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Dino Polska S.A (DNP) Fair Value & Analysis

Consumer Defensive · PL · Market cap 27.3B PLN

DP Dino Polska S.A DNP · WAR
Price32.44 PLN
Fair Value27.02 PLN
Upside-16.7%
Quality60/100
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Mixed Growth
Thin margins · 4.5% net margin
High debt · generates free cash flow
Ranks above peers (9/12)
Moderate moat 50/100
Evidence: Medium Range 12.03 PLN – 33.78 PLN Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from 27.09 PLN to 27.02 PLN (−0.3%) since Jun 24, 2026. Share price +16.7% over the past month.

A solid business, but screening 17% overvalued on our models.

What matters now

  • The model range is unusually wide (12.03 PLN to 33.78 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

55.62 PLN 24.34 PLN Fair Value 27.02 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range 24.34 PLN – 55.62 PLN · fair‑value band 12.03 PLN – 33.78 PLN · the 32.44 PLN price screens above the 27.02 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

Full chart & analysis →

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Analysis

Dino Polska S.A (DNP) currently trades at 32.44 PLN, while our model-based Fair Value estimate is 27.02 PLN, implying the stock looks roughly 16.7% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Defensive 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, Dino Polska S.A generated revenue of 34.7B PLN at a net margin of 4.5%. Revenue grew 14.8% year over year. It earns a return on equity of 19.1%. Net debt stands at 196M PLN. Fundamentals as of Jul 15, 2026

Our scenario range runs from 12.03 PLN (bear case) to 33.78 PLN (bull case); at 32.44 PLN, the current price sits within 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 38% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -31% fair-value upside, at -17%, DNP 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 411.57 PLN 743.64 PLN 1,414 PLN 80
Residual Income 2.74 PLN 6.66 PLN 356.35 PLN 76
Rev-Margin DCF 141.76 PLN 179.35 PLN 253.36 PLN 74
All 26 models by family
DCF Models
FCF DCF 435.84 PLN 671.19 PLN 1,421 PLN 38
Owner Earnings 1,002 PLN 2,247 PLN 4,860 PLN 31
5Y Revenue Exit 138.62 PLN 159.38 PLN 197.36 PLN 39
5Y EBITDA Exit 138.62 PLN 159.38 PLN 197.76 PLN 41
5Y P/E Exit 878.35 PLN 2,082 PLN 3,748 PLN 38
10Y Revenue Exit 226.73 PLN 323.46 PLN 339.90 PLN 36
10Y EBITDA Exit 226.73 PLN 323.46 PLN 444.46 PLN 37
10Y P/E Exit 766.35 PLN 1,916 PLN 3,867 PLN 35
Earnings-Based
Graham-Dodd 423.31 PLN 2,952 PLN 4,142 PLN 54
Lynch FV 1,230 PLN 1,757 PLN 2,284 PLN 50
PEG = 1.0 1,230 PLN 1,757 PLN 2,284 PLN 46
EPV 25.85 PLN 26.24 PLN 26.24 PLN 59
Dividend Discount
Gordon GGM 1.96 PLN 4.31 PLN 6.66 PLN 70
DDM Multi-Stage 1.96 PLN 3.52 PLN 4.70 PLN 61
Multiples
P/E Multiple 980.16 PLN 1,307 PLN 1,634 PLN 63
P/S Multiple 793.76 PLN 1,058 PLN 1,323 PLN 58
P/B Multiple 1.57 PLN 1.96 PLN 2.35 PLN 55
EV/EBIT 26.63 PLN 27.02 PLN 27.41 PLN 53
EV/EBITDA 26.63 PLN 27.02 PLN 27.02 PLN 54
EV/Revenue 26.24 PLN 26.63 PLN 27.02 PLN 43
Asset-Based
NCAV (Graham) 0.3916 PLN 0.3916 PLN 50
Growth DCF
Growth DCF 411.57 PLN 743.64 PLN 1,414 PLN 80
Rev-Margin DCF 141.76 PLN 179.35 PLN 253.36 PLN 74
Economic Profit
Residual Income 2.74 PLN 6.66 PLN 356.35 PLN 76
ROIC Compounder 25.85 PLN 26.24 PLN 26.24 PLN 72
Growth Earnings
Growth-Adj P/E 1,532 PLN 2,189 PLN 2,845 PLN 68

Widest divergence: Growth Earnings (2,189 PLN) versus Asset-Based (0.3916 PLN). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 34.7B PLN
Revenue growth (YoY) +14.8%
Net margin 4.5%
Return on equity 19.1%
Free cash flow 610M PLN FY2025
P/E ratio 17.5
More key figures
Operating margin 5.0%
EPS (TTM) 1.59 PLN
EPS growth (YoY) +0.8%
Net debt 196M PLN FY2024

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 59 · Market factors (momentum, volatility) 36

Profitability 78
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 24
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 11
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

Dino Polska S.A., together with its subsidiaries, operates a network of medium-sized grocery supermarkets under the Dino brand in Poland.

Full company description

Dino Polska S.A., together with its subsidiaries, operates a network of medium-sized grocery supermarkets under the Dino brand in Poland. The company stores offer fresh food products, such as meat, poultry, cold cuts, fruits and vegetables, dairy products, and bread; other groceries, including children's food, breakfast products, ready to eat meals, beverages, candies, snacks, frozen goods, processed goods, oils, grain and bulk products, condiments, and alcohol and cigarettes; and non-grocery products comprising flowers, cleaning agents, sanitary articles, pet food, seasonal products, and small household appliances. It also produces meat products; rents and operates owned and leased real estate; purchases and sells real estate properties; and manufactures and processes refined petroleum products, as well as offers other financial services. In addition, it engages in the retail sale of automotive fuel in specialized stores; operation of warehousing and storage facilities; retail sales run by mail order houses or the internet; and advertising agency activities. The company was founded in 1999 and is based in Krotoszyn, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Dino Polska S.A reported revenue of 33.6B PLN in FY2025 versus 13.4B PLN in FY2021, a compound +26.0%/yr. Reported net income was 1.6B PLN in FY2025, compounding +17.9%/yr from FY2021.

Growth Quality 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
33.6B PLN
Latest YoY
+14.9%
Avg. growth/yr (3Y)
+19.3%
Avg. growth/yr (5Y)
+27.1%
Avg. growth/yr (11Y)
+28.6%
Revenue +26.0%/yr
FY21 13.4B PLN
FY22 19.8B PLN
FY23 25.7B PLN
FY24 29.3B PLN
FY25 33.6B PLN
Net income +17.9%/yr
FY21 805M PLN
FY22 1.1B PLN
FY23 1.4B PLN
FY24 1.5B PLN
FY25 1.6B PLN

DNP screens 17% overvalued. Compare with Loblaw Companies Limited →

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Cite: Fair Value Calculator (2026). "Dino Polska S.A Fair Value". https://www.fairvalue-calculator.com/stock/DNP

Peer Group

Grocery Stores · 83 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 60 · Above median
Fair Value upside −17% · Below median
Return on equity (TTM) 19% · Above median
Return on assets 9% · Top 25%
Net margin (TTM) 5% · Top 25%
Operating margin (TTM) 5% · Above median
Revenue growth 15% · Top 25%
Debt / equity 36.08× · Higher than 75% of peers

Valuation Multiples vs Grocery Stores median · lower = cheaper

P/E (TTM) 17.5× · Cheaper than median
P/S (TTM) 0.21× · Cheaper than median
P/FCF 12.0× · Pricier than median
EV/EBITDA 2.6× · 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 11 · sector 36
FUTURE 74 · sector 17
PAST 76 · sector 51
HEALTH 0 · sector 92
DIVIDEND 0 · sector 48

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 Grocery Stores stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Loblaw Companies Limited L C$65.49 C$44.44 -32%
Koninklijke Ahold Delhaize N.V AD €36.30 €53.50 +47%
The Kroger Co KR $58.82 $28.19 -52%
Woolworths Group WOW A$39.20 A$13.40 -66%
George Weston Limited WN C$100.98 C$63.61 -37%
Coles Group COL A$23.56 A$15.86 -33%
Metro Inc MRU C$93.64 C$94.01 +0%
Carrefour SA CA €16.40 €11.51 -30%
CP ALL Public Company TCPD 1.89 SGD 2.36 SGD +25%
BIM Birlesik Magazalar A.S., BIMAS 385.75 TRY 267.12 TRY -31%

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Frequently asked questions

Is Dino Polska S.A (DNP) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 27.02 PLN versus a price of 32.44 PLN, about −17% (overvalued).
What is the fair value of DNP?
Our model-based fair value for Dino Polska S.A is 27.02 PLN (as of Jul 15, 2026), built from audited fundamentals. The current price is 32.44 PLN.
What is the quality score of DNP?
Dino Polska S.A has a Quality Score of 60/100. 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 Dino Polska S.A (DNP)?
Dino Polska S.A reported trailing-twelve-month revenue of about 34.7B PLN (latest available figure, as of Jul 15, 2026).
What is the net profit margin of DNP?
The net profit margin of Dino Polska S.A is about 4.5%, meaning it keeps roughly 4.5% 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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