Muza S.A (MZA) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Muza S.A PLN 13.56, price PLN 8.60, upside +57.7%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Muza S.A. publishes books in Poland. The company publishes various categories of books that include fiction, social literature, crime and sensation, thriller, fantasy and sci-fi, horror, nonfiction, guides, children and teenagers books, young adult, albums and arts, comics, audio books, e-books, pocket edition, books with autographs, set, and gadgets.
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Muza S.A. publishes books in Poland. The company publishes various categories of books that include fiction, social literature, crime and sensation, thriller, fantasy and sci-fi, horror, nonfiction, guides, children and teenagers books, young adult, albums and arts, comics, audio books, e-books, pocket edition, books with autographs, set, and gadgets. It also operates online bookstores and various outlets. The company was founded in 1991 and is based in Warsaw, Poland.
Stock analysis
Muza S.A (MZA) currently trades at 8.60 PLN, while our model-based Fair Value estimate is 13.56 PLN, implying the stock looks roughly 36.6% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 13.78 PLN per share, and 11 of the 13 models we run sit above the 8.60 PLN price.
Bear case: the Earnings-Based group reads lowest at 7.11 PLN, and 2 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: 9.49 PLN (bear) to 17.22 PLN (bull), the price of 8.60 PLN sits below 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 44/100 (below-average quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Muza S.A reported revenue of 42.4M PLN in FY2025 versus 35.7M PLN in FY2021, a compound +4.4%/yr. Reported net income was 2.6M PLN in FY2025, compounding +1.5%/yr from FY2021.
Key figures
Market cap 27.9M PLN (≈ $7.3M) · P/E ratio 9.0 · P/S ratio 0.55 · EPS (TTM) 0.9600 PLN · Net margin 6.2% · Return on equity 6.8% · Return on assets (EBIT) 11.1% · Operating margin 7.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 10% fair-value upside, at 58%, MZA screens cheaper than that median.
Fair Value models
Bear 9.49 PLNFair Value 13.56 PLNBull 17.22 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.7049 PLN per share) are deliberately not added.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.
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.39/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−7.9%
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.
+1.6%
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.
+8.5%
Start year 2020 (pandemic). Over 10 years: +3.5% a year
Revenue growth 17 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.
−0.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+29.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.29% vs 7%, picking up
Profit margin 2020 to 2025 ⓘ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.2% → 5%
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.Publishing · 108 stocks
Beats the industry median on 8/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score44 · Bottom 25%
Fair Value upside+58% · Above median
Profitability
Return on equity (TTM)7% · Above median
Return on assets2% · Below median
Net margin (TTM)7% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth10% · Top 25%
Valuation Multiplesvs Publishing median · lower = cheaper
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). "Muza S.A Fair Value". https://www.fairvalue-calculator.com/stock/MZA
Frequently asked questions
Is Muza S.A (MZA) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 13.56 PLN versus a price of 8.60 PLN, about +58% upside (undervalued).
What is the fair value of MZA?
Our model-based fair value for Muza S.A is 13.56 PLN (as of Sep 23, 2026), built from audited fundamentals. The current price: 8.60 PLN.
What is the quality score of MZA?
Muza S.A has a Quality Score of 44/100. 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 Muza S.A (MZA)?
Our model-based price target is the fair value of 13.56 PLN (as of Sep 23, 2026) from 13 valuation models. Cautious scenario 9.49 PLN, optimistic scenario 17.22 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Muza S.A stock forecast for 2026?
Our models put fair value at 13.56 PLN, about +58% upside versus a price of 8.60 PLN (undervalued). Cautious scenario 9.49 PLN, optimistic scenario 17.22 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Muza S.A (MZA)?
Muza S.A reported trailing-twelve-month revenue of about 43.4M PLN (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Muza S.A (MZA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Muza S.A it is 13.56 PLN per share (as of Sep 23, 2026), against a price of 8.60 PLN. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Muza S.A stock overvalued or undervalued in 2026?
As of Sep 23, 2026, MZA trades below its calculated fair value: price 8.60 PLN, fair value 13.56 PLN, a gap of about +58% (undervalued). 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 MZA?
No. The price is what the market pays today (8.60 PLN); the fair value is what the company's own numbers justify (13.56 PLN). For Muza S.A the two are 4.96 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Muza S.A worth?
The market values Muza S.A at about 27.9M PLN (market capitalisation, as of Sep 23, 2026). Per share that is 8.60 PLN; our models calculate a fair value of 13.56 PLN per share.
What do the bullish and bearish scenarios say about MZA?
Our models span a range for Muza S.A: cautious scenario 9.49 PLN, base 13.56 PLN, optimistic 17.22 PLN per share (as of Sep 23, 2026, price 8.60 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MZA?
Muza S.A trades at a price-to-earnings ratio of 9.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 13.56 PLN is built from several models across several years. Other multiples: P/B 0.2, P/S 0.2.
How solid is the balance sheet of Muza S.A (MZA)?
Balance-sheet figures for Muza S.A (as of Sep 23, 2026): return on equity 6.8%. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is MZA from its 52-week high?
Muza S.A trades at 8.60 PLN, about 27% below its 52-week high of 11.75 PLN and 14% above the low of 7.52 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 13.56 PLN is for.
Which stocks are comparable to Muza S.A?
From the same area (Communication Services) we also value The New York Times Company, Jiangsu Phoenix Publishing & Media Corporation, China Science Publishing & Media Ltd, People.cn CO., LTD, 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 Muza S.A stock attractive at the current price?
The data as of Sep 23, 2026: price 8.60 PLN, calculated fair value 13.56 PLN (+58%), Quality Score 44/100, from 13 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 MZA calculated?
We run Muza S.A through 13 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 13.56 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. Muza S.A currently trades 58 % below its own fair value, and the market average says nothing about that. 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 Muza S.A (MZA)?
The closing price on Sep 24, 2026 was 8.60 PLN. Our model-based fair value is 13.56 PLN, about +58% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Muza S.A right now?
The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (9.49 PLN). The market is more pessimistic than our downside scenario. A fairly wide model range (9.49 PLN to 17.22 PLN) leaves room in how you read the outcome.
Where does the earnings growth of Muza S.A (MZA) come from?
Earnings per share at Muza S.A grew +21.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.9 %, EBIT margin +12.8 %, tax rate +1.0 %, residual (interest, one-offs) +1.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Muza S.A
How large is the market capitalisation of Muza S.A (MZA)?
The market capitalisation of Muza S.A is 27.9M PLN (≈ $7.3M). 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 Muza S.A (MZA)?
The price-to-sales ratio of Muza S.A is 0.55 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Muza S.A (MZA)?
Earnings per share at Muza S.A are 0.9600 PLN (price ÷ EPS = P/E 9.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Muza S.A (MZA)?
The net margin of Muza S.A is 6.2% (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 Muza S.A (MZA)?
The return on equity (ROE) of Muza S.A is 6.8% (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 Muza S.A (MZA)?
On an EBIT basis the return on assets of Muza S.A is 11.1% (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 Muza S.A (MZA)?
The operating margin of Muza S.A is 7.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Muza S.A (MZA)?
Revenue at Muza S.A is growing +10.3% versus a year earlier (3y avg +1.6%). 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 Muza S.A (MZA)?
Earnings per share at Muza S.A are growing +16.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Muza S.A (MZA) generate?
The free cash flow of Muza S.A is −2.6M 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 cash does Muza S.A (MZA) hold?
Muza S.A holds more cash than debt, 4.0M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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