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Inpro S.A (INP) Fair Value & Analysis

Real Estate · PL · Market cap 300M PLN

IS Inpro S.A INP · WAR
Price7.45 PLN
Fair Value5.46 PLN
Upside-26.7%
Quality51/100
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Weak Growth
Solidly profitable · 12.9% net margin
Low debt · negative free cash flow
6.62% dividend yield
Ranks above peers (12/13)
Moderate moat 51/100
Evidence: Medium Range 4.09 PLN – 6.82 PLN Share as image

Fair value as of: Jul 17, 2026

From 9 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from 18.88 PLN to 5.46 PLN (−71.1%) since Jun 26, 2026. Share price −3.2% over the past month.

A solid business, but screening 27% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (6.82 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.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

9.05 PLN 4.25 PLN Fair Value 5.46 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 4.25 PLN – 9.05 PLN · fair‑value band 4.09 PLN – 6.82 PLN · the 7.45 PLN price screens above the 5.46 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Inpro S.A (INP) currently trades at 7.45 PLN, while our model-based Fair Value estimate is 5.46 PLN, implying the stock looks roughly 26.7% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Real Estate 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: medium).

Over the trailing twelve months, Inpro S.A generated revenue of 421M PLN at a net margin of 13.3%. Revenue declined 31.5% year over year. It earns a return on equity of 12.2%. Net debt stands at 169M PLN. Fundamentals as of Jul 17, 2026

Our scenario range runs from 4.09 PLN (bear case) to 6.82 PLN (bull case); at 7.45 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 22% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at -27%, INP 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
Residual Income 11.29 PLN 12.30 PLN 15.62 PLN 76
Gordon GGM 1.94 PLN 3.50 PLN 4.82 PLN 70
DDM Multi-Stage 1.94 PLN 3.20 PLN 3.74 PLN 61
All 9 models by family
Dividend Discount
Gordon GGM 1.94 PLN 3.50 PLN 4.82 PLN 70
DDM Multi-Stage 1.94 PLN 3.20 PLN 3.74 PLN 61
Multiples
P/S Multiple 17.78 PLN 23.71 PLN 29.63 PLN 58
P/B Multiple 17.78 PLN 23.71 PLN 29.63 PLN 55
EV/EBIT 35.01 PLN 47.40 PLN 59.80 PLN 53
EV/EBITDA 29.33 PLN 39.83 PLN 50.32 PLN 54
EV/Revenue 18.34 PLN 27.13 PLN 35.92 PLN 43
Asset-Based
NCAV (Graham) 6.82 PLN 9.14 PLN 13.63 PLN 50
Economic Profit
Residual Income 11.29 PLN 12.30 PLN 15.62 PLN 76

Widest divergence: Multiples (27.13 PLN) versus Dividend Discount (3.20 PLN). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 421M PLN
Revenue growth (YoY) -31.5%
Net margin 13.3%
Return on equity 12.2%
Free cash flow −50.3M PLN FY2025
P/E ratio 5.4
More key figures
Operating margin 22.6%
EPS (TTM) 1.56 PLN
EPS growth (YoY) -22.1%
Net debt 169M PLN FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 48 · Market factors (momentum, volatility) 51

Profitability 40
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 31
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

Inpro S.A. engages in the construction and sale of residential and commercial real estate properties in Poland. It operates through Property development, Manufacture of precast products, Plumbing and heating systems, and Rental of real property segments.

Full company description

Inpro S.A. engages in the construction and sale of residential and commercial real estate properties in Poland. It operates through Property development, Manufacture of precast products, Plumbing and heating systems, and Rental of real property segments. The company develops multi-family buildings; single-family detached, semi-detached, and terraced houses; manufactures precast and reinforced concrete for the civil engineering, industrial, and municipal construction industry; and interior fit-out, construction, and finishing services. Inpro S.A. was founded in 1987 and is based in Gdansk, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Inpro S.A reported revenue of 421M PLN in FY2025 versus 321M PLN in FY2021, a compound +7.0%/yr. Reported net income was 55.8M PLN in FY2025, compounding +8.3%/yr from FY2021.

Growth Quality 39/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
421M PLN
Latest YoY
+7.1%
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.
+5.6%
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.
+1.9%
Avg. growth/yr (14Y) 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.
+8.7%
Revenue +7.0%/yr
FY21 321M PLN
FY22 358M PLN
FY23 309M PLN
FY24 393M PLN
FY25 421M PLN
Net income +8.3%/yr
FY21 40.6M PLN
FY22 54.7M PLN
FY23 35.2M PLN
FY24 50.0M PLN
FY25 55.8M PLN
Character of growth · EPS growth decomposed (2014-2025) +9.9 % p.a.
Revenue per share +8.0 pp

of which total revenue +8.0 pp · buybacks/dilution +0.0 pp

EBIT margin +3.3 pp
Tax rate +0.1 pp
Residual (interest, one-offs) −1.4 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).

INP screens 27% overvalued. Compare with DLF Limited →

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Cite: Fair Value Calculator (2026). "Inpro S.A Fair Value". https://www.fairvalue-calculator.com/stock/INP

Peer Group

Real Estate - Development · 588 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 −27% · Below median
Return on equity (TTM) 12% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 13% · Above median
Operating margin (TTM) 14% · Above median
Revenue growth 20% · Above median
Dividend yield (TTM) 6.6% · Top 25%
Debt / equity 0.26× · Lower than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 5.4× · Cheaper than 75% of peers
P/B 0.15× · Cheaper than 75% of peers
P/S (TTM) 0.19× · Cheaper than 75% of peers
EV/EBITDA 1.7× · 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 48
FUTURE 100 · sector 0
PAST 48 · sector 10
HEALTH 87 · sector 84
DIVIDEND 100 · sector 38

VALUE 0: the price sits above our fair-value range.

Insider activity: 35/100

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 Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is Inpro S.A (INP) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 5.46 PLN versus a price of 7.45 PLN, about −27% (overvalued).
What is the fair value of INP?
Our model-based fair value for Inpro S.A is 5.46 PLN (as of Jul 17, 2026), built from audited fundamentals. The current price is 7.45 PLN.
What is the quality score of INP?
Inpro S.A has a Quality Score of 51/100. 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 Inpro S.A (INP)?
Inpro S.A reported trailing-twelve-month revenue of about 421M PLN (latest available figure, as of Jul 17, 2026).
What is the net profit margin of INP?
The net profit margin of Inpro S.A is about 13.3%, meaning it keeps roughly 13.3% 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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