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KBJ S.A (KBJ) fair value: what the stock is really worth

As of Nov 4, 2026: fair value (intrinsic value) of KBJ S.A stock PLN 21.56, price PLN 28.20, that is 23.5% below the price, quality 46 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Technology PL · ISIN PLKBJ0000016

KS Some data Nov 4, 2026

KBJ S.A

KBJ · WAR
Expensive, weak quality

Our calculation puts a fair price 24% below what the stock costs today.

Low debt
Revenue last quarter +33% vs. a year ago.
Quality 46/100
Expensive Growth (revenue 3y +3.9 %/yr in PLN)
Thin margins · 1.0% net margin (TTM)
Mixed vs. peers (5/11)
Some data
Fair value 21.56 PLN · Overvalued (−23.5%)
Negative free cash flow
Narrow moat 22/100 · thin data
⚠ Thinly traded⚠ Small free float
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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

31.60 PLN 12.75 PLN Fair Value 21.56 PLN Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range 12.75 PLN – 31.60 PLN · fair‑value band 19.11 PLN – 23.63 PLN · the 28.20 PLN price screens above the 21.56 PLN fair value. As of Nov 4, 2026.

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Company profile

KBJ S.A. offers SAP products and business intelligence solutions.

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It also offers intelligent enterprise SAP solutions, such as S/4 HANA / SAP ERP, SAP HR/HCM, SAP business data cloud, SAP BW4/HANA, SAP datawarehouse cloud, SAP integrated business planning, SAP business technology platform, and SAP master data governance; and digital transformation solution, including finance and controlling, sales, distribution, logistics, production, warehouse management, analytics and reporting, human capital management, and integrated business planning.

In addition, the company provides SAP implementations, roll-out, maintenance and development, SAP enterprise support, analysis, consulting, audit, upgrade and migration of SAP, SAP development, and integration solutions; proprietary KBJ solutions; and SOA people solutions comprising asset management, planning, scheduling, and smart cockpit.

KBJ S.A. is headquartered in Warsaw, Poland.

Stock analysis

KBJ S.A (KBJ) currently trades at 28.20 PLN, while our model-based Fair Value estimate is 21.56 PLN, 24% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 24.91 PLN per share, and 3 of the 13 models we run sit above the 28.20 PLN price.

Bear case: the Earnings-Based group reads lowest at 3.98 PLN, and 10 of the 13 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 19.11 PLN (bear) to 23.63 PLN (bull), the price of 28.20 PLN sits above 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 46/100 (below-average quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

KBJ S.A reported revenue of 104M PLN in FY2025 versus 92.5M PLN in FY2022, a compound +3.9%/yr. Reported net income was 937K PLN in FY2025, compounding −36.5%/yr from FY2022.

Key figures

Market cap 58.0M PLN (≈ $14.9M) Micro · P/S ratio 0.55 · EPS (TTM) −0.1000 PLN · Net margin 1.0% · Return on equity 2.7% · Return on assets (EBIT) 8.0% · Operating margin −1.7% · Revenue (TTM) 110M PLN.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (low confidence).

What moves the price

The share trades about 11% below its 52-week high and 76% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at 23% fair-value upside, at −24%, KBJ screens richer than that median.

Fair Value models

Bear 19.11 PLN Fair Value 21.56 PLN Bull 23.63 PLN
Price 28.20 PLN · Downside -23.5%
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
Owner Earnings 6.98 PLN 8.61 PLN 11.43 PLN 75
EPV 19.11 PLN 21.56 PLN 23.63 PLN 71
ROIC Compounder 19.11 PLN 21.83 PLN 24.64 PLN 69
All 13 models by family
DCF Models
Owner Earnings 6.98 PLN 8.61 PLN 11.43 PLN 75
Earnings-Based
Graham-Dodd 3.10 PLN 3.98 PLN 4.54 PLN 65
EPV 19.11 PLN 21.56 PLN 23.63 PLN 71
Multiples
P/E Multiple 4.78 PLN 6.37 PLN 7.97 PLN 63
P/S Multiple 5.81 PLN 7.74 PLN 9.68 PLN 58
P/B Multiple 25.79 PLN 34.39 PLN 42.99 PLN 55
EV/EBIT 21.69 PLN 28.33 PLN 34.98 PLN 66
EV/EBITDA 19.12 PLN 24.91 PLN 30.71 PLN 67
EV/Revenue 25.94 PLN 36.31 PLN 46.68 PLN 54
Asset-Based
NCAV (Graham) 9.74 PLN 14.75 PLN 18.44 PLN 54
Economic Profit
Residual Income 12.50 PLN 12.65 PLN 13.12 PLN 68
ROIC Compounder 19.11 PLN 21.83 PLN 24.64 PLN 69
Growth Earnings
Growth-Adj P/E 3.44 PLN 4.91 PLN 6.39 PLN 65

Open the full fair value analysis →

Quality Score breakdown

Overall quality 46/100

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

Profitability 53
How much profit the company makes from its sales and capital
Quality Growth 23
Are margins and returns getting better?
Cashflow 12
Do the profits arrive as real cash?
Financial strength 81
Debt, balance sheet and risk of trouble
Investment 45
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 81
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 75
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. 28/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−4.4%
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.
+3.9%
What shareholders gained per year (last 3 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 3 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. Basis: EBIT basis.
+8.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.8%
Dividend (yield on the price)0.0%

KBJ screens overvalued: fair value 24% below the price. Compare with International Business Machines Corporation →

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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.Information Technology Services · 484 stocks

Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 46 · Below median
Fair Value upside −23.5% · Below median
Profitability
Return on equity (12 months) 2.7% · Below median
Return on assets 1.4% · Below median
Net margin (12 months) 1.0% · Below median
Operating margin (12 months) −1.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 33.0% · Top 25%

Valuation Multiplesvs Information Technology Services median · lower = cheaper

P/B 1.48× · Cheaper than median
P/S (12 months) 0.53× · Cheapest 25%
EV/EBITDA 7.4× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)2 · sector 43
FUTURE (revenue growth)100 · sector 32
PAST (return on equity)11 · sector 37
HEALTH (low debt)100 · sector 98
DIVIDEND (yield)0 · sector 40

Context: sector, industry, market

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Information Technology Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Cognizant Technology Solutions Corporation CTSH $65.78 $139.68 +112% vs KBJ
Infosys Limited INFY ₹1,128 ₹1,673 +48% vs KBJ
Wipro Limited WIPRO ₹194.55 ₹287.86 +48% vs KBJ
Accenture plc ACN $264.27 $332.90 +26% vs KBJ
Tata Consultancy Services Limited TCS ₹2,436 ₹2,993 +23% vs KBJ
HCL Technologies Limited HCLTECH ₹1,405 ₹1,602 +14% vs KBJ
Amadeus IT Group AMS €59.64 €65.98 +11% vs KBJ
CDW Corporation CDW $168.75 $165.54 −2% vs KBJ
Broadridge Financial Solutions, Inc BR $189.29 $161.47 −15% vs KBJ
International Business Machines Corporation IBM $254.32 $185.39 −27% vs KBJ

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KBJ S.A: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "KBJ S.A Fair Value". https://www.fairvalue-calculator.com/stock/KBJ

Frequently asked questions

Is KBJ S.A (KBJ) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 21.56 PLN versus a price of 28.20 PLN, about 24% lower (overvalued).
What is the fair value of KBJ?
Our model-based fair value for KBJ S.A is 21.56 PLN (as of Nov 4, 2026), built from audited fundamentals. The current price: 28.20 PLN.
What is the quality score of KBJ?
KBJ S.A has a Quality Score of 46/100. 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 KBJ S.A (KBJ)?
Our model-based price target is the fair value of 21.56 PLN (as of Nov 4, 2026) from 13 valuation models. Cautious scenario 19.11 PLN, optimistic scenario 23.63 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the KBJ S.A stock forecast for 2026?
Our models put fair value at 21.56 PLN, about 24% lower versus a price of 28.20 PLN (overvalued). Cautious scenario 19.11 PLN, optimistic scenario 23.63 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of KBJ S.A (KBJ)?
KBJ S.A reported trailing-twelve-month revenue of about 110M PLN (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of KBJ S.A (KBJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KBJ S.A it is 21.56 PLN per share (as of Nov 4, 2026), against a price of 28.20 PLN. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is KBJ S.A stock overvalued or undervalued in 2026?
As of Nov 4, 2026, KBJ trades above its calculated fair value: price 28.20 PLN, fair value 21.56 PLN, a gap of about −24% (overvalued). 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 KBJ?
No. The price is what the market pays today (28.20 PLN); the fair value is what the company's own numbers justify (21.56 PLN). For KBJ S.A the two are 6.64 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is KBJ S.A worth?
The market values KBJ S.A at about 58.0M PLN (market capitalisation, as of Nov 4, 2026). Per share that is 28.20 PLN; our models calculate a fair value of 21.56 PLN per share.
What do the bullish and bearish scenarios say about KBJ?
Our models span a range for KBJ S.A: cautious scenario 19.11 PLN, base 21.56 PLN, optimistic 23.63 PLN per share (as of Nov 4, 2026, price 28.20 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of KBJ S.A (KBJ)?
Balance-sheet figures for KBJ S.A (as of Nov 4, 2026): return on equity 2.7%. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is KBJ from its 52-week high?
KBJ S.A trades at 28.20 PLN, about 11% below its 52-week high of 31.60 PLN and 76% above the low of 16.05 PLN (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 21.56 PLN is for.
Which stocks are comparable to KBJ S.A?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, 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 KBJ S.A stock attractive at the current price?
The data as of Nov 4, 2026: price 28.20 PLN, calculated fair value 21.56 PLN (−24%), Quality Score 46/100, from 13 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 KBJ calculated?
We run KBJ S.A through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 21.56 PLN, 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 15.0% above its aggregate fair value. KBJ S.A itself currently trades above fair value. 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 KBJ S.A (KBJ)?
The closing price on Nov 4, 2026 was 28.20 PLN. Our model-based fair value is 21.56 PLN, about 24% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KBJ S.A right now?
The price sits above even our optimistic bull case (23.63 PLN). The favourable scenario is already priced in. Weak quality (46/100) and above fair value at the same time, the margin of safety is missing on both counts.

Key figures of KBJ S.A

How large is the market capitalisation of KBJ S.A (KBJ)?
The market capitalisation of KBJ S.A is 58.0M PLN (≈ $14.9M). 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 KBJ S.A (KBJ)?
The price-to-sales ratio of KBJ S.A is 0.55 (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 KBJ S.A (KBJ)?
Earnings per share at KBJ S.A are −0.1000 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of KBJ S.A (KBJ)?
The net margin of KBJ S.A is 1.0% (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 KBJ S.A (KBJ)?
The return on equity (ROE) of KBJ S.A is 2.7% (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 KBJ S.A (KBJ)?
On an EBIT basis the return on assets of KBJ S.A is 8.0% (avg 4y). 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 KBJ S.A (KBJ)?
The operating margin of KBJ S.A is −1.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KBJ S.A (KBJ)?
Revenue at KBJ S.A is growing +33.0% versus a year earlier (3y avg +3.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does KBJ S.A (KBJ) generate?
The free cash flow of KBJ S.A is −1.5M PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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