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Feerum S.A (FEE) Fair Value & Analysis

Industrials · PL · Market cap 168M PLN

FS Feerum S.A FEE · WAR
Price16.00 PLN
Fair Value6.15 PLN
Upside-61.6%
Quality77/100
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Weak Growth
Solidly profitable · 10.5% net margin
Low debt · generates free cash flow
Ranks above peers (12/14)
Moderate moat 47/100
Evidence: High Range 4.55 PLN – 7.75 PLN Share as image

Fair value as of: Jul 14, 2026

From 26 valuation models · updated 27 days ago

Fair value updated Jul 14, 2026, revised from 13.99 PLN to 6.15 PLN (−56.0%) since Jun 24, 2026. Share price −5.4% over the past month.

A strong business, but screening 62% overvalued on our models.

What matters now

  • A high-quality business (quality 77/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (7.75 PLN). The favourable scenario is already priced in.
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Price vs Fair Value (5 years)

17.39 PLN 4.91 PLN Fair Value 6.15 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range 4.91 PLN – 17.39 PLN · fair‑value band 4.55 PLN – 7.75 PLN · the 16.00 PLN price screens above the 6.15 PLN fair value. Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Feerum S.A (FEE) currently trades at 16.00 PLN, while our model-based Fair Value estimate is 6.15 PLN, implying the stock looks roughly 61.6% overvalued today. The Quality Score stands at 77/100 (high quality), in the Industrials 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: high).

Over the trailing twelve months, Feerum S.A generated revenue of 116M PLN at a net margin of 4.2%. Revenue grew 53.3% year over year. It earns a return on equity of 4.1%. Net debt stands at 2.5M PLN. Fundamentals as of Jul 14, 2026

Our scenario range runs from 4.55 PLN (bear case) to 7.75 PLN (bull case); at 16.00 PLN, the current price sits above 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 11% below its 52-week high and 50% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 12% fair-value upside, at -62%, FEE screens richer 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 26.84 PLN 41.29 PLN 61.38 PLN 80
Residual Income 10.36 PLN 11.02 PLN 11.96 PLN 76
Rev-Margin DCF 21.06 PLN 33.08 PLN 49.27 PLN 74
All 26 models by family
DCF Models
FCF DCF 27.54 PLN 44.87 PLN 71.20 PLN 38
Owner Earnings 15.53 PLN 24.61 PLN 38.41 PLN 31
5Y Revenue Exit 21.06 PLN 33.21 PLN 49.54 PLN 39
5Y EBITDA Exit 23.88 PLN 39.24 PLN 58.63 PLN 41
5Y P/E Exit 23.44 PLN 38.29 PLN 55.50 PLN 38
10Y Revenue Exit 22.94 PLN 34.58 PLN 52.27 PLN 36
10Y EBITDA Exit 24.96 PLN 38.44 PLN 59.01 PLN 37
10Y P/E Exit 24.70 PLN 37.83 PLN 56.69 PLN 35
Earnings-Based
Graham-Dodd 8.73 PLN 46.11 PLN 63.84 PLN 54
Lynch FV 12.69 PLN 18.12 PLN 23.56 PLN 50
PEG = 1.0 12.69 PLN 18.12 PLN 23.56 PLN 46
EPV 12.79 PLN 14.05 PLN 15.07 PLN 59
Dividend Discount
Gordon GGM 3.48 PLN 5.83 PLN 7.57 PLN 70
DDM Multi-Stage 3.48 PLN 5.53 PLN 6.28 PLN 61
Multiples
P/E Multiple 20.22 PLN 26.96 PLN 33.69 PLN 63
P/S Multiple 16.37 PLN 21.82 PLN 27.28 PLN 58
P/B Multiple 16.37 PLN 21.82 PLN 27.28 PLN 55
EV/EBIT 23.12 PLN 30.06 PLN 37.01 PLN 53
EV/EBITDA 23.30 PLN 30.31 PLN 37.31 PLN 54
EV/Revenue 17.15 PLN 23.53 PLN 29.90 PLN 43
Asset-Based
NCAV (Graham) 6.59 PLN 8.83 PLN 13.18 PLN 50
Growth DCF
Growth DCF 26.84 PLN 41.29 PLN 61.38 PLN 80
Rev-Margin DCF 21.06 PLN 33.08 PLN 49.27 PLN 74
Economic Profit
Residual Income 10.36 PLN 11.02 PLN 11.96 PLN 76
ROIC Compounder 12.79 PLN 14.83 PLN 17.38 PLN 72
Growth Earnings
Growth-Adj P/E 18.81 PLN 26.88 PLN 34.94 PLN 68

Widest divergence: DCF Models (37.83 PLN) versus Dividend Discount (5.53 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 116M PLN
Revenue growth (YoY) +53.3%
Net margin 4.2%
Return on equity 4.1%
Free cash flow 24.6M PLN FY2025
P/E ratio 35.0
More key figures
Operating margin 17.2%
EPS (TTM) 0.5100 PLN
EPS growth (YoY) +1,458%
Net debt 2.5M PLN FY2024

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 77/100

Of which business quality 77 · Market factors (momentum, volatility) 64

Profitability 43
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 87
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 57
Calm price path (market factor)
Momentum 67
Price trend over the last 3–12 months (market factor)
52W Momentum 70
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

Feerum S.A. engages in the production, sale, and assembly of grain dryers, silos, and other equipment for agricultural production storage and drying complexes.

Full company description

Feerum S.A. engages in the production, sale, and assembly of grain dryers, silos, and other equipment for agricultural production storage and drying complexes. The company offers general contracting, professional support, and consulting services; flat-bottomed, hopper-bottomed, hopper-bottomed with internal basket and open funnel, forwarding, square, non-standard, with assimmetric cone, with sided discharge, with flat metal sheet lining, and grain cooler silos; and continuous flow, SG, FTD, and batch flow dryers. It also provides air separators; cleaners, including control panel with inverter, aspiration of the sieve drum, cyclone, fan, and air channels; automatics; bucket elevators, straight chain conveyors, belt conveyors, screw conveyors, silo screw auger, supporting structure, as well as arched, diagonal, z-type chain conveyors; and sheds, and halls and warehouses. In addition, the company offers electric, pneumatic, and manual distributors; pipes, elbows, reductions, symmetrical, and asymmetrical three-way distribution valves and cross-pieces; swivel rings; vertical and angled brakes; electric, pneumatic, and manual bars; rotary valve separators; percentage selectors; and performance regulators. It offers its products for grain drying, vertical and horizontal transport, cooling systems, automatic control of the process of reception, and drying and storing grain. The company operates in Poland, Ukraine, Lithuania, Romania, Hungary, and internationally. The company was founded in 2002 and is headquartered in Chojnów, Poland. Feerum S.A. is a subsidiary of Danmag Sp. z o.o.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Feerum S.A reported revenue of 125M PLN in FY2025 versus 132M PLN in FY2021, a compound −1.3%/yr. Reported net income was 12.2M PLN in FY2025, compounding +27.7%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
125M PLN
Latest YoY
+66.0%
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.
+18.2%
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.
+1.2%
Avg. growth/yr (13Y) 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.
+6.4%
Revenue −1.3%/yr
FY21 132M PLN
FY22 76.0M PLN
FY23 63.3M PLN
FY24 75.5M PLN
FY25 125M PLN
Net income +27.7%/yr
FY21 4.6M PLN
FY22 4.7M PLN
FY23 −707K PLN
FY24 −2.1M PLN
FY25 12.2M PLN

FEE screens 62% overvalued. Compare with Caterpillar Inc →

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

Peer Group

Farm & Heavy Construction Machinery · 148 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 77 · Top 25%
Fair Value upside −62% · Bottom 25%
Return on equity (TTM) 12% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 10% · Above median
Revenue growth 37% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Farm & Heavy Construction Machinery median · lower = cheaper

P/E (TTM) 11.8× · Cheaper than 75% of peers
P/B 0.36× · Cheaper than 75% of peers
P/S (TTM) 0.33× · Cheaper than 75% of peers
P/FCF 1.8× · Cheaper than median
EV/EBITDA 1.1× · 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 0 · sector 22
FUTURE 100 · sector 30
PAST 47 · sector 32
HEALTH 100 · sector 93
DIVIDEND 0 · sector 40

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

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 Farm & Heavy Construction Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
Caterpillar Inc CAT $952.41 $307.83 -68%
Deere & Company DE $597.24 $187.86 -69%
AB Volvo (publ), VOLVA kr 336.60 kr 288.08 -14%
PACCAR Inc PCAR $126.20 $94.80 -25%
Epiroc AB EPIA kr 251.90 kr 144.14 -43%
Exor N.V EXO €69.40 €219.41 +216%
Sany Heavy Industry Co 600031 ¥18.65 ¥20.84 +12%
XCMG Construction Machinery Co 000425 ¥8.39 ¥11.79 +41%
Sinotruk (Hong Kong) Limited 3808 HK$41.00 HK$53.51 +31%
Yutong Bus Co 600066 ¥32.29 ¥42.00 +30%

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Frequently asked questions

Is Feerum S.A (FEE) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of 6.15 PLN versus a price of 16.00 PLN, about −62% (overvalued).
What is the fair value of FEE?
Our model-based fair value for Feerum S.A is 6.15 PLN (as of Jul 14, 2026), built from audited fundamentals. The current price is 16.00 PLN.
What is the quality score of FEE?
Feerum S.A has a Quality Score of 77/100. 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 Feerum S.A (FEE)?
Feerum S.A reported trailing-twelve-month revenue of about 116M PLN (latest available figure, as of Jul 14, 2026).
What is the net profit margin of FEE?
The net profit margin of Feerum S.A is about 4.2%, meaning it keeps roughly 4.2% 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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