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mcr Spolka Akcyjna (MCR) Fair Value & Analysis

Industrials · PL · Market cap 253M PLN

MS mcr Spolka Akcyjna MCR · WAR
Price15.30 PLN
Fair Value12.98 PLN
Upside-15.2%
Quality61/100
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Weak Growth
Highly profitable · 36.9% net margin
Low debt · negative free cash flow
10.69% dividend yield
Ranks above peers (8/13)
Moderate moat 55/100
Evidence: Medium Range 10.11 PLN – 17.80 PLN Share as image

Fair value as of: Jul 17, 2026

From 10 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from 11.94 PLN to 12.98 PLN (+8.7%) since Jun 24, 2026. Share price +5.5% over the past month.

A solid business, but screening 15% overvalued on our models.

What matters now

  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from 10.11 PLN (bear) to 17.80 PLN (bull), base 12.98 PLN. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 61/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

28.39 PLN 8.21 PLN Fair Value 12.98 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 8.21 PLN – 28.39 PLN · fair‑value band 10.11 PLN – 17.80 PLN · the 15.30 PLN price screens above the 12.98 PLN fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

mcr Spolka Akcyjna (MCR) currently trades at 15.30 PLN, while our model-based Fair Value estimate is 12.98 PLN, implying the stock looks roughly 15.2% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, mcr Spolka Akcyjna generated revenue of 448M PLN at a net margin of 36.9%. Revenue declined 60.7% year over year. It earns a return on equity of 57.4%. Net debt stands at 82.8M PLN. Fundamentals as of Jul 17, 2026

Our scenario range runs from 10.11 PLN (bear case) to 17.80 PLN (bull case); at 15.30 PLN, the current price sits within 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 about 40% below its 52-week high and 33% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at -15%, MCR screens richer 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 89.47 PLN 179.35 PLN 4,940 PLN 76
Gordon GGM 12.40 PLN 13.25 PLN 14.51 PLN 70
Growth-Adj P/E 153.75 PLN 219.65 PLN 285.54 PLN 68
All 10 models by family
DCF Models
Owner Earnings 94.70 PLN 118.56 PLN 156.95 PLN 31
Earnings-Based
Graham-Dodd 98.52 PLN 120.42 PLN 135.47 PLN 54
Dividend Discount
Gordon GGM 12.40 PLN 13.25 PLN 14.51 PLN 70
DDM Multi-Stage 12.40 PLN 14.35 PLN 16.79 PLN 61
Multiples
P/E Multiple 217.33 PLN 289.78 PLN 362.22 PLN 63
P/S Multiple 22.20 PLN 29.60 PLN 37.00 PLN 58
P/B Multiple 41.57 PLN 55.43 PLN 69.29 PLN 55
Asset-Based
NCAV (Graham) 9.24 PLN 12.38 PLN 18.48 PLN 50
Economic Profit
Residual Income 89.47 PLN 179.35 PLN 4,940 PLN 76
Growth Earnings
Growth-Adj P/E 153.75 PLN 219.65 PLN 285.54 PLN 68

Widest divergence: Growth Earnings (219.65 PLN) versus Asset-Based (12.38 PLN). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 448M PLN
Revenue growth (YoY) -60.7%
Net margin 36.9%
Return on equity 57.4%
Free cash flow −4.8M PLN FY2025
P/E ratio 1.5
More key figures
Operating margin -26.4%
EPS (TTM) -1.18 PLN
Dividend yield 10.7%
EPS growth (YoY) +5,077%
Net debt 82.8M PLN FY2024

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 61 · Market factors (momentum, volatility) 37

Profitability 69
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 19
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 100
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.

About the company

mcr Spolka Akcyjna produces, sells, installs, and services passive fire protection systems in Poland. It provides active extinguishing includes water mist fire extinguishing; construction security includes panel systems, spray systems, installation penetration systems, intumescent coating systems, and sprayed acoustic plasters; building systems integration, …

Full company description

mcr Spolka Akcyjna produces, sells, installs, and services passive fire protection systems in Poland. It provides active extinguishing includes water mist fire extinguishing; construction security includes panel systems, spray systems, installation penetration systems, intumescent coating systems, and sprayed acoustic plasters; building systems integration, industrial energy storage, and fire partitions. It serves industrial buildings, professional energy, server rooms, high-rise buildings, cultural heritage buildings, industry and energy, public buildings, and commercial and logistics facilities. The company was formerly known as Mercor S.A. and changed its name to mcr Spolka Akcyjna in December 2025. The company was founded in 1988 and is headquartered in Gdansk, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

mcr Spolka Akcyjna reported revenue of 181M PLN in FY2025 versus 496M PLN in FY2021, a compound −22.3%/yr. Reported net income was 222M PLN in FY2025, compounding +65.2%/yr from FY2021.

Growth Quality 18/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
181M PLN
Latest YoY
−64.3%
Avg. 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.
−33.9%
Avg. 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.
−14.0%
Avg. 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.
−5.3%
Revenue −22.3%/yr
FY21 496M PLN
FY22 628M PLN
FY23 587M PLN
FY24 507M PLN
FY25 181M PLN
Net income +65.2%/yr
FY21 29.8M PLN
FY22 41.7M PLN
FY23 49.3M PLN
FY24 16.1M PLN
FY25 222M PLN
Character of growth · EPS growth decomposed (2013-2024) +17.6 % p.a.
Revenue per share +11.9 pp

of which total revenue +11.7 pp · buybacks/dilution +0.2 pp

EBIT margin +2.8 pp
Tax rate +2.0 pp
Residual (interest, one-offs) +0.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

MCR screens 15% overvalued. Compare with ASSA ABLOY AB →

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Cite: Fair Value Calculator (2026). "mcr Spolka Akcyjna Fair Value". https://www.fairvalue-calculator.com/stock/MCR

Peer Group

Security & Protection Services · 114 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 61 · Above median
Fair Value upside −15% · Below median
Return on equity (TTM) 57% · Top 25%
Return on assets 0% · Below median
Net margin (TTM) 37% · Top 25%
Operating margin (TTM) -26% · Bottom 25%
Revenue growth -61% · Bottom 25%
Dividend yield (TTM) 10.7% · Top 25%
Debt / equity 0.05× · Higher than median

Valuation Multiples vs Security & Protection Services median · lower = cheaper

P/E (TTM) 1.5× · Cheaper than 75% of peers
P/B 0.24× · Cheaper than 75% of peers
P/S (TTM) 0.15× · Cheaper than 75% of peers
EV/EBITDA 2.7× · 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.

VALUE 13 · sector 19
FUTURE 0 · sector 39
PAST 100 · sector 20
HEALTH 97 · sector 99
DIVIDEND 100 · sector 49

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Security & Protection Services stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

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ASSA ABLOY AB ASSAB kr 348.40 kr 269.97 -23%
Verisure plc VSURE €10.26 €12.40 +21%
Allegion plc ALLE $137.24 $127.80 -7%
Securitas AB SECUB kr 162.10 kr 186.34 +15%
Zhejiang Dahua Technology Co 002236 ¥16.57 ¥23.58 +42%
MSA Safety Incorporated MSA $169.00 $118.51 -30%
ADT Inc ADT $7.06 $17.10 +142%
The Brink's Company BCO $104.24 $101.84 -2%
Brady Corporation BRC $90.16 $73.43 -19%
The GEO Group GEO $29.46 $32.36 +10%

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Frequently asked questions

Is mcr Spolka Akcyjna (MCR) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 12.98 PLN versus a price of 15.30 PLN, about −15% (overvalued).
What is the fair value of MCR?
Our model-based fair value for mcr Spolka Akcyjna is 12.98 PLN (as of Jul 17, 2026), built from audited fundamentals. The current price is 15.30 PLN.
What is the quality score of MCR?
mcr Spolka Akcyjna has a Quality Score of 61/100. 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 mcr Spolka Akcyjna (MCR)?
mcr Spolka Akcyjna reported trailing-twelve-month revenue of about 448M PLN (latest available figure, as of Jul 17, 2026).
What is the net profit margin of MCR?
The net profit margin of mcr Spolka Akcyjna is about 36.9%, meaning it keeps roughly 36.9% of revenue as net income. Based on the latest reported figures.
Does mcr Spolka Akcyjna pay a dividend?
mcr Spolka Akcyjna currently shows a dividend yield of about 12.11% relative to its recent price (as of Jul 17, 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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