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PCC Exol S.A (PCX) Fair Value & Analysis

Basic Materials · PL · Market cap 341M PLN

PE PCC Exol S.A PCX · WAR
Price2.04 PLN
Fair Value2.69 PLN
Upside+31.8%
Quality57/100
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Healthy Growth
Thin margins · 3.1% net margin
Low debt · generates free cash flow
Ranks above peers (8/13)
Narrow moat 34/100
Evidence: High Range 2.11 PLN – 4.18 PLN Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from 2.98 PLN to 2.69 PLN (−9.8%) since Jun 24, 2026. Share price +7.4% over the past month.

A solid business, screening 32% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (2.11 PLN). The market is more pessimistic than our downside scenario.
  • Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (2.11 PLN to 4.18 PLN) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

4.05 PLN 1.89 PLN Fair Value 2.69 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 1.89 PLN – 4.05 PLN · fair‑value band 2.11 PLN – 4.18 PLN · the 2.04 PLN price screens below the 2.69 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

Full chart & analysis →

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Analysis

PCC Exol S.A (PCX) currently trades at 2.04 PLN, while our model-based Fair Value estimate is 2.69 PLN, implying the stock looks roughly 31.8% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, PCC Exol S.A generated revenue of 1.1B PLN at a net margin of 3.5%. Revenue grew 3.6% year over year. It earns a return on equity of 7.7%. Net debt stands at 256M PLN. Fundamentals as of Jul 17, 2026

Our scenario range runs from 2.11 PLN (bear case) to 4.18 PLN (bull case); at 2.04 PLN, the current price sits below 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 26% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at 32%, PCX screens cheaper 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 0.8200 PLN 1.53 PLN 2.42 PLN 80
Residual Income 2.24 PLN 2.33 PLN 2.38 PLN 76
Rev-Margin DCF 1.62 PLN 3.37 PLN 5.35 PLN 74
All 26 models by family
DCF Models
FCF DCF 0.8100 PLN 1.63 PLN 2.72 PLN 38
Owner Earnings 1.03 PLN 1.95 PLN 3.18 PLN 31
5Y Revenue Exit 1.62 PLN 3.38 PLN 5.63 PLN 39
5Y EBITDA Exit 1.62 PLN 3.37 PLN 5.41 PLN 41
5Y P/E Exit 1.17 PLN 2.53 PLN 3.95 PLN 38
10Y Revenue Exit 1.18 PLN 2.60 PLN 4.53 PLN 36
10Y EBITDA Exit 1.26 PLN 2.59 PLN 4.37 PLN 37
10Y P/E Exit 1.00 PLN 2.06 PLN 3.36 PLN 35
Earnings-Based
Graham-Dodd 1.48 PLN 4.58 PLN 6.09 PLN 54
Lynch FV 0.9900 PLN 1.42 PLN 1.84 PLN 50
PEG = 1.0 0.9900 PLN 1.42 PLN 1.84 PLN 46
EPV 1.64 PLN 2.01 PLN 2.31 PLN 59
Dividend Discount
Gordon GGM 0.5400 PLN 0.9800 PLN 1.35 PLN 70
DDM Multi-Stage 0.5400 PLN 0.8400 PLN 1.05 PLN 61
Multiples
P/E Multiple 2.78 PLN 3.70 PLN 4.63 PLN 63
P/S Multiple 2.78 PLN 3.70 PLN 4.63 PLN 58
P/B Multiple 2.78 PLN 3.70 PLN 4.63 PLN 55
EV/EBIT 2.87 PLN 4.18 PLN 5.49 PLN 53
EV/EBITDA 2.58 PLN 3.79 PLN 5.00 PLN 54
EV/Revenue 2.35 PLN 3.81 PLN 5.26 PLN 43
Asset-Based
NCAV (Graham) 1.45 PLN 1.94 PLN 2.90 PLN 50
Growth DCF
Growth DCF 0.8200 PLN 1.53 PLN 2.42 PLN 80
Rev-Margin DCF 1.62 PLN 3.37 PLN 5.35 PLN 74
Economic Profit
Residual Income 2.24 PLN 2.33 PLN 2.38 PLN 76
ROIC Compounder 1.64 PLN 2.01 PLN 2.31 PLN 72
Growth Earnings
Growth-Adj P/E 2.35 PLN 3.36 PLN 4.36 PLN 68

Widest divergence: Multiples (3.70 PLN) versus Dividend Discount (0.8400 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.1B PLN
Revenue growth (YoY) +3.6%
Net margin 3.5%
Return on equity 7.7%
Free cash flow 34.4M PLN FY2025
P/E ratio 10.3
More key figures
Operating margin 4.8%
EPS (TTM) 0.1900 PLN
EPS growth (YoY) -36.9%
Net debt 256M PLN FY2025

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

Quality Score breakdown

Overall quality 57/100

Of which business quality 56 · Market factors (momentum, volatility) 44

Profitability 43
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 95
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 82
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

PCC Exol S.A. manufactures and distributes surfactants in Poland and internationally. The company offers anionic, nonionic, cationic, and amphoteric surfactants.

Full company description

PCC Exol S.A. manufactures and distributes surfactants in Poland and internationally. The company offers anionic, nonionic, cationic, and amphoteric surfactants. Its products are used in household chemicals, personal care products, textile, and industrial applications, as well as used as wetting agents, emulsifiers, and auxiliary agents in the paper, metallurgy, and many other areas. The company was incorporated in 2008 and is headquartered in Brzeg Dolny, Poland. PCC Exol S.A. is a subsidiary of PCC SE.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PCC Exol S.A reported revenue of 1.1B PLN in FY2025 versus 807M PLN in FY2021, a compound +7.7%/yr. Reported net income was 37.9M PLN in FY2025, compounding −10.1%/yr from FY2021.

Growth Quality 78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.1B PLN
Latest YoY
+14.5%
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.
−2.8%
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.
+10.9%
Avg. growth/yr (14Y) 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.
+12.0%
Revenue +7.7%/yr
FY21 807M PLN
FY22 1.2B PLN
FY23 948M PLN
FY24 948M PLN
FY25 1.1B PLN
Net income −10.1%/yr
FY21 58.0M PLN
FY22 120M PLN
FY23 42.2M PLN
FY24 35.6M PLN
FY25 37.9M PLN
Character of growth · EPS growth decomposed (2014-2025) +12.3 % p.a.
Revenue per share +7.3 pp

of which total revenue +7.4 pp · buybacks/dilution −0.1 pp

EBIT margin +2.5 pp
Tax rate −0.2 pp
Residual (interest, one-offs) +2.7 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).

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Cite: Fair Value Calculator (2026). "PCC Exol S.A Fair Value". https://www.fairvalue-calculator.com/stock/PCX

Peer Group

Specialty Chemicals · 673 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 57 · Above median
Fair Value upside +32% · Top 25%
Return on equity (TTM) 7% · Above median
Return on assets 4% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 4% · Below median
Revenue growth -2% · Below median
Debt / equity 0.40× · Higher than 75% of peers

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 10.3× · Cheaper than 75% of peers
P/B 0.18× · Cheaper than 75% of peers
P/S (TTM) 0.09× · Cheaper than 75% of peers
P/FCF 2.7× · Pricier than median
EV/EBITDA 3.6× · 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 76 · sector 0
FUTURE 0 · sector 19
PAST 27 · sector 23
HEALTH 80 · sector 95
DIVIDEND 0 · sector 25

Insider activity: 40/100

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 Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Linde plc LIN $489.98 $222.03 -55%
Nan Ya Plastics Corporation 1303 181.50 TWD 255.83 TWD +41%
Wanhua Chemical Group 600309 ¥70.04 ¥68.03 -3%
Novozymes A/S NSISB kr 428.20 kr 179.66 -58%
Asian Paints Limited ASIANPAINT ₹2,689 ₹668.81 -75%
Solar Industries India Limited SOLARINDS ₹18,236 ₹2,793 -85%
Pidilite Industries Limited PIDILITIND ₹1,560 ₹351.84 -77%
PT Chandra Asri Pacific Tbk TPIA 1,805 IDR 2,888 IDR +60%
Linde India Limited LINDEINDIA ₹7,115 ₹757.93 -89%
Berger Paints India Limited BERGEPAINT ₹493.70 ₹164.29 -67%

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Frequently asked questions

Is PCC Exol S.A (PCX) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 2.69 PLN versus a price of 2.04 PLN, about +32% (undervalued).
What is the fair value of PCX?
Our model-based fair value for PCC Exol S.A is 2.69 PLN (as of Jul 17, 2026), built from audited fundamentals. The current price is 2.04 PLN.
What is the quality score of PCX?
PCC Exol S.A has a Quality Score of 57/100. 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 PCC Exol S.A (PCX)?
PCC Exol S.A reported trailing-twelve-month revenue of about 1.1B PLN (latest available figure, as of Jul 17, 2026).
What is the net profit margin of PCX?
The net profit margin of PCC Exol S.A is about 3.5%, meaning it keeps roughly 3.5% 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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