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Fabryki Mebli FORTE S.A (FTE) Fair Value & Analysis

Consumer Cyclical · PL · Market cap 416M PLN

FM Fabryki Mebli FORTE S.A FTE · WAR
Price16.40 PLN
Fair Value3.97 PLN
Upside-75.8%
Quality51/100
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Weak Growth
Thin margins · 6.9% net margin
Low debt · generates free cash flow
Ranks above peers (11/13)
Narrow moat 35/100
Evidence: High Range 2.78 PLN – 4.54 PLN Share as image

Fair value as of: Jul 16, 2026

From 24 valuation models · updated 22 days ago

Fair value updated Jul 16, 2026, revised from 43.71 PLN to 3.97 PLN (−90.9%) since Jun 25, 2026. Share price −8.4% over the past month.

A solid business, but screening 76% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (4.54 PLN). The favourable scenario is already priced in.
  • Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

55.68 PLN 15.30 PLN Fair Value 3.97 PLN Apr 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 15.30 PLN – 55.68 PLN · fair‑value band 2.78 PLN – 4.54 PLN · the 16.40 PLN price screens above the 3.97 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Fabryki Mebli FORTE S.A (FTE) currently trades at 16.40 PLN, while our model-based Fair Value estimate is 3.97 PLN, implying the stock looks roughly 75.8% overvalued today. We read business quality at 51/100 (solid quality), in the Consumer Cyclical 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, Fabryki Mebli FORTE S.A generated revenue of 1.2B PLN at a net margin of 6.9%. Revenue grew 5.0% year over year. It earns a return on equity of 8.8%. Net debt stands at 180M PLN. Fundamentals as of Jul 16, 2026

Our scenario range runs from 2.78 PLN (bear case) to 4.54 PLN (bull case); at 16.40 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 50% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 16% fair-value upside, at -76%, FTE 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 6.92 PLN 9.12 PLN 11.79 PLN 80
Residual Income 5.22 PLN 4.81 PLN 3.56 PLN 76
Rev-Margin DCF 5.26 PLN 7.34 PLN 9.69 PLN 74
All 24 models by family
DCF Models
FCF DCF 6.85 PLN 9.32 PLN 12.50 PLN 38
Owner Earnings 5.00 PLN 6.74 PLN 8.98 PLN 31
5Y Revenue Exit 5.26 PLN 7.25 PLN 9.69 PLN 39
5Y EBITDA Exit 7.78 PLN 11.85 PLN 16.47 PLN 41
5Y P/E Exit 4.69 PLN 6.22 PLN 7.73 PLN 38
10Y Revenue Exit 5.77 PLN 7.60 PLN 9.87 PLN 36
10Y EBITDA Exit 7.32 PLN 10.48 PLN 14.48 PLN 37
10Y P/E Exit 5.53 PLN 6.96 PLN 8.54 PLN 35
Earnings-Based
Graham-Dodd 1.35 PLN 3.68 PLN 4.83 PLN 54
Lynch FV 0.7259 PLN 1.04 PLN 1.35 PLN 50
PEG = 1.0 0.7259 PLN 1.04 PLN 1.35 PLN 46
EPV 2.53 PLN 2.79 PLN 3.01 PLN 59
Multiples
P/E Multiple 2.98 PLN 3.97 PLN 4.96 PLN 63
P/S Multiple 2.53 PLN 3.37 PLN 4.22 PLN 58
P/B Multiple 2.53 PLN 3.37 PLN 4.22 PLN 55
EV/EBIT 6.22 PLN 8.10 PLN 9.98 PLN 53
EV/EBITDA 9.51 PLN 12.49 PLN 15.46 PLN 54
EV/Revenue 4.39 PLN 6.02 PLN 7.64 PLN 43
Asset-Based
NCAV (Graham) 3.92 PLN 5.26 PLN 7.85 PLN 50
Growth DCF
Growth DCF 6.92 PLN 9.12 PLN 11.79 PLN 80
Rev-Margin DCF 5.26 PLN 7.34 PLN 9.69 PLN 74
Economic Profit
Residual Income 5.22 PLN 4.81 PLN 3.56 PLN 76
ROIC Compounder 2.53 PLN 2.79 PLN 3.01 PLN 72
Growth Earnings
Growth-Adj P/E 2.37 PLN 3.38 PLN 4.40 PLN 68

Widest divergence: Growth DCF (7.34 PLN) versus Earnings-Based (1.04 PLN). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 1.2B PLN
Revenue growth (YoY) +5.0%
Net margin 6.9%
Return on equity 8.8%
Free cash flow 76.8M PLN FY2025
P/E ratio 5.5
More key figures
Operating margin 3.9%
EPS (TTM) 3.40 PLN
EPS growth (YoY) -59.8%
Net debt 180M PLN FY2025

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

Quality Score breakdown

Overall quality 51/100

Of which business quality 61 · Market factors (momentum, volatility) 29

Profitability 37
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 10
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 81
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 Mebli FORTE S.A. designs, manufactures, and exports furniture worldwide. It offers furniture for living room, dining room, bedroom, children's room, hallway, and study. The company was founded in 1992 and is based in Ostrow Mazowiecka, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fabryki Mebli FORTE S.A reported revenue of 1.2B PLN in FY2025 versus 1.3B PLN in FY2021, a compound −2.3%/yr. Reported net income was 22.2M PLN in FY2025, compounding −33.1%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.2B PLN
Latest YoY
+9.8%
Avg. growth/yr (3Y)
−1.7%
Avg. growth/yr (5Y)
+0.8%
Avg. growth/yr (20Y)
+5.6%
Revenue −2.3%/yr
FY21 1.3B PLN
FY22 1.3B PLN
FY23 1.0B PLN
FY24 1.1B PLN
FY25 1.2B PLN
Net income −33.1%/yr
FY21 111M PLN
FY22 89.5M PLN
FY23 −60.6M PLN
FY24 50.2M PLN
FY25 22.2M PLN

FTE screens 76% overvalued. Compare with Midea Group →

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Fabryki Mebli FORTE S.A · Fair Value
3.97 PLN −76%Fair Value
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Cite: Fair Value Calculator (2026). "Fabryki Mebli FORTE S.A Fair Value". https://www.fairvalue-calculator.com/stock/FTE

Peer Group

Furnishings, Fixtures & Appliances · 311 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 −76% · Bottom 25%
Return on equity (TTM) 9% · Above median
Return on assets 4% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 4% · Below median
Revenue growth 5% · Above median
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

P/E (TTM) 18.7× · Cheaper than median
P/B 0.47× · Cheaper than 75% of peers
P/S (TTM) 0.35× · Cheaper than median
P/FCF 1.5× · Cheaper than median
EV/EBITDA 2.6× · 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 21
FUTURE 25 · sector 0
PAST 35 · sector 19
HEALTH 100 · sector 98
DIVIDEND 0 · sector 55

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 Furnishings, Fixtures & Appliances stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Midea Group 000333 ¥82.71 ¥107.22 +30%
Gree Electric Appliances, Inc 000651 ¥38.25 ¥88.02 +130%
Haier Smart Home Co 600690 ¥21.46 ¥36.04 +68%
King Slide Works Co 2059 8,655 TWD 1,917 TWD -78%
Guangdong Songfa Ceramics Co 603268 ¥155.59 ¥38.95 -75%
SharkNinja, Inc SN $154.53 $89.07 -42%
Hisense Home Appliances Group 000921 ¥26.33 ¥48.03 +82%
Zhejiang Supor Co 002032 ¥43.85 ¥44.84 +2%
COWAY Co 021240 96,700 KRW 112,530 KRW +16%
Ecovacs Robotics Co 603486 ¥50.13 ¥54.11 +8%

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Frequently asked questions

Is Fabryki Mebli FORTE S.A (FTE) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 3.97 PLN versus a price of 16.40 PLN, about −76% (overvalued).
What is the fair value of FTE?
Our model-based fair value for Fabryki Mebli FORTE S.A is 3.97 PLN (as of Jul 16, 2026), built from audited fundamentals. The current price is 16.40 PLN.
What is the quality score of FTE?
Fabryki Mebli FORTE S.A has a Quality Score of 51/100. 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 Fabryki Mebli FORTE S.A (FTE)?
Fabryki Mebli FORTE S.A reported trailing-twelve-month revenue of about 1.2B PLN (latest available figure, as of Jul 16, 2026).
What is the net profit margin of FTE?
The net profit margin of Fabryki Mebli FORTE S.A is about 6.9%, meaning it keeps roughly 6.9% 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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