LUBAWA SA (LBW) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of LUBAWA SA PLN 14.28, price PLN 11.83, upside +20.7%, quality 73 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 1.03 PLN – 14.65 PLN · fair‑value band 8.22 PLN – 22.78 PLN · the 11.83 PLN price screens below the 14.28 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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Lubawa S.A., together with its subsidiaries, manufactures and sells army, police, municipal police, border patrol, fire brigade, and special force products in Poland and internationally. The company operates through the Fabrics and Knitwear, Advertising Articles, Specialist Equipment, and Others segments.
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Lubawa S.A., together with its subsidiaries, manufactures and sells army, police, municipal police, border patrol, fire brigade, and special force products in Poland and internationally. The company operates through the Fabrics and Knitwear, Advertising Articles, Specialist Equipment, and Others segments. It provides individual protection products, including helmets, bulletproof vests, ballistic plates and shields, rescue masks, load-bearing equipment, backpacks, special and protective clothing, rescue vests, and individual camouflage; EOD and demining equipment comprising field clearance set, combat engineer demining and reconnaissance equipment, mine-clearance lightweight EOD vest, lightweight EOD suit for pyrotechnicians and sappers, and pyrotechnic shield; frame tents, pneumatic tents, and tent bases; and mobile camouflage and decoys. The company also offers EHS equipment, such as flood protection, tanks for liquids, decontamination, jump cushions, floating equipment, and water rescue; equipment for vehicles, including lightweight RPG net screens, additional modular armor, integrated multispectral modular armor, curved add-on armor, optronics protection, fuel tanks, ballistic protection, pneumatic floats, and armchair laps for pilots; and technical textiles comprising conductive fabrics, air duct fabrics, tapes, edges, tent fabrics, and boat fabrics, as well as technical textiles for gaskets, sanitary, lifts, inflatable structures, belts, tanks, membranes, and protective clothing. In addition, it provides vulcanization press and autoclave, cutting, PVC welding, water jet cutting and carving, and sewing services. Further, the company offers epidemic countermeasure products, including tent-based ambulance decontamination/ozone blasting units, L-2 chemical-resistant garments, preventative multifunctional masks, decontamination cabins, and 1-segment PVC decontamination chambers. Lubawa S.A. was founded in 1951 and is headquartered in Ostrów Wielkopolski, Poland.
Stock analysis
LUBAWA SA (LBW) currently trades at 11.83 PLN, while our model-based Fair Value estimate is 14.28 PLN, implying the stock looks roughly 17.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 18.71 PLN per share, and 7 of the 10 models we run sit above the 11.83 PLN price.
Bear case: the Asset-Based group reads lowest at 2.62 PLN, and 3 of the 10 models stay below the price. Evidence for this calculation is high.
Scenario range: 8.22 PLN (bear) to 22.78 PLN (bull), the price of 11.83 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 73/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
LUBAWA SA reported revenue of 617M PLN in FY2025 versus 265M PLN in FY2021, a compound +23.5%/yr. Reported net income was 126M PLN in FY2025, compounding +51.0%/yr from FY2021.
Key figures
Market cap 1.8B PLN (≈ $462M) · P/E ratio 12.9 · P/S ratio 2.63 · EPS (TTM) 0.9200 PLN · Net margin 20.4% · Return on equity 24.0% · Return on assets (EBIT) 11.4% · Operating margin 19.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 61% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 38% fair-value upside, at 21%, LBW screens richer than that median.
Fair Value models
Bear 8.22 PLNFair Value 14.28 PLNBull 22.78 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 (0.6730 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+20.9%
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.
+22.9%
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.
+21.0%
Start year 2020 (pandemic). Over 10 years: +9.9% 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.
+16.8%
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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.
+37.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+37.2%
Dividend (yield on the price)0.0%
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.39% vs 28%, picking up
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.18% → 24%
2025 sits 177% 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).
+8.3%
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 +5.0% 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.Conglomerates · 378 stocks
Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside+21% · Above median
Profitability
Return on equity (TTM)24% · Top 25%
Return on assets12% · Top 25%
Net margin (TTM)20% · Top 25%
Operating margin (TTM)19% · Top 25%
Growth and dividend
Revenue growth27% · Top 25%
Valuation Multiplesvs Conglomerates 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). "LUBAWA SA Fair Value". https://www.fairvalue-calculator.com/stock/LBW
Frequently asked questions
Is LUBAWA SA (LBW) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 14.28 PLN versus a price of 11.83 PLN, about +21% upside (undervalued).
What is the fair value of LBW?
Our model-based fair value for LUBAWA SA is 14.28 PLN (as of Sep 23, 2026), built from audited fundamentals. The current price: 11.83 PLN.
What is the quality score of LBW?
LUBAWA SA has a Quality Score of 73/100. 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 LUBAWA SA (LBW)?
Our model-based price target is the fair value of 14.28 PLN (as of Sep 23, 2026) from 10 valuation models. Cautious scenario 8.22 PLN, optimistic scenario 22.78 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the LUBAWA SA stock forecast for 2026?
Our models put fair value at 14.28 PLN, about +21% upside versus a price of 11.83 PLN (undervalued). Cautious scenario 8.22 PLN, optimistic scenario 22.78 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of LUBAWA SA (LBW)?
LUBAWA SA reported trailing-twelve-month revenue of about 617M PLN (latest available figure, as of Sep 23, 2026).
What growth is priced into LUBAWA SA (LBW)?
For today's price to be fair in a discounted-cash-flow model, LUBAWA SA would have to grow free cash flow by +8.3 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.0 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of LBW use?
Our models discount LUBAWA SA at 10.6 %: a base by market capitalisation (small), damped by beta 0.10, 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 LUBAWA SA that is +8.3 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has LUBAWA SA (LBW) delivered so far?
Over the past 5 years revenue at LUBAWA SA grew +21.0 % a year. The price currently implies +8.3 % 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 LUBAWA SA (LBW) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into LUBAWA SA (+8.3 % 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 LUBAWA SA (LBW)?
The free-cash-flow yield on the price is 5.19 %: that much free cash flow LUBAWA SA produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of LUBAWA SA (LBW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For LUBAWA SA it is 14.28 PLN per share (as of Sep 23, 2026), against a price of 11.83 PLN. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is LUBAWA SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, LBW trades below its calculated fair value: price 11.83 PLN, fair value 14.28 PLN, a gap of about +21% (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 LBW?
No. The price is what the market pays today (11.83 PLN); the fair value is what the company's own numbers justify (14.28 PLN). For LUBAWA SA the two are 2.45 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is LUBAWA SA worth?
The market values LUBAWA SA at about 1.8B PLN (market capitalisation, as of Sep 23, 2026). Per share that is 11.83 PLN; our models calculate a fair value of 14.28 PLN per share.
What do the bullish and bearish scenarios say about LBW?
Our models span a range for LUBAWA SA: cautious scenario 8.22 PLN, base 14.28 PLN, optimistic 22.78 PLN per share (as of Sep 23, 2026, price 11.83 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LBW?
LUBAWA SA trades at a price-to-earnings ratio of 12.9 (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 14.28 PLN is built from several models across several years. Other multiples: P/B 0.8, P/S 0.8, EV/EBITDA 2.0.
How solid is the balance sheet of LUBAWA SA (LBW)?
Balance-sheet figures for LUBAWA SA (as of Sep 23, 2026): return on equity 24.0%. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is LBW from its 52-week high?
LUBAWA SA trades at 11.83 PLN, about 19% below its 52-week high of 14.65 PLN and 61% above the low of 7.35 PLN (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 14.28 PLN is for.
Which stocks are comparable to LUBAWA SA?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Poste Italiane S.p.A, 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 LUBAWA SA stock attractive at the current price?
The data as of Sep 23, 2026: price 11.83 PLN, calculated fair value 14.28 PLN (+21%), Quality Score 73/100, from 10 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 LBW calculated?
We run LUBAWA SA through 10 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 14.28 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. LUBAWA SA currently trades 21 % 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 LUBAWA SA (LBW)?
The closing price on Sep 23, 2026 was 11.83 PLN. Our model-based fair value is 14.28 PLN, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with LUBAWA SA right now?
The model range is unusually wide (8.22 PLN to 22.78 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of LUBAWA SA (LBW) come from?
Earnings per share at LUBAWA SA grew +28.9 % a year from 2013 to 2024. Broken into its drivers: revenue per share +6.6 %, EBIT margin +15.0 %, tax rate +1.8 %, residual (interest, one-offs) +3.3 %. 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 LUBAWA SA
How large is the market capitalisation of LUBAWA SA (LBW)?
The market capitalisation of LUBAWA SA is 1.8B PLN (≈ $462M). 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 LUBAWA SA (LBW)?
The price-to-sales ratio of LUBAWA SA is 2.63 (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 LUBAWA SA (LBW)?
Earnings per share at LUBAWA SA are 0.9200 PLN (price ÷ EPS = P/E 12.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of LUBAWA SA (LBW)?
The net margin of LUBAWA SA is 20.4% (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 LUBAWA SA (LBW)?
The return on equity (ROE) of LUBAWA SA is 24.0% (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 LUBAWA SA (LBW)?
On an EBIT basis the return on assets of LUBAWA SA is 11.4% (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 LUBAWA SA (LBW)?
The operating margin of LUBAWA SA is 19.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at LUBAWA SA (LBW)?
Revenue at LUBAWA SA is growing +27.3% versus a year earlier (3y avg +22.9%). 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 LUBAWA SA (LBW)?
Earnings per share at LUBAWA SA are growing +104% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does LUBAWA SA (LBW) hold?
LUBAWA SA holds more cash than debt, 158M PLN net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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