Indos SA (INS) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Indos SA stock PLN 6.12, price PLN 3.20, upside +91.3%, quality 70 out of 100. Rating: strongly undervalued. 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. As of Nov 4, 2026.
How to read this chart
60‑month range 1.73 PLN – 4.06 PLN · fair‑value band 4.59 PLN – 7.65 PLN · the 3.20 PLN price screens below the 6.12 PLN fair value. As of Nov 4, 2026.
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Indos SA provides financing and receivables management services in Poland.
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Its services include factoring, such as open, silent, and reverse factoring; business loans, such as loan for sole proprietorship, loan secured by fixed assets and real estate, and loan against contract; vindication; and purchase of receivables services.
Indos SA was founded in 1991 and is based in Chorzów, Poland. Indos SA is a subsidiary of Riva Foundation.
Stock analysis
Indos SA (INS) currently trades at 3.20 PLN, while our model-based Fair Value estimate is 6.12 PLN, implying the stock looks roughly 48% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 10.02 PLN per share, and 13 of the 13 models we run sit above the 3.20 PLN price.
Bear case: the Dividend Discount group reads lowest at 3.95 PLN, and 0 of the 13 models stay below the price. Data coverage for this calculation is low.
Scenario range: 4.59 PLN (bear) to 7.65 PLN (bull), the price of 3.20 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 70/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Indos SA reported revenue of 22.0M PLN in FY2025 versus 19.3M PLN in FY2022, a compound +4.5%/yr. Reported net income was 4.4M PLN in FY2025, compounding −7.6%/yr from FY2022.
Key figures
Market cap 22.8M PLN (≈ $5.8M) Micro · P/E ratio 4.3 · P/S ratio 1.01 · EPS (TTM) 0.7400 PLN · Dividend yield 8.5% · Net margin 22.6% · Return on equity 13.2% · Return on assets (EBIT) 9.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 6% fair-value upside, at 91%, INS screens cheaper than that median.
Fair Value models
Bear4.59 PLNFair Value 6.12 PLNBull7.65 PLN
Price 3.20 PLN · Upside +91.3%
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 (0.6265 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.
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.78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+17.2%
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.
+4.5%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
+0.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.9%
Dividend (yield on the price)8.5%
Profit margin 2022 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.55% → 48%
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).
−4.7%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −7.6% 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.Credit Services · 285 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+91.3% · Top 25%
Profitability
Return on equity (12 months)13.2% · Above median
Return on assets4.1% · Above median
Net margin (12 months)22.6% · Below median
Operating margin (12 months)48.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)20.4% · Above median
Dividend yield (12 months)8.5% · Top 25%
Balance sheet
Debt / equity1.23× · Above median
Valuation Multiplesvs Credit Services 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). "Indos SA Fair Value". https://www.fairvalue-calculator.com/stock/INS.WAR
Frequently asked questions
Is Indos SA (INS) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 6.12 PLN versus a price of 3.20 PLN, about +91% upside (undervalued).
What is the fair value of INS?
Our model-based fair value for Indos SA is 6.12 PLN (as of Nov 4, 2026), built from audited fundamentals. The current price: 3.20 PLN.
What is the quality score of INS?
Indos SA has a Quality Score of 70/100. 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 Indos SA (INS)?
Our model-based price target is the fair value of 6.12 PLN (as of Nov 4, 2026) from 13 valuation models. Cautious scenario 4.59 PLN, optimistic scenario 7.65 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Indos SA stock forecast for 2026?
Our models put fair value at 6.12 PLN, about +91% upside versus a price of 3.20 PLN (undervalued). Cautious scenario 4.59 PLN, optimistic scenario 7.65 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Indos SA (INS)?
Indos SA reported trailing-twelve-month revenue of about 22.5M PLN (latest available figure, as of Nov 4, 2026).
Does Indos SA pay a dividend?
Indos SA currently shows a dividend yield of 8.49% relative to its recent price (as of Nov 4, 2026).
What growth is priced into Indos SA (INS)?
For today's price to be fair in a discounted-cash-flow model, Indos SA would have to grow free cash flow by -4.7 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +4.5 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of INS use?
Our models discount Indos SA at 9.3 %: a base by market capitalisation (nano), damped by beta 0.34, 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 Indos SA that is -4.7 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Indos SA (INS) delivered so far?
Over the past 3 years revenue at Indos SA grew +4.5 % a year. The price currently implies -4.7 % 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 Indos SA (INS) growing?
The median revenue growth in the sector is +6.0 % a year. That is the yardstick for the growth priced into Indos SA (-4.7 % 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 Indos SA (INS)?
The free-cash-flow yield on the price is 26.44 %: that much free cash flow Indos SA produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Indos SA (INS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Indos SA it is 6.12 PLN per share (as of Nov 4, 2026), against a price of 3.20 PLN. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Indos SA stock overvalued or undervalued in 2026?
As of Nov 4, 2026, INS trades below its calculated fair value: price 3.20 PLN, fair value 6.12 PLN, a gap of about +91% (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 INS?
No. The price is what the market pays today (3.20 PLN); the fair value is what the company's own numbers justify (6.12 PLN). For Indos SA the two are 2.92 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Indos SA worth?
The market values Indos SA at about 22.8M PLN (market capitalisation, as of Nov 4, 2026). Per share that is 3.20 PLN; our models calculate a fair value of 6.12 PLN per share.
What do the bullish and bearish scenarios say about INS?
Our models span a range for Indos SA: cautious scenario 4.59 PLN, base 6.12 PLN, optimistic 7.65 PLN per share (as of Nov 4, 2026, price 3.20 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INS?
Indos SA trades at a price-to-earnings ratio of 4.3 (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 6.12 PLN is built from several models across several years. Other multiples: P/B 0.6, P/S 1.0, EV/EBITDA 4.4.
How solid is the balance sheet of Indos SA (INS)?
Balance-sheet figures for Indos SA (as of Nov 4, 2026): return on equity 13.2%, debt of 1.23 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is INS from its 52-week high?
Indos SA trades at 3.20 PLN, about 16% below its 52-week high of 3.80 PLN and 13% above the low of 2.84 PLN (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 6.12 PLN is for.
Which stocks are comparable to Indos SA?
From the same area (Financial Services) we also value Visa Inc, Mastercard Incorporated, American Express Company, Capital One Financial Corporation, 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 Indos SA stock attractive at the current price?
The data as of Nov 4, 2026: price 3.20 PLN, calculated fair value 6.12 PLN (+91%), Quality Score 70/100, 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 INS calculated?
We run Indos SA 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 6.12 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 15.0% above its aggregate fair value. Indos SA currently trades 48% 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 Indos SA (INS)?
The closing price on Nov 4, 2026 was 3.20 PLN. Our model-based fair value is 6.12 PLN, about +91% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Indos SA right now?
The price is below even our cautious bear case (4.59 PLN). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (70/100) 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.
Key figures of Indos SA
How large is the market capitalisation of Indos SA (INS)?
The market capitalisation of Indos SA is 22.8M PLN (≈ $5.8M). 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 Indos SA (INS)?
The price-to-sales ratio of Indos SA is 1.01 (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 Indos SA (INS)?
Earnings per share at Indos SA are 0.7400 PLN (price ÷ EPS = P/E 4.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Indos SA (INS)?
The dividend yield of Indos SA is 8.5% (payout 36.7%). 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 Indos SA (INS)?
The net margin of Indos SA is 22.6% (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 Indos SA (INS)?
The return on equity (ROE) of Indos SA is 13.2% (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 Indos SA (INS)?
On an EBIT basis the return on assets of Indos SA is 9.2% (avg 4y). 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 Indos SA (INS)?
The operating margin of Indos SA is 48.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Indos SA (INS)?
Revenue at Indos SA is growing +20.4% versus a year earlier (3y avg +4.5%). 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 Indos SA (INS)?
Earnings per share at Indos SA are growing +27.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Indos SA (INS) carry?
The net debt of Indos SA is 35.2M PLN (fiscal year 2025, ≈ 5.8 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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