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Elkop Estonia SE (EKP) Fair Value & Analysis

Real Estate · PL · Market cap 17.6M PLN

EE Elkop Estonia SE EKP · WAR
Price1.99 PLN
Fair Value4.75 PLN
Upside+138.7%
Quality83/100
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Mixed Growth
Low debt · generates free cash flow
Ranks above peers (8/10)
Wide moat 87/100
Evidence: High Range 3.43 PLN – 13.13 PLN Share as image

Fair value as of: Jul 15, 2026

From 14 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from 2.04 PLN to 4.75 PLN (+133.4%) since Jun 26, 2026. Share price +0.8% over the past month.

A strong business, screening 139% undervalued on our models.

What matters now

  • The rarer combination: high quality (83/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (3.43 PLN). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (3.43 PLN to 13.13 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

4.19 PLN 1.65 PLN Fair Value 4.75 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 1.65 PLN – 4.19 PLN · fair‑value band 3.43 PLN – 13.13 PLN · the 1.99 PLN price screens below the 4.75 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.

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Analysis

Elkop Estonia SE (EKP) currently trades at 1.99 PLN, while our model-based Fair Value estimate is 4.75 PLN, implying the stock looks roughly 138.7% undervalued today. The Quality Score stands at 83/100 (high quality), in the Real Estate 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.

Trailing-twelve-month revenue stands at 2.0M PLN. Revenue declined 85.3% year over year. It earns a return on equity of 34.9%. The stock trades on a trailing P/E of 0.4. Fundamentals as of Jul 15, 2026

Our scenario range runs from 3.43 PLN (bear case) to 13.13 PLN (bull case); at 1.99 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 24% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 139%, EKP 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
Growth DCF 22.65 PLN 37.24 PLN 63.21 PLN 80
Rev-Margin DCF 21.93 PLN 45.76 PLN 86.36 PLN 74
Residual Income 23.24 PLN 32.07 PLN 161.37 PLN 61
All 14 models by family
DCF Models
FCF DCF 24.39 PLN 35.44 PLN 67.68 PLN 38
5Y Revenue Exit 21.93 PLN 39.64 PLN 76.12 PLN 39
5Y EBITDA Exit 36.71 PLN 69.79 PLN 133.92 PLN 41
10Y Revenue Exit 21.86 PLN 47.71 PLN 65.34 PLN 36
10Y EBITDA Exit 31.77 PLN 74.26 PLN 152.65 PLN 37
Multiples
P/S Multiple 22.29 PLN 29.72 PLN 37.15 PLN 58
P/B Multiple 22.12 PLN 29.49 PLN 36.86 PLN 55
EV/EBIT 57.75 PLN 78.04 PLN 98.32 PLN 53
EV/EBITDA 44.02 PLN 59.73 PLN 75.44 PLN 54
EV/Revenue 19.29 PLN 28.89 PLN 38.50 PLN 43
Asset-Based
NCAV (Graham) 7.37 PLN 9.88 PLN 14.75 PLN 50
Growth DCF
Growth DCF 22.65 PLN 37.24 PLN 63.21 PLN 80
Rev-Margin DCF 21.93 PLN 45.76 PLN 86.36 PLN 74
Economic Profit
Residual Income 23.24 PLN 32.07 PLN 161.37 PLN 61

Widest divergence: DCF Models (47.71 PLN) versus Asset-Based (9.88 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.0M PLN
Revenue growth (YoY) -85.3%
Net margin 372%
Return on equity 34.9%
Free cash flow 21.4M PLN FY2024
P/E ratio 0.4
More key figures
Operating margin 312%
EPS (TTM) 4.25 PLN
EPS growth (YoY) +146%
Net cash 38.5K PLN FY2024

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

Quality Score breakdown

Overall quality 83/100

Of which business quality 77 · Market factors (momentum, volatility) 47

Profitability 73
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 31
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

Elkop Estonia SE engages in the rental and management of owned and leased real estate in Poland. It leases retail, service, manufacturing, and office spaces, as well as purchases commercial real estate. The company was formerly known as Elkop SE and changed its name to Elkop Estonia SE in January 2025.

Full company description

Elkop Estonia SE engages in the rental and management of owned and leased real estate in Poland. It leases retail, service, manufacturing, and office spaces, as well as purchases commercial real estate. The company was formerly known as Elkop SE and changed its name to Elkop Estonia SE in January 2025. The company was founded in 1950 and is headquartered in Tallinn, Estonia. Elkop Estonia SE operates as a subsidiary of Patro Invest OU.

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

Revenue & earnings trend

FY2020 – FY2024 · reported fiscal years

Elkop Estonia SE reported revenue of 42.1M PLN in FY2024 versus 11.4M PLN in FY2020, a compound +38.7%/yr. Reported net income was 40.5M PLN in FY2024, compounding +213.6%/yr from FY2020.

Growth Quality 83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2024)
42.1M PLN
Latest YoY
+122.1%
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.
+50.8%
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.
+35.2%
Avg. growth/yr (16Y) 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.
+12.5%
Revenue +38.7%/yr
FY20 11.4M PLN
FY21 12.3M PLN
FY22 16.2M PLN
FY23 19.0M PLN
FY24 42.1M PLN
Net income +213.6%/yr
FY20 419K PLN
FY21 5.0M PLN
FY22 6.5M PLN
FY23 6.4M PLN
FY24 40.5M PLN

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Cite: Fair Value Calculator (2026). "Elkop Estonia SE Fair Value". https://www.fairvalue-calculator.com/stock/EKP

Peer Group

Real Estate Services · 520 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 82 · Top 25%
Fair Value upside +139% · Top 25%
Return on equity (TTM) 35% · Top 25%
Return on assets 15% · Top 25%
Revenue growth -85% · Bottom 25%
Debt / equity 0.21× · Lower than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 0.4× · Cheaper than 75% of peers
P/S (TTM) 2.33× · Pricier than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 5.2× · 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 37
FUTURE 0 · sector 10
PAST 100 · sector 16
HEALTH 89 · sector 85
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 Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Elkop Estonia SE (EKP) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 4.75 PLN versus a price of 1.99 PLN, about +139% (undervalued).
What is the fair value of EKP?
Our model-based fair value for Elkop Estonia SE is 4.75 PLN (as of Jul 15, 2026), built from audited fundamentals. The current price is 1.99 PLN.
What is the quality score of EKP?
Elkop Estonia SE has a Quality Score of 83/100. 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 Elkop Estonia SE (EKP)?
Elkop Estonia SE reported trailing-twelve-month revenue of about 2.0M PLN (latest available figure, as of Jul 15, 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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