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ATM Grupa S.A (ATG) Fair Value & Analysis

Communication Services · PL · Market cap 309M PLN

AG ATM Grupa S.A ATG · WAR
Price3.66 PLN
Fair Value1.78 PLN
Upside-51.4%
Quality67/100
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Mixed Growth
Solidly profitable · 12.3% net margin
Low debt · generates free cash flow
9.54% dividend yield
Ranks above peers (12/14)
Moderate moat 51/100
Evidence: Medium Range 1.03 PLN – 2.22 PLN Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 23 days ago

Fair value updated Jul 17, 2026, revised from 1.45 PLN to 1.78 PLN (+22.8%) since Jul 14, 2026. Share price −0.3% over the past month.

A solid business, but screening 51% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (2.22 PLN). The favourable scenario is already priced in.
  • Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (1.03 PLN to 2.22 PLN) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

4.29 PLN 2.22 PLN Fair Value 1.78 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 2.22 PLN – 4.29 PLN · fair‑value band 1.03 PLN – 2.22 PLN · the 3.66 PLN price screens above the 1.78 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

ATM Grupa S.A (ATG) currently trades at 3.66 PLN, while our model-based Fair Value estimate is 1.78 PLN, implying the stock looks roughly 51.4% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, ATM Grupa S.A generated revenue of 323M PLN at a net margin of 11.8%. Revenue grew 22.3% year over year. It earns a return on equity of 11.9%. The stock trades on a trailing P/E of 9.7. Fundamentals as of Jul 17, 2026

Our scenario range runs from 1.03 PLN (bear case) to 2.22 PLN (bull case); at 3.66 PLN, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -52% fair-value upside, at -51%, ATG screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 2.55 PLN 3.70 PLN 5.26 PLN 80
Residual Income 3.37 PLN 3.73 PLN 5.18 PLN 76
Rev-Margin DCF 3.74 PLN 6.30 PLN 9.40 PLN 74
All 26 models by family
DCF Models
FCF DCF 2.56 PLN 3.81 PLN 5.59 PLN 38
Owner Earnings 6.49 PLN 9.90 PLN 14.75 PLN 31
5Y Revenue Exit 3.74 PLN 6.36 PLN 9.83 PLN 39
5Y EBITDA Exit 6.78 PLN 12.31 PLN 19.08 PLN 41
5Y P/E Exit 5.15 PLN 9.12 PLN 13.49 PLN 38
10Y Revenue Exit 3.11 PLN 5.27 PLN 8.41 PLN 36
10Y EBITDA Exit 5.04 PLN 9.14 PLN 15.14 PLN 37
10Y P/E Exit 4.07 PLN 7.07 PLN 11.07 PLN 35
Earnings-Based
Graham-Dodd 3.00 PLN 11.52 PLN 15.60 PLN 54
Lynch FV 2.81 PLN 4.02 PLN 5.22 PLN 50
PEG = 1.0 2.81 PLN 4.02 PLN 5.22 PLN 46
EPV 3.17 PLN 3.57 PLN 3.90 PLN 59
Dividend Discount
Gordon GGM 1.40 PLN 2.52 PLN 3.47 PLN 70
DDM Multi-Stage 1.40 PLN 2.30 PLN 2.69 PLN 61
Multiples
P/E Multiple 7.27 PLN 9.70 PLN 12.12 PLN 63
P/S Multiple 5.62 PLN 7.49 PLN 9.37 PLN 58
P/B Multiple 5.62 PLN 7.49 PLN 9.37 PLN 55
EV/EBIT 6.06 PLN 7.99 PLN 9.93 PLN 53
EV/EBITDA 10.50 PLN 13.91 PLN 17.32 PLN 54
EV/Revenue 4.66 PLN 6.55 PLN 8.43 PLN 43
Asset-Based
NCAV (Graham) 1.97 PLN 2.64 PLN 3.94 PLN 50
Growth DCF
Growth DCF 2.55 PLN 3.70 PLN 5.26 PLN 80
Rev-Margin DCF 3.74 PLN 6.30 PLN 9.40 PLN 74
Economic Profit
Residual Income 3.37 PLN 3.73 PLN 5.18 PLN 76
ROIC Compounder 3.17 PLN 3.57 PLN 3.90 PLN 72
Growth Earnings
Growth-Adj P/E 5.23 PLN 7.48 PLN 9.72 PLN 68

Widest divergence: Multiples (7.49 PLN) versus Dividend Discount (2.30 PLN). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 336M PLN
Revenue growth (YoY) +21.2%
Net margin 12.3%
Return on equity 12.6%
Free cash flow 19.4M PLN FY2025
P/E ratio 7.6
More key figures
Operating margin 9.6%
EPS (TTM) 0.4800 PLN
Dividend yield 9.5%
EPS growth (YoY) +94.7%
Net debt 384K PLN FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 65 · Market factors (momentum, volatility) 54

Profitability 46
Margins and returns on capital today
Quality Growth 79
Are margins and returns improving?
Cashflow 44
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

ATM Grupa S.A., together with its subsidiaries, operates as a television and film production company in Poland, Europe, North America, Asia, and Australia. It operates through Television and Film Production; Management of Fixed Assets; Broadcasting; Real Estate Development Activity; Production of Computer Games; and Other Activities segments.

Full company description

ATM Grupa S.A., together with its subsidiaries, operates as a television and film production company in Poland, Europe, North America, Asia, and Australia. It operates through Television and Film Production; Management of Fixed Assets; Broadcasting; Real Estate Development Activity; Production of Computer Games; and Other Activities segments. The company produces commercial and documentaries, music and current affairs shows, comedy and game shows, reality and thriller shows, political fiction shows, and feature films; sells programming licenses; organizes events; and operates Bielany Stage, which hosts performances of Polish theatre companies. It also offers postproduction services for films, such as media storage, film and sound editing, voice over recording, colour correction, and exporting media; rental services for film studio, OB vans, and production equipment and accessories, including cameras, lenses, lightning, and grip and sound equipment; back-office support, logistics, and creative services, as well as manages sound stages, warehouses, and offices. In addition, the company leases and manages real estate properties; develops and constructs residential and non-residential buildings; broadcasts television programs; and engages in entertainment and recreational activities. Further, it develops computer games and mobile applications; and provides advertising spaces and accounting office services. The company serves broadcasters and viewers. ATM Grupa S.A. was founded in 1992 and is headquartered in Bielany Wroclawskie, Poland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ATM Grupa S.A reported revenue of 323M PLN in FY2025 versus 224M PLN in FY2021, a compound +9.6%/yr. Reported net income was 37.2M PLN in FY2025, compounding +10.9%/yr from FY2021.

Growth Quality 74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
323M PLN
Latest YoY
+32.2%
Avg. growth/yr (3Y)
+2.5%
Avg. growth/yr (5Y)
+10.8%
Avg. growth/yr (18Y)
+5.8%
Revenue +9.6%/yr
FY21 224M PLN
FY22 300M PLN
FY23 234M PLN
FY24 244M PLN
FY25 323M PLN
Net income +10.9%/yr
FY21 24.6M PLN
FY22 43.8M PLN
FY23 27.1M PLN
FY24 26.8M PLN
FY25 37.2M PLN

ATG screens 51% overvalued. Compare with Netflix, Inc →

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

Peer Group

Entertainment · 267 stocks

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.

Quality Score 67 · Top 25%
Fair Value upside −51% · Below median
Return on equity (TTM) 13% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 10% · Above median
Revenue growth 21% · Top 25%
Dividend yield (TTM) 9.5% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Entertainment median · lower = cheaper

P/E (TTM) 7.6× · Cheaper than 75% of peers
P/B 0.25× · Cheaper than 75% of peers
P/S (TTM) 0.25× · Cheaper than 75% of peers
P/FCF 4.3× · Pricier than median
EV/EBITDA 0.5× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 9
FUTURE 100 · sector 10
PAST 50 · sector 0
HEALTH 99 · sector 97
DIVIDEND 100 · sector 44

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Entertainment stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Netflix, Inc ZNFL C$6.77 C$2.96 -56%
The Walt Disney Company DIS $96.30 $89.55 -7%
Warner Bros. Discovery, Inc WBD $26.87 $9.13 -66%
Live Nation Entertainment, Inc LYV $178.44 $46.89 -74%
Universal Music Group UMG €18.91 €14.78 -22%
TKO Group TKO $184.40 $22.16 -88%
Empresas Cablevisión, S.A. CABLECPO 55.00 MXN 60.49 MXN +10%
Beijing Enlight Media Co 300251 ¥11.77 ¥10.97 -7%
PT MNC Digital Entertainment Tbk, MSIN 456.00 IDR 221.09 IDR -52%
Prime Focus Limited PFOCUS ₹298.25 ₹63.45 -79%

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Frequently asked questions

Is ATM Grupa S.A (ATG) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 1.78 PLN versus a price of 3.66 PLN, about −51% (overvalued).
What is the fair value of ATG?
Our model-based fair value for ATM Grupa S.A is 1.78 PLN (as of Jul 17, 2026), built from audited fundamentals. The current price is 3.66 PLN.
What is the quality score of ATG?
ATM Grupa S.A has a Quality Score of 67/100. 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 revenue of ATM Grupa S.A (ATG)?
ATM Grupa S.A reported trailing-twelve-month revenue of about 323M PLN (latest available figure, as of Jul 17, 2026).
What is the net profit margin of ATG?
The net profit margin of ATM Grupa S.A is about 11.8%, meaning it keeps roughly 11.8% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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