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Zaklady Przemyslu Cukierniczego Otmuchów S.A (OTM) Fair Value & Analysis

Consumer Defensive · PL · Market cap 143M PLN

ZP Zaklady Przemyslu Cukierniczego Otmuchów S.A OTM · WAR
Price4.86 PLN
Fair Value1.52 PLN
Upside-68.7%
Quality56/100
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Mixed Growth
Thin margins · 3.5% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/13)
Narrow moat 35/100
Evidence: Medium Range 1.16 PLN – 2.11 PLN Share as image

Fair value as of: Jul 16, 2026

From 22 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from 5.13 PLN to 1.52 PLN (−70.4%) since Jun 24, 2026. Share price +3.0% over the past month.

A solid business, but screening 69% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (2.11 PLN). The favourable scenario is already priced in.
  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (1.16 PLN to 2.11 PLN) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

7.70 PLN 2.11 PLN Fair Value 1.52 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 2.11 PLN – 7.70 PLN · fair‑value band 1.16 PLN – 2.11 PLN · the 4.86 PLN price screens above the 1.52 PLN fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Zaklady Przemyslu Cukierniczego Otmuchów S.A (OTM) currently trades at 4.86 PLN, while our model-based Fair Value estimate is 1.52 PLN, implying the stock looks roughly 68.7% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Defensive 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, Zaklady Przemyslu Cukierniczego Otmuchów S.A generated revenue of 272M PLN at a net margin of 4.8%. Revenue grew 35.3% year over year. It earns a return on equity of 12.2%. Net debt stands at 2.0M PLN. Fundamentals as of Jul 16, 2026

Our scenario range runs from 1.16 PLN (bear case) to 2.11 PLN (bull case); at 4.86 PLN, the current price sits above 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 19% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at -69%, OTM 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
Growth DCF 3.23 PLN 3.90 PLN 4.96 PLN 80
Rev-Margin DCF 4.73 PLN 7.11 PLN 10.08 PLN 74
ROIC Compounder 4.15 PLN 4.67 PLN 5.17 PLN 72
All 22 models by family
DCF Models
FCF DCF 3.17 PLN 3.88 PLN 5.09 PLN 38
Owner Earnings 3.27 PLN 4.00 PLN 5.25 PLN 31
5Y Revenue Exit 4.73 PLN 7.05 PLN 10.47 PLN 39
5Y EBITDA Exit 6.21 PLN 9.57 PLN 14.05 PLN 41
5Y P/E Exit 4.23 PLN 6.21 PLN 8.58 PLN 38
10Y Revenue Exit 3.84 PLN 5.54 PLN 7.50 PLN 36
10Y EBITDA Exit 4.75 PLN 6.96 PLN 9.50 PLN 37
10Y P/E Exit 3.70 PLN 5.06 PLN 6.44 PLN 35
Earnings-Based
Graham-Dodd 2.54 PLN 4.30 PLN 5.24 PLN 54
EPV 4.15 PLN 4.64 PLN 5.04 PLN 59
Multiples
P/E Multiple 5.88 PLN 7.85 PLN 9.81 PLN 63
P/S Multiple 4.76 PLN 6.35 PLN 7.94 PLN 58
P/B Multiple 4.76 PLN 6.35 PLN 7.94 PLN 55
EV/EBIT 9.19 PLN 12.23 PLN 15.26 PLN 53
EV/EBITDA 10.26 PLN 13.65 PLN 17.05 PLN 54
EV/Revenue 6.58 PLN 9.37 PLN 12.15 PLN 43
Asset-Based
NCAV (Graham) 2.18 PLN 2.93 PLN 4.37 PLN 50
Growth DCF
Growth DCF 3.23 PLN 3.90 PLN 4.96 PLN 80
Rev-Margin DCF 4.73 PLN 7.11 PLN 10.08 PLN 74
Economic Profit
Residual Income 3.32 PLN 3.45 PLN 3.52 PLN 61
ROIC Compounder 4.15 PLN 4.67 PLN 5.17 PLN 72
Growth Earnings
Growth-Adj P/E 4.16 PLN 5.94 PLN 7.72 PLN 68

Widest divergence: Multiples (7.85 PLN) versus Asset-Based (2.93 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 260M PLN
Revenue growth (YoY) -16.8%
Net margin 3.5%
Return on equity 6.2%
Free cash flow 12.6M PLN FY2025
P/E ratio 22.5
More key figures
Operating margin 5.0%
EPS (TTM) 0.2100 PLN
EPS growth (YoY) -70.8%
Net debt 2.0M PLN FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 57 · Market factors (momentum, volatility) 44

Profitability 50
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 63
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 31
Distance to the 52-week high (market factor)
Net Issuance 50
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

Zaklady Przemyslu Cukierniczego Otmuchów S.A. produces and sells sweets and jelly candies in Poland and internationally. The company offers jelly candy, marshmallow, cool beans under the BEBETO brand name; Opolanki and refined truffles under the ODRA brand; and sweets full of surprises under the COSBY brand name.

Full company description

Zaklady Przemyslu Cukierniczego Otmuchów S.A. produces and sells sweets and jelly candies in Poland and internationally. The company offers jelly candy, marshmallow, cool beans under the BEBETO brand name; Opolanki and refined truffles under the ODRA brand; and sweets full of surprises under the COSBY brand name. It also provides bars, milk, haberdashery, jelly, halva, crisps, and multi-grain snacks. The company was founded in 1997 and is headquartered in Otmuchów, Poland. Zaklady Przemyslu Cukierniczego Otmuchów S.A. is a subsidiary of Tornellon Investments Spolka Z Ograniczona Odpowiedzialnoscia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zaklady Przemyslu Cukierniczego Otmuchów S.A reported revenue of 272M PLN in FY2025 versus 249M PLN in FY2021, a compound +2.3%/yr. Reported net income was 11.3M PLN in FY2025.

Growth Quality 54/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
272M PLN
Latest YoY
−5.3%
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.
+2.6%
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.
+3.3%
Avg. growth/yr (16Y) 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.
+4.1%
Revenue +2.3%/yr
FY21 249M PLN
FY22 252M PLN
FY23 285M PLN
FY24 287M PLN
FY25 272M PLN
Net income
FY21 −4.5M PLN
FY22 −8.7M PLN
FY23 12.6M PLN
FY24 7.1M PLN
FY25 11.3M PLN
Character of growth · EPS growth decomposed (2014-2025) −3.3 % p.a.
Revenue per share −7.3 pp

of which total revenue +0.8 pp · buybacks/dilution −8.1 pp

EBIT margin +7.0 pp
Tax rate −0.6 pp
Residual (interest, one-offs) −2.5 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).

OTM screens 69% overvalued. Compare with Nestlé India Limited →

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Cite: Fair Value Calculator (2026). "Zaklady Przemyslu Cukierniczego Otmuchów S.A Fair Value". https://www.fairvalue-calculator.com/stock/OTM

Peer Group

Packaged Foods · 649 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 56 · Above median
Fair Value upside −69% · Bottom 25%
Return on equity (TTM) 6% · Below median
Return on assets 4% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 5% · Below median
Revenue growth -17% · Bottom 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 22.5× · Pricier than median
P/B 1.08× · Cheaper than median
P/S (TTM) 0.55× · Cheaper than median
P/FCF 3.1× · Pricier than median
EV/EBITDA 5.1× · 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 0 · sector 28
FUTURE 0 · sector 20
PAST 25 · sector 27
HEALTH 99 · sector 96
DIVIDEND 0 · sector 47

VALUE 0: the price sits above our fair-value range.

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 Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is Zaklady Przemyslu Cukierniczego Otmuchów S.A (OTM) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 1.52 PLN versus a price of 4.86 PLN, about −69% (overvalued).
What is the fair value of OTM?
Our model-based fair value for Zaklady Przemyslu Cukierniczego Otmuchów S.A is 1.52 PLN (as of Jul 16, 2026), built from audited fundamentals. The current price is 4.86 PLN.
What is the quality score of OTM?
Zaklady Przemyslu Cukierniczego Otmuchów S.A has a Quality Score of 56/100. 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 Zaklady Przemyslu Cukierniczego Otmuchów S.A (OTM)?
Zaklady Przemyslu Cukierniczego Otmuchów S.A reported trailing-twelve-month revenue of about 272M PLN (latest available figure, as of Jul 16, 2026).
What is the net profit margin of OTM?
The net profit margin of Zaklady Przemyslu Cukierniczego Otmuchów S.A is about 4.8%, meaning it keeps roughly 4.8% of revenue as net income. Based on the latest reported figures.

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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