White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
Madkom SA provides and integrates proprietary software for managing documents, budgets, information, and public procurement in Poland.
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The company offers SIDAS EZD, an electronic document management system; SIDAS BUDZET, a system that streamlines budget planning and implementation for local government administration units; SIDAS LRU, a complete tool for managing public contracts; SIDAS COMPLIANCE, a system that supports companies and institutions in maintaining compliance with laws, industry standards, and internal regulations; SIDAS Goniec, a mobile application for delivery workers; SIDAS PZP, a public procurement platform; and SIDAS BIP, a specialized IT system used to manage the public information bulletin website.
It also provides SIDAS CU, an online platform that facilitates and accelerates the exchange of electronic documentation between public institutions and the private sector; SIDAS PRW, an appointment booking portal; SIDAS AZ, a tool for public administration that allows for easy management of company archives through a web browser; SIDAS API, a tool for public institutions and administrations that facilitates the effective tracking and monitoring of procedural case statuses; SIDAS SAWPE, an automatic electronic signature verification system; and SIDAS BAZA, a tool for collecting, merging, and verifying data from various domain dictionaries.
In addition, the company offers SIDAS CLOUD, a scalable cloud platform; software implementation and training services; WeryfikacjaPropisu.pl, which verifies electronic signatures submitted in XAdES and PAdES formats, as well as documents signed using the ePUAP Trusted Profile; SaaS EZD RP services, which provides professional services, including system environment maintenance and support services; and SaaS EZD RP implementation services.
It serves governments and public institutions. The company was founded in 1999 and is headquartered in Gdynia, Poland.
Madkom SA (MAD) currently trades at 3.46 PLN, while our model-based Fair Value estimate is 10.38 PLN, implying the stock looks roughly 67% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 22.46 PLN per share, and 23 of the 24 models we run sit above the 3.46 PLN price.
Bear case: the Asset-Based group reads lowest at 1.53 PLN, and 1 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 7.39 PLN (bear) to 17.76 PLN (bull), the price of 3.46 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 75/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Madkom SA reported revenue of 27.1M PLN in FY2025 versus 22.0M PLN in FY2022, a compound +7.2%/yr. Reported net income was 3.1M PLN in FY2025, compounding +92.9%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap 17.5M PLN (≈ $4.5M) Micro · P/E ratio 3.3 · P/S ratio 0.57 · EPS (TTM) 1.05 PLN · Net margin 16.7% · Return on equity 41.8% · Return on assets (EBIT) 7.0% · Operating margin 19.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 78 out of 100 (low confidence).
What moves the price
The share trades about 33% below its 52-week high and 63% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −19% fair-value upside, at 200%, MAD screens cheaper than that median.
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 (0.8889 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.
Best data coverage
FCF DCF
10.17 PLN
15.38 PLN
31.64 PLN
71
Growth DCF
9.58 PLN
16.82 PLN
31.00 PLN
69
EPV
5.65 PLN
6.45 PLN
7.15 PLN
68
All 24 models by family
DCF Models
FCF DCF
10.17 PLN
15.38 PLN
31.64 PLN
71
Owner Earnings
9.79 PLN
21.06 PLN
43.89 PLN
65
5Y Revenue Exit
8.40 PLN
14.12 PLN
26.08 PLN
64
5Y EBITDA Exit
18.45 PLN
34.44 PLN
65.87 PLN
65
5Y P/E Exit
12.75 PLN
28.59 PLN
50.33 PLN
62
10Y Revenue Exit
8.77 PLN
18.49 PLN
24.63 PLN
61
10Y EBITDA Exit
16.23 PLN
39.65 PLN
81.82 PLN
58
10Y P/E Exit
12.15 PLN
27.63 PLN
53.36 PLN
55
Earnings-Based
Graham-Dodd
4.15 PLN
28.91 PLN
40.57 PLN
60
Lynch FV
10.90 PLN
15.57 PLN
20.24 PLN
58
PEG = 1.0
10.90 PLN
15.57 PLN
20.24 PLN
55
EPV
5.65 PLN
6.45 PLN
7.15 PLN
68
Multiples
P/E Multiple
12.80 PLN
17.07 PLN
21.34 PLN
63
P/S Multiple
7.77 PLN
10.36 PLN
12.95 PLN
58
P/B Multiple
10.29 PLN
13.72 PLN
17.15 PLN
55
EV/EBIT
13.32 PLN
17.59 PLN
21.85 PLN
63
EV/EBITDA
21.06 PLN
27.91 PLN
34.75 PLN
64
EV/Revenue
7.00 PLN
9.77 PLN
12.54 PLN
51
Asset-Based
NCAV (Graham)
1.14 PLN
1.53 PLN
2.29 PLN
51
Growth DCF
Growth DCF
9.58 PLN
16.82 PLN
31.00 PLN
69
Rev-Margin DCF
8.45 PLN
16.07 PLN
30.42 PLN
63
Economic Profit
Residual Income
3.82 PLN
5.45 PLN
11.38 PLN
62
ROIC Compounder
7.02 PLN
9.88 PLN
13.75 PLN
66
Growth Earnings
Growth-Adj P/E
15.72 PLN
22.46 PLN
29.20 PLN
65
Open the full fair value analysis →
Overall quality
75/100
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Profitability
84
How much profit the company makes from its sales and capital
Quality Growth
80
Are margins and returns getting better?
Cashflow
63
Do the profits arrive as real cash?
Financial strength
84
Debt, balance sheet and risk of trouble
Investment
38
Does it invest with discipline instead of growing at any price?
Low Volatility
47
How calm the share price moves, does not count
Price momentum
68
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high
55
Distance to the 52-week high, does not count
New shares
82
Buys back shares or issues new ones?
Open the full quality analysis →
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
10 more Software - Application stocks, each showing price versus our Fair Value estimate.
Pick a strategy and jump into the live analysis with that exact screen applied.
Is Madkom SA (MAD) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 10.38 PLN versus a price of 3.46 PLN, about +200% upside (undervalued).
What is the fair value of MAD?
Our model-based fair value for Madkom SA is 10.38 PLN (as of Nov 4, 2026), built from audited fundamentals. The current price: 3.46 PLN.
What is the quality score of MAD?
Madkom SA has a Quality Score of 75/100. 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 Madkom SA (MAD)?
Our model-based price target is the fair value of 10.38 PLN (as of Nov 4, 2026) from 24 valuation models. Cautious scenario 7.39 PLN, optimistic scenario 17.76 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Madkom SA stock forecast for 2026?
Our models put fair value at 10.38 PLN, about +200% upside versus a price of 3.46 PLN (undervalued). Cautious scenario 7.39 PLN, optimistic scenario 17.76 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Madkom SA (MAD)?
Madkom SA reported trailing-twelve-month revenue of about 30.6M PLN (latest available figure, as of Nov 4, 2026).
What growth is priced into Madkom SA (MAD)?
For today's price to be fair in a discounted-cash-flow model, Madkom SA would have to grow free cash flow by -15.4 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +7.2 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of MAD use?
Our models discount Madkom SA at 9.5 %: a base by market capitalisation (nano), damped by beta 0.58, 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 Madkom SA that is -15.4 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Madkom SA (MAD) delivered so far?
Over the past 3 years revenue at Madkom SA grew +7.2 % a year. The price currently implies -15.4 % 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 Madkom SA (MAD) growing?
The median revenue growth in the sector is +15.6 % a year. That is the yardstick for the growth priced into Madkom SA (-15.4 % 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 Madkom SA (MAD)?
The free-cash-flow yield on the price is 16.72 %: that much free cash flow Madkom SA produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Madkom SA (MAD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Madkom SA it is 10.38 PLN per share (as of Nov 4, 2026), against a price of 3.46 PLN. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Madkom SA stock overvalued or undervalued in 2026?
As of Nov 4, 2026, MAD trades below its calculated fair value: price 3.46 PLN, fair value 10.38 PLN, a gap of about +200% (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 MAD?
No. The price is what the market pays today (3.46 PLN); the fair value is what the company's own numbers justify (10.38 PLN). For Madkom SA the two are 6.92 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Madkom SA worth?
The market values Madkom SA at about 17.5M PLN (market capitalisation, as of Nov 4, 2026). Per share that is 3.46 PLN; our models calculate a fair value of 10.38 PLN per share.
What do the bullish and bearish scenarios say about MAD?
Our models span a range for Madkom SA: cautious scenario 7.39 PLN, base 10.38 PLN, optimistic 17.76 PLN per share (as of Nov 4, 2026, price 3.46 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MAD?
Madkom SA trades at a price-to-earnings ratio of 3.3 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 10.38 PLN is built from several models across several years. Other multiples: P/B 1.5, P/S 0.6, EV/EBITDA 3.0.
How solid is the balance sheet of Madkom SA (MAD)?
Balance-sheet figures for Madkom SA (as of Nov 4, 2026): return on equity 41.8%. They feed the Quality Score of 75/100, which measures business quality independently of the share price.
How far is MAD from its 52-week high?
Madkom SA trades at 3.46 PLN, about 33% below its 52-week high of 5.15 PLN and 63% above the low of 2.12 PLN (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 10.38 PLN is for.
Which stocks are comparable to Madkom SA?
From the same area (Technology) we also value SAP SE, Shopify Inc, Salesforce, Inc, ServiceNow, Inc, 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 Madkom SA stock attractive at the current price?
The data as of Nov 4, 2026: price 3.46 PLN, calculated fair value 10.38 PLN (+200%), Quality Score 75/100, from 24 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 MAD calculated?
We run Madkom SA through 24 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 10.38 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 15.0% above its aggregate fair value. Madkom SA currently trades 67% 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 Madkom SA (MAD)?
The closing price on Nov 4, 2026 was 3.46 PLN. Our model-based fair value is 10.38 PLN, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Madkom SA right now?
The rarer combination: high quality (75/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (7.39 PLN). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (7.39 PLN to 17.76 PLN) leaves room in how you read the outcome.
Key figures of Madkom SA
How large is the market capitalisation of Madkom SA (MAD)?
The market capitalisation of Madkom SA is 17.5M PLN (≈ $4.5M). 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 Madkom SA (MAD)?
The price-to-sales ratio of Madkom SA is 0.57 (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 Madkom SA (MAD)?
Earnings per share at Madkom SA are 1.05 PLN (price ÷ EPS = P/E 3.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Madkom SA (MAD)?
The net margin of Madkom SA is 16.7% (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 Madkom SA (MAD)?
The return on equity (ROE) of Madkom SA is 41.8% (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 Madkom SA (MAD)?
On an EBIT basis the return on assets of Madkom SA is 7.0% (avg 4y). 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 Madkom SA (MAD)?
The operating margin of Madkom SA is 19.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Madkom SA (MAD)?
Revenue at Madkom SA is growing −13.4% versus a year earlier (3y avg +7.2%). 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 Madkom SA (MAD)?
Earnings per share at Madkom SA are growing +104% versus a year earlier. How much earnings per share grew versus a year earlier.