MMG Limited

OMS1.F · Basic Materials · Copper · Valued as of 2026-11-05 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

6.44B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

9.46B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

9.62B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

8.51B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

13.54B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.63×

the ratio the screener ranks by

Margin of Safety

-59.2%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 6.44B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)7.17B USD
−②Net Debt Today737.54M USD
+③Growth Value0 USD
=Value6.44B USD

EPV of the Operations (NOPAT over WACC)

7.17B USD

Net debt today

-737.54M USD

Growth Value

0 USD

Value

6.44B USD

①EPV (Earnings Power Value)

7.17B USD

②Net Debt Today

737.54M USD

③Growth Value

0 USD

Market value

Market Cap13.54B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-110.4%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 9.46B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 9.46B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap13.54B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-43.1%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 9.62B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF8.44B USD
+②Invested Capital at Year 15, Today1.92B USD
−③Net Debt Today737.54M USD
=Value9.62B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment rising to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

8.44B USD

②Invested Capital at Year 15, Today

1.92B USD

③Net Debt Today

737.54M USD

Market value

Market Cap13.54B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-40.8%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 12.05%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.64×Market Risk Premium 6.00%= 14.32%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 772.57M USDPretax Income 1.73B USD= 44.69%

The tax the interest saves.

Interest Expense =EBIT 2,017.62M USD−Pretax Income 1,728.73M USD= 288.89M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 288.89M USDTotal Debt 3.87B USD×(1 − Tax Rate for WACC 44.69%)= 4.13%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 3.87B USDMarket Cap + Total Debt 13.54B USD + 3.87B USD= 22.24%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 77.76%×Cost of Equity 14.32%+Debt Weight 22.24%×Cost of Debt 4.13%= 12.05%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 17.94B USD − Total Liabilities 8.48B USD = Book Value Today 9.46B USD

Total Debt 3.87B USD − Cash and Short-Term Investments 3.13B USD = Net Debt Today 737.54M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 139.9%at most 5%does not pass12,846,423,000 / 9,183,606,052
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets12.2%at least -10.0%passes(2.69B USD − 509.91M USD) ÷ 17.94B USD
Price to bookMarket Cap ÷ Book Value Today1.43×at most 3×passes13.54B USD ÷ 9.46B USD
Operating marginOperating Income ÷ Revenue36.0%above 10.0%passes2.24B USD ÷ 6.22B USD
Revenue growthRevenue ÷ Revenue a Year Before − 138.8%above 10.0%passes6.22B USD / 4.48B USD
Net cash(Cash − Total Debt) ÷ Market Cap-5.4%above -30%passes(3.13B USD − 3.87B USD) ÷ 13.54B USD
Operating efficiencyOperating Income ÷ Gross Profit69.9%above 25.0%passes2.24B USD ÷ 3.21B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

0.94 EUR

Enterprise value

16.85B EUR

the provider's own figure

EV / EBITDA

3.69×

Price / book

2.38×

the provider's book

Price / earnings

13.39×

Return on equity

21.3%

the provider's figure, not this page's

Profit margin

13.4%

Revenue growth

61.2%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

3.26B4.35B4.48B6.22B

Gross profit

1.24B1.12B1.75B3.21B

Operating income

750.05M549.85M1.09B2.24B

EBITDA

operating income before depreciation and amortisation

1.54B1.51B2.04B3.14B

Pretax income

460.96M189.79M622.02M1.73B

Net income

172.57M9.01M162.06M509.91M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

179.55M-13.30M170.17M729.20M

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

12.55B11.91B15.00B15.32B

Total liabilities

8.32B7.60B8.72B8.41B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

2.14B2.13B3.42B3.96B

Total debt

5.56B4.86B4.78B3.82B

Cash and equivalents

372.57M447.45M192.89M328.93M

Net PP&E

fixed assets after depreciation

9.63B9.54B11.85B11.49B

Working capital

current assets less current liabilities

-295.70M-806.91M-467.57M-344.44M
Cash flow (USD)2022202320242025

Operating cash flow

832.93M1.85B1.61B2.69B

Capital expenditure

paid out, so below zero

-566.77M-791.99M-928.43M-1.08B

Depreciation and amortisation

790.89M931.13M1.01B1.12B

Free cash flow

operating cash flow plus capital expenditure

266.17M1.06B685.08M1.61B