Fon SE (FON) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Fon SE stock PLN 2.99, price PLN 1.70, upside +75.9%, quality 62 out of 100. Rating: strongly undervalued. Calculated from audited financials with 5 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 1.03 PLN – 84.80 PLN · fair‑value band 2.25 PLN – 3.74 PLN · the 1.70 PLN price screens below the 2.99 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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FON SE provides financial services in Estonia and Poland. The company grants loans for retail customers and small businesses. It is also involved in the capital investment activities. FON SE is based in Tallinn, Estonia.
Stock analysis
Fon SE (FON) currently trades at 1.70 PLN, while our model-based Fair Value estimate is 2.99 PLN, implying the stock looks roughly 43% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 4.06 PLN per share, and 5 of the 5 models we run sit above the 1.70 PLN price.
Bear case: the Economic Profit group reads lowest at 2.59 PLN, and 0 of the 5 models stay below the price. Data coverage for this calculation is low.
Scenario range: 2.25 PLN (bear) to 3.74 PLN (bull), the price of 1.70 PLN sits below 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 62/100 (solid quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2012: revenue and profit before it include the divested business. Growth is measured afresh from 2012.
Fon SE reported revenue of €432K in FY2025 versus €372K in FY2021, a compound +3.8%/yr. Reported net income was €261K in FY2025, compounding +1.1%/yr from FY2021.
Key figures
Market cap 8.5M PLN (≈ $2.2M) Micro · P/E ratio 85.0 · P/S ratio 51.4 · EPS (TTM) 0.0200 PLN · Net margin 60.4% · Return on equity 5.0% · Return on assets (EBIT) 5.4% (5-year average) · Operating margin 96.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −3% fair-value upside, at 76%, FON screens cheaper than that median.
Fair Value models
Bear2.25 PLNFair Value 2.99 PLNBull3.74 PLN
Price 1.70 PLN · Upside +75.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0172 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.55/100
Spin-off in 2012: revenue and profit before it include the divested business. Growth is measured afresh from 2012.
Revenue growth 1 year
−24.1%
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.
−0.8%
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.
+20.9%
Start year 2020 (pandemic). Over 10 years: +0.1% a year
Revenue growth 13 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.
+15.9%
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What shareholders gained per year (last 5 years) ⓘ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.
+8.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.8%
Dividend (yield on the price)0.0%
Profit margin 2019 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.74% → 94%
⚠ Revenue per share shrinking 10.0%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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.Credit Services · 283 stocks
Beats the industry median on 6/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside+75.9% · Above median
Profitability
Return on equity (12 months)5.0% · Below median
Return on assets4.3% · Above median
Net margin (12 months)60.4% · Top 25%
Operating margin (12 months)96.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−28.7% · Bottom 25%
Balance sheet
Debt / equity0.19× · Lowest 25%
Valuation Multiplesvs Credit Services 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). "Fon SE Fair Value". https://www.fairvalue-calculator.com/stock/FON
Frequently asked questions
Is Fon SE (FON) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 2.99 PLN versus a price of 1.70 PLN, about +76% upside (undervalued).
What is the fair value of FON?
Our model-based fair value for Fon SE is 2.99 PLN (as of Nov 7, 2026), built from audited fundamentals. The current price: 1.70 PLN.
What is the quality score of FON?
Fon SE has a Quality Score of 62/100. 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 Fon SE (FON)?
Our model-based price target is the fair value of 2.99 PLN (as of Nov 7, 2026) from 5 valuation models. Cautious scenario 2.25 PLN, optimistic scenario 3.74 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Fon SE stock forecast for 2026?
Our models put fair value at 2.99 PLN, about +76% upside versus a price of 1.70 PLN (undervalued). Cautious scenario 2.25 PLN, optimistic scenario 3.74 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Fon SE (FON)?
Fon SE reported trailing-twelve-month revenue of about €432K (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Fon SE (FON)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fon SE it is 2.99 PLN per share (as of Nov 7, 2026), against a price of 1.70 PLN. It is the blended result of 5 valuation models in 4 families (Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is Fon SE stock overvalued or undervalued in 2026?
As of Nov 7, 2026, FON trades below its calculated fair value: price 1.70 PLN, fair value 2.99 PLN, a gap of about +76% (undervalued). 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 FON?
No. The price is what the market pays today (1.70 PLN); the fair value is what the company's own numbers justify (2.99 PLN). For Fon SE the two are 1.29 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Fon SE worth?
The market values Fon SE at about 8.5M PLN (market capitalisation, as of Nov 7, 2026). Per share that is 1.70 PLN; our models calculate a fair value of 2.99 PLN per share.
What do the bullish and bearish scenarios say about FON?
Our models span a range for Fon SE: cautious scenario 2.25 PLN, base 2.99 PLN, optimistic 3.74 PLN per share (as of Nov 7, 2026, price 1.70 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FON?
Fon SE trades at a price-to-earnings ratio of 85.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.99 PLN is built from several models across several years.
How solid is the balance sheet of Fon SE (FON)?
Balance-sheet figures for Fon SE (as of Nov 7, 2026): return on equity 5.0%, debt of 0.19 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is FON from its 52-week high?
Fon SE trades at 1.70 PLN, about 40% below its 52-week high of 2.85 PLN and 7% above the low of 1.59 PLN (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 2.99 PLN is for.
Which stocks are comparable to Fon SE?
From the same area (Financial Services) we also value Visa Inc, Mastercard Incorporated, American Express Company, Capital One Financial Corporation, 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 Fon SE stock attractive at the current price?
The data as of Nov 7, 2026: price 1.70 PLN, calculated fair value 2.99 PLN (+76%), Quality Score 62/100, from 5 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 FON calculated?
We run Fon SE through 5 models from 4 families: Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 2.99 PLN builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Fon SE currently trades 43% below its own fair value, and the market average says nothing about that. 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 Fon SE (FON)?
The closing price on Nov 9, 2026 was 1.70 PLN. Our model-based fair value is 2.99 PLN, about +76% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fon SE right now?
The price is below even our cautious bear case (2.25 PLN). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Fon SE
How large is the market capitalisation of Fon SE (FON)?
The market capitalisation of Fon SE is 8.5M PLN (≈ $2.2M). 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 Fon SE (FON)?
The price-to-sales ratio of Fon SE is 51.4 (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 Fon SE (FON)?
Earnings per share at Fon SE are 0.0200 PLN (price ÷ EPS = P/E 85.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Fon SE (FON)?
The net margin of Fon SE is 60.4% (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 Fon SE (FON)?
The return on equity (ROE) of Fon SE is 5.0% (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 Fon SE (FON)?
On an EBIT basis the return on assets of Fon SE is 5.4% (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 Fon SE (FON)?
The operating margin of Fon SE is 96.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fon SE (FON)?
Revenue at Fon SE is growing −28.7% versus a year earlier (3y avg −0.8%). 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 Fon SE (FON)?
Earnings per share at Fon SE are growing +13.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Fon SE (FON) generate?
The free cash flow of Fon SE is −€519K (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Fon SE (FON) carry?
The net debt of Fon SE is €1.8M (fiscal year 2025). 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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Thin data
Nov 7, 2026