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Kernel Holding (KER) Fair Value & Analysis

Consumer Defensive · PL · Market cap 5.7B PLN

KH Kernel Holding KER · WAR
Price19.30 PLN
Fair Value12.03 PLN
Upside-37.7%
Quality92/100
Evidence: High Range 9.02 PLN – 15.04 PLN

Fair value as of: Jun 24, 2026

From 26 valuation models · updated 5 days ago

Share price +1.6% over the past month.

Price vs Fair Value (12 months)

22.28 PLN 16.56 PLN Fair Value 12.03 PLN Jun 2025 Jun 2026

12‑month range 16.56 PLN – 22.28 PLN · fair‑value band 9.02 PLN – 15.04 PLN · the 19.30 PLN price screens above the 12.03 PLN fair value. As of Jun 24, 2026.

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Analysis

Kernel Holding (KER) currently trades at 19.30 PLN, while our model-based Fair Value estimate is 12.03 PLN — implying the stock looks roughly 37.7% overvalued today. We read business quality at 92/100 (high quality), in the Consumer Defensive 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: high).

Over the trailing twelve months, Kernel Holding generated revenue of 4.1B PLN at a net margin of 5.5%. Revenue grew 3.1% year over year. It earns a return on equity of 10.6%. Net debt stands at 273M PLN. Fundamentals as of Jun 24, 2026

Key figures & financial health

Revenue (TTM) 4.1B PLN
Revenue growth (YoY) +3.1%
Net margin 5.5%
Return on equity 10.6%
Free cash flow 326M PLN FY2024
P/E ratio 6.8
More key figures
Operating margin 10.9%
EPS (TTM) 2.85 PLN
EPS growth (YoY) +114%
Net debt 273M PLN FY2024

Figures from reported company fundamentals (EODHD) · as of Jun 24, 2026. TTM = trailing twelve months.

About the company

Kernel Holding S.A., together with its subsidiaries, engages in the diversified agricultural business in Ukraine, Switzerland, rest of Europe, India, rest of Asia, and internationally. The company operates through three segments: Oilseed Processing, Infrastructure and Trading, and Farming. It is involved in sunflower seed origination and sunflower oil production; sells bottled and bulk sunflower oil, and sunflower meal; produces electricity from sunflower musk; agricultural farming; production of corn, wheat, soybean, sunflower seed, rapeseed, and minor crops, as well as forage, pea, and barley; and cattle farming operation. The company also engages in sourcing and merchandising of wholesale edible oils and grain; provision of silo services; operating the fleet of logistics assets for inland transportation and vessels; and grain and sunflower oil handling and transshipment services. In addition, it trades in sunflower oil, meal, and grains; and operates grain elevators. The company …

Revenue & earnings trend

FY2020 – FY2024 · reported fiscal years

Kernel Holding reported revenue of 3.6B PLN in FY2024 versus 4.1B PLN in FY2020, a compound −3.4%/yr. Reported net income was 168M PLN in FY2024, compounding +9.3%/yr from FY2020.

Revenue −3.4%/yr
FY20 4.1B PLN
FY21 5.6B PLN
FY22 5.3B PLN
FY23 3.5B PLN
FY24 3.6B PLN
Net income +9.3%/yr
FY20 118M PLN
FY21 513M PLN
FY22 −41.1M PLN
FY23 299M PLN
FY24 168M PLN

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6 more Food Distribution stocks, each showing price versus our Fair Value estimate (as of Jun 24, 2026).

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Sysco Corporation SYY $76.29 $37.61 -51%
US Foods Holding USFD $92.76 $54.78 -41%
Performance Food Group PFGC $100.74 $42.91 -57%
Jerónimo Martins, SGPS, S.A JRONF $23.70 $25.51 +8%
Bunzl plc BZLFY $16.36 $19.41 +19%
Bid Corporation BPPPF $25.49 $25.10 -2%

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Frequently asked questions

Is Kernel Holding (KER) undervalued?
As of Jun 24, 2026, our model estimates a fair value of 12.03 PLN versus a price of 19.30 PLN — about −38% (overvalued). Model-based estimate, not financial advice.
What is the fair value of KER?
Our 21-model fair value for Kernel Holding is 12.03 PLN (as of Jun 24, 2026), built from audited fundamentals. The current price is 19.30 PLN.
What is the quality score of KER?
Kernel Holding has a Quality Score of 92/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Kernel Holding (KER)?
Kernel Holding reported trailing-twelve-month revenue of about 4.1B PLN (latest available figure, as of Jun 24, 2026).
What is the net profit margin of KER?
The net profit margin of Kernel Holding is about 5.5%, meaning it keeps roughly 5.5% 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.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.