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Grupa Kapitalowa IMMOBILE S.A (GKI) Fair Value & Analysis

Financial Services · PL · Market cap 361M PLN

GK Grupa Kapitalowa IMMOBILE S.A GKI · WAR
Price4.96 PLN
Fair Value3.28 PLN
Upside-33.9%
Quality61/100
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Healthy Growth
Thin margins · 4.1% net margin
Moderate debt · generates free cash flow
Mixed vs. peers (7/13)
Moderate moat 52/100
Evidence: High Range 2.46 PLN – 4.10 PLN Share as image

Fair value as of: Jul 18, 2026

From 13 valuation models · updated 23 days ago

Share price −0.8% over the past month.

A solid business, but screening 34% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (4.10 PLN). The favourable scenario is already priced in.
  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

5.18 PLN 1.43 PLN Fair Value 3.28 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 1.43 PLN – 5.18 PLN · fair‑value band 2.46 PLN – 4.10 PLN · the 4.96 PLN price screens above the 3.28 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Grupa Kapitalowa IMMOBILE S.A (GKI) currently trades at 4.96 PLN, while our model-based Fair Value estimate is 3.28 PLN, implying the stock looks roughly 33.9% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Financial Services 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, Grupa Kapitalowa IMMOBILE S.A generated revenue of 1.1B PLN at a net margin of 3.4%. Revenue grew 39.2% year over year. It earns a return on equity of 26.8%. Net debt stands at 243M PLN. Fundamentals as of Jul 18, 2026

Our scenario range runs from 2.46 PLN (bear case) to 4.10 PLN (bull case); at 4.96 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 8% below its 52-week high and 77% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at -34%, GKI 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 5.24 PLN 9.85 PLN 18.14 PLN 80
Residual Income 2.71 PLN 3.73 PLN 14.38 PLN 76
Rev-Margin DCF 7.92 PLN 18.21 PLN 34.05 PLN 74
All 13 models by family
DCF Models
Owner Earnings 7.26 PLN 16.62 PLN 34.01 PLN 31
5Y P/E Exit 3.86 PLN 8.99 PLN 15.61 PLN 38
10Y P/E Exit 4.39 PLN 9.51 PLN 18.26 PLN 35
Earnings-Based
Graham-Dodd 3.21 PLN 22.42 PLN 31.46 PLN 54
Lynch FV 7.27 PLN 10.39 PLN 13.51 PLN 50
Dividend Discount
Gordon GGM 0.5500 PLN 0.9900 PLN 1.37 PLN 70
DDM Multi-Stage 0.5500 PLN 0.9100 PLN 1.06 PLN 61
Multiples
P/E Multiple 4.61 PLN 6.14 PLN 7.68 PLN 63
P/B Multiple 2.46 PLN 3.28 PLN 4.10 PLN 55
Asset-Based
NCAV (Graham) 1.17 PLN 1.57 PLN 2.34 PLN 50
Growth DCF
Growth DCF 5.24 PLN 9.85 PLN 18.14 PLN 80
Rev-Margin DCF 7.92 PLN 18.21 PLN 34.05 PLN 74
Economic Profit
Residual Income 2.71 PLN 3.73 PLN 14.38 PLN 76

Widest divergence: Earnings-Based (10.39 PLN) versus Dividend Discount (0.9100 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.1B PLN
Revenue growth (YoY) +39.2%
Net margin 3.4%
Return on equity 26.8%
Free cash flow 40.1M PLN FY2025
P/E ratio 6.3
More key figures
Operating margin 11.2%
EPS (TTM) 0.7500 PLN
EPS growth (YoY) +185%
Net debt 243M PLN FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 54 · Market factors (momentum, volatility) 68

Profitability 48
Margins and returns on capital today
Quality Growth 78
Are margins and returns improving?
Cashflow 49
Earnings quality: real cash, not paper profit
Fin. Strength 7
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 61
Price trend over the last 3–12 months (market factor)
52W Momentum 84
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

Grupa Kapitalowa IMMOBILE S.A. operates in industry, construction, automation and power engineering, hospitality, and development industries in Poland and internationally.

Full company description

Grupa Kapitalowa IMMOBILE S.A. operates in industry, construction, automation and power engineering, hospitality, and development industries in Poland and internationally. The company manufactures and distributes handling systems; engages in the business of automatic car parks; offers crushing and grinding machines under the MAKRUM brand, as well as warehouse equipment, such as forklifts and warehouse racks; and sells aluminum facades, aluminum joinery, lift and slide doors, and fire protection products. It also constructs housing estates; operates hotels; is involved in the business of industrial construction, modern offices, commercial facilities, and development investment; carries out general investment implementation (GRI); and offers IT solutions, as well as equipment used in I and C, and related systems. In addition, the company provides professional advisory services; engineering services in the field of industrial automation, control and measurement equipment, computer science, telemetry, telecommunications, electricity, gas, cogeneration systems, water and sewage networks, air conditioning, regulation, electronics, and metrology; installation, ventilation, and heating services; and low, medium, and high-voltage power generation services to customers in the construction, industrial, and energy sectors. The company was formerly known as MAKRUM S.A. and changed its name to Grupa Kapitalowa IMMOBILE S.A. in 2014. Grupa Kapitalowa IMMOBILE S.A. was founded in 1868 and is based in Bydgoszcz, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Grupa Kapitalowa IMMOBILE S.A reported revenue of 1.1B PLN in FY2025 versus 576M PLN in FY2021, a compound +16.2%/yr. Reported net income was 35.4M PLN in FY2025, compounding +29.7%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.1B PLN
Latest YoY
+20.8%
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.
+5.8%
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.
+14.6%
Avg. growth/yr (17Y) 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.
+15.3%
Revenue +16.2%/yr
FY21 576M PLN
FY22 887M PLN
FY23 940M PLN
FY24 869M PLN
FY25 1.1B PLN
Net income +29.7%/yr
FY21 12.5M PLN
FY22 9.1M PLN
FY23 1.8M PLN
FY24 −88.1M PLN
FY25 35.4M PLN
Character of growth · EPS growth decomposed (2015-2025) +6.8 % p.a.
Revenue per share +30.1 pp

of which total revenue +30.7 pp · buybacks/dilution −0.6 pp

EBIT margin −5.4 pp
Tax rate −2.5 pp
Residual (interest, one-offs) −15.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

GKI screens 34% overvalued. Compare with Fondul Proprietatea SA →

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Cite: Fair Value Calculator (2026). "Grupa Kapitalowa IMMOBILE S.A Fair Value". https://www.fairvalue-calculator.com/stock/GKI

Peer Group

Asset Management · 971 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 59 · Below median
Fair Value upside −34% · Below median
Return on equity (TTM) 28% · Top 25%
Return on assets 6% · Above median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 4% · Bottom 25%
Revenue growth -3% · Below median
Debt / equity 0.76× · Higher than 75% of peers

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 6.4× · Cheaper than median
P/B 0.55× · Cheaper than 75% of peers
P/S (TTM) 0.09× · Cheaper than 75% of peers
P/FCF 2.4× · Cheaper than 75% of peers
EV/EBITDA 2.1× · 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 37
FUTURE 0 · sector 6
PAST 100 · sector 26
HEALTH 62 · sector 95
DIVIDEND 0 · sector 69

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 Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,136 $465.75 -59%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 423.70 kr 847.40 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
Hedef Holding HEDEF 267.25 TRY 320.98 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹10,398 ₹9,202 -12%

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Frequently asked questions

Is Grupa Kapitalowa IMMOBILE S.A (GKI) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 3.28 PLN versus a price of 4.96 PLN, about −34% (overvalued).
What is the fair value of GKI?
Our model-based fair value for Grupa Kapitalowa IMMOBILE S.A is 3.28 PLN (as of Jul 18, 2026), built from audited fundamentals. The current price is 4.96 PLN.
What is the quality score of GKI?
Grupa Kapitalowa IMMOBILE S.A has a Quality Score of 61/100. 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 Grupa Kapitalowa IMMOBILE S.A (GKI)?
Grupa Kapitalowa IMMOBILE S.A reported trailing-twelve-month revenue of about 1.1B PLN (latest available figure, as of Jul 18, 2026).
What is the net profit margin of GKI?
The net profit margin of Grupa Kapitalowa IMMOBILE S.A is about 3.4%, meaning it keeps roughly 3.4% 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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