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Jastrzebska Spotka Weglowa SA (JSW) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Jastrzebska Spotka Weglowa SA stock PLN 34.14, price PLN 26.30, upside +29.8%, quality 32 out of 100. Rating: undervalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Energy PL · ISIN PLJSW0000015

JS Jastrzebska Spotka Weglowa SA logo Thin data Nov 5, 2026

Jastrzebska Spotka Weglowa SA

JSW · WAR
Speculative

The stock costs 23% less than our calculation considers fair.

Fair value 34.14 PLN · Undervalued
Low debt
Mixed vs. peers (4/10)
Quality 32/100
Weak Growth (revenue 3y −22.5 %/yr in PLN)
Loss-making · -56.5% net margin (TTM)
Negative free cash flow
Narrow moat 8/100 · thin data
Thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

79.00 PLN 20.20 PLN Fair Value 34.14 PLN Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range 20.20 PLN – 79.00 PLN · fair‑value band 25.48 PLN – 50.94 PLN · the 26.30 PLN price screens below the 34.14 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Jastrzebska Spólka Weglowa S.A. engages in the extraction, production, and sale of coal, coke, and hydrocarbons in Poland, Austria, the Czech Republic, Germany, Slovakia, Belgium, Spain, Norway, Switzerland, Romania , Luxembourg, Holland, and France.

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It operates through Coal, Coke, and Other segments.

The company provides maintenance, inspection, renovation, and repairs service of machinery and equipment; technical research services; and chemical and physiochemical analyses of minerals, as well as solid, liquid, and gaseous materials and products.

In addition, it is involved in the provision of railway lines; maintenance of railway infrastructure, and structures and equipment; construction and repair of railway track and facilities; security and auxiliary services; water and sewage-related services; discharge of saline mine water; supply of industrial water; reclamation activities; and production of salt.

Further, the company engages in the provision of construction, IT services, cybersecurity, software and data processing, hardware consulting, transportation, general construction, catering, freight transport, and post-mining waste disposal and reclamation services; software and data processing activities; insurance intermediation and administration; rail siding; and transportation of coal, coke, and cargo; maintenance and repair of rail cars.

Additionally, it is involved in the designing and execution of vertical and horizontal mine workings and tunnels; lease of machinery and equipment; assembly, repairs and upkeep of machinery for the mining, quarrying and construction industries; produces machinery for mining, quarrying, and construction; and drone usage services.

The company also offers logistics, security, insurance, and training or laboratory services. Jastrzebska Spólka Weglowa S.A. was founded in 1993 and is based in Jastrzebie Zdrój, Poland.

Stock analysis

Jastrzebska Spotka Weglowa SA (JSW) currently trades at 26.30 PLN, while our model-based Fair Value estimate is 34.14 PLN, implying the stock looks roughly 23% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 91/100, which puts the data coverage at low.

Scenario range: 25.48 PLN (bear) to 50.94 PLN (bull), the price of 26.30 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 32/100 (below-average quality), in the Energy sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Jastrzebska Spotka Weglowa SA reported revenue of 9.4B PLN in FY2025 versus 10.6B PLN in FY2021, a compound −3.0%/yr. Reported net income was −6.2B PLN in FY2025.

Key figures

Market cap 3.1B PLN (≈ $804M) Small · P/S ratio 0.38 · EPS (TTM) −43.94 PLN · Net margin −56.5% · Return on equity −103% · Return on assets (EBIT) 3.4% (5-year average) · Operating margin −11.5% · Revenue (TTM) 9.1B PLN.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).

What moves the price

The share trades about 32% below its 52-week high and 23% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Energy peers we cover trades at −25% fair-value upside, at 30%, JSW screens cheaper than that median.

Fair Value models

Bear 25.48 PLN Fair Value 34.14 PLN Bull 50.94 PLN
Price 26.30 PLN · Upside +29.8%
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. 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.
Best data coverage
NCAV (Graham) 12.74 PLN 17.07 PLN 25.47 PLN 54
All 1 models by family
Asset-Based
NCAV (Graham) 12.74 PLN 17.07 PLN 25.47 PLN 54

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 32/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 10
How much profit the company makes from its sales and capital
Quality Growth 40
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 28
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 59
How calm the share price moves, does not count
Price momentum 43
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 33
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 14/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−16.8%
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.
−22.5%
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.
+6.3%
Start year 2020 (pandemic). Over 10 years: +3.1% a year
Revenue growth 15 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.
+1.7%
Profit margin (trend) ⓘ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.
−25.7% (2020) → −37.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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.Thermal Coal · 82 stocks

Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 32 · Bottom 25%
Fair Value upside +29.8% · Above median
Profitability
Return on assets −46.2% · Bottom 25%
Net margin (12 months) −56.5% · Bottom 25%
Operating margin (12 months) −11.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 0.8% · Below median
Balance sheet
Debt / equity 0.12× · Below median

Valuation Multiplesvs Thermal Coal median · lower = cheaper

P/B 1.03× · Cheaper than median
P/S (12 months) 0.34× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)73 · sector 13
FUTURE (revenue growth)4 · sector 60
PAST (return on equity)0 · sector 27
HEALTH (low debt)94 · sector 92
DIVIDEND (yield)0 · sector 64

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Coal Oil & gas

Similar stocks

10 more Thermal Coal stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Coal India Limited COALINDIA ₹400.00 ₹464.01 +16% vs JSW
China Coal Energy Company 601898 ¥12.91 ¥14.62 +13% vs JSW
Shaanxi Coal Industry Company 601225 ¥25.85 ¥28.44 +10% vs JSW
PT Bayan Resources Tbk., BYAN 8,625 IDR 9,488 IDR +10% vs JSW
Inner Mongolia Dian Tou Energy Corporation 002128 ¥27.34 ¥20.56 −25% vs JSW
Shanxi Lu'an Environmental Energy Development Co 601699 ¥13.43 ¥9.23 −31% vs JSW
China Shenhua Energy Company 601088 ¥48.54 ¥31.96 −34% vs JSW
Yankuang Energy Group 600188 ¥16.76 ¥9.22 −45% vs JSW
PT Dian Swastatika Sentosa Tbk, DSSA 600.00 IDR 244.59 IDR −59% vs JSW
Adani Enterprises Limited ADANIENT ₹2,746 ₹891.11 −68% vs JSW

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Jastrzebska Spotka Weglowa SA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Jastrzebska Spotka Weglowa SA Fair Value". https://www.fairvalue-calculator.com/stock/JSW

Frequently asked questions

Is Jastrzebska Spotka Weglowa SA (JSW) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 34.14 PLN versus a price of 26.30 PLN, about +30% upside (undervalued).
What is the fair value of JSW?
Our model-based fair value for Jastrzebska Spotka Weglowa SA is 34.14 PLN (as of Nov 5, 2026), built from audited fundamentals. The current price: 26.30 PLN.
What is the quality score of JSW?
Jastrzebska Spotka Weglowa SA has a Quality Score of 32/100. 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 Jastrzebska Spotka Weglowa SA (JSW)?
Our model-based price target is the fair value of 34.14 PLN (as of Nov 5, 2026) from 1 valuation models. Cautious scenario 25.48 PLN, optimistic scenario 50.94 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Jastrzebska Spotka Weglowa SA stock forecast for 2026?
Our models put fair value at 34.14 PLN, about +30% upside versus a price of 26.30 PLN (undervalued). Cautious scenario 25.48 PLN, optimistic scenario 50.94 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Jastrzebska Spotka Weglowa SA (JSW)?
Jastrzebska Spotka Weglowa SA reported trailing-twelve-month revenue of about 9.1B PLN (latest available figure, as of Nov 5, 2026).
What is the intrinsic value of Jastrzebska Spotka Weglowa SA (JSW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jastrzebska Spotka Weglowa SA it is 34.14 PLN per share (as of Nov 5, 2026), against a price of 26.30 PLN. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Jastrzebska Spotka Weglowa SA stock overvalued or undervalued in 2026?
As of Nov 5, 2026, JSW trades below its calculated fair value: price 26.30 PLN, fair value 34.14 PLN, a gap of about +30% (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 JSW?
No. The price is what the market pays today (26.30 PLN); the fair value is what the company's own numbers justify (34.14 PLN). For Jastrzebska Spotka Weglowa SA the two are 7.84 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Jastrzebska Spotka Weglowa SA worth?
The market values Jastrzebska Spotka Weglowa SA at about 3.1B PLN (market capitalisation, as of Nov 5, 2026). Per share that is 26.30 PLN; our models calculate a fair value of 34.14 PLN per share.
What do the bullish and bearish scenarios say about JSW?
Our models span a range for Jastrzebska Spotka Weglowa SA: cautious scenario 25.48 PLN, base 34.14 PLN, optimistic 50.94 PLN per share (as of Nov 5, 2026, price 26.30 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Jastrzebska Spotka Weglowa SA (JSW)?
Balance-sheet figures for Jastrzebska Spotka Weglowa SA (as of Nov 5, 2026): return on equity −103.1%, debt of 0.12 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is JSW from its 52-week high?
Jastrzebska Spotka Weglowa SA trades at 26.30 PLN, about 32% below its 52-week high of 38.90 PLN and 23% above the low of 21.39 PLN (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 34.14 PLN is for.
Which stocks are comparable to Jastrzebska Spotka Weglowa SA?
From the same area (Energy) we also value China Shenhua Energy Company, Shaanxi Coal Industry Company, Adani Enterprises Limited, China Coal Energy Company, 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 Jastrzebska Spotka Weglowa SA stock attractive at the current price?
The data as of Nov 5, 2026: price 26.30 PLN, calculated fair value 34.14 PLN (+30%), Quality Score 32/100, from 1 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 JSW calculated?
We run Jastrzebska Spotka Weglowa SA through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of 34.14 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. Jastrzebska Spotka Weglowa SA currently trades 23% 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 Jastrzebska Spotka Weglowa SA (JSW)?
The closing price on Nov 6, 2026 was 26.30 PLN. Our model-based fair value is 34.14 PLN, about +30% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jastrzebska Spotka Weglowa SA right now?
A fairly wide model range (25.48 PLN to 50.94 PLN) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Jastrzebska Spotka Weglowa SA

How large is the market capitalisation of Jastrzebska Spotka Weglowa SA (JSW)?
The market capitalisation of Jastrzebska Spotka Weglowa SA is 3.1B PLN (≈ $804M). 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 Jastrzebska Spotka Weglowa SA (JSW)?
The price-to-sales ratio of Jastrzebska Spotka Weglowa SA is 0.38 (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 Jastrzebska Spotka Weglowa SA (JSW)?
Earnings per share at Jastrzebska Spotka Weglowa SA are −43.94 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Jastrzebska Spotka Weglowa SA (JSW)?
The net margin of Jastrzebska Spotka Weglowa SA is −56.5% (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 Jastrzebska Spotka Weglowa SA (JSW)?
The return on equity (ROE) of Jastrzebska Spotka Weglowa SA is −103% (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 Jastrzebska Spotka Weglowa SA (JSW)?
On an EBIT basis the return on assets of Jastrzebska Spotka Weglowa SA is 3.4% (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 Jastrzebska Spotka Weglowa SA (JSW)?
The operating margin of Jastrzebska Spotka Weglowa SA is −11.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jastrzebska Spotka Weglowa SA (JSW)?
Revenue at Jastrzebska Spotka Weglowa SA is growing +0.8% versus a year earlier (3y avg −22.5%). 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 Jastrzebska Spotka Weglowa SA (JSW)?
Earnings per share at Jastrzebska Spotka Weglowa SA are growing −87.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Jastrzebska Spotka Weglowa SA (JSW) generate?
The free cash flow of Jastrzebska Spotka Weglowa SA is −3.7B 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 debt does Jastrzebska Spotka Weglowa SA (JSW) carry?
The net debt of Jastrzebska Spotka Weglowa SA is 1.1B PLN (fiscal year 2025). 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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