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Frigoglass S.A. (FRIGO) Fair Value & Analysis

Industrials · GR · Market cap €42.3M

FS Frigoglass S.A. FRIGO · AT
Price€0.3520
Fair Value€0.0680
Upside-80.7%
Quality47/100
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Weak Growth
Loss-making · -3.5% net margin
Low debt · generates free cash flow
Trails peers (1/13)
Narrow moat 17/100
Evidence: Medium Range €0.0425 – €0.0850 Share as image

Fair value as of: Jul 16, 2026

From 11 valuation models · updated 23 days ago

Share price +8.3% over the past month.

Below-average quality, and screening another 81% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€0.0850). The favourable scenario is already priced in.
  • Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (€0.0425 to €0.0850) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€1.00 €0.1720 Fair Value €0.0680 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range €0.1720 – €1.00 · fair‑value band €0.0425 – €0.0850 · the €0.3520 price screens above the €0.0680 fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Frigoglass S.A. (FRIGO) currently trades at €0.3520, while our model-based Fair Value estimate is €0.0680, implying the stock looks roughly 80.7% overvalued today. We read business quality at 47/100 (below-average 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: medium).

Over the trailing twelve months, Frigoglass S.A. generated revenue of €18.9M at a net margin of -3.5%. Revenue grew 25.3% year over year. It earns a return on equity of -11.1%. Net debt stands at €1.6M. Fundamentals as of Jul 16, 2026

Our scenario range runs from €0.0425 (bear case) to €0.0850 (bull case); at €0.3520, 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 44% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -81%, FRIGO 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 BearBaseBull Evidence
Highest evidence
Growth DCF €0.0300 €0.0400 €0.0500 80
Rev-Margin DCF €0.0400 €0.0500 €0.0700 74
EV/EBITDA €0.0700 €0.0900 €0.1100 54
All 11 models by family
DCF Models
FCF DCF €0.0300 €0.0400 €0.0500 38
Owner Earnings €0.0200 €0.0300 €0.0400 31
5Y Revenue Exit €0.0400 €0.0500 €0.0700 39
5Y EBITDA Exit €0.0500 €0.0700 €0.1000 41
10Y Revenue Exit €0.0300 €0.0400 €0.0500 36
10Y EBITDA Exit €0.0400 €0.0500 €0.0700 37
Multiples
EV/EBITDA €0.0700 €0.0900 €0.1100 54
EV/Revenue €0.0400 €0.0600 €0.0800 43
Asset-Based
NCAV (Graham) €0.0400 €0.0600 €0.0800 50
Growth DCF
Growth DCF €0.0300 €0.0400 €0.0500 80
Rev-Margin DCF €0.0400 €0.0500 €0.0700 74

Widest divergence: Multiples (€0.0600) versus DCF Models (€0.0400). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €18.9M
Revenue growth (YoY) +25.3%
Net margin -3.5%
Return on equity -11.1%
Free cash flow €542K FY2025
Operating margin 5.5%
More key figures
EPS (TTM) €-0.0100
EPS growth (YoY) -72.8%
Net debt €1.6M FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 56 · Market factors (momentum, volatility) 29

Profitability 19
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 10
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

Frigoglass S.A.I.C., together with its subsidiaries, manufactures, trades in, and distributes commercial refrigeration units and packaging materials for the beverage industry. The company operates through Ice Cold Merchandise Operations and Glass Operations segments.

Full company description

Frigoglass S.A.I.C., together with its subsidiaries, manufactures, trades in, and distributes commercial refrigeration units and packaging materials for the beverage industry. The company operates through Ice Cold Merchandise Operations and Glass Operations segments. It also offers glass containers and bottles, plastic crates, metal crowns, and other containers primarily for soft drinks, beer, food, spirits, cosmetics, and pharmaceutical industries. In addition, the company provides integrated, standard and post warranty, repair call management, rebranding and refurbishment, one-to-one placement, spare parts management, preventive maintenance, and technical training services. It operates in east Europe, west Europe, Africa, the Middle East, and Asia. Frigoglass S.A.I.C. was founded in 1996 and is based in Athens, Greece.

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

Revenue & earnings trend

FY2020 – FY2025 · reported fiscal years

Frigoglass S.A. reported revenue of €18.9M in FY2025 versus €333M in FY2020, a compound −43.7%/yr. Reported net income was −€651K in FY2025.

Growth Quality 14/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€18.9M
Avg. growth/yr (5Y)
−43.7%
Avg. growth/yr (11Y)
−25.6%
Revenue −43.7%/yr
FY20 €333M
FY21 €384M
FY22 €0
FY23 €0
FY25 €18.9M
Net income
FY20 −€15.9M
FY21 −€5.7M
FY22 −€31.8M
FY23 −€1.4M
FY25 −€651K

FRIGO screens 81% overvalued. Compare with GE Vernova Inc →

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

Peer Group

Specialty Industrial Machinery · 809 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 47 · Below median
Fair Value upside −81% · Bottom 25%
Return on assets 2% · Below median
Net margin (TTM) -3% · Bottom 25%
Operating margin (TTM) 6% · Below median
Revenue growth 25% · Top 25%
Debt / equity 0.15× · Higher than median

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/B 4.88× · Pricier than 75% of peers
P/S (TTM) 2.59× · Pricier than median
P/FCF 90.0× · Pricier than 75% of peers
EV/EBITDA 77.8× · Pricier than 75% of peers
PEG 21.39× · Pricier 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 0
FUTURE 100 · sector 23
PAST 0 · sector 28
HEALTH 92 · sector 96
DIVIDEND 0 · sector 24

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

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 Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

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GE Vernova Inc 1GEV €887.60 €186.93 -79%
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Eaton Corporation ETN $407.28 $171.92 -58%
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Sandvik AB SAND kr 384.10 kr 193.01 -50%
Doosan Enerbility Co 034020 76,400 KRW 7,938 KRW -90%
Zhejiang Sanhua Intelligent Controls Co 002050 ¥43.20 ¥22.68 -48%
Vestas Wind Systems A/S VWS kr 178.10 kr 124.54 -30%
NARI Technology Co 600406 ¥22.19 ¥18.71 -16%

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Frequently asked questions

Is Frigoglass S.A. (FRIGO) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €0.0680 versus a price of €0.3520, about −81% (overvalued).
What is the fair value of FRIGO?
Our model-based fair value for Frigoglass S.A. is €0.0680 (as of Jul 16, 2026), built from audited fundamentals. The current price is €0.3520.
What is the quality score of FRIGO?
Frigoglass S.A. has a Quality Score of 47/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Frigoglass S.A. (FRIGO)?
Frigoglass S.A. reported trailing-twelve-month revenue of about €18.9M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of FRIGO?
The net profit margin of Frigoglass S.A. is about -3.5%, 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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