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Erbud S.A (ERB) Fair Value & Analysis

Industrials · PL · Market cap 277M PLN

ES Erbud S.A ERB · WAR
Price22.10 PLN
Fair Value24.13 PLN
Upside+9.2%
Quality51/100
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Expensive Growth
Loss-making · -1.3% net margin
Low debt · negative free cash flow
Mixed vs. peers (4/10)
Narrow moat 15/100
Evidence: Medium Range 16.53 PLN – 32.59 PLN Share as image

Fair value as of: Jul 20, 2026

From 8 valuation models · updated 21 days ago

Fair value updated Jul 20, 2026, revised from 32.79 PLN to 24.13 PLN (−26.4%) since Jul 16, 2026. Share price −10.2% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (16.53 PLN to 32.59 PLN) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

88.33 PLN 21.59 PLN Fair Value 24.13 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

60‑month range 21.59 PLN – 88.33 PLN · fair‑value band 16.53 PLN – 32.59 PLN · the 22.10 PLN price screens below the 24.13 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 20, 2026.

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Analysis

Erbud S.A (ERB) currently trades at 22.10 PLN, while our model-based Fair Value estimate is 24.13 PLN, implying the stock looks roughly 9.2% fairly valued today. The Quality Score stands at 51/100 (solid quality), in the Industrials 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: medium), always confirm before acting.

Over the trailing twelve months, Erbud S.A generated revenue of 3.1B PLN at a net margin of -1.3%. Revenue declined 20.0% year over year. It earns a return on equity of -5.7%. Net debt stands at 116M PLN. Fundamentals as of Jul 20, 2026

Our scenario range runs from 16.53 PLN (bear case) to 32.59 PLN (bull case); at 22.10 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 39% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 9%, ERB 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
ROIC Compounder 17.88 PLN 18.73 PLN 19.42 PLN 72
Gordon GGM 15.58 PLN 26.10 PLN 33.88 PLN 70
DDM Multi-Stage 15.58 PLN 22.43 PLN 28.08 PLN 61
All 8 models by family
Earnings-Based
EPV 17.88 PLN 18.73 PLN 19.42 PLN 59
Dividend Discount
Gordon GGM 15.58 PLN 26.10 PLN 33.88 PLN 70
DDM Multi-Stage 15.58 PLN 22.43 PLN 28.08 PLN 61
Multiples
EV/EBIT 36.16 PLN 44.63 PLN 53.10 PLN 53
EV/EBITDA 72.89 PLN 93.60 PLN 114.31 PLN 54
EV/Revenue 28.89 PLN 36.66 PLN 44.43 PLN 43
Asset-Based
NCAV (Graham) 18.07 PLN 24.22 PLN 36.15 PLN 50
Economic Profit
ROIC Compounder 17.88 PLN 18.73 PLN 19.42 PLN 72

Widest divergence: Multiples (44.63 PLN) versus Earnings-Based (18.73 PLN). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) 3.1B PLN
Revenue growth (YoY) -20.0%
Net margin -1.3%
Return on equity -5.7%
Free cash flow −61.4M PLN FY2025
Operating margin -2.8%
More key figures
EPS (TTM) -3.45 PLN
EPS growth (YoY) -92.5%
Net debt 116M PLN FY2025

Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 48 · Market factors (momentum, volatility) 28

Profitability 29
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 19
Earnings quality: real cash, not paper profit
Fin. Strength 38
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 14
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 83
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

Erbud S.A., together with its subsidiaries, engages in the construction business in Poland and internationally. It constructs hotels, office buildings, schools, housing, shopping centers, hospitals, apartments, public utility facilities, and industrial facilities.

Full company description

Erbud S.A., together with its subsidiaries, engages in the construction business in Poland and internationally. It constructs hotels, office buildings, schools, housing, shopping centers, hospitals, apartments, public utility facilities, and industrial facilities. The company engages in designing and construction of renewable energy, including solar and wind farm; and offers operation and maintenance services. In addition, it offers road engineering and renewable energy sources, engineering services, and support services; management services; modular timber construction; design services; and maintenance services in industrial construction. Additionally, the company engages in the development contracting activities in the renewable energy source business. The company was founded in 1990 and is based in Warsaw, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Erbud S.A reported revenue of 3.3B PLN in FY2025 versus 3.1B PLN in FY2021, a compound +1.2%/yr. Reported net income was −35.8M PLN in FY2025.

Growth Quality 30/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
3.3B PLN
Latest YoY
+9.3%
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.
−5.5%
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.
+7.9%
Avg. growth/yr (18Y) 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.
+9.2%
Revenue +1.2%/yr
FY21 3.1B PLN
FY22 3.9B PLN
FY23 3.2B PLN
FY24 3.0B PLN
FY25 3.3B PLN
Net income
FY21 8.8M PLN
FY22 8.3M PLN
FY23 10.0M PLN
FY24 −28.9M PLN
FY25 −35.8M PLN

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

Peer Group

Engineering & Construction · 839 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 51 · Above median
Fair Value upside +9% · Above median
Return on assets 0% · Below median
Net margin (TTM) -1% · Bottom 25%
Operating margin (TTM) -3% · Bottom 25%
Revenue growth -20% · Bottom 25%
Debt / equity 0.33× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/B 0.17× · Cheaper than 75% of peers
P/S (TTM) 0.02× · 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 46 · sector 16
FUTURE 0 · sector 17
PAST 0 · sector 26
HEALTH 83 · sector 94
DIVIDEND 0 · sector 33

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Erbud S.A (ERB) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of 24.13 PLN versus a price of 22.10 PLN, about +9% (fairly valued).
What is the fair value of ERB?
Our model-based fair value for Erbud S.A is 24.13 PLN (as of Jul 20, 2026), built from audited fundamentals. The current price is 22.10 PLN.
What is the quality score of ERB?
Erbud S.A has a Quality Score of 51/100. 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 Erbud S.A (ERB)?
Erbud S.A reported trailing-twelve-month revenue of about 3.1B PLN (latest available figure, as of Jul 20, 2026).
What is the net profit margin of ERB?
The net profit margin of Erbud S.A is about -1.3%, meaning it is currently running at a net loss. 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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