Passus S.A. (PAS) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Passus S.A. stock PLN 127, price PLN 155, that is 17.9% below the price, quality 71 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 16.91 PLN – 182.40 PLN · fair‑value band 58.71 PLN – 165.13 PLN · the 155.00 PLN price screens above the 127.25 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Passus S.A. engages in the design and implementation of specialized IT solutions in the areas of cybersecurity, network/application monitoring, and performance improvement in Poland.
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The company offers cybersecurity solutions, such as network environment protection and internet connection, endpoint protection, data security, security operating center, OT security, cloud security, and testing and audits.
It also provides advanced solutions, including network performance management, application performance management, and observability to identify the causes and resolve network or application performance and availability problems in large organizations.
In addition, the company offers IT infrastructure management solutions for IT managers in handling a range of processes, such as hiring new people, managing access to IT resources, monitoring user activity, and resolving problems reported by users.
Its customers include entities in the public sector, such as uniformed services, state bodies, and state and local government offices, as well as State Treasury and private sector entities. The company was founded in 2014 and is based in Warsaw, Poland.
Stock analysis
Passus S.A. (PAS) currently trades at 155.00 PLN, while our model-based Fair Value estimate is 127.25 PLN, 18% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 231.93 PLN per share, and 5 of the 26 models we run sit above the 155.00 PLN price.
Bear case: the Dividend Discount group reads lowest at 27.07 PLN, and 21 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 58.71 PLN (bear) to 165.13 PLN (bull), the price of 155.00 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 71/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Passus S.A. reported revenue of 123M PLN in FY2025 versus 63.0M PLN in FY2021, a compound +18.3%/yr. Reported net income was 10.2M PLN in FY2025, compounding +14.2%/yr from FY2021.
Key figures
Market cap 246M PLN (≈ $62.7M) Micro · P/E ratio 16.9 · P/S ratio 1.48 · EPS (TTM) 9.18 PLN · Dividend yield 1.6% · Net margin 9.5% · Return on equity 90.7% · Return on assets (EBIT) 30.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 67 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 106% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 20% fair-value upside, at −18%, PAS screens richer than that median.
Fair Value models
Bear58.71 PLNFair Value 127.25 PLNBull165.13 PLN
Price 155.00 PLN · Downside -17.9%
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 (5.73 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+14.7%
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.
+17.3%
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.
+23.5%
Start year 2020 (pandemic)
Revenue growth 9 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.
+24.6%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+26.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+24.9%
Dividend (yield on the price)1.6%
Profit margin 2019 to 2024 ⓘ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.5% → 8%
2025 sits 188% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+46.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +41.7% a year for the price.
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.Information Technology Services · 479 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside−17.9% · Below median
Profitability
Return on equity (12 months)90.7% · Top 25%
Return on assets12.0% · Top 25%
Net margin (12 months)9.5% · Top 25%
Operating margin (12 months)12.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)210.1% · Top 25%
Dividend yield (12 months)1.6% · Below median
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Information Technology Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Passus S.A. Fair Value". https://www.fairvalue-calculator.com/stock/PAS
Frequently asked questions
Is Passus S.A. (PAS) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 127.25 PLN versus a price of 155.00 PLN, about 18% lower (overvalued).
What is the fair value of PAS?
Our model-based fair value for Passus S.A. is 127.25 PLN (as of Nov 9, 2026), built from audited fundamentals. The current price: 155.00 PLN.
What is the quality score of PAS?
Passus S.A. has a Quality Score of 71/100. 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 Passus S.A. (PAS)?
Our model-based price target is the fair value of 127.25 PLN (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 58.71 PLN, optimistic scenario 165.13 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Passus S.A. stock forecast for 2026?
Our models put fair value at 127.25 PLN, about 18% lower versus a price of 155.00 PLN (overvalued). Cautious scenario 58.71 PLN, optimistic scenario 165.13 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Passus S.A. (PAS)?
Passus S.A. reported trailing-twelve-month revenue of about 166M PLN (latest available figure, as of Nov 9, 2026).
Does Passus S.A. pay a dividend?
Passus S.A. currently shows a dividend yield of 1.61% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Passus S.A. (PAS) and when is the ex-dividend date?
Passus S.A. pays a dividend of 2.50 PLN per share a year, a dividend yield of 1.6%. The last ex-dividend date was Jun 24, 2026. The payout ratio is 27.2% of earnings. Free cash flow covers the dividend 0.75 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Passus S.A. (PAS)?
For today's price to be fair in a discounted-cash-flow model, Passus S.A. would have to grow free cash flow by +46.2 % per year for five years (discount rate 12.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +23.5 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of PAS use?
Our models discount Passus S.A. at 12.6 %: a base by market capitalisation (micro), damped by beta 0.69, 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 Passus S.A. that is +46.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.6 %) and the same formula as our fair value.
How much growth has Passus S.A. (PAS) delivered so far?
Over the past 5 years revenue at Passus S.A. grew +23.5 % a year. The price currently implies free-cash-flow growth of +46.2 % per 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 Passus S.A. (PAS) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Passus S.A. (+46.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Passus S.A. (PAS)?
The free-cash-flow yield on the price is 1.12 %: that much free cash flow Passus S.A. produces per unit of market value. When it exceeds the discount rate of our models (12.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Passus S.A. (PAS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Passus S.A. it is 127.25 PLN per share (as of Nov 9, 2026), against a price of 155.00 PLN. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Passus S.A. stock overvalued or undervalued in 2026?
As of Nov 9, 2026, PAS trades above its calculated fair value: price 155.00 PLN, fair value 127.25 PLN, a gap of about −18% (overvalued). 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 PAS?
No. The price is what the market pays today (155.00 PLN); the fair value is what the company's own numbers justify (127.25 PLN). For Passus S.A. the two are 27.75 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Passus S.A. worth?
The market values Passus S.A. at about 246M PLN (market capitalisation, as of Nov 9, 2026). Per share that is 155.00 PLN; our models calculate a fair value of 127.25 PLN per share.
What do the bullish and bearish scenarios say about PAS?
Our models span a range for Passus S.A.: cautious scenario 58.71 PLN, base 127.25 PLN, optimistic 165.13 PLN per share (as of Nov 9, 2026, price 155.00 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PAS?
Passus S.A. trades at a price-to-earnings ratio of 16.9 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 127.25 PLN is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 22.2. Other multiples: P/B 9.5, P/S 1.5, EV/EBITDA 11.0.
How solid is the balance sheet of Passus S.A. (PAS)?
Balance-sheet figures for Passus S.A. (as of Nov 9, 2026): return on equity 90.7%, debt of 0.02 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is PAS from its 52-week high?
Passus S.A. trades at 155.00 PLN, about 15% below its 52-week high of 182.40 PLN and 106% above the low of 75.38 PLN (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 127.25 PLN is for.
Which stocks are comparable to Passus S.A.?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys 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 Passus S.A. stock attractive at the current price?
The data as of Nov 9, 2026: price 155.00 PLN, calculated fair value 127.25 PLN (−18%), Quality Score 71/100, from 26 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 PAS calculated?
We run Passus S.A. through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 127.25 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. Passus S.A. itself currently trades above fair value. 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 Passus S.A. (PAS)?
The closing price on Nov 6, 2026 was 155.00 PLN. Our model-based fair value is 127.25 PLN, about 18% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Passus S.A. right now?
The model range is unusually wide (58.71 PLN to 165.13 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (71/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Passus S.A.
How large is the market capitalisation of Passus S.A. (PAS)?
The market capitalisation of Passus S.A. is 246M PLN (≈ $62.7M). 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 Passus S.A. (PAS)?
The price-to-sales ratio of Passus S.A. is 1.48 (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 Passus S.A. (PAS)?
Earnings per share at Passus S.A. are 9.18 PLN (price ÷ EPS = P/E 16.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Passus S.A. (PAS)?
The dividend yield of Passus S.A. is 1.6% (payout 27.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Passus S.A. (PAS)?
The net margin of Passus S.A. is 9.5% (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 Passus S.A. (PAS)?
The return on equity (ROE) of Passus S.A. is 90.7% (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 Passus S.A. (PAS)?
On an EBIT basis the return on assets of Passus S.A. is 30.3% (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 Passus S.A. (PAS)?
The operating margin of Passus S.A. is 12.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Passus S.A. (PAS)?
Revenue at Passus S.A. is growing +210% versus a year earlier (3y avg +17.3%). 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 Passus S.A. (PAS)?
Earnings per share at Passus S.A. are growing −64.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Passus S.A. (PAS) hold?
Passus S.A. holds more cash than debt, 12.5M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 9, 2026