Altustfi (ALI) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Altustfi PLN 4.24, price PLN 3.50, upside +21.1%, quality 68 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 1.13 PLN – 4.00 PLN · fair‑value band 3.03 PLN – 5.60 PLN · the 3.50 PLN price screens below the 4.24 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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 3.50 PLN, while our model-based Fair Value estimate is 4.24 PLN, implying the stock looks roughly 17.5% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 4.48 PLN per share, and 6 of the 10 models we run sit above the 3.50 PLN price.
Bear case: the Asset-Based group reads lowest at 2.44 PLN, and 4 of the 10 models stay below the price. Evidence for this calculation is low.
Scenario range: 3.03 PLN (bear) to 5.60 PLN (bull), the price of 3.50 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 143M PLN (≈ $37.3M) · P/E ratio 10.9 · P/S ratio 2.78 · EPS (TTM) 0.3200 PLN · Net margin 25.5% · Return on equity 9.3% · Return on assets (EBIT) 6.9% · Operating margin 21.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 21%, ALI screens cheaper than that median.
Fair Value models
Bear 3.03 PLNFair Value 4.24 PLNBull 5.60 PLN
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.2341 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.Evidence ⓘEvidence = 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.12% vs −11%, picking up
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%
Start year 2020 (pandemic)
⚠ 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.
⚠ 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 %
Yearly growth needed for the next five years to justify today's 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.Asset Management · 659 stocks
Beats the industry median on 11/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+21% · Above median
Profitability
Return on equity (TTM)9% · Above median
Return on assets4% · Above median
Net margin (TTM)24% · Above median
Operating margin (TTM)22% · Below median
Growth and dividend
Revenue growth11% · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
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 Sep 24, 2026, our model estimates a fair value of 4.24 PLN versus a price of 3.50 PLN, about +21% upside (undervalued).
What is the fair value of ALI?
Our model-based fair value for Altustfi is 4.24 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 3.50 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 4.24 PLN (as of Sep 24, 2026) from 10 valuation models. Cautious scenario 3.03 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 4.24 PLN, about +21% upside versus a price of 3.50 PLN (undervalued). Cautious scenario 3.03 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 54.8M PLN (latest available figure, as of Sep 24, 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 Sep 24, 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 0.51, 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 a year over ten years, 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 less than minus 40 % per year free-cash-flow growth a 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 +8.4 % a year. That is the yardstick for the growth priced into Altustfi (less than minus 40 % per year a 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 8.68 %: 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 4.24 PLN per share (as of Sep 24, 2026), against a price of 3.50 PLN. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Altustfi stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ALI trades below its calculated fair value: price 3.50 PLN, fair value 4.24 PLN, a gap of about +21% (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 ALI?
No. The price is what the market pays today (3.50 PLN); the fair value is what the company's own numbers justify (4.24 PLN). For Altustfi the two are 0.7400 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 143M PLN (market capitalisation, as of Sep 24, 2026). Per share that is 3.50 PLN; our models calculate a fair value of 4.24 PLN per share.
What do the bullish and bearish scenarios say about ALI?
Our models span a range for Altustfi: cautious scenario 3.03 PLN, base 4.24 PLN, optimistic 5.60 PLN per share (as of Sep 24, 2026, price 3.50 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 10.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 4.24 PLN is built from several models across several years. Other multiples: P/B 0.3, P/S 0.7, EV/EBITDA 3.3.
How solid is the balance sheet of Altustfi (ALI)?
Balance-sheet figures for Altustfi (as of Sep 24, 2026): return on equity 9.3%. 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 3.50 PLN, about 4% below its 52-week high of 3.65 PLN and 37% above the low of 2.55 PLN (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 4.24 PLN is for.
Which stocks are comparable to Altustfi?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, 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 Sep 24, 2026: price 3.50 PLN, calculated fair value 4.24 PLN (+21%), 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 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 4.24 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 14.1 % above its aggregate fair value. Altustfi currently trades 21 % 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 Sep 23, 2026 was 3.50 PLN. Our model-based fair value is 4.24 PLN, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Altustfi right now?
Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (3.03 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 143M PLN (≈ $37.3M). 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 Altustfi (ALI)?
The price-to-sales ratio of Altustfi is 2.78 (P/E × margin). 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 0.3200 PLN (price ÷ EPS = P/E 10.9). 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 25.5% (fiscal year 2025). 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 9.3% (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 21.5% (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 +10.9% 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 −23.6% 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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