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Data-driven stock valuation

Immobile (GKI) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Immobile stock PLN 8.60, price PLN 4.19, upside +105.3%, quality 60 out of 100. Rating: strongly undervalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services PL · ISIN PLMAKRM00019

I Immobile logo Broad data Nov 4, 2026

Immobile

GKI · WAR
Meets all rules

The stock costs 51% less than our calculation considers fair.

Fair value 8.60 PLN · Strongly undervalued
Quality 60/100
Healthy Growth (revenue 5y +14.6 %/yr in PLN)
3.1% dividend yield · Low payout
Ranks above peers (9/14)
Broad data
Costs just 5.7 times its yearly profit.
Thin margins · 4.1% net margin (TTM)
Moderate moat 52/100 · thin data
⚠ Small free float
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69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

5.26 PLN 1.43 PLN Fair Value 8.60 PLN Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range 1.43 PLN – 5.26 PLN · fair‑value band 3.84 PLN – 15.01 PLN · the 4.19 PLN price screens below the 8.60 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

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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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 4.19 PLN, while our model-based Fair Value estimate is 8.60 PLN, implying the stock looks roughly 51% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of 16.74 PLN per share, and 8 of the 13 models we run sit above the 4.19 PLN price.

Bear case: the Asset-Based group reads lowest at 1.57 PLN, and 5 of the 13 models stay below the price. Data coverage for this calculation is high.

Scenario range: 3.84 PLN (bear) to 15.01 PLN (bull), the price of 4.19 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 60/100 (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 314M PLN (≈ $80.2M) Micro · P/E ratio 5.7 · P/S ratio 0.36 · EPS (TTM) 0.7300 PLN · Dividend yield 3.1% · Net margin 4.1% · Return on equity 29.1% · Return on assets (EBIT) 4.9% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).

What moves the price

The share trades about 20% below its 52-week high and 40% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 105%, GKI screens cheaper than that median.

Fair Value models

Bear 3.84 PLN Fair Value 8.60 PLN Bull 15.01 PLN
Price 4.19 PLN · Upside +105.3%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.5145 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
Growth DCF 5.67 PLN 9.84 PLN 17.11 PLN 75
Residual Income 2.54 PLN 3.54 PLN 6.08 PLN 73
Owner Earnings 4.38 PLN 9.84 PLN 19.50 PLN 70
All 13 models by family
DCF Models
Owner Earnings 4.38 PLN 9.84 PLN 19.50 PLN 70
5Y P/E Exit 4.33 PLN 9.40 PLN 15.89 PLN 67
10Y P/E Exit 4.87 PLN 9.80 PLN 18.13 PLN 60
Earnings-Based
Graham-Dodd 3.28 PLN 22.87 PLN 32.10 PLN 63
Lynch FV 7.42 PLN 10.60 PLN 13.78 PLN 61
Dividend Discount
Gordon GGM 0.3900 PLN 0.6600 PLN 0.8600 PLN 68
DDM Multi-Stage 0.3900 PLN 0.6200 PLN 0.7100 PLN 67
Multiples
P/E Multiple 4.70 PLN 6.27 PLN 7.84 PLN 63
P/B Multiple 2.02 PLN 2.69 PLN 3.36 PLN 55
Asset-Based
NCAV (Graham) 1.17 PLN 1.57 PLN 2.35 PLN 53
Growth DCF
Growth DCF 5.67 PLN 9.84 PLN 17.11 PLN 75
Rev-Margin DCF 6.51 PLN 14.23 PLN 26.08 PLN 68
Economic Profit
Residual Income 2.54 PLN 3.54 PLN 6.08 PLN 73

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Quality Score breakdown

Overall quality 60/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 48
How much profit the company makes from its sales and capital
Quality Growth 78
Are margins and returns getting better?
Cashflow 49
Do the profits arrive as real cash?
Financial strength 7
Debt, balance sheet and risk of trouble
Investment 97
Does it invest with discipline instead of growing at any price?
Low Volatility 74
How calm the share price moves, does not count
Price momentum 43
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 61
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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%
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.
−0.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.2%
Dividend (yield on the price)3.1%
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.40.4% vs 28.1%, 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.
Pace: the 5-year rate starts in 2020 (pandemic)

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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 · 587 stocks

Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 60 · Above median
Fair Value upside +105.3% · Top 25%
Profitability
Return on equity (12 months) 29.1% · Top 25%
Return on assets 4.3% · Above median
Net margin (12 months) 5.2% · Bottom 25%
Operating margin (12 months) 6.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 16.6% · Above median
Dividend yield (12 months) 3.1% · Below median
Balance sheet
Debt / equity 0.76× · Highest 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (12 months) 5.7× · Cheaper than median
P/B 1.79× · Priciest 25%
P/S (12 months) 0.36× · Cheapest 25%
Price / free cash flow (fiscal year) 9.8× · Cheaper than median
EV/EBITDA 5.3× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 60
FUTURE (revenue growth)83 · sector 38
PAST (return on equity)100 · sector 29
HEALTH (low debt)–
DIVIDEND (yield)62 · sector 80

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

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

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Exor N.V EXO €73.35 €139.37 +90% vs GKI
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs GKI
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs GKI
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs GKI
State Street Corporation STT $165.56 $139.37 −16% vs GKI
Ares Management Corporation ARES $133.98 $99.35 −26% vs GKI
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs GKI
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs GKI
Blackstone Inc BX $119.50 $52.29 −56% vs GKI
KKR & Co KKR $96.48 $27.32 −72% vs GKI

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Immobile: fair value per Fair Value Calculator

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 Nov 4, 2026, our model estimates a fair value of 8.60 PLN versus a price of 4.19 PLN, about +105% upside (undervalued).
What is the fair value of GKI?
Our model-based fair value for Immobile is 8.60 PLN (as of Nov 4, 2026), built from audited fundamentals. The current price: 4.19 PLN.
What is the quality score of GKI?
Immobile has a Quality Score of 60/100. 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 8.60 PLN (as of Nov 4, 2026) from 13 valuation models. Cautious scenario 3.84 PLN, optimistic scenario 15.01 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 8.60 PLN, about +105% upside versus a price of 4.19 PLN (undervalued). Cautious scenario 3.84 PLN, optimistic scenario 15.01 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Immobile (GKI)?
Immobile reported trailing-twelve-month revenue of about 1.1B PLN (latest available figure, as of Nov 4, 2026).
Does Immobile pay a dividend?
Immobile currently shows a dividend yield of 3.10% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Immobile (GKI) and when is the ex-dividend date?
Immobile pays a dividend of 0.13 PLN per share a year, a dividend yield of 3.1%. The last ex-dividend date was Sep 11, 2026. The payout ratio is 17.8% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
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 8.60 PLN per share (as of Nov 4, 2026), against a price of 4.19 PLN. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Immobile stock overvalued or undervalued in 2026?
As of Nov 4, 2026, GKI trades below its calculated fair value: price 4.19 PLN, fair value 8.60 PLN, a gap of about +105% (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 (4.19 PLN); the fair value is what the company's own numbers justify (8.60 PLN). For Immobile the two are 4.41 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 314M PLN (market capitalisation, as of Nov 4, 2026). Per share that is 4.19 PLN; our models calculate a fair value of 8.60 PLN per share.
What do the bullish and bearish scenarios say about GKI?
Our models span a range for Immobile: cautious scenario 3.84 PLN, base 8.60 PLN, optimistic 15.01 PLN per share (as of Nov 4, 2026, price 4.19 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 5.7 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 8.60 PLN is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings: 26.7. Other multiples: P/B 1.8, P/S 0.4, EV/EBITDA 5.3.
How solid is the balance sheet of Immobile (GKI)?
Balance-sheet figures for Immobile (as of Nov 4, 2026): return on equity 29.1%, debt of 0.76 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is GKI from its 52-week high?
Immobile trades at 4.19 PLN, about 20% below its 52-week high of 5.26 PLN and 40% above the low of 3.00 PLN (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 8.60 PLN is for.
Which stocks are comparable to Immobile?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, 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 Nov 4, 2026: price 4.19 PLN, calculated fair value 8.60 PLN (+105%), Quality Score 60/100, 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 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 8.60 PLN builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Immobile currently trades 51% 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 Nov 6, 2026 was 4.19 PLN. Our model-based fair value is 8.60 PLN, about +105% 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 (3.84 PLN to 15.01 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (60/100) 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 314M PLN (≈ $80.2M). 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 0.36 (last twelve months). 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 0.7300 PLN (price ÷ EPS = P/E 5.7). 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 3.1% (payout 17.8%). 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 4.1% (last twelve months). 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 29.1% (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 6.7% (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 +16.6% 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 +15.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Immobile (GKI) generate?
The free cash flow of Immobile is 40.1M PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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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