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Polwax SA (PWX) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Polwax SA PLN 0.60, price PLN 0.97, upside -38.1%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Basic Materials · PL · ISIN PLPOLWX00026

PS Thin data Sep 24, 2026

Polwax SA

PWX · WAR

Weakest SetupStrongly overvalued and low quality.

!Fair value 0.6000 PLN · Strongly overvalued (−38%)
!Quality 38/100
!Weak Growth (revenue 5y −9.7 %/yr)
!Loss-making · -10.8% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/10)
!Narrow moat 8/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

3.41 PLN 0.9500 PLN Fair Value 0.6000 PLN Jun 2021 Sep 2026

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 0.9500 PLN – 3.41 PLN · fair‑value band 0.4000 PLN – 0.7600 PLN · the 0.9700 PLN price screens above the 0.6000 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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Company profile

Polwax S.A. produces and distributes refined and renewable paraffin and waxes.

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Polwax S.A. produces and distributes refined and renewable paraffin and waxes. The company also offers wood and paper impregnation products; waxes intended for food contact; micro-crystalline waxes; anti-caking products for fertilizers; corrosion protection products; HotMelt adhesives; model masses; plant protection products; candle goods; special waxes for the manufacture of candles and paraffin raw materials; and other industrial products, as well as ready-made grave candles and table candles. Its products are used in grave candle, candle, food contact, rubber, automotive, fertilizer, and wood and furniture industries. The company was founded in 1999 and is based in Jaslo, Poland.

Stock analysis

Polwax SA (PWX) currently trades at 0.9700 PLN, while our model-based Fair Value estimate is 0.6000 PLN, implying the stock looks roughly 61.7% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: 0.4000 PLN (bear) to 0.7600 PLN (bull), the price of 0.9700 PLN sits above 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 38/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Polwax SA reported revenue of 130M PLN in FY2025 versus 272M PLN in FY2021, a compound −16.9%/yr. Reported net income was −12.1M PLN in FY2025.

Key figures

Market cap 59.8M PLN (≈ $15.6M) · P/S ratio 0.46 · EPS (TTM) −0.2400 PLN · Net margin −9.3% · Return on equity −28.6% · Return on assets (EBIT) −5.4% · Operating margin −35.7% · Revenue (TTM) 136M PLN.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 35% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −40% fair-value upside, at −38%, PWX screens cheaper than that median.

Fair Value models

Bear 0.4000 PLN Fair Value 0.6000 PLN Bull 0.7600 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. 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.
Highest evidence
NCAV (Graham) 0.4100 PLN 0.5400 PLN 0.8100 PLN 54
All 1 models by family
Asset-Based
NCAV (Graham) 0.4100 PLN 0.5400 PLN 0.8100 PLN 54

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Quality Score breakdown

Overall quality 38/100

Of which business quality 39 · Market factors (momentum, volatility) 34

Profitability 22
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 19
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−31.7%
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.
−26.8%
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.
−9.7%
Start year 2020 (pandemic). Over 10 years: −7.4% a year
Revenue growth 13 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.
−5.2%
Profit margin (trend) ⓘ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.
2.7% (2020) → −10.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

PWX screens 62% overvalued. Compare with Linde plc →

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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.Specialty Chemicals · 712 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside −38% · Below median
Profitability
Return on assets −10% · Bottom 25%
Net margin (TTM) −11% · Bottom 25%
Operating margin (TTM) −36% · Bottom 25%
Growth and dividend
Revenue growth 62% · Top 25%
Balance sheet
Debt / equity 0.30× · Above median

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/B 0.31× · Cheapest 25%
P/S (TTM) 0.12× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 21
PAST (return on equity)0 · sector 23
HEALTH (low debt)85 · sector 95
DIVIDEND (yield)0 · sector 29

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

Context: sector, industry, market

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

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Linde plc LIN $468.14 $441.72 −6%
The Sherwin-Williams Company SHW $326.46 $148.97 −54%
Ecolab Inc ECL $276.72 $96.18 −65%
Air Products and Chemicals, Inc APD $286.97 $122.14 −57%
Nan Ya Plastics Corporation 1303 238.00 TWD 235.25 TWD −1%
Givaudan SA GIVN CHF 3,406 CHF 1,523 −55%
Wanhua Chemical Group 600309 ¥71.60 ¥68.03 −5%
Asian Paints Limited ASIANPAINT ₹2,455 ₹1,479 −40%
PPG Industries, Inc PPG $107.20 $77.06 −28%
DSM-Firmenich AG DSFIR CHF 91.50 CHF 29.27 −68%

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0.6000 PLN −62%Fair Value
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Cite: Fair Value Calculator (2026). "Polwax SA Fair Value". https://www.fairvalue-calculator.com/stock/PWX

Frequently asked questions

Is Polwax SA (PWX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.6000 PLN versus a price of 0.9700 PLN, about −38% upside (overvalued).
What is the fair value of PWX?
Our model-based fair value for Polwax SA is 0.6000 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.9700 PLN.
What is the quality score of PWX?
Polwax SA has a Quality Score of 38/100. 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 Polwax SA (PWX)?
Our model-based price target is the fair value of 0.6000 PLN (as of Sep 24, 2026) from 1 valuation models. Cautious scenario 0.4000 PLN, optimistic scenario 0.7600 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Polwax SA stock forecast for 2026?
Our models put fair value at 0.6000 PLN, about −38% upside versus a price of 0.9700 PLN (overvalued). Cautious scenario 0.4000 PLN, optimistic scenario 0.7600 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Polwax SA (PWX)?
Polwax SA reported trailing-twelve-month revenue of about 136M PLN (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Polwax SA (PWX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Polwax SA it is 0.6000 PLN per share (as of Sep 24, 2026), against a price of 0.9700 PLN. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Polwax SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PWX trades above its calculated fair value: price 0.9700 PLN, fair value 0.6000 PLN, a gap of about −38% (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 PWX?
No. The price is what the market pays today (0.9700 PLN); the fair value is what the company's own numbers justify (0.6000 PLN). For Polwax SA the two are 0.3700 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Polwax SA worth?
The market values Polwax SA at about 59.8M PLN (market capitalisation, as of Sep 24, 2026). Per share that is 0.9700 PLN; our models calculate a fair value of 0.6000 PLN per share.
What do the bullish and bearish scenarios say about PWX?
Our models span a range for Polwax SA: cautious scenario 0.4000 PLN, base 0.6000 PLN, optimistic 0.7600 PLN per share (as of Sep 24, 2026, price 0.9700 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Polwax SA (PWX)?
Balance-sheet figures for Polwax SA (as of Sep 24, 2026): return on equity −28.6%, debt of 0.30 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is PWX from its 52-week high?
Polwax SA trades at 0.9700 PLN, about 35% below its 52-week high of 1.50 PLN and 2% above the low of 0.9500 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.6000 PLN is for.
Which stocks are comparable to Polwax SA?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 Polwax SA stock attractive at the current price?
The data as of Sep 24, 2026: price 0.9700 PLN, calculated fair value 0.6000 PLN (−38%), Quality Score 38/100, from 1 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 PWX calculated?
We run Polwax SA through 1 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 0.6000 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. Polwax SA 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 Polwax SA (PWX)?
The closing price on Sep 24, 2026 was 0.9700 PLN. Our model-based fair value is 0.6000 PLN, about −38% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Polwax SA right now?
The price sits above even our optimistic bull case (0.7600 PLN). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (0.4000 PLN to 0.7600 PLN) leaves room in how you read the outcome.

Key figures of Polwax SA

How large is the market capitalisation of Polwax SA (PWX)?
The market capitalisation of Polwax SA is 59.8M PLN (≈ $15.6M). 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 Polwax SA (PWX)?
The price-to-sales ratio of Polwax SA is 0.46 (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 Polwax SA (PWX)?
Earnings per share at Polwax SA are −0.2400 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Polwax SA (PWX)?
The net margin of Polwax SA is −9.3% (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 Polwax SA (PWX)?
The return on equity (ROE) of Polwax SA is −28.6% (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 Polwax SA (PWX)?
On an EBIT basis the return on assets of Polwax SA is −5.4% (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 Polwax SA (PWX)?
The operating margin of Polwax SA is −35.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Polwax SA (PWX)?
Revenue at Polwax SA is growing +62.1% versus a year earlier (3y avg −26.8%). 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 Polwax SA (PWX)?
Earnings per share at Polwax SA are growing −78.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Polwax SA (PWX) generate?
The free cash flow of Polwax SA is −17.8M PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Polwax SA (PWX) carry?
The net debt of Polwax SA is 23.7M PLN (fiscal year 2025). 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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