Polimex-Mostostal S.A. (PXM) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Polimex-Mostostal S.A. PLN 11.05, price PLN 6.92, upside +59.7%, 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 23, 2026.
How to read this chart
60‑month range 1.80 PLN – 9.71 PLN · fair‑value band 8.28 PLN – 13.81 PLN · the 6.92 PLN price screens below the 11.05 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
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Polimex-Mostostal S.A. operates as an engineering and construction company in Poland and internationally. The company operates through Production; Industrial Construction; Power Engineering; Infrastructure Construction; and Oil, Gas and Chemicals segments.
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Polimex-Mostostal S.A. operates as an engineering and construction company in Poland and internationally. The company operates through Production; Industrial Construction; Power Engineering; Infrastructure Construction; and Oil, Gas and Chemicals segments. It designs and constructs roads, bridges, railway infrastructure, and hydrotechnical structures; supervises works; and provides contract management services. The company also produces steel structures, platform gratings, and various transport pallets, as well as offers services related to steel products, such as corrosion protection of steel structures using hot-dip galvanization. In addition, it constructs production plants, warehouse halls, environmental protection facilities, office and administrative buildings, shopping centers, multiplexes, halls, and sports stadiums. Further, the company constructs storage tanks, industrial installations, terminals, and transshipment ports or fuel pipelines; manufactures furnaces and process heaters; and offers assembly and commissioning services. Additionally, it provides turnkey energy facilities in the field of air and water protection, flue gas desulfurization installations, dedusting systems, water treatment plants, and waste treatment facilities, as well as services in the galvanizing and painting of steel structures. The company was founded in 1945 and is headquartered in Warsaw, Poland.
Stock analysis
Polimex-Mostostal S.A. (PXM) currently trades at 6.92 PLN, while our model-based Fair Value estimate is 11.05 PLN, implying the stock looks roughly 37.4% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 17.01 PLN per share, and 20 of the 24 models we run sit above the 6.92 PLN price.
Bear case: the Asset-Based group reads lowest at 1.92 PLN, and 4 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 8.28 PLN (bear) to 13.81 PLN (bull), the price of 6.92 PLN sits below 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 Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Polimex-Mostostal S.A. reported revenue of 4.1B PLN in FY2025 versus 2.3B PLN in FY2021, a compound +15.7%/yr. Reported net income was 134M PLN in FY2025, compounding +10.5%/yr from FY2021.
Key figures
Market cap 1.8B PLN (≈ $465M) · P/E ratio 30.1 · P/S ratio 0.98 · EPS (TTM) 0.2300 PLN · Net margin 3.3% · Return on equity 20.4% · Return on assets (EBIT) −0.4% · Operating margin 3.5%.
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 29% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 60%, PXM screens cheaper than that median.
Fair Value models
Bear 8.28 PLNFair Value 11.05 PLNBull 13.81 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 (0.3584 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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+44.6%
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.
+3.0%
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.
+20.7%
Start year 2020 (pandemic). Over 10 years: +4.9% a year
Revenue growth 19 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.
+16.0%
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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.
+17.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.4%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.17% vs −4%, picking up
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% → 5%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 8.3%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less 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).
−13.9%
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 −16.6% 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 · 822 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+60% · Top 25%
Profitability
Return on equity (TTM)18% · Top 25%
Return on assets4% · Above median
Net margin (TTM)3% · Below median
Operating margin (TTM)4% · Below median
Growth and dividend
Revenue growth−2% · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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). "Polimex-Mostostal S.A. Fair Value". https://www.fairvalue-calculator.com/stock/PXM
Frequently asked questions
Is Polimex-Mostostal S.A. (PXM) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 11.05 PLN versus a price of 6.92 PLN, about +60% upside (undervalued).
What is the fair value of PXM?
Our model-based fair value for Polimex-Mostostal S.A. is 11.05 PLN (as of Sep 23, 2026), built from audited fundamentals. The current price: 6.92 PLN.
What is the quality score of PXM?
Polimex-Mostostal 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 Polimex-Mostostal S.A. (PXM)?
Our model-based price target is the fair value of 11.05 PLN (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 8.28 PLN, optimistic scenario 13.81 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Polimex-Mostostal S.A. stock forecast for 2026?
Our models put fair value at 11.05 PLN, about +60% upside versus a price of 6.92 PLN (undervalued). Cautious scenario 8.28 PLN, optimistic scenario 13.81 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Polimex-Mostostal S.A. (PXM)?
Polimex-Mostostal S.A. reported trailing-twelve-month revenue of about 4.1B PLN (latest available figure, as of Sep 23, 2026).
What growth is priced into Polimex-Mostostal S.A. (PXM)?
For today's price to be fair in a discounted-cash-flow model, Polimex-Mostostal S.A. would have to grow free cash flow by -13.9 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +20.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of PXM use?
Our models discount Polimex-Mostostal S.A. at 11.8 %: a base by market capitalisation (small), damped by beta 0.88, 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 Polimex-Mostostal S.A. that is -13.9 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Polimex-Mostostal S.A. (PXM) delivered so far?
Over the past 5 years revenue at Polimex-Mostostal S.A. grew +20.7 % a year. The price currently implies -13.9 % 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 Polimex-Mostostal S.A. (PXM) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Polimex-Mostostal S.A. (-13.9 % 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 Polimex-Mostostal S.A. (PXM)?
The free-cash-flow yield on the price is 12.52 %: that much free cash flow Polimex-Mostostal S.A. produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Polimex-Mostostal S.A. (PXM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Polimex-Mostostal S.A. it is 11.05 PLN per share (as of Sep 23, 2026), against a price of 6.92 PLN. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Polimex-Mostostal S.A. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, PXM trades below its calculated fair value: price 6.92 PLN, fair value 11.05 PLN, a gap of about +60% (undervalued). 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 PXM?
No. The price is what the market pays today (6.92 PLN); the fair value is what the company's own numbers justify (11.05 PLN). For Polimex-Mostostal S.A. the two are 4.13 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Polimex-Mostostal S.A. worth?
The market values Polimex-Mostostal S.A. at about 1.8B PLN (market capitalisation, as of Sep 23, 2026). Per share that is 6.92 PLN; our models calculate a fair value of 11.05 PLN per share.
What do the bullish and bearish scenarios say about PXM?
Our models span a range for Polimex-Mostostal S.A.: cautious scenario 8.28 PLN, base 11.05 PLN, optimistic 13.81 PLN per share (as of Sep 23, 2026, price 6.92 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PXM?
Polimex-Mostostal S.A. trades at a price-to-earnings ratio of 30.1 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 11.05 PLN is built from several models across several years. Other multiples: P/B 0.6, P/S 0.1.
How solid is the balance sheet of Polimex-Mostostal S.A. (PXM)?
Balance-sheet figures for Polimex-Mostostal S.A. (as of Sep 23, 2026): return on equity 18.5%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is PXM from its 52-week high?
Polimex-Mostostal S.A. trades at 6.92 PLN, about 29% below its 52-week high of 9.71 PLN and 21% above the low of 5.71 PLN (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 11.05 PLN is for.
Which stocks are comparable to Polimex-Mostostal 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 Polimex-Mostostal S.A. stock attractive at the current price?
The data as of Sep 23, 2026: price 6.92 PLN, calculated fair value 11.05 PLN (+60%), Quality Score 70/100, 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 PXM calculated?
We run Polimex-Mostostal 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 11.05 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 14.1 % above its aggregate fair value. Polimex-Mostostal S.A. currently trades 60 % below its own fair value, and the market average says nothing about that. 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 Polimex-Mostostal S.A. (PXM)?
The closing price on Sep 23, 2026 was 6.92 PLN. Our model-based fair value is 11.05 PLN, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Polimex-Mostostal S.A. right now?
The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (8.28 PLN). The market is more pessimistic than our downside scenario.
Key figures of Polimex-Mostostal S.A.
How large is the market capitalisation of Polimex-Mostostal S.A. (PXM)?
The market capitalisation of Polimex-Mostostal S.A. is 1.8B PLN (≈ $465M). 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 Polimex-Mostostal S.A. (PXM)?
The price-to-sales ratio of Polimex-Mostostal S.A. is 0.98 (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 Polimex-Mostostal S.A. (PXM)?
Earnings per share at Polimex-Mostostal S.A. are 0.2300 PLN (price ÷ EPS = P/E 30.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Polimex-Mostostal S.A. (PXM)?
The net margin of Polimex-Mostostal S.A. is 3.3% (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 Polimex-Mostostal S.A. (PXM)?
The return on equity (ROE) of Polimex-Mostostal S.A. is 20.4% (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 Polimex-Mostostal S.A. (PXM)?
On an EBIT basis the return on assets of Polimex-Mostostal S.A. is −0.4% (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 Polimex-Mostostal S.A. (PXM)?
The operating margin of Polimex-Mostostal S.A. is 3.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Polimex-Mostostal S.A. (PXM)?
Revenue at Polimex-Mostostal S.A. is growing +14.1% versus a year earlier (3y avg +3.0%). 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 Polimex-Mostostal S.A. (PXM)?
Earnings per share at Polimex-Mostostal S.A. are growing −31.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Polimex-Mostostal S.A. (PXM) hold?
Polimex-Mostostal S.A. holds more cash than debt, 692M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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