Passus S.A. (PAS) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Passus S.A. PLN 121, price PLN 170, upside -28.5%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 16.91 PLN – 177.60 PLN · fair‑value band 63.43 PLN – 270.77 PLN · the 169.80 PLN price screens above the 121.38 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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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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. 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 169.80 PLN, while our model-based Fair Value estimate is 121.38 PLN, implying the stock looks roughly 39.9% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 210.38 PLN per share, and 6 of the 26 models we run sit above the 169.80 PLN price.
Bear case: the Dividend Discount group reads lowest at 32.82 PLN, and 20 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 63.43 PLN (bear) to 270.77 PLN (bull), the price of 169.80 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 70/100 (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 285M PLN (≈ $74.2M) · P/E ratio 28.3 · P/S ratio 2.33 · EPS (TTM) 6.01 PLN · Dividend yield 1.9% · Net margin 8.2% · Return on equity 51.5% · Return on assets (EBIT) 30.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 125% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 53% fair-value upside, at −29%, PAS screens richer than that median.
Fair Value models
Bear 63.43 PLNFair Value 121.38 PLNBull 270.77 PLN
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (4.41 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.Evidence ⓘEvidence = 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.
+26.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+24.9%
Dividend (yield on the price)1.9%
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).
+41.2%
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 +36.9% 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 · 498 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside−29% · Below median
Profitability
Return on equity (TTM)52% · Top 25%
Return on assets19% · Top 25%
Net margin (TTM)8% · Above median
Operating margin (TTM)5% · Below median
Growth and dividend
Revenue growth107% · Top 25%
Dividend yield (TTM)1.9% · Below median
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Information Technology Services median · lower = cheaper
P/E (TTM)28.3× · Pricier than median
P/B2.88× · Pricier than median
P/S (TTM)0.55× · Cheaper than median
P/FCF26.9× · Priciest 25%
EV/EBITDA3.9× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 45
FUTURE (revenue growth)100· sector 31
PAST (return on equity)100· sector 36
HEALTH (low debt)99· sector 97
DIVIDEND (yield)37· sector 43
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Sep 24, 2026, our model estimates a fair value of 121.38 PLN versus a price of 169.80 PLN, about −29% upside (overvalued).
What is the fair value of PAS?
Our model-based fair value for Passus S.A. is 121.38 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 169.80 PLN.
What is the quality score of PAS?
Passus S.A. has a Quality Score of 70/100. 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 121.38 PLN (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 63.43 PLN, optimistic scenario 270.77 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 121.38 PLN, about −29% upside versus a price of 169.80 PLN (overvalued). Cautious scenario 63.43 PLN, optimistic scenario 270.77 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 136M PLN (latest available figure, as of Sep 24, 2026).
Does Passus S.A. pay a dividend?
Passus S.A. currently shows a dividend yield of about 1.87% relative to its recent price (as of Sep 24, 2026).
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 +41.2 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +23.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PAS use?
Our models discount Passus S.A. at 9.9 %: a base by market capitalisation (nano), damped by beta 0.72, 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 +41.2 % per year a year over ten years, using the same discount rate (9.9 %) 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 +41.2 % 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 Passus S.A. (PAS) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Passus S.A. (+41.2 % 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 Passus S.A. (PAS)?
The free-cash-flow yield on the price is 0.97 %: that much free cash flow Passus S.A. produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), 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 121.38 PLN per share (as of Sep 24, 2026), against a price of 169.80 PLN. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Passus S.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PAS trades above its calculated fair value: price 169.80 PLN, fair value 121.38 PLN, a gap of about −29% (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 (169.80 PLN); the fair value is what the company's own numbers justify (121.38 PLN). For Passus S.A. the two are 48.42 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 285M PLN (market capitalisation, as of Sep 24, 2026). Per share that is 169.80 PLN; our models calculate a fair value of 121.38 PLN per share.
What do the bullish and bearish scenarios say about PAS?
Our models span a range for Passus S.A.: cautious scenario 63.43 PLN, base 121.38 PLN, optimistic 270.77 PLN per share (as of Sep 24, 2026, price 169.80 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 28.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 121.38 PLN is built from several models across several years. Other multiples: P/B 2.9, P/S 0.5, EV/EBITDA 3.9.
How solid is the balance sheet of Passus S.A. (PAS)?
Balance-sheet figures for Passus S.A. (as of Sep 24, 2026): return on equity 51.5%, debt of 0.02 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is PAS from its 52-week high?
Passus S.A. trades at 169.80 PLN, about 4% below its 52-week high of 177.60 PLN and 125% above the low of 75.38 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 121.38 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 Sep 24, 2026: price 169.80 PLN, calculated fair value 121.38 PLN (−29%), Quality Score 70/100, 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 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 121.38 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 14.0 % 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 Sep 24, 2026 was 169.80 PLN. Our model-based fair value is 121.38 PLN, about −29% upside (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?
A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The model range is unusually wide (63.43 PLN to 270.77 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution.
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 285M PLN (≈ $74.2M). 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 2.33 (P/E × margin). 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 6.01 PLN (price ÷ EPS = P/E 28.3). 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 1.9% (payout 52.8%). 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 8.2% (fiscal year 2025). 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 51.5% (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 5.2% (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 +107% 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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