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1. Company Snapshot

1.a. Company Description

Mirbud S.A. operates as a general contractor in the construction market in Poland.The company constructs industrial projects, such as production and logistics halls, and cold stores and freezers; public utility buildings, including commune and customs offices, sports facilities, hospitals, didactic buildings, specialised research units, car showrooms and service stations, and hotel facilities; and commercial buildings comprising shopping malls, and exhibition and market halls.It is also involved in the road engineering construction consisting of roads with crossings, junctions, roundabouts, and accompanying infrastructure; streets, car parks, and sidewalks; railway sidings and tram lines; viaducts and bridges; and culverts.


In addition, the company constructs single-family, terraced, and multi-family residential buildings.It also rents construction equipment; and leases and manages properties, as well as engages in the production of mineral and bituminous masses.The company was founded in 1988 is based in Skierniewice, Poland.

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1.b. Last Insights on MRB

Mirbud S.A.'s recent performance was hindered by a tumultuous European market, with the STOXX Europe 600 Index experiencing its largest drop in five years. Heightened global trade tensions and market volatility have cast a shadow over the construction sector, impacting Mirbud's operations. Furthermore, the company's recent earnings release revealed a decline in revenue, likely due to decreased demand and project delays. Additionally, the Polish construction industry's slowdown has had a ripple effect on Mirbud's business, exacerbating the challenges faced by the company.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.19%)

6. Segments

Construction and Assembly

Expected Growth: 1.2%

Mirbud S.A.'s Construction and Assembly segment growth of 1.2% is driven by increasing infrastructure development, government investments in transportation and energy projects, and rising demand for residential and commercial buildings. Additionally, the company's focus on sustainable construction practices and diversification into new markets also contribute to its growth.

Exclusions

Expected Growth: 0.8%

Mirbud S.A.'s 0.8 growth driven by increasing infrastructure projects, government investments in transportation and energy sectors, and rising demand for residential and commercial properties, offset by intense competition and regulatory hurdles.

Development

Expected Growth: 1.5%

Mirbud S.A.'s 1.5 growth driven by increasing infrastructure projects, government investments in transportation and energy sectors, rising demand for residential and commercial buildings, and strategic partnerships with key clients. Additionally, the company's focus on sustainable construction practices and innovative solutions contributes to its growth momentum.

Rental of Investment Property

Expected Growth: 0.9%

Rental of Investment Property from Mirbud S.A. growth driven by increasing demand for commercial spaces, Poland's economic growth, and Mirbud's strategic property portfolio expansion. Additionally, favorable government policies and rising foreign investments in the country contribute to the 0.9 growth rate.

Other

Expected Growth: 1.1%

Mirbud S.A.'s 1.1 growth is driven by increasing infrastructure projects, government investments in transportation and energy sectors, and rising demand for construction services in Poland. Additionally, the company's strategic expansion into new markets, cost optimization, and efficient project management contribute to its growth momentum.

7. Detailed Products

General Construction

Mirbud S.A. provides comprehensive general construction services, including design, build, and project management for residential, commercial, and industrial projects.

Infrastructure Construction

The company specializes in infrastructure construction, including road construction, bridge building, and railway infrastructure development.

Industrial Construction

Mirbud S.A. offers industrial construction services, including design, build, and project management for industrial facilities, such as factories, warehouses, and power plants.

Renewable Energy Construction

The company provides construction services for renewable energy projects, including wind farms, solar parks, and biomass power plants.

Real Estate Development

Mirbud S.A. develops and invests in real estate projects, including residential, commercial, and mixed-use developments.

Property Management

The company offers property management services, including facility management, maintenance, and rental services.

8. Mirbud S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Mirbud S.A. is medium due to the presence of alternative construction companies in the market.

Bargaining Power Of Customers

The bargaining power of customers for Mirbud S.A. is low due to the company's strong market position and limited customer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Mirbud S.A. is medium due to the presence of multiple suppliers in the market, but the company's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants for Mirbud S.A. is low due to the high barriers to entry in the construction industry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for Mirbud S.A. is high due to the competitive nature of the construction industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.35%
Debt Cost 11.88%
Equity Weight 74.65%
Equity Cost 11.88%
WACC 11.88%
Leverage 33.96%

11. Quality Control: Mirbud S.A. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Veidekke

A-Score: 7.5/10

Value: 5.7

Growth: 5.1

Quality: 7.0

Yield: 9.4

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Per Aarsleff Holding

A-Score: 6.5/10

Value: 5.8

Growth: 8.2

Quality: 4.8

Yield: 3.8

Momentum: 10.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
BAM

A-Score: 5.8/10

Value: 6.7

Growth: 4.8

Quality: 4.7

Yield: 5.6

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Mirbud

A-Score: 5.3/10

Value: 7.4

Growth: 4.7

Quality: 4.7

Yield: 3.8

Momentum: 7.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Renew

A-Score: 4.9/10

Value: 5.3

Growth: 5.9

Quality: 6.4

Yield: 4.4

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Assystem

A-Score: 3.8/10

Value: 3.2

Growth: 3.7

Quality: 3.2

Yield: 6.2

Momentum: 2.0

Volatility: 4.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

14.35$

Current Price

14.35$

Potential

-0.00%

Expected Cash-Flows