PJP Makrum S.A. (PJP) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of PJP Makrum S.A. PLN 17.39, price PLN 21.30, upside -18.4%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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PJP Makrum S.A. engages in manufactures and sells industrial equipment and provides industrial construction services in Poland and internationally.
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PJP Makrum S.A. engages in manufactures and sells industrial equipment and provides industrial construction services in Poland and internationally. The company offers handling systems, aluminium façades, flood dams, crushing and grinding machines, parking platforms, industrial construction, forklifts, warehouse equipment, fire protection products, and aluminium joinery, lift-and-slide doors; and construction of office buildings, shopping centers, supermarkets, and residential buildings. The company was founded in 1948 and is based in Bydgoszcz, Poland. PJP MAKRUM SA operates as a subsidiary of Immobile SA.
Stock analysis
PJP Makrum S.A. (PJP) currently trades at 21.30 PLN, while our model-based Fair Value estimate is 17.39 PLN, implying the stock looks roughly 22.5% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 24.52 PLN per share, and 7 of the 24 models we run sit above the 21.30 PLN price.
Bear case: the Economic Profit group reads lowest at 3.89 PLN, and 17 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 8.51 PLN (bear) to 22.06 PLN (bull), the price of 21.30 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 39/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
PJP Makrum S.A. reported revenue of 492M PLN in FY2025 versus 312M PLN in FY2021, a compound +12.1%/yr. Reported net income was 6.2M PLN in FY2025, compounding +34.9%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 127M PLN (≈ $33.2M) · P/E ratio 35.5 · P/S ratio 0.45 · EPS (TTM) 0.6000 PLN · Dividend yield 2.5% · Net margin 1.3% · Return on equity 2.2% · Return on assets (EBIT) 4.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 57% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −18%, PJP screens cheaper than that median.
Fair Value models
Bear 8.51 PLNFair Value 17.39 PLNBull 22.06 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 (0.4405 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+10.8%
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.
−2.6%
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.
+7.6%
Start year 2020 (pandemic). Over 10 years: +14.2% a year
Revenue growth 17 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.
+5.1%
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What shareholders gained per year (last 5 years) ⓘ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.
+4.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.3%
Dividend (yield on the price)2.5%
Profit margin 2020 to 2025 ⓘ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.6% → 3%
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).
+34.4%
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 +30.3% 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.Engineering & Construction · 840 stocks
Beats the industry median on 3/14 measures
Overall it trails its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside−18% · Below median
Profitability
Return on equity (TTM)2% · Below median
Return on assets1% · Below median
Net margin (TTM)1% · Below median
Operating margin (TTM)−1% · Bottom 25%
Growth and dividend
Revenue growth−21% · Bottom 25%
Dividend yield (TTM)2.5% · Above median
Balance sheet
Debt / equity0.59× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Is PJP Makrum S.A. (PJP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 17.39 PLN versus a price of 21.30 PLN, about −18% upside (overvalued).
What is the fair value of PJP?
Our model-based fair value for PJP Makrum S.A. is 17.39 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 21.30 PLN.
What is the quality score of PJP?
PJP Makrum S.A. has a Quality Score of 39/100. 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 PJP Makrum S.A. (PJP)?
Our model-based price target is the fair value of 17.39 PLN (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 8.51 PLN, optimistic scenario 22.06 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the PJP Makrum S.A. stock forecast for 2026?
Our models put fair value at 17.39 PLN, about −18% upside versus a price of 21.30 PLN (overvalued). Cautious scenario 8.51 PLN, optimistic scenario 22.06 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of PJP Makrum S.A. (PJP)?
PJP Makrum S.A. reported trailing-twelve-month revenue of about 470M PLN (latest available figure, as of Sep 24, 2026).
Does PJP Makrum S.A. pay a dividend?
PJP Makrum S.A. currently shows a dividend yield of about 2.55% relative to its recent price (as of Sep 24, 2026).
What growth is priced into PJP Makrum S.A. (PJP)?
For today's price to be fair in a discounted-cash-flow model, PJP Makrum S.A. would have to grow free cash flow by +34.4 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PJP use?
Our models discount PJP Makrum S.A. at 10.1 %: a base by market capitalisation (nano), damped by beta 0.82, 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 PJP Makrum S.A. that is +34.4 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has PJP Makrum S.A. (PJP) delivered so far?
Over the past 5 years revenue at PJP Makrum S.A. grew +7.6 % a year. The price currently implies +34.4 % 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 PJP Makrum S.A. (PJP) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into PJP Makrum S.A. (+34.4 % 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 PJP Makrum S.A. (PJP)?
The free-cash-flow yield on the price is 3.72 %: that much free cash flow PJP Makrum S.A. produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PJP Makrum S.A. (PJP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PJP Makrum S.A. it is 17.39 PLN per share (as of Sep 24, 2026), against a price of 21.30 PLN. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is PJP Makrum S.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PJP trades above its calculated fair value: price 21.30 PLN, fair value 17.39 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 PJP?
No. The price is what the market pays today (21.30 PLN); the fair value is what the company's own numbers justify (17.39 PLN). For PJP Makrum S.A. the two are 3.91 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is PJP Makrum S.A. worth?
The market values PJP Makrum S.A. at about 127M PLN (market capitalisation, as of Sep 24, 2026). Per share that is 21.30 PLN; our models calculate a fair value of 17.39 PLN per share.
What do the bullish and bearish scenarios say about PJP?
Our models span a range for PJP Makrum S.A.: cautious scenario 8.51 PLN, base 17.39 PLN, optimistic 22.06 PLN per share (as of Sep 24, 2026, price 21.30 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PJP?
PJP Makrum S.A. trades at a price-to-earnings ratio of 35.5 (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 17.39 PLN is built from several models across several years. Other multiples: P/B 0.2, P/S 0.1, EV/EBITDA 9.4.
How solid is the balance sheet of PJP Makrum S.A. (PJP)?
Balance-sheet figures for PJP Makrum S.A. (as of Sep 24, 2026): return on equity 2.2%, debt of 0.59 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is PJP from its 52-week high?
PJP Makrum S.A. trades at 21.30 PLN, about 15% below its 52-week high of 25.00 PLN and 57% above the low of 13.55 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 17.39 PLN is for.
Which stocks are comparable to PJP Makrum S.A.?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro 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 PJP Makrum S.A. stock attractive at the current price?
The data as of Sep 24, 2026: price 21.30 PLN, calculated fair value 17.39 PLN (−18%), Quality Score 39/100, from 24 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 PJP calculated?
We run PJP Makrum S.A. through 24 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 17.39 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. PJP Makrum 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 PJP Makrum S.A. (PJP)?
The closing price on Sep 24, 2026 was 21.30 PLN. Our model-based fair value is 17.39 PLN, about −18% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PJP Makrum S.A. right now?
Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (8.51 PLN to 22.06 PLN) leaves room in how you read the outcome.
Key figures of PJP Makrum S.A.
How large is the market capitalisation of PJP Makrum S.A. (PJP)?
The market capitalisation of PJP Makrum S.A. is 127M PLN (≈ $33.2M). 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 PJP Makrum S.A. (PJP)?
The price-to-sales ratio of PJP Makrum S.A. is 0.45 (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 PJP Makrum S.A. (PJP)?
Earnings per share at PJP Makrum S.A. are 0.6000 PLN (price ÷ EPS = P/E 35.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PJP Makrum S.A. (PJP)?
The dividend yield of PJP Makrum S.A. is 2.5% (payout 90.5%). 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 PJP Makrum S.A. (PJP)?
The net margin of PJP Makrum S.A. is 1.3% (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 PJP Makrum S.A. (PJP)?
The return on equity (ROE) of PJP Makrum S.A. is 2.2% (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 PJP Makrum S.A. (PJP)?
On an EBIT basis the return on assets of PJP Makrum S.A. is 4.3% (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 PJP Makrum S.A. (PJP)?
The operating margin of PJP Makrum S.A. is −1.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PJP Makrum S.A. (PJP)?
Revenue at PJP Makrum S.A. is growing −20.7% versus a year earlier (3y avg −2.6%). 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 PJP Makrum S.A. (PJP)?
Earnings per share at PJP Makrum S.A. are growing +8.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does PJP Makrum S.A. (PJP) carry?
The net debt of PJP Makrum S.A. is 197M PLN (fiscal year 2025, ≈ 41.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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