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ESOTIQ & Henderson S.A (EAH) Fair Value & Analysis

Consumer Cyclical · PL · Market cap 64.7M PLN

EH ESOTIQ & Henderson S.A EAH · WAR
Price35.30 PLN
Fair Value72.77 PLN
Upside+106.2%
Quality48/100
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Expensive Growth
Thin margins · 2.4% net margin
Low debt · negative free cash flow
Ranks above peers (9/13)
Narrow moat 41/100
Evidence: High Range 50.94 PLN – 94.60 PLN Share as image

Fair value as of: Jul 18, 2026

From 16 valuation models · updated 23 days ago

Share price +6.0% over the past month.

Below-average quality, screening 106% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (50.94 PLN). The market is more pessimistic than our downside scenario.
  • Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (50.94 PLN to 94.60 PLN) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

57.19 PLN 14.73 PLN Fair Value 72.77 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 14.73 PLN – 57.19 PLN · fair‑value band 50.94 PLN – 94.60 PLN · the 35.30 PLN price screens below the 72.77 PLN fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

ESOTIQ & Henderson S.A (EAH) currently trades at 35.30 PLN, while our model-based Fair Value estimate is 72.77 PLN, implying the stock looks roughly 106.2% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, ESOTIQ & Henderson S.A generated revenue of 324M PLN at a net margin of 2.4%. Revenue grew 8.8% year over year. It earns a return on equity of 11.4%. Net debt stands at 18.3M PLN. Fundamentals as of Jul 18, 2026

Our scenario range runs from 50.94 PLN (bear case) to 94.60 PLN (bull case); at 35.30 PLN, the current price sits below 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 13% below its 52-week high and 28% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at 106%, EAH 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 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
Highest evidence
Residual Income 29.30 PLN 31.98 PLN 36.96 PLN 76
ROIC Compounder 53.36 PLN 65.00 PLN 78.53 PLN 72
Gordon GGM 20.89 PLN 35.00 PLN 45.42 PLN 70
All 16 models by family
Earnings-Based
Graham-Dodd 26.96 PLN 115.62 PLN 157.97 PLN 54
Lynch FV 29.59 PLN 42.27 PLN 54.95 PLN 50
PEG = 1.0 29.59 PLN 42.27 PLN 54.95 PLN 46
EPV 49.93 PLN 55.74 PLN 60.46 PLN 59
Dividend Discount
Gordon GGM 20.89 PLN 35.00 PLN 45.42 PLN 70
DDM Multi-Stage 20.89 PLN 33.19 PLN 37.65 PLN 61
Multiples
P/E Multiple 65.43 PLN 87.24 PLN 109.04 PLN 63
P/S Multiple 50.56 PLN 67.41 PLN 84.26 PLN 58
P/B Multiple 50.56 PLN 67.41 PLN 84.26 PLN 55
EV/EBIT 104.89 PLN 139.36 PLN 173.84 PLN 53
EV/EBITDA 148.17 PLN 197.07 PLN 245.97 PLN 54
EV/Revenue 71.18 PLN 101.06 PLN 130.93 PLN 43
Asset-Based
NCAV (Graham) 17.75 PLN 23.78 PLN 35.50 PLN 50
Economic Profit
Residual Income 29.30 PLN 31.98 PLN 36.96 PLN 76
ROIC Compounder 53.36 PLN 65.00 PLN 78.53 PLN 72
Growth Earnings
Growth-Adj P/E 50.94 PLN 72.77 PLN 94.60 PLN 68

Widest divergence: Multiples (87.24 PLN) versus Asset-Based (23.78 PLN). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 324M PLN
Revenue growth (YoY) +8.8%
Net margin 2.4%
Return on equity 11.4%
Free cash flow −7.3M PLN FY2025
P/E ratio 14.2
More key figures
Operating margin 5.7%
EPS (TTM) 1.97 PLN
Dividend yield 10.7%
EPS growth (YoY) -38.5%
Net debt 18.3M PLN FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 48 · Market factors (momentum, volatility) 59

Profitability 61
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 35
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 50
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

ESOTIQ & Henderson S.A. designs, manufactures, and sells lingerie, clothing, and cosmetics in Poland and internationally. It offers its products under the ESOTIQ and HENDERSON brands for women and men. The company sells its products through commercial network and franchisees. The company was founded in 1998 and is headquartered in Gdansk, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ESOTIQ & Henderson S.A reported revenue of 324M PLN in FY2025 versus 206M PLN in FY2021, a compound +12.0%/yr. Reported net income was 7.8M PLN in FY2025, compounding −18.4%/yr from FY2021.

Growth Quality 56/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
324M PLN
Latest YoY
+8.5%
Avg. growth/yr (3Y) ⓘ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.
+10.2%
Avg. growth/yr (5Y) ⓘ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.
+13.2%
Avg. growth/yr (14Y) ⓘ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.
+10.7%
Revenue +12.0%/yr
FY21 206M PLN
FY22 242M PLN
FY23 275M PLN
FY24 298M PLN
FY25 324M PLN
Net income −18.4%/yr
FY21 17.6M PLN
FY22 8.1M PLN
FY23 7.4M PLN
FY24 11.0M PLN
FY25 7.8M PLN

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ESOTIQ & Henderson S.A · Fair Value
72.77 PLN +106%Fair Value
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Cite: Fair Value Calculator (2026). "ESOTIQ & Henderson S.A Fair Value". https://www.fairvalue-calculator.com/stock/EAH

Peer Group

Apparel Manufacturing · 212 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 48 · Below median
Fair Value upside +106% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 5% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 6% · Above median
Revenue growth 9% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.05× · Higher than median

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 16.8× · Cheaper than median
P/B 0.93× · Cheaper than median
P/S (TTM) 0.20× · Cheaper than 75% of peers
EV/EBITDA 2.7× · 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 100 · sector 32
FUTURE 44 · sector 4
PAST 45 · sector 21
HEALTH 98 · sector 98
DIVIDEND 0 · sector 49

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 Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 163.45 kr 165.47 +1%
Ralph Lauren Corporation RL $374.08 $224.21 -40%
Moncler S.p.A MONC €52.08 €50.69 -3%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%
Youngone Corporation 111770 87,600 KRW 196,629 KRW +124%

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Frequently asked questions

Is ESOTIQ & Henderson S.A (EAH) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 72.77 PLN versus a price of 35.30 PLN, about +106% (undervalued).
What is the fair value of EAH?
Our model-based fair value for ESOTIQ & Henderson S.A is 72.77 PLN (as of Jul 18, 2026), built from audited fundamentals. The current price is 35.30 PLN.
What is the quality score of EAH?
ESOTIQ & Henderson S.A has a Quality Score of 48/100. 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 ESOTIQ & Henderson S.A (EAH)?
ESOTIQ & Henderson S.A reported trailing-twelve-month revenue of about 324M PLN (latest available figure, as of Jul 18, 2026).
What is the net profit margin of EAH?
The net profit margin of ESOTIQ & Henderson S.A is about 2.4%, meaning it keeps roughly 2.4% of revenue as net income. Based on the latest reported figures.
Does ESOTIQ & Henderson S.A pay a dividend?
ESOTIQ & Henderson S.A currently shows a dividend yield of about 10.68% relative to its recent price (as of Jul 18, 2026).

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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