Ipopema Securities SA (IPE) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Ipopema Securities SA PLN 10.36, price PLN 9.02, upside +14.9%, quality 64 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 23, 2026.
How to read this chart
60‑month range 1.44 PLN – 10.00 PLN · fair‑value band 7.77 PLN – 13.09 PLN · the 9.02 PLN price screens below the 10.36 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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IPOPEMA Securities S.A., together with its subsidiaries, provides brokerage, company analysis, and investment banking services in Poland.
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IPOPEMA Securities S.A., together with its subsidiaries, provides brokerage, company analysis, and investment banking services in Poland. The company engages in the brokerage and investment banking activities; distribution of investment products; and provision of investment advisory services to a range of individual investors, as well as advisory services related to corporate financial restructuring and financing for infrastructure projects. It also involves in the creation and management of investment funds; management of portfolios of brokerage financial instruments; business and management consulting; information technology facilities management; information technology consulting; and software-related activities. In addition, the company offers investment banking services, including preparation and execution of capital market transactions, public issues of securities, mergers and acquisitions (M&A) transactions, management buyouts, and advisory services for raising private market financing, as well as organizing buyback transactions for shares listed on the Warsaw Stock Exchange through public tender offers and buy-back programs. Further, it provides portfolio management services; securities trading advisory services; intermediation services; involved in the creation and management of closed-end and open-end investment funds; and wholesale of computers, peripherals, and software. IPOPEMA Securities S.A. was incorporated in 2005 and is based in Warsaw, Poland.
Stock analysis
Ipopema Securities SA (IPE) currently trades at 9.02 PLN, while our model-based Fair Value estimate is 10.36 PLN, implying the stock looks roughly 12.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 17.96 PLN per share, and 7 of the 13 models we run sit above the 9.02 PLN price.
Bear case: the Dividend Discount group reads lowest at 2.31 PLN, and 6 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: 7.77 PLN (bear) to 13.09 PLN (bull), the price of 9.02 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 64/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Ipopema Securities SA reported revenue of 297M PLN in FY2025 versus 256M PLN in FY2021, a compound +3.7%/yr. Reported net income was 23.9M PLN in FY2025, compounding +16.2%/yr from FY2021.
Key figures
Market cap 270M PLN (≈ $70.2M) · P/E ratio 9.1 · P/S ratio 0.73 · EPS (TTM) 0.9900 PLN · Dividend yield 2.3% · Net margin 8.0% · Return on equity 22.7% · Return on assets (EBIT) 4.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 240% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at 15%, IPE screens cheaper than that median.
Fair Value models
Bear 7.77 PLNFair Value 10.36 PLNBull 13.09 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 (0.5706 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.69/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+15.5%
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%
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.
+2.8%
Start year 2020 (pandemic). Over 10 years: +11.7% 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.
+10.6%
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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.
−2.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.3%
Dividend (yield on the price)2.3%
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.13% vs 20%, slowing
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.15% → 9%
2025 sits 162% 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).
−28.0%
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 −30.2% 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.Capital Markets · 463 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+15% · Above median
Profitability
Return on equity (TTM)23% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)10% · Below median
Operating margin (TTM)8% · Below median
Growth and dividend
Revenue growth17% · Below median
Dividend yield (TTM)2.3% · Above median
Valuation Multiplesvs Capital Markets 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). "Ipopema Securities SA Fair Value". https://www.fairvalue-calculator.com/stock/IPE
Frequently asked questions
Is Ipopema Securities SA (IPE) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 10.36 PLN versus a price of 9.02 PLN, about +15% upside (undervalued).
What is the fair value of IPE?
Our model-based fair value for Ipopema Securities SA is 10.36 PLN (as of Sep 23, 2026), built from audited fundamentals. The current price: 9.02 PLN.
What is the quality score of IPE?
Ipopema Securities SA has a Quality Score of 64/100. 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 Ipopema Securities SA (IPE)?
Our model-based price target is the fair value of 10.36 PLN (as of Sep 23, 2026) from 13 valuation models. Cautious scenario 7.77 PLN, optimistic scenario 13.09 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Ipopema Securities SA stock forecast for 2026?
Our models put fair value at 10.36 PLN, about +15% upside versus a price of 9.02 PLN (undervalued). Cautious scenario 7.77 PLN, optimistic scenario 13.09 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Ipopema Securities SA (IPE)?
Ipopema Securities SA reported trailing-twelve-month revenue of about 304M PLN (latest available figure, as of Sep 23, 2026).
Does Ipopema Securities SA pay a dividend?
Ipopema Securities SA currently shows a dividend yield of about 2.33% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Ipopema Securities SA (IPE)?
For today's price to be fair in a discounted-cash-flow model, Ipopema Securities SA would have to grow free cash flow by -28.0 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of IPE use?
Our models discount Ipopema Securities SA at 12.2 %: a base by market capitalisation (micro), damped by beta 0.59, 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 Ipopema Securities SA that is -28.0 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has Ipopema Securities SA (IPE) delivered so far?
Over the past 5 years revenue at Ipopema Securities SA grew +2.9 % a year. The price currently implies -28.0 % 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 Ipopema Securities SA (IPE) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Ipopema Securities SA (-28.0 % 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 Ipopema Securities SA (IPE)?
The free-cash-flow yield on the price is 9.04 %: that much free cash flow Ipopema Securities SA produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ipopema Securities SA (IPE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ipopema Securities SA it is 10.36 PLN per share (as of Sep 23, 2026), against a price of 9.02 PLN. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Ipopema Securities SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, IPE trades below its calculated fair value: price 9.02 PLN, fair value 10.36 PLN, a gap of about +15% (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 IPE?
No. The price is what the market pays today (9.02 PLN); the fair value is what the company's own numbers justify (10.36 PLN). For Ipopema Securities SA the two are 1.34 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Ipopema Securities SA worth?
The market values Ipopema Securities SA at about 270M PLN (market capitalisation, as of Sep 23, 2026). Per share that is 9.02 PLN; our models calculate a fair value of 10.36 PLN per share.
What do the bullish and bearish scenarios say about IPE?
Our models span a range for Ipopema Securities SA: cautious scenario 7.77 PLN, base 10.36 PLN, optimistic 13.09 PLN per share (as of Sep 23, 2026, price 9.02 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IPE?
Ipopema Securities SA trades at a price-to-earnings ratio of 9.1 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 10.36 PLN is built from several models across several years. Other multiples: P/B 0.5, P/S 0.2.
How solid is the balance sheet of Ipopema Securities SA (IPE)?
Balance-sheet figures for Ipopema Securities SA (as of Sep 23, 2026): return on equity 22.7%. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is IPE from its 52-week high?
Ipopema Securities SA trades at 9.02 PLN, about 10% below its 52-week high of 10.00 PLN and 240% above the low of 2.65 PLN (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 10.36 PLN is for.
Which stocks are comparable to Ipopema Securities SA?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Ipopema Securities SA stock attractive at the current price?
The data as of Sep 23, 2026: price 9.02 PLN, calculated fair value 10.36 PLN (+15%), Quality Score 64/100, 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 IPE calculated?
We run Ipopema Securities 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 10.36 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. Ipopema Securities SA currently trades 15 % 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 Ipopema Securities SA (IPE)?
The closing price on Sep 23, 2026 was 9.02 PLN. Our model-based fair value is 10.36 PLN, about +15% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ipopema Securities SA right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Ipopema Securities SA (IPE) come from?
Earnings per share at Ipopema Securities SA grew +19.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.1 %, EBIT margin +0.9 %, tax rate +1.0 %, residual (interest, one-offs) +4.1 %. 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 Ipopema Securities SA
How large is the market capitalisation of Ipopema Securities SA (IPE)?
The market capitalisation of Ipopema Securities SA is 270M PLN (≈ $70.2M). 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 Ipopema Securities SA (IPE)?
The price-to-sales ratio of Ipopema Securities SA is 0.73 (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 Ipopema Securities SA (IPE)?
Earnings per share at Ipopema Securities SA are 0.9900 PLN (price ÷ EPS = P/E 9.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ipopema Securities SA (IPE)?
The dividend yield of Ipopema Securities SA is 2.3% (payout 21.2%). 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 Ipopema Securities SA (IPE)?
The net margin of Ipopema Securities SA is 8.0% (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 Ipopema Securities SA (IPE)?
The return on equity (ROE) of Ipopema Securities SA is 22.7% (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 Ipopema Securities SA (IPE)?
On an EBIT basis the return on assets of Ipopema Securities SA is 4.2% (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 Ipopema Securities SA (IPE)?
The operating margin of Ipopema Securities SA is 8.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ipopema Securities SA (IPE)?
Revenue at Ipopema Securities SA is growing +16.5% 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 Ipopema Securities SA (IPE)?
Earnings per share at Ipopema Securities SA are growing +112% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Ipopema Securities SA (IPE) hold?
Ipopema Securities SA holds more cash than debt, 171M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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