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Data-driven stock valuation

Hortico S.A. (HOR) fair value: what the stock is really worth

As of Oct 23, 2026: fair value (intrinsic value) of Hortico S.A. stock PLN 9.56, price PLN 7.00, upside +36.6%, quality 49 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Basic Materials · PL

HS Some data Oct 24, 2026

Hortico S.A.

HOR · WAR

SpeculativeUpside exists, but weak quality makes the signal speculative.

The stock costs 27% less than our calculation considers fair.

Fair value 9.56 PLN · Undervalued (+36.6%)
Low debt
Ranks above peers (10/12)
Quality 49/100
Expensive Growth (revenue 5y +8.7 %/yr in PLN)
Thin margins · 6.9% net margin (FY2025)
Some data
Negative free cash flow
Narrow moat 43/100 · thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

8.22 PLN 2.77 PLN Fair Value 9.56 PLN May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 24, 2026.

How to read this chart

60‑month range 2.77 PLN – 8.22 PLN · fair‑value band 7.53 PLN – 13.93 PLN · the 7.00 PLN price screens below the 9.56 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 24, 2026.

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Company profile

Hortico S.A. supplies horticulture products in Poland.

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The company provides fertilizers for fertigation, sprinkling, foliar, ecological crops, and biostimulants; organic and mineral horticulture substrates; cuttings, seedlings, and flower and vegetable seeds for cultivation; plant protection products, such as fungicides, insecticides, herbicides, and growth regulators for the cultivation of cereals, vegetables, ornamental plants, berries, and orchards; tunnel foils, energy screens, perforated films, and foil for cucumbers, strawberries, and other crops in the ground, as well as for mulching; shading fabrics and meshes; and tools, accessories, and equipment of greenhouses.

It also offers disinfection services; shading agents; biological protection services primarily in greenhouses through the use of bumblebees; and soil and water analysis services. The company serves professional producers, garden centers, and shops. In addition, it exports its products.

The company was founded in 1991 and is based in Wroclaw, Poland.

Stock analysis

Hortico S.A. (HOR) currently trades at 7.00 PLN, while our model-based Fair Value estimate is 9.56 PLN, implying the stock looks roughly 26.8% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 20.48 PLN per share, and 13 of the 17 models we run sit above the 7.00 PLN price.

Bear case: the DCF Models group reads lowest at 2.15 PLN, and 4 of the 17 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 7.53 PLN (bear) to 13.93 PLN (bull), the price of 7.00 PLN sits below 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 49/100 (below-average quality), in the Basic Materials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Hortico S.A. reported revenue of 197M PLN in FY2025 versus 152M PLN in FY2021, a compound +6.7%/yr. Reported net income was 13.7M PLN in FY2025, compounding +3.1%/yr from FY2021.

Key figures

Market cap 90.4M PLN (≈ $23.0M) Micro · P/E ratio 12.5 · P/S ratio 0.87 · Dividend yield 4.3% · Net margin 6.9% · Return on assets (EBIT) 13.8% · Free cash flow −4.8M PLN · Net debt 19.4M PLN.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).

What moves the price

The share trades about 15% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at 37%, HOR screens cheaper than that median.

Fair Value models

Bear 7.53 PLN Fair Value 9.56 PLN Bull 13.93 PLN
Price 7.00 PLN · Upside +36.6%
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. 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
Owner Earnings 1.55 PLN 2.15 PLN 2.98 PLN 77
Residual Income 7.53 PLN 9.56 PLN 13.93 PLN 75
EPV 12.18 PLN 13.85 PLN 15.26 PLN 74
All 17 models by family
DCF Models
Owner Earnings 1.55 PLN 2.15 PLN 2.98 PLN 77
Earnings-Based
Graham-Dodd 8.73 PLN 29.03 PLN 38.85 PLN 64
Lynch FV 6.57 PLN 9.39 PLN 12.20 PLN 61
PEG = 1.0 6.57 PLN 9.39 PLN 12.20 PLN 57
EPV 12.18 PLN 13.85 PLN 15.26 PLN 74
Dividend Discount
Gordon GGM 2.43 PLN 4.48 PLN 6.30 PLN 67
DDM Multi-Stage 2.43 PLN 3.94 PLN 4.78 PLN 67
Multiples
P/E Multiple 16.37 PLN 21.83 PLN 27.28 PLN 63
P/S Multiple 16.37 PLN 21.83 PLN 27.28 PLN 58
P/B Multiple 16.76 PLN 22.35 PLN 27.93 PLN 55
EV/EBIT 14.90 PLN 20.48 PLN 26.05 PLN 66
EV/EBITDA 12.16 PLN 16.83 PLN 21.49 PLN 67
EV/Revenue 12.67 PLN 18.88 PLN 25.09 PLN 53
Asset-Based
NCAV (Graham) 3.00 PLN 4.54 PLN 5.68 PLN 54
Economic Profit
Residual Income 7.53 PLN 9.56 PLN 13.93 PLN 75
ROIC Compounder 12.94 PLN 15.83 PLN 19.10 PLN 72
Growth Earnings
Growth-Adj P/E 14.23 PLN 20.33 PLN 26.43 PLN 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 49/100

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

Profitability 65
How much profit the company makes from its sales and capital
Quality Growth 24
Are margins and returns getting better?
Cashflow 7
Do the profits arrive as real cash?
Financial strength 69
Debt, balance sheet and risk of trouble
Investment 50
Does it invest with discipline instead of growing at any price?
Low Volatility 52
How calm the share price moves, does not count
Momentum 40
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 50
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. 40/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−4.2%
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.
+7.6%
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.
+8.7%
Start year 2020 (pandemic)
Revenue growth 9 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.
+7.6%
What shareholders gained per year (last 5 years) ⓘ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.
+11.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.7%
Dividend (yield on the price)4.3%
Profit margin 2016 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.4% → 9%

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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.Other Industrial Metals & Mining · 376 stocks

Beats the industry median on 8/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 49 · Above median
Fair Value upside +36.6% · Top 25%
Profitability
Return on assets 8.6% · Top 25%
Net margin (12 months) 6.9% · Above median
Operating margin (12 months) 0.0% · Below median
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Below median
Dividend yield (12 months) 4.3% · Top 25%

Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper

P/E (12 months) 12.5× · Cheaper than median
P/B 0.29× · Cheapest 25%
EV/EBITDA 0.9× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)82 · sector 0
FUTURE (revenue growth)0 · sector 76
PAST (return on equity)0 · sector 0
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)87 · sector 33

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 Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Fortescue Ltd FMG A$15.26 A$52.42 +244% vs HOR
Vedanta Limited VEDL ₹236.85 ₹613.43 +159% vs HOR
CMOC Group 603993 ¥14.15 ¥19.48 +38% vs HOR
Saudi Arabian Mining Company 1211 58.80 SAR 64.68 SAR +10% vs HOR
Hindustan Zinc Limited HINDZINC ₹525.00 ₹577.50 +10% vs HOR
Western Mining Co 601168 ¥31.67 ¥34.84 +10% vs HOR
Boliden AB BOL kr 508.40 kr 464.45 −9% vs HOR
Korea Zinc Company 010130 913,000 KRW 649,125 KRW −29% vs HOR
Ivanhoe Mines Ltd IVN C$9.53 C$4.45 −53% vs HOR
China Tungsten And Hightech Materials Co 000657 ¥44.00 ¥4.44 −90% vs HOR

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Hortico S.A. · Fair Value
9.56 PLN +27%Fair Value
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Cite: Fair Value Calculator (2026). "Hortico S.A. Fair Value". https://www.fairvalue-calculator.com/stock/HOR

Frequently asked questions

Is Hortico S.A. (HOR) overvalued or undervalued?
As of Oct 24, 2026, our model estimates a fair value of 9.56 PLN versus a price of 7.00 PLN, about +37% upside (undervalued).
What is the fair value of HOR?
Our model-based fair value for Hortico S.A. is 9.56 PLN (as of Oct 24, 2026), built from audited fundamentals. The current price: 7.00 PLN.
What is the quality score of HOR?
Hortico S.A. has a Quality Score of 49/100. 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 Hortico S.A. (HOR)?
Our model-based price target is the fair value of 9.56 PLN (as of Oct 24, 2026) from 17 valuation models. Cautious scenario 7.53 PLN, optimistic scenario 13.93 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Hortico S.A. stock forecast for 2026?
Our models put fair value at 9.56 PLN, about +37% upside versus a price of 7.00 PLN (undervalued). Cautious scenario 7.53 PLN, optimistic scenario 13.93 PLN. The calculation is refreshed regularly with new filings.
Does Hortico S.A. pay a dividend?
Hortico S.A. currently shows a dividend yield of 4.33% relative to its recent price (as of Oct 24, 2026).
What is the intrinsic value of Hortico S.A. (HOR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hortico S.A. it is 9.56 PLN per share (as of Oct 24, 2026), against a price of 7.00 PLN. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Hortico S.A. stock overvalued or undervalued in 2026?
As of Oct 24, 2026, HOR trades below its calculated fair value: price 7.00 PLN, fair value 9.56 PLN, a gap of about +37% (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 HOR?
No. The price is what the market pays today (7.00 PLN); the fair value is what the company's own numbers justify (9.56 PLN). For Hortico S.A. the two are 2.56 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Hortico S.A. worth?
The market values Hortico S.A. at about 90.4M PLN (market capitalisation, as of Oct 24, 2026). Per share that is 7.00 PLN; our models calculate a fair value of 9.56 PLN per share.
What do the bullish and bearish scenarios say about HOR?
Our models span a range for Hortico S.A.: cautious scenario 7.53 PLN, base 9.56 PLN, optimistic 13.93 PLN per share (as of Oct 24, 2026, price 7.00 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HOR?
Hortico S.A. trades at a price-to-earnings ratio of 12.5 (as of Oct 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.56 PLN is built from several models across several years. Other multiples: P/B 0.3, EV/EBITDA 0.9.
How far is HOR from its 52-week high?
Hortico S.A. trades at 7.00 PLN, about 15% below its 52-week high of 8.22 PLN and 20% above the low of 5.84 PLN (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of 9.56 PLN is for.
Which stocks are comparable to Hortico S.A.?
From the same area (Basic Materials) we also value Saudi Arabian Mining Company, CMOC Group, Fortescue Ltd, Hindustan Zinc Limited, 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 Hortico S.A. stock attractive at the current price?
The data as of Oct 24, 2026: price 7.00 PLN, calculated fair value 9.56 PLN (+37%), Quality Score 49/100, from 17 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 HOR calculated?
We run Hortico S.A. through 17 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 9.56 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 12.3 % above its aggregate fair value. Hortico S.A. currently trades 27 % 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 Hortico S.A. (HOR)?
The closing price on Oct 23, 2026 was 7.00 PLN. Our model-based fair value is 9.56 PLN, about +37% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hortico S.A. right now?
The price is below even our cautious bear case (7.53 PLN). The market is more pessimistic than our downside scenario. Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (7.53 PLN to 13.93 PLN) leaves room in how you read the outcome.

Key figures of Hortico S.A.

How large is the market capitalisation of Hortico S.A. (HOR)?
The market capitalisation of Hortico S.A. is 90.4M PLN (≈ $23.0M). 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 Hortico S.A. (HOR)?
The price-to-sales ratio of Hortico S.A. is 0.87 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Hortico S.A. (HOR)?
The dividend yield of Hortico S.A. is 4.3%. 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 Hortico S.A. (HOR)?
The net margin of Hortico S.A. is 6.9% (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 EBIT return on assets of Hortico S.A. (HOR)?
On an EBIT basis the return on assets of Hortico S.A. is 13.8% (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.
How much free cash flow does Hortico S.A. (HOR) generate?
The free cash flow of Hortico S.A. is −4.8M 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 Hortico S.A. (HOR) carry?
The net debt of Hortico S.A. is 19.4M PLN (fiscal year 2025). 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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