Lokum Deweloper SA (LKD) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Lokum Deweloper SA stock PLN 28.16, price PLN 22.90, upside +23.0%, quality 47 out of 100. Rating: undervalued. Calculated from audited financials with 6 of our 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. As of Nov 8, 2026.
How to read this chart
60‑month range 9.34 PLN – 26.00 PLN · fair‑value band 22.17 PLN – 35.20 PLN · the 22.90 PLN price screens below the 28.16 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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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 22.90 PLN, while our model-based Fair Value estimate is 28.16 PLN, implying the stock looks roughly 19% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 28.16 PLN per share, and 3 of the 6 models we run sit above the 22.90 PLN price.
Bear case: the Dividend Discount group reads lowest at 7.13 PLN, and 3 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 22.17 PLN (bear) to 35.20 PLN (bull), the price of 22.90 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 47/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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 412M PLN (≈ $105M) Micro · P/E ratio 29.7 · P/S ratio 2.48 · EPS (TTM) 0.7700 PLN · Net margin 8.3% · Return on equity 2.5% · Return on assets (EBIT) 9.6% (5-year average) · Operating margin 17.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 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 33% fair-value upside, at 23%, LKD screens richer than that median.
Fair Value models
Bear22.17 PLNFair Value 28.16 PLNBull35.20 PLN
Price 22.90 PLN · Upside +23.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.6603 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
−15.2%
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.
−7.9%
Revenue growth 12 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.
+7.0%
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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.−9.4% vs −1.9%, 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 · 489 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+23.0% · Below median
Profitability
Return on equity (12 months)2.5% · Below median
Return on assets4.0% · Above median
Net margin (12 months)8.3% · Below median
Operating margin (12 months)17.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)151.6% · Top 25%
Dividend yield (12 months)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 Nov 8, 2026, our model estimates a fair value of 28.16 PLN versus a price of 22.90 PLN, about +23% upside (undervalued).
What is the fair value of LKD?
Our model-based fair value for Lokum Deweloper SA is 28.16 PLN (as of Nov 8, 2026), built from audited fundamentals. The current price: 22.90 PLN.
What is the quality score of LKD?
Lokum Deweloper SA has a Quality Score of 47/100. 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 28.16 PLN (as of Nov 8, 2026) from 6 valuation models. Cautious scenario 22.17 PLN, optimistic scenario 35.20 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 28.16 PLN, about +23% upside versus a price of 22.90 PLN (undervalued). Cautious scenario 22.17 PLN, optimistic scenario 35.20 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 167M PLN (latest available figure, as of Nov 8, 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 28.16 PLN per share (as of Nov 8, 2026), against a price of 22.90 PLN. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Lokum Deweloper SA stock overvalued or undervalued in 2026?
As of Nov 8, 2026, LKD trades below its calculated fair value: price 22.90 PLN, fair value 28.16 PLN, a gap of about +23% (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 (22.90 PLN); the fair value is what the company's own numbers justify (28.16 PLN). For Lokum Deweloper SA the two are 5.26 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 412M PLN (market capitalisation, as of Nov 8, 2026). Per share that is 22.90 PLN; our models calculate a fair value of 28.16 PLN per share.
What do the bullish and bearish scenarios say about LKD?
Our models span a range for Lokum Deweloper SA: cautious scenario 22.17 PLN, base 28.16 PLN, optimistic 35.20 PLN per share (as of Nov 8, 2026, price 22.90 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 29.7 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 28.16 PLN is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 5.0. Other multiples: P/B 0.7, P/S 2.5, EV/EBITDA 21.4.
How solid is the balance sheet of Lokum Deweloper SA (LKD)?
Balance-sheet figures for Lokum Deweloper SA (as of Nov 8, 2026): return on equity 2.5%, debt of 0.26 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is LKD from its 52-week high?
Lokum Deweloper SA trades at 22.90 PLN, about 12% below its 52-week high of 26.00 PLN and 13% above the low of 20.26 PLN (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 28.16 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, CK Asset Holdings, DLF Limited, 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 Nov 8, 2026: price 22.90 PLN, calculated fair value 28.16 PLN (+23%), Quality Score 47/100, from 6 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 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 28.16 PLN builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Lokum Deweloper SA currently trades 19% 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 Nov 6, 2026 was 22.90 PLN. Our model-based fair value is 28.16 PLN, about +23% 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?
As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF. 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.
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 412M PLN (≈ $105M). 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 2.48 (last twelve months). 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 0.7700 PLN (price ÷ EPS = P/E 29.7). 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 8.3% (last twelve months). 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 2.5% (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 17.2% (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 +152% versus a year earlier (3y avg −15.2%). 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 +629% 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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Nov 8, 2026