Aztec (AZC) fair value: what the stock is really worth
As of Oct 23, 2026: fair value (intrinsic value) of Aztec stock PLN 3.75, price PLN 1.35, upside +177.8%, quality 59 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?Yes
Good quality?Yes
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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 Oct 25, 2026.
How to read this chart
60‑month range 1.05 PLN – 6.20 PLN · fair‑value band 2.84 PLN – 4.72 PLN · the 1.35 PLN price screens below the 3.75 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 25, 2026.
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Aztec International S.A. provides industrial powder painting products in Poland and internationally.
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The company offers master coat, master flash, master flash sticky roll, and master seal products; saddle washers, master tools, rubber plugs, anchors, rivets, and powder coating; carbon steel zinc plated self-drilling and self-tapping screws, stainless steel screws, and bimetal self-drilling screws; and bonded washers, roof and pipe flashings, saddle washers, fasteners, and other sealing and fixing solutions.
It exports its products. Aztec International S.A. was founded in 2001 and is based in Tarnowo Podgórne, Poland.
Stock analysis
Aztec (AZC) currently trades at 1.35 PLN, while our model-based Fair Value estimate is 3.75 PLN, implying the stock looks roughly 64.0% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 3.21 PLN per share, and 8 of the 10 models we run sit above the 1.35 PLN price.
Bear case: the Multiples group reads lowest at 0.3900 PLN, and 2 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: 2.84 PLN (bear) to 4.72 PLN (bull), the price of 1.35 PLN sits below 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 59/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Aztec reported revenue of 31.3M PLN in FY2024 versus 30.9M PLN in FY2020, a compound +0.3%/yr. Reported net income was −680K PLN in FY2024.
Key figures
Market cap 10.3M PLN (≈ $2.6M) Micro · P/E ratio 7.9 · EPS (TTM) 0.3841 PLN · Net margin −2.2% · Return on equity 842% · Return on assets (EBIT) 4.7% · Free cash flow 1.8M PLN · Net debt 1.0M PLN.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 13 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 4% fair-value upside, at 178%, AZC screens cheaper than that median.
Fair Value models
Bear2.84 PLNFair Value 3.75 PLNBull4.72 PLN
Price 1.35 PLN · Upside +177.8%
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 2024 figures (about 12 months old). Earnings retained since then (0.3841 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
−2.7%
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.
−8.1%
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.
+3.8%
Revenue growth 8 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.
+5.9%
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Profit margin (trend) ⓘ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.
0.3% (2017) → −1.7% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2024 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than 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).
−36.7%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −38.6% a year for the price.
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). "Aztec Fair Value". https://www.fairvalue-calculator.com/stock/AZC
Frequently asked questions
Is Aztec (AZC) overvalued or undervalued?
As of Oct 25, 2026, our model estimates a fair value of 3.75 PLN versus a price of 1.35 PLN, about +178% upside (undervalued).
What is the fair value of AZC?
Our model-based fair value for Aztec is 3.75 PLN (as of Oct 25, 2026), built from audited fundamentals. The current price: 1.35 PLN.
What is the quality score of AZC?
Aztec has a Quality Score of 59/100. 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 Aztec (AZC)?
Our model-based price target is the fair value of 3.75 PLN (as of Oct 25, 2026) from 10 valuation models. Cautious scenario 2.84 PLN, optimistic scenario 4.72 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Aztec stock forecast for 2026?
Our models put fair value at 3.75 PLN, about +178% upside versus a price of 1.35 PLN (undervalued). Cautious scenario 2.84 PLN, optimistic scenario 4.72 PLN. The calculation is refreshed regularly with new filings.
What growth is priced into Aztec (AZC)?
For today's price to be fair in a discounted-cash-flow model, Aztec would have to grow free cash flow by -36.7 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.8 % per year. As of Oct 25, 2026.
What discount rate (WACC) does the fair value of AZC use?
Our models discount Aztec at 10.6 %: a base by market capitalisation (nano), 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 Aztec that is -36.7 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Aztec (AZC) delivered so far?
Over the past 5 years revenue at Aztec grew +3.8 % a year. The price currently implies -36.7 % 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 Aztec (AZC) growing?
The median revenue growth in the sector is +7.6 % a year. That is the yardstick for the growth priced into Aztec (-36.7 % 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 Aztec (AZC)?
The free-cash-flow yield on the price is 38.73 %: that much free cash flow Aztec produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Aztec (AZC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Aztec it is 3.75 PLN per share (as of Oct 25, 2026), against a price of 1.35 PLN. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Aztec stock overvalued or undervalued in 2026?
As of Oct 25, 2026, AZC trades below its calculated fair value: price 1.35 PLN, fair value 3.75 PLN, a gap of about +178% (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 AZC?
No. The price is what the market pays today (1.35 PLN); the fair value is what the company's own numbers justify (3.75 PLN). For Aztec the two are 2.40 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Aztec worth?
The market values Aztec at about 10.3M PLN (market capitalisation, as of Oct 25, 2026). Per share that is 1.35 PLN; our models calculate a fair value of 3.75 PLN per share.
What do the bullish and bearish scenarios say about AZC?
Our models span a range for Aztec: cautious scenario 2.84 PLN, base 3.75 PLN, optimistic 4.72 PLN per share (as of Oct 25, 2026, price 1.35 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AZC?
Aztec trades at a price-to-earnings ratio of 7.9 (as of Oct 25, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.75 PLN is built from several models across several years. Other multiples: P/B 0.2, EV/EBITDA 4.6.
How solid is the balance sheet of Aztec (AZC)?
Balance-sheet figures for Aztec (as of Oct 25, 2026): debt of 0.09 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is AZC from its 52-week high?
Aztec trades at 1.35 PLN, about 30% below its 52-week high of 1.93 PLN and 29% above the low of 1.05 PLN (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of 3.75 PLN is for.
Which stocks are comparable to Aztec?
From the same area (Industrials) we also value SPG Co, Sungho Electronics Corp, BHI Co, VITZROCELL Co, 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 Aztec stock attractive at the current price?
The data as of Oct 25, 2026: price 1.35 PLN, calculated fair value 3.75 PLN (+178%), Quality Score 59/100, 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 AZC calculated?
We run Aztec 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 3.75 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 12.3 % above its aggregate fair value. Aztec currently trades 64 % 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 Aztec (AZC)?
The closing price on Oct 23, 2026 was 1.35 PLN. Our model-based fair value is 3.75 PLN, about +178% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Aztec right now?
The price is below even our cautious bear case (2.84 PLN). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Aztec
How large is the market capitalisation of Aztec (AZC)?
The market capitalisation of Aztec is 10.3M PLN (≈ $2.6M). 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 are the earnings per share of Aztec (AZC)?
Earnings per share at Aztec are 0.3841 PLN (price ÷ EPS = P/E 7.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Aztec (AZC)?
The net margin of Aztec is −2.2% (fiscal year 2024). 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 Aztec (AZC)?
The return on equity (ROE) of Aztec is 842% (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 Aztec (AZC)?
On an EBIT basis the return on assets of Aztec is 4.7% (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.
How much net debt does Aztec (AZC) carry?
The net debt of Aztec is 1.0M PLN (fiscal year 2024, ≈ 0.6 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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