Altustfi (ALI) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Altustfi stock PLN 4.25, price PLN 3.84, upside +10.7%, quality 68 out of 100. Rating: fairly valued. Calculated from audited financials with 10 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 7, 2026.
How to read this chart
60‑month range 1.13 PLN – 4.00 PLN · fair‑value band 3.05 PLN – 5.60 PLN · the 3.84 PLN price screens below the 4.25 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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ALTUS Towarzystwo Funduszy Inwestycyjnych S.A. is a publicly owned investment manager. ALTUS Towarzystwo Funduszy Inwestycyjnych S.A. was founded in 2007 and is based in Warsaw, Poland.
Stock analysis
Altustfi (ALI) currently trades at 3.84 PLN, while our model-based Fair Value estimate is 4.25 PLN, so the stock looks roughly fairly valued today (gap 9.6%).
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Valuation
Bull case: the DCF Models group reads highest at a median of 4.25 PLN per share, and 4 of the 10 models we run sit above the 3.84 PLN price.
Bear case: the Earnings-Based group reads lowest at 2.86 PLN, and 6 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: 3.05 PLN (bear) to 5.60 PLN (bull), the price of 3.84 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 68/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Altustfi reported revenue of 55.4M PLN in FY2025 versus 57.7M PLN in FY2021, a compound −1.0%/yr. Reported net income was 14.1M PLN in FY2025, compounding +14.8%/yr from FY2021.
Key figures
Market cap 150M PLN (≈ $38.4M) Micro · P/E ratio 11.0 · P/S ratio 2.63 · EPS (TTM) 0.3500 PLN · Net margin 25.0% · Return on equity 9.6% · Return on assets (EBIT) 6.9% (5-year average) · Operating margin 24.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 51% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 11%, ALI screens cheaper than that median.
Fair Value models
Bear3.05 PLNFair Value 4.25 PLNBull5.60 PLN
Price 3.84 PLN · Upside +10.7%
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 (0.3001 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+6.8%
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.
+10.0%
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.
−3.4%
Start year 2020 (pandemic). Over 10 years: −13.6% a year
Revenue growth 13 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.
+0.9%
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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. Basis: EBIT basis.
≈ +2.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +2.8%
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.base effect: 11.9% / −10.6%
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.20% → 26%
⚠ Revenue per share shrinking 10.6%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.30 per share, median 1.42 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
⚠ Rate on operating basis: 2025 sits 54% above its own trend.
Growth Forecast
Little optimism in the price
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).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
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.Asset Management · 587 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Above median
Fair Value upside+11.8% · Below median
Profitability
Return on equity (12 months)9.6% · Above median
Return on assets7.4% · Above median
Net margin (12 months)25.0% · Below median
Operating margin (12 months)24.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)15.0% · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)11.0× · Cheaper than median
P/B1.00× · Pricier than median
P/S (12 months)2.63× · Cheaper than median
Price / free cash flow (fiscal year)12.0× · 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). "Altustfi Fair Value". https://www.fairvalue-calculator.com/stock/ALI
Frequently asked questions
Is Altustfi (ALI) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 4.25 PLN versus a price of 3.84 PLN, about +11% upside (fairly valued).
What is the fair value of ALI?
Our model-based fair value for Altustfi is 4.25 PLN (as of Nov 7, 2026), built from audited fundamentals. The current price: 3.84 PLN.
What is the quality score of ALI?
Altustfi has a Quality Score of 68/100. 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 Altustfi (ALI)?
Our model-based price target is the fair value of 4.25 PLN (as of Nov 7, 2026) from 10 valuation models. Cautious scenario 3.05 PLN, optimistic scenario 5.60 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Altustfi stock forecast for 2026?
Our models put fair value at 4.25 PLN, about +11% upside versus a price of 3.84 PLN (fairly valued). Cautious scenario 3.05 PLN, optimistic scenario 5.60 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Altustfi (ALI)?
Altustfi reported trailing-twelve-month revenue of about 56.5M PLN (latest available figure, as of Nov 7, 2026).
What growth is priced into Altustfi (ALI)?
For today's price to be fair in a discounted-cash-flow model, Altustfi would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -3.4 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of ALI use?
Our models discount Altustfi at 9.3 %: a base by market capitalisation (nano), damped by beta 0.48, 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 Altustfi that is less than minus 40 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Altustfi (ALI) delivered so far?
Over the past 5 years revenue at Altustfi grew -3.4 % a year. The price currently implies free-cash-flow growth of less than minus 40 % 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 Altustfi (ALI) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Altustfi (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Altustfi (ALI)?
The free-cash-flow yield on the price is 8.27 %: that much free cash flow Altustfi produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Altustfi (ALI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Altustfi it is 4.25 PLN per share (as of Nov 7, 2026), against a price of 3.84 PLN. It is the blended result of 10 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Altustfi stock overvalued or undervalued in 2026?
As of Nov 7, 2026, ALI trades below its calculated fair value: price 3.84 PLN, fair value 4.25 PLN, a gap of about +11% (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 ALI?
No. The price is what the market pays today (3.84 PLN); the fair value is what the company's own numbers justify (4.25 PLN). For Altustfi the two are 0.4100 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Altustfi worth?
The market values Altustfi at about 150M PLN (market capitalisation, as of Nov 7, 2026). Per share that is 3.84 PLN; our models calculate a fair value of 4.25 PLN per share.
What do the bullish and bearish scenarios say about ALI?
Our models span a range for Altustfi: cautious scenario 3.05 PLN, base 4.25 PLN, optimistic 5.60 PLN per share (as of Nov 7, 2026, price 3.84 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ALI?
Altustfi trades at a price-to-earnings ratio of 11.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 4.25 PLN is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 8.0. Other multiples: P/B 1.0, P/S 2.6, EV/EBITDA 12.1.
How solid is the balance sheet of Altustfi (ALI)?
Balance-sheet figures for Altustfi (as of Nov 7, 2026): return on equity 9.6%. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is ALI from its 52-week high?
Altustfi trades at 3.84 PLN, about 4% below its 52-week high of 3.98 PLN and 51% above the low of 2.55 PLN (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 4.25 PLN is for.
Which stocks are comparable to Altustfi?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, 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 Altustfi stock attractive at the current price?
The data as of Nov 7, 2026: price 3.84 PLN, calculated fair value 4.25 PLN (+11%), Quality Score 68/100, from 10 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 ALI calculated?
We run Altustfi through 10 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 4.25 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. Altustfi currently trades 10% 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 Altustfi (ALI)?
The closing price on Nov 9, 2026 was 3.84 PLN. Our model-based fair value is 4.25 PLN, about +11% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Altustfi right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (3.05 PLN to 5.60 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. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Altustfi (ALI) come from?
Earnings per share at Altustfi grew −12.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −11.7 %, EBIT margin −4.9 %, tax rate −0.7 %, residual (interest, one-offs) +4.7 %. 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 Altustfi
How large is the market capitalisation of Altustfi (ALI)?
The market capitalisation of Altustfi is 150M PLN (≈ $38.4M). 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 Altustfi (ALI)?
The price-to-sales ratio of Altustfi is 2.63 (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 Altustfi (ALI)?
Earnings per share at Altustfi are 0.3500 PLN (price ÷ EPS = P/E 11.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Altustfi (ALI)?
The net margin of Altustfi is 25.0% (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 Altustfi (ALI)?
The return on equity (ROE) of Altustfi is 9.6% (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 Altustfi (ALI)?
On an EBIT basis the return on assets of Altustfi is 6.9% (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 Altustfi (ALI)?
The operating margin of Altustfi is 24.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Altustfi (ALI)?
Revenue at Altustfi is growing +15.0% versus a year earlier (3y avg +10.0%). 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 Altustfi (ALI)?
Earnings per share at Altustfi are growing +35.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Altustfi (ALI) carry?
The net debt of Altustfi is 1.6M PLN (fiscal year 2025, ≈ 0.1 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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Thin data
Nov 7, 2026