Develia S.A (DVL) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Develia S.A PLN 8.12, price PLN 9.80, upside -17.1%, quality 58 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 1.53 PLN – 11.18 PLN · fair‑value band 5.39 PLN – 19.28 PLN · the 9.80 PLN price screens above the 8.12 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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Develia S.A., through its subsidiaries, engages in real estate development business in Poland. It operates through Rental Services, Property Development Activity, and Holding (Other) Activity segments. The company's portfolio includes retail, service, and office spaces.
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Develia S.A., through its subsidiaries, engages in real estate development business in Poland. It operates through Rental Services, Property Development Activity, and Holding (Other) Activity segments. The company's portfolio includes retail, service, and office spaces. It also engages in housing investment; rental and management of own or leased properties; completion of construction projects related to putting up buildings; buying and selling of own real property; and construction works related to the completion of residential and non-residential buildings. The company was formerly known as LC Corp S.A. and changed its name to Develia S.A. in September 2019. Develia S.A. was founded in 2006 and is based in Wroclaw, Poland.
Stock analysis
Develia S.A (DVL) currently trades at 9.80 PLN, while our model-based Fair Value estimate is 8.12 PLN, implying the stock looks roughly 20.7% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 16.86 PLN per share, and 9 of the 16 models we run sit above the 9.80 PLN price.
Bear case: the Asset-Based group reads lowest at 2.79 PLN, and 7 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: 5.39 PLN (bear) to 19.28 PLN (bull), the price of 9.80 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 58/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Develia S.A reported revenue of 2.1B PLN in FY2025 versus 912M PLN in FY2021, a compound +22.9%/yr. Reported net income was 443M PLN in FY2025, compounding +30.3%/yr from FY2021.
Key figures
Market cap 5.0B PLN (≈ $1.3B) · P/E ratio 9.5 · P/S ratio 2.03 · EPS (TTM) 1.03 PLN · Dividend yield 5.4% · Net margin 21.3% · Return on equity 28.4% · Return on assets (EBIT) 9.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 27% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at −17%, DVL screens richer than that median.
Fair Value models
Bear 5.39 PLNFair Value 8.12 PLNBull 19.28 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 (0.7535 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.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+15.9%
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.
+24.9%
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.
+32.1%
Start year 2020 (pandemic). Over 10 years: +16.6% a year
Revenue growth 19 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.
+36.1%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+33.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+28.4%
Dividend (yield on the price)5.4%
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.26% vs 15%, 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.27% → 25%
2025 sits 57% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
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).
+18.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+15.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +15.1% a year for the price and +11.8% for the forecasts.
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.Real Estate - Development · 578 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside−17% · Below median
Profitability
Return on equity (TTM)28% · Top 25%
Return on assets9% · Top 25%
Net margin (TTM)20% · Top 25%
Operating margin (TTM)25% · Top 25%
Growth and dividend
Revenue growth234% · Top 25%
Dividend yield (TTM)5.4% · Above median
Balance sheet
Debt / equity0.44× · Above median
Valuation Multiplesvs Real Estate - Development 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). "Develia S.A Fair Value". https://www.fairvalue-calculator.com/stock/DVL
Frequently asked questions
Is Develia S.A (DVL) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 8.12 PLN versus a price of 9.80 PLN, about −17% upside (overvalued).
What is the fair value of DVL?
Our model-based fair value for Develia S.A is 8.12 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 9.80 PLN.
What is the quality score of DVL?
Develia S.A has a Quality Score of 58/100. 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 Develia S.A (DVL)?
Our model-based price target is the fair value of 8.12 PLN (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 5.39 PLN, optimistic scenario 19.28 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Develia S.A stock forecast for 2026?
Our models put fair value at 8.12 PLN, about −17% upside versus a price of 9.80 PLN (overvalued). Cautious scenario 5.39 PLN, optimistic scenario 19.28 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Develia S.A (DVL)?
Develia S.A reported trailing-twelve-month revenue of about 2.7B PLN (latest available figure, as of Sep 24, 2026).
Does Develia S.A pay a dividend?
Develia S.A currently shows a dividend yield of about 5.35% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Develia S.A (DVL)?
For today's price to be fair in a discounted-cash-flow model, Develia S.A would have to grow free cash flow by +18.7 % 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 +32.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of DVL use?
Our models discount Develia S.A at 10.6 %: a base by market capitalisation (small), 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 Develia S.A that is +18.7 % 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 Develia S.A (DVL) delivered so far?
Over the past 5 years revenue at Develia S.A grew +32.1 % a year. The price currently implies +18.7 % 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 Develia S.A (DVL) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Develia S.A (+18.7 % 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 Develia S.A (DVL)?
The free-cash-flow yield on the price is 3.71 %: that much free cash flow Develia S.A 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 Develia S.A (DVL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Develia S.A it is 8.12 PLN per share (as of Sep 24, 2026), against a price of 9.80 PLN. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Develia S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, DVL trades above its calculated fair value: price 9.80 PLN, fair value 8.12 PLN, a gap of about −17% (overvalued). 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 DVL?
No. The price is what the market pays today (9.80 PLN); the fair value is what the company's own numbers justify (8.12 PLN). For Develia S.A the two are 1.68 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Develia S.A worth?
The market values Develia S.A at about 5.0B PLN (market capitalisation, as of Sep 24, 2026). Per share that is 9.80 PLN; our models calculate a fair value of 8.12 PLN per share.
What do the bullish and bearish scenarios say about DVL?
Our models span a range for Develia S.A: cautious scenario 5.39 PLN, base 8.12 PLN, optimistic 19.28 PLN per share (as of Sep 24, 2026, price 9.80 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DVL?
Develia S.A trades at a price-to-earnings ratio of 9.5 (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 8.12 PLN is built from several models across several years. Other multiples: PEG 6.4, P/B 0.7, P/S 0.5, EV/EBITDA 2.2.
What is the PEG ratio of DVL?
The PEG ratio of Develia S.A is 6.43 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Develia S.A (DVL)?
Balance-sheet figures for Develia S.A (as of Sep 24, 2026): return on equity 28.4%, debt of 0.44 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is DVL from its 52-week high?
Develia S.A trades at 9.80 PLN, about 12% below its 52-week high of 11.18 PLN and 27% above the low of 7.73 PLN (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 8.12 PLN is for.
Which stocks are comparable to Develia S.A?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 Develia S.A stock attractive at the current price?
The data as of Sep 24, 2026: price 9.80 PLN, calculated fair value 8.12 PLN (−17%), Quality Score 58/100, from 16 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 DVL calculated?
We run Develia S.A through 16 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 8.12 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. Develia S.A itself currently trades above fair value. 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 Develia S.A (DVL)?
The closing price on Sep 23, 2026 was 9.80 PLN. Our model-based fair value is 8.12 PLN, about −17% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Develia S.A right now?
The model range is unusually wide (5.39 PLN to 19.28 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Develia S.A (DVL) come from?
Earnings per share at Develia S.A grew +15.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +16.6 %, EBIT margin −4.7 %, tax rate +0.3 %, residual (interest, one-offs) +3.6 %. 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 Develia S.A
How large is the market capitalisation of Develia S.A (DVL)?
The market capitalisation of Develia S.A is 5.0B PLN (≈ $1.3B). 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 Develia S.A (DVL)?
The price-to-sales ratio of Develia S.A is 2.03 (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 Develia S.A (DVL)?
Earnings per share at Develia S.A are 1.03 PLN (price ÷ EPS = P/E 9.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Develia S.A (DVL)?
The dividend yield of Develia S.A is 5.4% (payout 50.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Develia S.A (DVL)?
The net margin of Develia S.A is 21.3% (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 Develia S.A (DVL)?
The return on equity (ROE) of Develia S.A is 28.4% (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 Develia S.A (DVL)?
On an EBIT basis the return on assets of Develia S.A is 9.2% (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 Develia S.A (DVL)?
The operating margin of Develia S.A is 25.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Develia S.A (DVL)?
Revenue at Develia S.A is growing +234% versus a year earlier (3y avg +24.9%). 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 Develia S.A (DVL)?
Earnings per share at Develia S.A are growing +171% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Develia S.A (DVL) carry?
The net debt of Develia S.A is 385M PLN (fiscal year 2025, ≈ 2.3 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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