Grodno S.A. (GRN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Grodno S.A. stock PLN 20.09, price PLN 15.00, upside +33.9%, quality 58 out of 100. Rating: undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 8.36 PLN – 19.37 PLN · fair‑value band 12.97 PLN – 26.00 PLN · the 15.00 PLN price screens below the 20.09 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Grodno Spólka Akcyjna distributes electrical and lighting products in Poland.
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The company provides services in the field of lighting audits and projects, and electrical and lighting projects; construction and modernization of electrical and energy installations; programming of building automation; and supplies complex solutions for industry.
It also offers photovoltaic system, industrial electric systems, heat pumps, and electric vehicle charging stations, electrical installation accessories; comprehensive PV, HVAC, and HEPAC for renewable energy; professional lighting; solutions for industry; air conditioning and recuperation; plumbing; and cables and wires, as well as alarms, security systems and tools.
In addition, the company sells its products through a network of distributors and e-commerce platform. Further, it exports its products. Grodno Spólka Akcyjna was founded in 1990 and is headquartered in Nieporet, Poland.
Stock analysis
Grodno S.A. (GRN) currently trades at 15.00 PLN, while our model-based Fair Value estimate is 20.09 PLN, implying the stock looks roughly 25% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 22.49 PLN per share, and 15 of the 24 models we run sit above the 15.00 PLN price.
Bear case: the Asset-Based group reads lowest at 4.94 PLN, and 9 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 12.97 PLN (bear) to 26.00 PLN (bull), the price of 15.00 PLN sits inside 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 58/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Grodno S.A. reported revenue of 1.2B PLN in FY2025 versus 1.2B PLN in FY2021, a compound +0.6%/yr. Reported net income was 11.4M PLN in FY2025, compounding −28.5%/yr from FY2021.
Key figures
Market cap 231M PLN (≈ $58.3M) Micro · P/E ratio 20.3 · P/S ratio 0.18 · EPS (TTM) 0.7400 PLN · Net margin 0.9% · Return on equity 8.5% · Return on assets (EBIT) 4.6% (5-year average) · Operating margin −0.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 29 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 55% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −8% fair-value upside, at 34%, GRN screens cheaper than that median.
Fair Value models
Bear12.97 PLNFair Value 20.09 PLNBull26.00 PLN
Price 15.00 PLN · Upside +33.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.6346 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.9%
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.
−0.1%
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.
+11.4%
Start year 2020 (pandemic). Over 10 years: +14.6% a year
Revenue growth 16 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.
+16.9%
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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.
−3.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.6%
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.−3.6% vs 3.0%, slowing
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.3% → 2%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +9.9% a year for the price.
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.Electronics & Computer Distribution · 149 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+33.9% · Above median
Profitability
Return on equity (12 months)8.5% · Below median
Return on assets2.1% · Below median
Net margin (12 months)0.9% · Bottom 25%
Operating margin (12 months)−0.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)23.3% · Above median
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equity0.08× · Above median
Valuation Multiplesvs Electronics & Computer Distribution median · lower = cheaper
P/E (12 months)20.3× · Pricier than median
P/B1.67× · Pricier than median
P/S (12 months)0.18× · Cheapest 25%
Price / free cash flow (fiscal year)14.6× · Cheaper than median
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). "Grodno S.A. Fair Value". https://www.fairvalue-calculator.com/stock/GRN
Frequently asked questions
Is Grodno S.A. (GRN) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 20.09 PLN versus a price of 15.00 PLN, about +34% upside (undervalued).
What is the fair value of GRN?
Our model-based fair value for Grodno S.A. is 20.09 PLN (as of Nov 9, 2026), built from audited fundamentals. The current price: 15.00 PLN.
What is the quality score of GRN?
Grodno S.A. has a Quality Score of 58/100. 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 Grodno S.A. (GRN)?
Our model-based price target is the fair value of 20.09 PLN (as of Nov 9, 2026) from 24 valuation models. Cautious scenario 12.97 PLN, optimistic scenario 26.00 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Grodno S.A. stock forecast for 2026?
Our models put fair value at 20.09 PLN, about +34% upside versus a price of 15.00 PLN (undervalued). Cautious scenario 12.97 PLN, optimistic scenario 26.00 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Grodno S.A. (GRN)?
Grodno S.A. reported trailing-twelve-month revenue of about 1.3B PLN (latest available figure, as of Nov 9, 2026).
What growth is priced into Grodno S.A. (GRN)?
For today's price to be fair in a discounted-cash-flow model, Grodno S.A. would have to grow free cash flow by +13.3 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.4 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of GRN use?
Our models discount Grodno S.A. at 12.1 %: a base by market capitalisation (micro), damped by beta 0.45, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Grodno S.A. that is +13.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Grodno S.A. (GRN) delivered so far?
Over the past 5 years revenue at Grodno S.A. grew +11.4 % a year. The price currently implies free-cash-flow growth of +13.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Grodno S.A. (GRN) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Grodno S.A. (+13.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Grodno S.A. (GRN)?
The free-cash-flow yield on the price is 6.84 %: that much free cash flow Grodno S.A. produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Grodno S.A. (GRN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Grodno S.A. it is 20.09 PLN per share (as of Nov 9, 2026), against a price of 15.00 PLN. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Grodno S.A. stock overvalued or undervalued in 2026?
As of Nov 9, 2026, GRN trades below its calculated fair value: price 15.00 PLN, fair value 20.09 PLN, a gap of about +34% (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 GRN?
No. The price is what the market pays today (15.00 PLN); the fair value is what the company's own numbers justify (20.09 PLN). For Grodno S.A. the two are 5.09 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Grodno S.A. worth?
The market values Grodno S.A. at about 231M PLN (market capitalisation, as of Nov 9, 2026). Per share that is 15.00 PLN; our models calculate a fair value of 20.09 PLN per share.
What do the bullish and bearish scenarios say about GRN?
Our models span a range for Grodno S.A.: cautious scenario 12.97 PLN, base 20.09 PLN, optimistic 26.00 PLN per share (as of Nov 9, 2026, price 15.00 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GRN?
Grodno S.A. trades at a price-to-earnings ratio of 20.3 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 20.09 PLN is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 9.8. Other multiples: P/B 1.7, P/S 0.2, EV/EBITDA 8.8.
How solid is the balance sheet of Grodno S.A. (GRN)?
Balance-sheet figures for Grodno S.A. (as of Nov 9, 2026): return on equity 8.5%, debt of 0.08 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is GRN from its 52-week high?
Grodno S.A. trades at 15.00 PLN, about 20% below its 52-week high of 18.70 PLN and 55% above the low of 9.70 PLN (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 20.09 PLN is for.
Which stocks are comparable to Grodno S.A.?
From the same area (Technology) we also value TD SYNNEX Corporation, Rexel S.A, Unisplendour Corporation, Arrow Electronics, Inc, 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 Grodno S.A. stock attractive at the current price?
The data as of Nov 9, 2026: price 15.00 PLN, calculated fair value 20.09 PLN (+34%), Quality Score 58/100, from 24 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 GRN calculated?
We run Grodno S.A. through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 20.09 PLN builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Grodno S.A. currently trades 25% 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 Grodno S.A. (GRN)?
The closing price on Nov 6, 2026 was 15.00 PLN. Our model-based fair value is 20.09 PLN, about +34% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Grodno S.A. right now?
Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (12.97 PLN to 26.00 PLN) leaves room in how you read the outcome.
Where does the earnings growth of Grodno S.A. (GRN) come from?
Earnings per share at Grodno S.A. grew +1.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +16.9 %, EBIT margin −9.4 %, tax rate −1.1 %, residual (interest, one-offs) −3.4 %. 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 Grodno S.A.
How large is the market capitalisation of Grodno S.A. (GRN)?
The market capitalisation of Grodno S.A. is 231M PLN (≈ $58.3M). 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 Grodno S.A. (GRN)?
The price-to-sales ratio of Grodno S.A. is 0.18 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Grodno S.A. (GRN)?
Earnings per share at Grodno S.A. are 0.7400 PLN (price ÷ EPS = P/E 20.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Grodno S.A. (GRN)?
The net margin of Grodno S.A. is 0.9% (last twelve months). 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 Grodno S.A. (GRN)?
The return on equity (ROE) of Grodno S.A. is 8.5% (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 Grodno S.A. (GRN)?
On an EBIT basis the return on assets of Grodno S.A. is 4.6% (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 Grodno S.A. (GRN)?
The operating margin of Grodno S.A. is −0.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Grodno S.A. (GRN)?
Revenue at Grodno S.A. is growing +23.3% versus a year earlier (3y avg −0.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Grodno S.A. (GRN) carry?
The net debt of Grodno S.A. is 93.8M PLN (fiscal year 2025, ≈ 5.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 9, 2026