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Larq SA (LRQ) Fair Value & Analysis

Communication Services · PL · Market cap 36.1M PLN

LS Larq SA LRQ · WAR
Price2.75 PLN
Fair Value4.31 PLN
Upside+56.7%
Quality52/100
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Strengths

Trades 36% below our fair value of 4.31 PLN
Ranks above peers (8/12)

Risks

!Expensive Growth (revenue 5y +7.2 %/yr)
!Low debt · negative free cash flow
!Narrow moat 37/100
!Evidence only medium, so the estimate is less certain
Expensive Growth (revenue 5y +7.2 %/yr)
Low debt · negative free cash flow
Ranks above peers (8/12)
Narrow moat 37/100
Evidence: Medium Range 3.23 PLN – 5.39 PLN Share as image

Fair value as of: Aug 14, 2026

From 9 valuation models · updated 13 days ago

Fair value updated Aug 14, 2026, revised from 3.32 PLN to 4.31 PLN (+29.8%) since Jul 12, 2026. Share price +3.8% over the past month.

A solid business, trading 36% below our fair value.

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69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price is below even our cautious bear case (3.23 PLN). The market is more pessimistic than our downside scenario.
  • Solid quality (52/100) 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)

2.98 PLN 0.9220 PLN Fair Value 4.31 PLN May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range 0.9220 PLN – 2.98 PLN · fair‑value band 3.23 PLN – 5.39 PLN · the 2.75 PLN price screens below the 4.31 PLN fair value. Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Larq SA (LRQ) currently trades at 2.75 PLN, while our model-based Fair Value estimate is 4.31 PLN, implying the stock looks roughly 56.7% undervalued today. The Quality Score stands at 52/100 (solid quality), in the Communication Services 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: medium), always confirm before acting.

Trailing-twelve-month revenue stands at 442K PLN. Revenue grew 144.4% year over year. It earns a return on equity of 19.4%. Net debt stands at 12.5M PLN. Fundamentals as of Aug 14, 2026

Our scenario range runs from 3.23 PLN (bear case) to 5.39 PLN (bull case); at 2.75 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 near its 52-week high and 79% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -13% fair-value upside, at 57%, LRQ 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
Residual Income 4.50 PLN 6.00 PLN 17.25 PLN 76
Gordon GGM 0.1900 PLN 0.2000 PLN 0.2200 PLN 70
Growth-Adj P/E 9.83 PLN 14.04 PLN 18.25 PLN 68
All 9 models by family
Earnings-Based
Graham-Dodd 5.74 PLN 7.02 PLN 7.90 PLN 54
Dividend Discount
Gordon GGM 0.1900 PLN 0.2000 PLN 0.2200 PLN 70
DDM Multi-Stage 0.1900 PLN 0.2200 PLN 0.2500 PLN 61
Multiples
P/E Multiple 13.94 PLN 18.58 PLN 23.23 PLN 63
P/S Multiple 0.0900 PLN 0.1100 PLN 0.1400 PLN 58
P/B Multiple 10.77 PLN 14.36 PLN 17.95 PLN 55
Asset-Based
NCAV (Graham) 2.32 PLN 3.10 PLN 4.63 PLN 50
Economic Profit
Residual Income 4.50 PLN 6.00 PLN 17.25 PLN 76
Growth Earnings
Growth-Adj P/E 9.83 PLN 14.04 PLN 18.25 PLN 68

Widest divergence: Multiples (14.36 PLN) versus Dividend Discount (0.2000 PLN). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 3.8
Net margin 3,979% TTM
Return on equity 20.1% TTM
Return on assets -0.6% TTM
Operating margin -174% TTM
EPS (TTM) 0.7200 PLN
More key figures
Growth
Revenue (TTM) 286K PLN TTM
Revenue growth (YoY) +3.2% 3y avg +12.6%
EPS growth (YoY) +33.5%
Balance sheet & cash flow
Free cash flow −314K PLN FY2025
Net debt 12.5M PLN FY2025

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 53 · Market factors (momentum, volatility) 79

Profitability 51
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 52
Calm price path (market factor)
Momentum 89
Price trend over the last 3–12 months (market factor)
52W Momentum 93
Distance to the 52-week high (market factor)
Net Issuance 64
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Larq S.A. provides custom outdoor advertising services in Poland. The company designs, produces, and implements marketing campaigns, which include out-of-home media, modern urban media systems, and event marketing; and operates advertising space in the underpasses.

Full company description

Larq S.A. provides custom outdoor advertising services in Poland. The company designs, produces, and implements marketing campaigns, which include out-of-home media, modern urban media systems, and event marketing; and operates advertising space in the underpasses. It is also involved in automating marketing and sales processes through SaaS for residential developers, car dealers, and online store operators. In addition, the company engages in the rental of investment properties and other fixed assets. The company was formerly known as CAM Media S.A. and changed its name to Larq S.A. in October 2015. Larq S.A. was incorporated in 2007 and is headquartered in Warsaw, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Larq SA reported revenue of 442K PLN in FY2025 versus 325K PLN in FY2021, a compound +8.0%/yr. Reported net income was 11.4M PLN in FY2025.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
442K PLN
Latest YoY
+5.6%
Avg. revenue 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.
+12.6%
Avg. revenue 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.
+7.2%
Avg. revenue growth/yr (17Y) 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.
−23.7%
Value creation/yr (3Y) Earnings growth per share (CAGR 3 years) plus dividend yield: value created per share and year.
−4.6% (-4.6 + 0.0)
Revenue +8.0%/yr
FY21 325K PLN
FY22 310K PLN
FY23 357K PLN
FY24 418K PLN
FY25 442K PLN
Net income
FY21 −8.5M PLN
FY22 −5.1M PLN
FY23 12.7M PLN
FY24 −6.1M PLN
FY25 11.4M PLN

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Cite: Fair Value Calculator (2026). "Larq SA Fair Value". https://www.fairvalue-calculator.com/stock/LRQ

Peer Group

Advertising Agencies · 207 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 52 · Above median
Fair Value upside +57% · Top 25%
Return on equity (TTM) 20% · Top 25%
Return on assets -1% · Below median
Operating margin (TTM) -174% · Bottom 25%
Revenue growth 3% · Above median
Dividend yield (TTM) 1.2% · Below median
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Advertising Agencies median · lower = cheaper

P/E (TTM) 3.8× · Cheaper than 75% of peers
P/B 0.16× · Cheaper than 75% of peers
P/S (TTM) 34.03× · Pricier than 75% of peers
PEG 0.54× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 24
FUTURE16 · sector 5
PAST80 · sector 5
HEALTH100 · sector 98
DIVIDEND25 · sector 57

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Advertising Agencies stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
AppLovin Corporation APP $305.77 $252.45 -17%
Publicis Groupe S.A PUB €99.98 €146.36 +46%
Omnicom Group OMC $88.20 $99.84 +13%
Focus Media Information Technology Co 002027 ¥5.29 ¥5.71 +8%
The Trade Desk, Inc TTD $13.49 $29.07 +115%
JCDecaux SE DEC €24.00 €20.99 -13%
WPP plc WPP $26.87 $19.05 -29%
Easy Click Worldwide Network Technology Co 301171 ¥37.40 ¥5.62 -85%
Magnite, Inc MGNI $24.53 $12.18 -50%
Affle (India) Limited AFFLE ₹1,711 ₹591.41 -65%

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Frequently asked questions

Is Larq SA (LRQ) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of 4.31 PLN versus a price of 2.75 PLN, about +57% (undervalued).
What is the fair value of LRQ?
Our model-based fair value for Larq SA is 4.31 PLN (as of Aug 14, 2026), built from audited fundamentals. The current price: 2.75 PLN.
What is the quality score of LRQ?
Larq SA has a Quality Score of 52/100. 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 Larq SA (LRQ)?
Larq SA reported trailing-twelve-month revenue of about 442K PLN (latest available figure, as of Aug 14, 2026).

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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