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Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A (FSG) Fair Value & Analysis

Industrials · PL · Market cap 43.2M PLN

FS Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A FSG · WAR
Price14.60 PLN
Fair Value10.65 PLN
Upside-27.1%
Quality45/100
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Expensive Growth
Thin margins · 2.7% net margin
Low debt · negative free cash flow
3.55% dividend yield
Mixed vs. peers (7/12)
Narrow moat 32/100
Evidence: Medium Range 7.46 PLN – 13.85 PLN Share as image

Fair value as of: Jul 16, 2026

From 17 valuation models · updated 24 days ago

Fair value updated Jul 16, 2026, revised from 46.12 PLN to 10.65 PLN (−76.9%) since Jun 24, 2026. Share price +2.8% over the past month.

Below-average quality, and screening another 27% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (13.85 PLN). The favourable scenario is already priced in.
  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (7.46 PLN to 13.85 PLN) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

16.43 PLN 9.54 PLN Fair Value 10.65 PLN Nov 2020 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 9.54 PLN – 16.43 PLN · fair‑value band 7.46 PLN – 13.85 PLN · the 14.60 PLN price screens above the 10.65 PLN fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A (FSG) currently trades at 14.60 PLN, while our model-based Fair Value estimate is 10.65 PLN, implying the stock looks roughly 27.1% overvalued today. The Quality Score stands at 45/100 (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, Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A generated revenue of 292M PLN at a net margin of 2.5%. Revenue grew 43.0% year over year. It earns a return on equity of 4.1%. Net debt stands at 65.1M PLN. Fundamentals as of Jul 16, 2026

Our scenario range runs from 7.46 PLN (bear case) to 13.85 PLN (bull case); at 14.60 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 10% below its 52-week high and 29% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -72% fair-value upside, at -27%, FSG 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 BearBaseBull Evidence
Highest evidence
Residual Income 39.22 PLN 36.89 PLN 28.59 PLN 76
ROIC Compounder 65.33 PLN 77.06 PLN 90.24 PLN 72
Gordon GGM 2.09 PLN 3.50 PLN 4.54 PLN 70
All 17 models by family
DCF Models
Owner Earnings 30.63 PLN 43.38 PLN 59.83 PLN 31
Earnings-Based
Graham-Dodd 16.23 PLN 56.15 PLN 75.43 PLN 54
Lynch FV 13.00 PLN 18.57 PLN 24.14 PLN 50
PEG = 1.0 13.00 PLN 18.57 PLN 24.14 PLN 46
EPV 64.18 PLN 71.75 PLN 77.88 PLN 59
Dividend Discount
Gordon GGM 2.09 PLN 3.50 PLN 4.54 PLN 70
DDM Multi-Stage 2.09 PLN 3.29 PLN 3.77 PLN 61
Multiples
P/E Multiple 37.59 PLN 50.13 PLN 62.66 PLN 63
P/S Multiple 30.43 PLN 40.58 PLN 50.72 PLN 58
P/B Multiple 30.43 PLN 40.58 PLN 50.72 PLN 55
EV/EBIT 126.16 PLN 167.82 PLN 209.49 PLN 53
EV/EBITDA 134.04 PLN 178.33 PLN 222.62 PLN 54
EV/Revenue 90.37 PLN 128.61 PLN 166.84 PLN 43
Asset-Based
NCAV (Graham) 29.45 PLN 39.46 PLN 58.90 PLN 50
Economic Profit
Residual Income 39.22 PLN 36.89 PLN 28.59 PLN 76
ROIC Compounder 65.33 PLN 77.06 PLN 90.24 PLN 72
Growth Earnings
Growth-Adj P/E 32.28 PLN 46.12 PLN 59.95 PLN 68

Widest divergence: Multiples (50.13 PLN) versus Dividend Discount (3.29 PLN). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 292M PLN
Revenue growth (YoY) +43.0%
Net margin 2.5%
Return on equity 4.1%
Free cash flow −5.0M PLN FY2025
P/E ratio 5.9
More key figures
Operating margin 8.4%
EPS (TTM) 2.49 PLN
Dividend yield 3.6%
EPS growth (YoY) -44.1%
Net debt 65.1M PLN FY2025

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

Quality Score breakdown

Overall quality 45/100

Of which business quality 43 · Market factors (momentum, volatility) 62

Profitability 37
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 47
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 68
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

Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A. produces and sells chains for the mining, fishing, energy, sugar, cement, and wood industries worldwide.

Full company description

Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A. produces and sells chains for the mining, fishing, energy, sugar, cement, and wood industries worldwide. The company provides round mining link chains, flat mining link chains, chain routes, scrapers, cards, locks, and clamps, hoist chains, connector links, abrasion-resistant round chains, technical chains and accessories, fishing chains, and sling chains with short links. It also offers die forgings and forging tools, clutches, drills, anchors, hydraulic units, stands and others. The company exports its products to China, the United States, Australia, Russia, Germany, Sweden, Kazakhstan, Ukraine, and Belarus. Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A. was founded in 1925 and is headquartered in Katowice, Poland. Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A. is a subsidiary of Karbon 2 Sp. z o.o.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A reported revenue of 292M PLN in FY2025 versus 204M PLN in FY2021, a compound +9.5%/yr. Reported net income was 7.4M PLN in FY2025, compounding +11.7%/yr from FY2021.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
292M PLN
Latest YoY
+9.5%
Avg. growth/yr (3Y)
+5.4%
Avg. growth/yr (5Y)
+13.8%
Avg. growth/yr (17Y)
+7.2%
Revenue +9.5%/yr
FY21 204M PLN
FY22 249M PLN
FY23 293M PLN
FY24 267M PLN
FY25 292M PLN
Net income +11.7%/yr
FY21 4.8M PLN
FY22 1.4M PLN
FY23 16.3M PLN
FY24 14.0M PLN
FY25 7.4M PLN

FSG screens 27% overvalued. Compare with Carpenter Technology Corporation →

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Cite: Fair Value Calculator (2026). "Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A Fair Value". https://www.fairvalue-calculator.com/stock/FSG

Peer Group

Metal Fabrication · 243 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 45 · Below median
Fair Value upside −27% · Above median
Return on equity (TTM) 4% · Below median
Return on assets 4% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 0% · Bottom 25%
Revenue growth -1% · Below median
Dividend yield (TTM) 3.6% · Top 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Metal Fabrication median · lower = cheaper

P/E (TTM) 5.6× · Cheaper than 75% of peers
P/B 0.06× · Cheaper than 75% of peers
P/S (TTM) 0.04× · 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 0
FUTURE 0 · sector 35
PAST 16 · sector 21
HEALTH 99 · sector 95
DIVIDEND 71 · sector 25

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 Metal Fabrication stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

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Frequently asked questions

Is Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A (FSG) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 10.65 PLN versus a price of 14.60 PLN, about −27% (overvalued).
What is the fair value of FSG?
Our model-based fair value for Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A is 10.65 PLN (as of Jul 16, 2026), built from audited fundamentals. The current price is 14.60 PLN.
What is the quality score of FSG?
Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A has a Quality Score of 45/100. 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 Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A (FSG)?
Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A reported trailing-twelve-month revenue of about 292M PLN (latest available figure, as of Jul 16, 2026).
What is the net profit margin of FSG?
The net profit margin of Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A is about 2.5%, meaning it keeps roughly 2.5% of revenue as net income. Based on the latest reported figures.
Does Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A pay a dividend?
Fabryki Sprzetu i Narzedzi Górniczych Grupa Kapitalowa FASING S.A currently shows a dividend yield of about 3.55% relative to its recent price (as of Jul 16, 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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