Lokum Deweloper SA (LKD) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Lokum Deweloper SA PLN 31.56, price PLN 22.80, upside +38.4%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Lokum Deweloper S.A. develops and sells residential and commercial properties in Poland. It develops flats, apartments, and commercial and service premises. The company was founded in 2004 and is based in Wroclaw, Poland.
Stock analysis
Lokum Deweloper SA (LKD) currently trades at 22.80 PLN, while our model-based Fair Value estimate is 31.56 PLN, implying the stock looks roughly 27.8% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 31.56 PLN per share, and 2 of the 4 models we run sit above the 22.80 PLN price.
Bear case: the Asset-Based group reads lowest at 20.71 PLN, and 2 of the 4 models stay below the price. Evidence for this calculation is medium.
Scenario range: 23.67 PLN (bear) to 39.45 PLN (bull), the price of 22.80 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 46/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Lokum Deweloper SA reported revenue of 106M PLN in FY2025 versus 310M PLN in FY2021, a compound −23.5%/yr. Reported net income was 33.4M PLN in FY2025, compounding −11.9%/yr from FY2021.
Key figures
Market cap 410M PLN (≈ $107M) · P/E ratio 69.1 · P/S ratio 21.7 · EPS (TTM) 0.3300 PLN · Net margin 31.4% · Return on equity 1.1% · Return on assets (EBIT) 9.6% · Operating margin 26.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 38%, LKD screens richer than that median.
Fair Value models
Bear 23.67 PLNFair Value 31.56 PLNBull 39.45 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 (0.2423 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.14/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−43.8%
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.
−33.8%
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.
−11.0%
Start year 2020 (pandemic). Over 10 years: −1.9% a year
Revenue growth 13 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.
+1.8%
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What shareholders gained per year (last 5 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 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.
−9.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−9.4%
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.−9% vs −2%, 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.19% → −20%
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.Real Estate - Development · 577 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside+41% · Above median
Profitability
Return on equity (TTM)1% · Below median
Return on assets−2% · Bottom 25%
Net margin (TTM)4% · Below median
Operating margin (TTM)27% · Top 25%
Growth and dividend
Revenue growth219% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.26× · Below median
Valuation Multiplesvs Real Estate - Development 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). "Lokum Deweloper SA Fair Value". https://www.fairvalue-calculator.com/stock/LKD
Frequently asked questions
Is Lokum Deweloper SA (LKD) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 31.56 PLN versus a price of 22.80 PLN, about +38% upside (undervalued).
What is the fair value of LKD?
Our model-based fair value for Lokum Deweloper SA is 31.56 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 22.80 PLN.
What is the quality score of LKD?
Lokum Deweloper SA has a Quality Score of 46/100. 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 Lokum Deweloper SA (LKD)?
Our model-based price target is the fair value of 31.56 PLN (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 23.67 PLN, optimistic scenario 39.45 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Lokum Deweloper SA stock forecast for 2026?
Our models put fair value at 31.56 PLN, about +38% upside versus a price of 22.80 PLN (undervalued). Cautious scenario 23.67 PLN, optimistic scenario 39.45 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Lokum Deweloper SA (LKD)?
Lokum Deweloper SA reported trailing-twelve-month revenue of about 134M PLN (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Lokum Deweloper SA (LKD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Lokum Deweloper SA it is 31.56 PLN per share (as of Sep 24, 2026), against a price of 22.80 PLN. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Lokum Deweloper SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, LKD trades below its calculated fair value: price 22.80 PLN, fair value 31.56 PLN, a gap of about +38% (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 LKD?
No. The price is what the market pays today (22.80 PLN); the fair value is what the company's own numbers justify (31.56 PLN). For Lokum Deweloper SA the two are 8.76 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Lokum Deweloper SA worth?
The market values Lokum Deweloper SA at about 410M PLN (market capitalisation, as of Sep 24, 2026). Per share that is 22.80 PLN; our models calculate a fair value of 31.56 PLN per share.
What do the bullish and bearish scenarios say about LKD?
Our models span a range for Lokum Deweloper SA: cautious scenario 23.67 PLN, base 31.56 PLN, optimistic 39.45 PLN per share (as of Sep 24, 2026, price 22.80 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LKD?
Lokum Deweloper SA trades at a price-to-earnings ratio of 69.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 31.56 PLN is built from several models across several years. Other multiples: P/B 0.2, P/S 0.8.
How solid is the balance sheet of Lokum Deweloper SA (LKD)?
Balance-sheet figures for Lokum Deweloper SA (as of Sep 24, 2026): return on equity 1.1%, debt of 0.26 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is LKD from its 52-week high?
Lokum Deweloper SA trades at 22.80 PLN, about 12% below its 52-week high of 26.00 PLN and 13% above the low of 20.26 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 31.56 PLN is for.
Which stocks are comparable to Lokum Deweloper SA?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 Lokum Deweloper SA stock attractive at the current price?
The data as of Sep 24, 2026: price 22.80 PLN, calculated fair value 31.56 PLN (+38%), Quality Score 46/100, from 4 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 LKD calculated?
We run Lokum Deweloper SA through 4 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 31.56 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 13.0 % above its aggregate fair value. Lokum Deweloper SA currently trades 38 % 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 Lokum Deweloper SA (LKD)?
The closing price on Sep 24, 2026 was 22.80 PLN. Our model-based fair value is 31.56 PLN, about +38% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Lokum Deweloper SA right now?
The price is below even our cautious bear case (23.67 PLN). The market is more pessimistic than our downside scenario. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Lokum Deweloper SA
How large is the market capitalisation of Lokum Deweloper SA (LKD)?
The market capitalisation of Lokum Deweloper SA is 410M PLN (≈ $107M). 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 Lokum Deweloper SA (LKD)?
The price-to-sales ratio of Lokum Deweloper SA is 21.7 (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 Lokum Deweloper SA (LKD)?
Earnings per share at Lokum Deweloper SA are 0.3300 PLN (price ÷ EPS = P/E 69.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Lokum Deweloper SA (LKD)?
The net margin of Lokum Deweloper SA is 31.4% (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 Lokum Deweloper SA (LKD)?
The return on equity (ROE) of Lokum Deweloper SA is 1.1% (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 Lokum Deweloper SA (LKD)?
On an EBIT basis the return on assets of Lokum Deweloper SA is 9.6% (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 Lokum Deweloper SA (LKD)?
The operating margin of Lokum Deweloper SA is 26.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Lokum Deweloper SA (LKD)?
Revenue at Lokum Deweloper SA is growing +219% versus a year earlier (3y avg −33.8%). 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 Lokum Deweloper SA (LKD)?
Earnings per share at Lokum Deweloper SA are growing −83.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Lokum Deweloper SA (LKD) generate?
The free cash flow of Lokum Deweloper SA is −111M PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Lokum Deweloper SA (LKD) carry?
The net debt of Lokum Deweloper SA is 137M PLN (fiscal year 2025). 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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