Mo-Bruk S.A. – Analytical report

We are updating our valuation and recommendation due to the previous target price being reached. In connection with the company's announcements regarding the end of 2025 and the further prospect of improved results in 2026, we are revising our revenue assumptions upwards. At the same time, taking into account the Management Board's expectations regarding EBITDA margin, but also a significant increase in contracts for the disposal of ecological bombs in the coming years, we are also revising our profitability forecasts upwards. As a result, we see 21% upside potential for the share price in the medium term. Therefore, we are upgrading our recommendation to BUY from ACCUMULATE, raising the 9-month target price to PLN 424.8 per share (from PLN 338.0).