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Quantum software S.A (QNT) Fair Value & Analysis

Technology · PL · Market cap 44.5M PLN

QS Quantum software S.A QNT · WAR
Price31.00 PLN
Fair Value16.12 PLN
Upside-48.0%
Quality70/100
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Mixed Growth
Thin margins · 7.4% net margin
Low debt · generates free cash flow
5.52% dividend yield
Ranks above peers (11/14)
Moderate moat 46/100
Evidence: High Range 11.29 PLN – 22.01 PLN Share as image

Fair value as of: Jul 18, 2026

From 24 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from 56.28 PLN to 16.12 PLN (−71.4%) since Jun 24, 2026. Share price −4.3% over the past month.

A solid business, but screening 48% overvalued on our models.

What matters 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 price sits above even our optimistic bull case (22.01 PLN). The favourable scenario is already priced in.
  • A fairly wide model range (11.29 PLN to 22.01 PLN) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

44.08 PLN 6.54 PLN Fair Value 16.12 PLN Mar 2019 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 6.54 PLN – 44.08 PLN · fair‑value band 11.29 PLN – 22.01 PLN · the 31.00 PLN price screens above the 16.12 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

Full chart & analysis →

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Analysis

Quantum software S.A (QNT) currently trades at 31.00 PLN, while our model-based Fair Value estimate is 16.12 PLN, implying the stock looks roughly 48.0% overvalued today. The Quality Score stands at 70/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Quantum software S.A generated revenue of 59.3M PLN at a net margin of 10.2%. Revenue grew 23.8% year over year. It earns a return on equity of 37.8%. The balance sheet holds a net cash position of 8.0M PLN. Fundamentals as of Jul 18, 2026

Our scenario range runs from 11.29 PLN (bear case) to 22.01 PLN (bull case); at 31.00 PLN, the current price sits above 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 34% below its 52-week high and 40% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at -48%, QNT screens richer 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 17.48 PLN 21.35 PLN 25.96 PLN 80
Residual Income 19.55 PLN 26.13 PLN 84.81 PLN 76
Rev-Margin DCF 30.42 PLN 47.72 PLN 67.86 PLN 74
All 24 models by family
DCF Models
FCF DCF 17.50 PLN 22.05 PLN 27.86 PLN 38
Owner Earnings 38.87 PLN 52.40 PLN 69.68 PLN 31
5Y Revenue Exit 30.42 PLN 48.11 PLN 71.23 PLN 39
5Y EBITDA Exit 33.34 PLN 53.64 PLN 77.80 PLN 41
5Y P/E Exit 40.19 PLN 66.64 PLN 94.99 PLN 38
10Y Revenue Exit 23.64 PLN 36.81 PLN 55.26 PLN 36
10Y EBITDA Exit 26.04 PLN 40.12 PLN 59.60 PLN 37
10Y P/E Exit 29.81 PLN 47.89 PLN 70.96 PLN 35
Earnings-Based
Graham-Dodd 26.01 PLN 87.37 PLN 117.05 PLN 54
Lynch FV 19.90 PLN 28.42 PLN 36.95 PLN 50
PEG = 1.0 19.90 PLN 28.42 PLN 36.95 PLN 46
EPV 31.70 PLN 34.70 PLN 37.14 PLN 59
Multiples
P/E Multiple 57.38 PLN 76.51 PLN 95.63 PLN 63
P/S Multiple 48.77 PLN 65.03 PLN 81.29 PLN 58
P/B Multiple 37.27 PLN 49.69 PLN 62.11 PLN 55
EV/EBIT 59.22 PLN 76.74 PLN 94.25 PLN 53
EV/EBITDA 50.43 PLN 65.01 PLN 79.59 PLN 54
EV/Revenue 42.10 PLN 57.28 PLN 72.46 PLN 43
Asset-Based
NCAV (Graham) 8.28 PLN 11.10 PLN 16.56 PLN 50
Growth DCF
Growth DCF 17.48 PLN 21.35 PLN 25.96 PLN 80
Rev-Margin DCF 30.42 PLN 47.72 PLN 67.86 PLN 74
Economic Profit
Residual Income 19.55 PLN 26.13 PLN 84.81 PLN 76
ROIC Compounder 33.05 PLN 37.79 PLN 42.65 PLN 72
Growth Earnings
Growth-Adj P/E 49.03 PLN 70.04 PLN 91.05 PLN 68

Widest divergence: Growth Earnings (70.04 PLN) versus Asset-Based (11.10 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 59.3M PLN
Revenue growth (YoY) +23.8%
Net margin 10.2%
Return on equity 37.8%
Free cash flow 1.7M PLN FY2025
P/E ratio 9.9
More key figures
Operating margin 10.9%
EPS (TTM) 3.31 PLN
Dividend yield 4.2%
EPS growth (YoY) +314%
Net cash 8.0M PLN FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 70/100

Of which business quality 71 · Market factors (momentum, volatility) 49

Profitability 83
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 27
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 48
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

Quantum software S.A. provides IT systems for enterprises in the domain of logistics and delivery chain management in Poland and internationally.

Full company description

Quantum software S.A. provides IT systems for enterprises in the domain of logistics and delivery chain management in Poland and internationally. It offers Qguar Manufacturing Execution System, a manufacturing execution system that enables the user to model production processes and to monitor the course of their realization; Qguar Advanced Planning & Scheduling, a system designed for production planning and scheduling; Qguar Warehouse Management System (WMS) Pro, a system designed to support warehousing processes in company-owned warehouses or warehouses that rent storage space; and Qguar WMS Easyway and Qguar WMS e-Commerce solutions. The company also provides Qguar Material Flow Control, a system that takes care of communication between a WMS and automated warehousing equipment; Qguar Link4Ship, a software developed to provide on-line communication between the WMS and IT systems of courier services; Qguar Transport Management System (TMS), a software for transport management; Qguar TMS Mobile, a TMS designed for mobile devices; and Qguar DS System for planning of time windows and management of traffic in warehouse loading docks. It offers Qguar Yard Management System, a software that allows vehicle and pedestrian traffic to be controlled within plant premises; Qguar 4WEB system, a tool designed to carry out a specific set of activities by means of a web browser; Qguar DAS System for data archiving and reduction of production servers load; Qguar IFC, a ready-to-use tool for data exchange between Qguar and external systems; Qguar RPS system for the circulation of pallets and returnable packing units; Qguar SBS System; internet of things products and SCADA system; industrial sensors; and processes visualisation solutions. The company also provides implementation, training, support, wireless and cable network, and IT related services. The company was founded in 1993 and is based in Kraków, Poland. Quantum software S.A. is a subsidiary of Quantum Assets Sp. z o.o.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Quantum software S.A reported revenue of 56.8M PLN in FY2025 versus 38.9M PLN in FY2021, a compound +9.9%/yr. Reported net income was 5.2M PLN in FY2025, compounding +14.7%/yr from FY2021.

Growth Quality 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
56.8M PLN
Latest YoY
+5.8%
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.
+7.8%
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.
+8.0%
Avg. growth/yr (17Y) 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.
+6.9%
Revenue +9.9%/yr
FY21 38.9M PLN
FY22 45.3M PLN
FY23 51.1M PLN
FY24 53.7M PLN
FY25 56.8M PLN
Net income +14.7%/yr
FY21 3.0M PLN
FY22 2.1M PLN
FY23 2.8M PLN
FY24 4.5M PLN
FY25 5.2M PLN
Character of growth · EPS growth decomposed (2014-2025) +15.6 % p.a.
Revenue per share +9.8 pp

of which total revenue +8.8 pp · buybacks/dilution +1.0 pp

EBIT margin −0.1 pp
Tax rate +2.0 pp
Residual (interest, one-offs) +3.9 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).

QNT screens 48% overvalued. Compare with SAP SE →

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Cite: Fair Value Calculator (2026). "Quantum software S.A Fair Value". https://www.fairvalue-calculator.com/stock/QNT

Peer Group

Software - Application · 709 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 70 · Top 25%
Fair Value upside −48% · Below median
Return on equity (TTM) 21% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 7% · Above median
Operating margin (TTM) -4% · Below median
Revenue growth -10% · Bottom 25%
Dividend yield (TTM) 5.5% · Top 25%

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 9.8× · Cheaper than 75% of peers
P/B 0.53× · Cheaper than 75% of peers
P/S (TTM) 0.22× · Cheaper than 75% of peers
P/FCF 6.8× · Cheaper than median
EV/EBITDA 0.6× · 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 0 · sector 0
FUTURE 0 · sector 38
PAST 83 · sector 13
HEALTH 100 · sector 98
DIVIDEND 100 · sector 28

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

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 Software - Application stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
SAP SE SAPS C$12.69 C$16.26 +28%
Shopify Inc SHOP C$173.23 C$20.54 -88%
Uber Technologies, Inc UBER $72.67 $51.11 -30%
Salesforce, Inc CRM $170.77 $182.10 +7%
ServiceNow, Inc NOW $107.71 $33.12 -69%
Cadence Design Systems, Inc CDNS $384.17 $80.41 -79%
Snowflake Inc SNOW $271.87 $34.04 -87%
Adobe Inc ADBE $230.61 $379.48 +65%
Automatic Data Processing, Inc ADP $241.92 $177.51 -27%
Intuit Inc INTU $291.09 $258.69 -11%

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Frequently asked questions

Is Quantum software S.A (QNT) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 16.12 PLN versus a price of 31.00 PLN, about −48% (overvalued).
What is the fair value of QNT?
Our model-based fair value for Quantum software S.A is 16.12 PLN (as of Jul 18, 2026), built from audited fundamentals. The current price is 31.00 PLN.
What is the quality score of QNT?
Quantum software 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 revenue of Quantum software S.A (QNT)?
Quantum software S.A reported trailing-twelve-month revenue of about 59.3M PLN (latest available figure, as of Jul 18, 2026).
What is the net profit margin of QNT?
The net profit margin of Quantum software S.A is about 10.2%, meaning it keeps roughly 10.2% of revenue as net income. Based on the latest reported figures.
Does Quantum software S.A pay a dividend?
Quantum software S.A currently shows a dividend yield of about 4.22% relative to its recent price (as of Jul 18, 2026).

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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