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Krynica Vitamin S.A (KVT) Fair Value & Analysis

Consumer Defensive · PL · Market cap 158M PLN

KV Krynica Vitamin S.A KVT · WAR
Price12.80 PLN
Fair Value20.49 PLN
Upside+60.1%
Quality67/100
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Weak Growth
Thin margins · 3.3% net margin
Low debt · generates free cash flow
Ranks above peers (9/14)
Narrow moat 42/100
Evidence: High Range 15.36 PLN – 25.61 PLN Share as image

Fair value as of: Jul 17, 2026

From 23 valuation models · updated 24 days ago

A solid business, screening 60% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (15.36 PLN). The market is more pessimistic than our downside scenario.
  • Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

21.26 PLN 7.44 PLN Fair Value 20.49 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 7.44 PLN – 21.26 PLN · fair‑value band 15.36 PLN – 25.61 PLN · the 12.80 PLN price screens below the 20.49 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.

Full chart & analysis →

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Analysis

Krynica Vitamin S.A (KVT) currently trades at 12.80 PLN, while our model-based Fair Value estimate is 20.49 PLN, implying the stock looks roughly 60.1% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Krynica Vitamin S.A generated revenue of 362M PLN at a net margin of 3.3%. Revenue grew 7.2% year over year. It earns a return on equity of 12.0%. Net debt stands at 22.6M PLN. Fundamentals as of Jul 17, 2026

Our scenario range runs from 15.36 PLN (bear case) to 25.61 PLN (bull case); at 12.80 PLN, the current price sits below 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 4% below its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -14% fair-value upside, at 60%, KVT screens cheaper 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
Growth DCF 15.19 PLN 19.48 PLN 24.22 PLN 80
Residual Income 6.91 PLN 7.58 PLN 9.59 PLN 76
Rev-Margin DCF 14.25 PLN 21.25 PLN 28.81 PLN 74
All 23 models by family
DCF Models
FCF DCF 15.01 PLN 19.76 PLN 25.26 PLN 38
Owner Earnings 12.39 PLN 16.36 PLN 20.95 PLN 31
5Y Revenue Exit 14.25 PLN 20.99 PLN 29.19 PLN 39
5Y EBITDA Exit 19.76 PLN 30.77 PLN 43.03 PLN 41
5Y P/E Exit 13.65 PLN 19.93 PLN 26.10 PLN 38
10Y Revenue Exit 14.11 PLN 19.59 PLN 26.19 PLN 36
10Y EBITDA Exit 17.39 PLN 25.23 PLN 34.79 PLN 37
10Y P/E Exit 14.12 PLN 18.97 PLN 24.27 PLN 35
Earnings-Based
Graham-Dodd 6.63 PLN 15.59 PLN 20.06 PLN 54
PEG = 1.0 2.68 PLN 3.82 PLN 4.97 PLN 46
EPV 9.65 PLN 10.91 PLN 11.94 PLN 59
Multiples
P/E Multiple 15.36 PLN 20.49 PLN 25.61 PLN 63
P/S Multiple 12.44 PLN 16.58 PLN 20.73 PLN 58
P/B Multiple 12.44 PLN 16.58 PLN 20.73 PLN 55
EV/EBIT 20.89 PLN 28.14 PLN 35.38 PLN 53
EV/EBITDA 27.32 PLN 36.71 PLN 46.10 PLN 54
EV/Revenue 14.67 PLN 21.32 PLN 27.97 PLN 43
Asset-Based
NCAV (Graham) 4.19 PLN 5.61 PLN 8.38 PLN 50
Growth DCF
Growth DCF 15.19 PLN 19.48 PLN 24.22 PLN 80
Rev-Margin DCF 14.25 PLN 21.25 PLN 28.81 PLN 74
Economic Profit
Residual Income 6.91 PLN 7.58 PLN 9.59 PLN 76
ROIC Compounder 9.79 PLN 11.42 PLN 13.05 PLN 72
Growth Earnings
Growth-Adj P/E 11.63 PLN 16.61 PLN 21.60 PLN 68

Widest divergence: Multiples (20.49 PLN) versus Asset-Based (5.61 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 362M PLN
Revenue growth (YoY) +7.2%
Net margin 3.3%
Return on equity 12.0%
Free cash flow 24.7M PLN FY2025
P/E ratio 13.2
More key figures
Operating margin 3.7%
EPS (TTM) 0.9700 PLN
EPS growth (YoY) -23.8%
Net debt 22.6M PLN FY2025

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

Quality Score breakdown

Overall quality 67/100

Of which business quality 66 · Market factors (momentum, volatility) 73

Profitability 56
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 79
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

Krynica Vitamin S.A. produces and sells non-alcoholic and low-alcoholic beverages in Poland, Germany, the United Kingdom, the Czech Republic, Slovakia, and internationally.

Full company description

Krynica Vitamin S.A. produces and sells non-alcoholic and low-alcoholic beverages in Poland, Germany, the United Kingdom, the Czech Republic, Slovakia, and internationally. It offers energy drink; functional drinks, such as vitamin cocktails, and diet supplements; carbonated soft drink includes cola type, orange type, and lemon type beverages; alcopops; coffee; and dairy drinks. In addition, the company packages and markets its products in the form of aluminum cans, PET bottles, and glass bottles, as well as provides contract manufacturing services for other brands. Krynica Vitamin S.A. was incorporated in 2011 and is headquartered in Warsaw, Poland. Krynica Vitamin S.A. operates as a subsidiary of Zinat Sp. Z O.O.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Krynica Vitamin S.A reported revenue of 356M PLN in FY2025 versus 395M PLN in FY2021, a compound −2.6%/yr. Reported net income was 12.0M PLN in FY2025, compounding −6.4%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
356M PLN
Latest YoY
−8.2%
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.
−1.9%
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.
−4.4%
Avg. growth/yr (13Y) 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.
+9.8%
Revenue −2.6%/yr
FY21 395M PLN
FY22 377M PLN
FY23 359M PLN
FY24 388M PLN
FY25 356M PLN
Net income −6.4%/yr
FY21 15.6M PLN
FY22 13.1M PLN
FY23 −6.7M PLN
FY24 12.2M PLN
FY25 12.0M PLN
Character of growth · EPS growth decomposed (2014-2025) +22.4 % p.a.
Revenue per share +29.7 pp

of which total revenue +8.8 pp · buybacks/dilution +20.9 pp

EBIT margin −4.5 pp
Tax rate +0.7 pp
Residual (interest, one-offs) −3.5 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).

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

Peer Group

Beverages - Non-Alcoholic · 92 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 67 · Top 25%
Fair Value upside +60% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 7% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 4% · Below median
Revenue growth 7% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.10× · Higher than median

Valuation Multiples vs Beverages - Non-Alcoholic median · lower = cheaper

P/E (TTM) 13.3× · Cheaper than median
P/B 0.41× · Cheaper than 75% of peers
P/S (TTM) 0.12× · Cheaper than 75% of peers
P/FCF 1.7× · Cheaper than median
EV/EBITDA 1.4× · 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 100 · sector 27
FUTURE 36 · sector 44
PAST 48 · sector 48
HEALTH 95 · sector 95
DIVIDEND 0 · sector 46

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Beverages - Non-Alcoholic stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
The Coca-Cola Company KO $87.05 $36.57 -58%
PepsiCo, Inc PEP $139.02 $106.91 -23%
Monster Beverage Corporation MNST $97.50 $35.82 -63%
Nongfu Spring Co 9633 HK$41.44 HK$30.72 -26%
Coca-Cola Europacific Partners PLC CCEP €92.10 €85.41 -7%
Keurig Dr Pepper Inc KDP $31.25 $30.99 -1%
Coca-Cola FEMSA, S.A. KOF $102.04 $106.45 +4%
Coca-Cola HBC AG EEE €57.90 €52.82 -9%
Varun Beverages Limited VBL ₹495.70 ₹187.49 -62%
Eastroc Beverage (Group) Co 605499 ¥124.43 ¥107.57 -14%

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Frequently asked questions

Is Krynica Vitamin S.A (KVT) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 20.49 PLN versus a price of 12.80 PLN, about +60% (undervalued).
What is the fair value of KVT?
Our model-based fair value for Krynica Vitamin S.A is 20.49 PLN (as of Jul 17, 2026), built from audited fundamentals. The current price is 12.80 PLN.
What is the quality score of KVT?
Krynica Vitamin S.A has a Quality Score of 67/100. 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 Krynica Vitamin S.A (KVT)?
Krynica Vitamin S.A reported trailing-twelve-month revenue of about 362M PLN (latest available figure, as of Jul 17, 2026).
What is the net profit margin of KVT?
The net profit margin of Krynica Vitamin S.A is about 3.3%, meaning it keeps roughly 3.3% 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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