Immobile (GKI) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Immobile PLN 9.58, price PLN 4.79, upside +100.0%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 1.43 PLN – 5.26 PLN · fair‑value band 4.44 PLN – 17.98 PLN · the 4.79 PLN price screens below the 9.58 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Grupa Kapitalowa IMMOBILE S.A. operates in industry, construction, automation and power engineering, hospitality, and development industries in Poland and internationally.
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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.
Stock analysis
Immobile (GKI) currently trades at 4.79 PLN, while our model-based Fair Value estimate is 9.58 PLN, implying the stock looks roughly 50.0% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 12.27 PLN per share, and 8 of the 13 models we run sit above the 4.79 PLN price.
Bear case: the Asset-Based group reads lowest at 1.57 PLN, and 5 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: 4.44 PLN (bear) to 17.98 PLN (bull), the price of 4.79 PLN sits inside 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 61/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Immobile 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.
Key figures
Market cap 359M PLN (≈ $93.4M) · P/E ratio 6.4 · P/S ratio 0.22 · EPS (TTM) 0.7500 PLN · Dividend yield 1.5% · Net margin 3.4% · Return on equity 28.1% · Return on assets (EBIT) 4.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 60% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 100%, GKI screens cheaper than that median.
Fair Value models
Bear 4.44 PLNFair Value 9.58 PLNBull 17.98 PLN
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.5507 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.Evidence ⓘEvidence = 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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+20.8%
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.
+5.8%
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.
+14.6%
Start year 2020 (pandemic). Over 10 years: +26.7% a year
Revenue growth 17 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.
+15.3%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−1.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.2%
Dividend (yield on the price)1.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.40% vs 28%, picking up
Profit margin 2020 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.3% → 8%
2025 sits 556% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +6.2% a year for the price.
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.Asset Management · 659 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+100% · Top 25%
Profitability
Return on equity (TTM)28% · Top 25%
Return on assets6% · Above median
Net margin (TTM)4% · Below median
Operating margin (TTM)4% · Bottom 25%
Growth and dividend
Revenue growth−3% · Below median
Dividend yield (TTM)1.5% · Bottom 25%
Balance sheet
Debt / equity0.76× · Highest 25%
Valuation Multiplesvs Asset Management 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). "Immobile Fair Value". https://www.fairvalue-calculator.com/stock/GKI
Frequently asked questions
Is Immobile (GKI) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 9.58 PLN versus a price of 4.79 PLN, about +100% upside (undervalued).
What is the fair value of GKI?
Our model-based fair value for Immobile is 9.58 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 4.79 PLN.
What is the quality score of GKI?
Immobile 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 price target for Immobile (GKI)?
Our model-based price target is the fair value of 9.58 PLN (as of Sep 24, 2026) from 13 valuation models. Cautious scenario 4.44 PLN, optimistic scenario 17.98 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Immobile stock forecast for 2026?
Our models put fair value at 9.58 PLN, about +100% upside versus a price of 4.79 PLN (undervalued). Cautious scenario 4.44 PLN, optimistic scenario 17.98 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Immobile (GKI)?
Immobile reported trailing-twelve-month revenue of about 1.0B PLN (latest available figure, as of Sep 24, 2026).
Does Immobile pay a dividend?
Immobile currently shows a dividend yield of about 1.47% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Immobile (GKI)?
For today's price to be fair in a discounted-cash-flow model, Immobile would have to grow free cash flow by +9.5 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of GKI use?
Our models discount Immobile at 12.1 %: a base by market capitalisation (micro), damped by beta 0.50, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Immobile that is +9.5 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Immobile (GKI) delivered so far?
Over the past 5 years revenue at Immobile grew +14.6 % a year. The price currently implies +9.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Immobile (GKI) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Immobile (+9.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Immobile (GKI)?
The free-cash-flow yield on the price is 11.18 %: that much free cash flow Immobile produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Immobile (GKI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Immobile it is 9.58 PLN per share (as of Sep 24, 2026), against a price of 4.79 PLN. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Immobile stock overvalued or undervalued in 2026?
As of Sep 24, 2026, GKI trades below its calculated fair value: price 4.79 PLN, fair value 9.58 PLN, a gap of about +100% (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 GKI?
No. The price is what the market pays today (4.79 PLN); the fair value is what the company's own numbers justify (9.58 PLN). For Immobile the two are 4.79 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Immobile worth?
The market values Immobile at about 359M PLN (market capitalisation, as of Sep 24, 2026). Per share that is 4.79 PLN; our models calculate a fair value of 9.58 PLN per share.
What do the bullish and bearish scenarios say about GKI?
Our models span a range for Immobile: cautious scenario 4.44 PLN, base 9.58 PLN, optimistic 17.98 PLN per share (as of Sep 24, 2026, price 4.79 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GKI?
Immobile trades at a price-to-earnings ratio of 6.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.58 PLN is built from several models across several years. Other multiples: P/B 0.5, P/S 0.1, EV/EBITDA 2.1.
How solid is the balance sheet of Immobile (GKI)?
Balance-sheet figures for Immobile (as of Sep 24, 2026): return on equity 28.1%, debt of 0.76 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is GKI from its 52-week high?
Immobile trades at 4.79 PLN, about 9% below its 52-week high of 5.26 PLN and 60% above the low of 3.00 PLN (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 9.58 PLN is for.
Which stocks are comparable to Immobile?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 Immobile stock attractive at the current price?
The data as of Sep 24, 2026: price 4.79 PLN, calculated fair value 9.58 PLN (+100%), Quality Score 61/100, from 13 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 GKI calculated?
We run Immobile through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 9.58 PLN, 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 14.1 % above its aggregate fair value. Immobile currently trades 100 % 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 Immobile (GKI)?
The closing price on Sep 23, 2026 was 4.79 PLN. Our model-based fair value is 9.58 PLN, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Immobile right now?
The model range is unusually wide (4.44 PLN to 17.98 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (61/100) 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.
Where does the earnings growth of Immobile (GKI) come from?
Earnings per share at Immobile grew +6.8 % a year from 2015 to 2025. Broken into its drivers: revenue per share +30.1 %, EBIT margin −5.4 %, tax rate −2.5 %, residual (interest, one-offs) −10.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Immobile
How large is the market capitalisation of Immobile (GKI)?
The market capitalisation of Immobile is 359M PLN (≈ $93.4M). 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 Immobile (GKI)?
The price-to-sales ratio of Immobile is 0.22 (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 Immobile (GKI)?
Earnings per share at Immobile are 0.7500 PLN (price ÷ EPS = P/E 6.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Immobile (GKI)?
The dividend yield of Immobile is 1.5% (payout 9.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Immobile (GKI)?
The net margin of Immobile is 3.4% (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 Immobile (GKI)?
The return on equity (ROE) of Immobile is 28.1% (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 Immobile (GKI)?
On an EBIT basis the return on assets of Immobile is 4.9% (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 Immobile (GKI)?
The operating margin of Immobile is 3.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Immobile (GKI)?
Revenue at Immobile is growing −3.0% versus a year earlier (3y avg +5.8%). 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 Immobile (GKI)?
Earnings per share at Immobile are growing +185% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Immobile (GKI) carry?
The net debt of Immobile is 243M PLN (fiscal year 2025, ≈ 6.0 yrs of FCF). 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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