steel structures for bridges, and storage tanks for petroleum and chemicals, as well as oxygen plants and installations for production of hydrogen; power and environmental protection services; and steel structures, steel hall, secondary steel structure, ducts, siloses, drilling towers, and piping. In addition, the company offers cranes and turntables for mobile cranes, subcomponents for boom sections, bodies and locomotive frames, bogie frames, and machining and anticorrosive protection services. Further, it provides electrical services, which includes engineering, procurement, installation of distribution devices and apparatus for electrical power networks and systems; and industrial and general constructions, as well as for steel, coke, chemical, and petrochemical industries. Mostostal Zabrze S.A. was founded in 1945 and is based in Gliwice, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Mostostal Zabrze S.A reported revenue of 1.2B PLN in FY2025 versus 770M PLN in FY2021, a compound +12.3%/yr. Reported net income was 38.1M PLN in FY2025, compounding +26.9%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.2B PLN
Latest YoY
+21.2%
Avg. growth/yr (3Y) 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.
+1.5%
Avg. growth/yr (5Y) 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.
+14.7%
Avg. growth/yr (15Y) 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.
+2.1%
Revenue +12.3%/yr
FY21 770M PLN
FY22 1.2B PLN
FY23 1.4B PLN
FY24 1.0B PLN
FY25 1.2B PLN
Net income +26.9%/yr
FY21 14.7M PLN
FY22 32.0M PLN
FY23 74.2M PLN
FY24 61.8M PLN
FY25 38.1M PLN
Character of growth · EPS growth decomposed (2014-2025) +20.6 % p.a.
Revenue per share +4.7 pp

of which total revenue +4.2 pp · buybacks/dilution +0.5 pp

EBIT margin +8.9 pp
Tax rate +1.1 pp
Residual (interest, one-offs) +6.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

MSZ screens 59% overvalued. Compare with Larsen & Toubro Limited →

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Cite: Fair Value Calculator (2026). "Mostostal Zabrze S.A Fair Value". https://www.fairvalue-calculator.com/stock/MSZ

Peer Group

Engineering & Construction · 839 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 54 · Above median
Fair Value upside −59% · Bottom 25%
Return on equity (TTM) 9% · Above median
Return on assets 3% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 32% · Top 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 8.9× · Cheaper than 75% of peers
P/B 0.32× · Cheaper than 75% of peers
P/S (TTM) 0.09× · Cheaper than 75% of peers
P/FCF 2.1× · Pricier than median

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 16
FUTURE 100 · sector 17
PAST 35 · sector 26
HEALTH 100 · sector 94
DIVIDEND 0 · sector 33

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

Insider activity: 40/100

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.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Mostostal Zabrze S.A (MSZ) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 2.68 PLN versus a price of 6.50 PLN, about −59% (overvalued).
What is the fair value of MSZ?
Our model-based fair value for Mostostal Zabrze S.A is 2.68 PLN (as of Jul 18, 2026), built from audited fundamentals. The current price is 6.50 PLN.
What is the quality score of MSZ?
Mostostal Zabrze S.A has a Quality Score of 54/100. 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 Mostostal Zabrze S.A (MSZ)?
Mostostal Zabrze S.A reported trailing-twelve-month revenue of about 1.3B PLN (latest available figure, as of Jul 18, 2026).
What is the net profit margin of MSZ?
The net profit margin of Mostostal Zabrze S.A is about 3.1%, meaning it keeps roughly 3.1% of revenue as net income. Based on the latest reported figures.

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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