Xplus SA (XPL) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Xplus SA stock PLN 3.26, price PLN 2.96, upside +10.0%, quality 84 out of 100. Rating: fairly valued. Calculated from audited financials with 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 1.20 PLN – 4.35 PLN · fair‑value band 2.24 PLN – 4.64 PLN · the 2.96 PLN price screens below the 3.26 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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Xplus S.A. offers IT software solutions in Poland, European Union, and internationally.
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The company offers XPLUS- Testing , an autonomous regression testing for dynamics 365; XPLUS- User Security Governance, a full audit readiness, license control, and scalable role management for Dynamics 365; XPLUS- Discovery, a full visibility and control over what happens inside Dynamics 365.
It also provides compliance and risk reduction solutions such as auditing and compliance, cost and license optimization, GDPR compliance, anti-fraud, error detection, and monitoring; quality and testing solutions include performance testing, regression testing, automated testing for D365 business central, and testing lite; and operational confidence solutions such as AI-powered observability, business process mining, performance monitoring, polish localization.
The company was founded in 2002 and is based in Warsaw, Poland. Xplus S.A. is a subsidiary of FCBSL Spolka Z Ograniczona Odpowiedzialnoscia.
Stock analysis
Xplus SA (XPL) currently trades at 2.96 PLN, while our model-based Fair Value estimate is 3.26 PLN, so the stock looks roughly fairly valued today (gap 9.1%).
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Valuation
Bull case: the DCF Models group reads highest at a median of 3.33 PLN per share, and 10 of the 26 models we run sit above the 2.96 PLN price.
Bear case: the Economic Profit group reads lowest at 1.04 PLN, and 16 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 2.24 PLN (bear) to 4.64 PLN (bull), the price of 2.96 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 84/100 (high quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Xplus SA reported revenue of 58.4M PLN in FY2025 versus 51.7M PLN in FY2021, a compound +3.1%/yr. Reported net income was 8.5M PLN in FY2025, compounding −2.7%/yr from FY2021.
Key figures
Market cap 195M PLN (≈ $49.9M) Micro · P/E ratio 19.7 · P/S ratio 3.10 · EPS (TTM) 0.1500 PLN · Dividend yield 8.8% · Net margin 16.4% · Return on equity 49.2% · Return on assets (EBIT) 16.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 63% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −11% fair-value upside, at 10%, XPL screens cheaper than that median.
Fair Value models
Bear2.24 PLNFair Value 3.26 PLNBull4.64 PLN
Price 2.96 PLN · Upside +10.0%
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.
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.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.9%
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.
−0.8%
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.
+8.5%
Start year 2020 (pandemic)
Revenue growth 9 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.
+12.0%
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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.
+9.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.3%
Dividend (yield on the price)8.8%
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.0.3% vs 16.6%, 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.26% → 17%
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).
+8.1%
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 +4.8% 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.Software - Infrastructure · 346 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score84 · Top 25%
Fair Value upside+10.0% · Above median
Profitability
Return on equity (12 months)49.2% · Top 25%
Return on assets18.0% · Top 25%
Net margin (12 months)16.4% · Top 25%
Operating margin (12 months)9.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)23.9% · Above median
Dividend yield (12 months)8.8% · Top 25%
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/E (12 months)19.7× · Cheaper than median
P/B8.60× · Priciest 25%
P/S (12 months)3.10× · Pricier than median
Price / free cash flow (fiscal year)15.5× · 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). "Xplus SA Fair Value". https://www.fairvalue-calculator.com/stock/XPL
Frequently asked questions
Is Xplus SA (XPL) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 3.26 PLN versus a price of 2.96 PLN, about +10% upside (fairly valued).
What is the fair value of XPL?
Our model-based fair value for Xplus SA is 3.26 PLN (as of Nov 9, 2026), built from audited fundamentals. The current price: 2.96 PLN.
What is the quality score of XPL?
Xplus SA has a Quality Score of 84/100. 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 Xplus SA (XPL)?
Our model-based price target is the fair value of 3.26 PLN (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 2.24 PLN, optimistic scenario 4.64 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Xplus SA stock forecast for 2026?
Our models put fair value at 3.26 PLN, about +10% upside versus a price of 2.96 PLN (fairly valued). Cautious scenario 2.24 PLN, optimistic scenario 4.64 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Xplus SA (XPL)?
Xplus SA reported trailing-twelve-month revenue of about 63.1M PLN (latest available figure, as of Nov 9, 2026).
Does Xplus SA pay a dividend?
Xplus SA currently shows a dividend yield of 8.78% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Xplus SA (XPL) and when is the ex-dividend date?
Xplus SA pays a dividend of 0.26 PLN per share a year, a dividend yield of 8.8%. The last ex-dividend date was Jul 6, 2026. The payout ratio is 173% of earnings. Free cash flow covers the dividend 0.70 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Xplus SA (XPL)?
For today's price to be fair in a discounted-cash-flow model, Xplus SA would have to grow free cash flow by +8.1 % 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 +8.5 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of XPL use?
Our models discount Xplus SA at 12.1 %: a base by market capitalisation (micro), damped by beta 0.37, 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 Xplus SA that is +8.1 % 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 Xplus SA (XPL) delivered so far?
Over the past 5 years revenue at Xplus SA grew +8.5 % a year. The price currently implies free-cash-flow growth of +8.1 % 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 Xplus SA (XPL) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Xplus SA (+8.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Xplus SA (XPL)?
The free-cash-flow yield on the price is 6.45 %: that much free cash flow Xplus SA 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 Xplus SA (XPL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Xplus SA it is 3.26 PLN per share (as of Nov 9, 2026), against a price of 2.96 PLN. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Xplus SA stock overvalued or undervalued in 2026?
As of Nov 9, 2026, XPL trades below its calculated fair value: price 2.96 PLN, fair value 3.26 PLN, a gap of about +10% (fairly valued). 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 XPL?
No. The price is what the market pays today (2.96 PLN); the fair value is what the company's own numbers justify (3.26 PLN). For Xplus SA the two are 0.2960 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Xplus SA worth?
The market values Xplus SA at about 195M PLN (market capitalisation, as of Nov 9, 2026). Per share that is 2.96 PLN; our models calculate a fair value of 3.26 PLN per share.
What do the bullish and bearish scenarios say about XPL?
Our models span a range for Xplus SA: cautious scenario 2.24 PLN, base 3.26 PLN, optimistic 4.64 PLN per share (as of Nov 9, 2026, price 2.96 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of XPL?
Xplus SA trades at a price-to-earnings ratio of 19.7 (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 3.26 PLN is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 11.4. Other multiples: P/B 8.6, P/S 3.1, EV/EBITDA 21.3.
How solid is the balance sheet of Xplus SA (XPL)?
Balance-sheet figures for Xplus SA (as of Nov 9, 2026): return on equity 49.2%. They feed the Quality Score of 84/100, which measures business quality independently of the share price.
How far is XPL from its 52-week high?
Xplus SA trades at 2.96 PLN, about 14% below its 52-week high of 3.44 PLN and 63% above the low of 1.81 PLN (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 3.26 PLN is for.
Which stocks are comparable to Xplus SA?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, 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 Xplus SA stock attractive at the current price?
The data as of Nov 9, 2026: price 2.96 PLN, calculated fair value 3.26 PLN (+10%), Quality Score 84/100, from 26 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 XPL calculated?
We run Xplus SA through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 3.26 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. Xplus SA currently trades 9% 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 Xplus SA (XPL)?
The closing price on Nov 6, 2026 was 2.96 PLN. Our model-based fair value is 3.26 PLN, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Xplus SA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (2.24 PLN to 4.64 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 Xplus SA
How large is the market capitalisation of Xplus SA (XPL)?
The market capitalisation of Xplus SA is 195M PLN (≈ $49.9M). 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 Xplus SA (XPL)?
The price-to-sales ratio of Xplus SA is 3.10 (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 Xplus SA (XPL)?
Earnings per share at Xplus SA are 0.1500 PLN (price ÷ EPS = P/E 19.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Xplus SA (XPL)?
The dividend yield of Xplus SA is 8.8% (payout 173%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Xplus SA (XPL)?
The net margin of Xplus SA is 16.4% (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 Xplus SA (XPL)?
The return on equity (ROE) of Xplus SA is 49.2% (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 Xplus SA (XPL)?
On an EBIT basis the return on assets of Xplus SA is 16.4% (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 Xplus SA (XPL)?
The operating margin of Xplus SA is 9.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Xplus SA (XPL)?
Revenue at Xplus SA is growing +23.9% versus a year earlier (3y avg −0.8%). 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 Xplus SA (XPL)?
Earnings per share at Xplus SA are growing +187% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Xplus SA (XPL) hold?
Xplus SA holds more cash than debt, 19.2M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 9, 2026