Quercus TFI SA (QRS) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Quercus TFI SA PLN 21.19, price PLN 12.84, upside +65.0%, quality 87 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 24, 2026.
How to read this chart
60‑month range 2.65 PLN – 14.16 PLN · fair‑value band 11.61 PLN – 33.39 PLN · the 12.84 PLN price screens below the 21.19 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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Quercus TFI S.A. is a publicly owned investment manager. The firm also provides investment consulting services to its clients. It primarily provides its services to high net-worth and ultra-high-net worth investors. The firm launches and manages equity, fixed income, commodity, multi-assets, and balanced mutual funds for its clients.
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Quercus TFI S.A. is a publicly owned investment manager. The firm also provides investment consulting services to its clients. It primarily provides its services to high net-worth and ultra-high-net worth investors. The firm launches and manages equity, fixed income, commodity, multi-assets, and balanced mutual funds for its clients. It also manages separate client-focused portfolios. The firm invests in public equity and fixed income markets. It also invests in alternative investment markets including commodity. The firm employs fundamental analysis to make its investments. The firm conducts in-house research to make its investments. The firm typically invests in companies in service sectors. Quercus TFI S.A. was founded in August 2007, and is based in Warszawa, Poland.
Stock analysis
Quercus TFI SA (QRS) currently trades at 12.84 PLN, while our model-based Fair Value estimate is 21.19 PLN, implying the stock looks roughly 39.4% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 23.21 PLN per share, and 9 of the 13 models we run sit above the 12.84 PLN price.
Bear case: the Multiples group reads lowest at 3.36 PLN, and 4 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: 11.61 PLN (bear) to 33.39 PLN (bull), the price of 12.84 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 87/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Quercus TFI SA reported revenue of 203M PLN in FY2025 versus 82.2M PLN in FY2021, a compound +25.3%/yr. Reported net income was 60.2M PLN in FY2025, compounding +24.4%/yr from FY2021.
Key figures
Market cap 660M PLN (≈ $172M) · P/E ratio 14.8 · P/S ratio 4.39 · EPS (TTM) 0.8700 PLN · Dividend yield 0.2% · Net margin 29.7% · Return on equity 45.0% · Return on assets (EBIT) 20.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 26% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 65%, QRS screens cheaper than that median.
Fair Value models
Bear 11.61 PLNFair Value 21.19 PLNBull 33.39 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 (0.6388 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+30.7%
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.
+30.5%
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.
+26.3%
Start year 2020 (pandemic). Over 10 years: +7.8% a year
Revenue growth 16 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.
+24.1%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+31.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+31.4%
Dividend (yield on the price)0.2%
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.30% vs 11%, 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.28% → 35%
2025 sits 126% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
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).
+2.4%
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 −0.7% 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.Asset Management · 658 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score87 · Top 25%
Fair Value upside+64% · Above median
Profitability
Return on equity (TTM)45% · Top 25%
Return on assets19% · Top 25%
Net margin (TTM)30% · Above median
Operating margin (TTM)34% · Below median
Growth and dividend
Revenue growth57% · Top 25%
Dividend yield (TTM)0.2% · Bottom 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Quercus TFI SA Fair Value". https://www.fairvalue-calculator.com/stock/QRS
Frequently asked questions
Is Quercus TFI SA (QRS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 21.19 PLN versus a price of 12.84 PLN, about +65% upside (undervalued).
What is the fair value of QRS?
Our model-based fair value for Quercus TFI SA is 21.19 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 12.84 PLN.
What is the quality score of QRS?
Quercus TFI SA has a Quality Score of 87/100. 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 Quercus TFI SA (QRS)?
Our model-based price target is the fair value of 21.19 PLN (as of Sep 24, 2026) from 13 valuation models. Cautious scenario 11.61 PLN, optimistic scenario 33.39 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Quercus TFI SA stock forecast for 2026?
Our models put fair value at 21.19 PLN, about +65% upside versus a price of 12.84 PLN (undervalued). Cautious scenario 11.61 PLN, optimistic scenario 33.39 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Quercus TFI SA (QRS)?
Quercus TFI SA reported trailing-twelve-month revenue of about 223M PLN (latest available figure, as of Sep 24, 2026).
Does Quercus TFI SA pay a dividend?
Quercus TFI SA currently shows a dividend yield of about 0.17% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Quercus TFI SA (QRS)?
For today's price to be fair in a discounted-cash-flow model, Quercus TFI SA would have to grow free cash flow by +2.4 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +26.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of QRS use?
Our models discount Quercus TFI SA at 12.5 %: a base by market capitalisation (micro), damped by beta 0.68, 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 Quercus TFI SA that is +2.4 % per year a year over ten years, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has Quercus TFI SA (QRS) delivered so far?
Over the past 5 years revenue at Quercus TFI SA grew +26.3 % a year. The price currently implies +2.4 % 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 Quercus TFI SA (QRS) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Quercus TFI SA (+2.4 % 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 Quercus TFI SA (QRS)?
The free-cash-flow yield on the price is 9.03 %: that much free cash flow Quercus TFI SA produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Quercus TFI SA (QRS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Quercus TFI SA it is 21.19 PLN per share (as of Sep 24, 2026), against a price of 12.84 PLN. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Quercus TFI SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, QRS trades below its calculated fair value: price 12.84 PLN, fair value 21.19 PLN, a gap of about +65% (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 QRS?
No. The price is what the market pays today (12.84 PLN); the fair value is what the company's own numbers justify (21.19 PLN). For Quercus TFI SA the two are 8.35 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Quercus TFI SA worth?
The market values Quercus TFI SA at about 660M PLN (market capitalisation, as of Sep 24, 2026). Per share that is 12.84 PLN; our models calculate a fair value of 21.19 PLN per share.
What do the bullish and bearish scenarios say about QRS?
Our models span a range for Quercus TFI SA: cautious scenario 11.61 PLN, base 21.19 PLN, optimistic 33.39 PLN per share (as of Sep 24, 2026, price 12.84 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of QRS?
Quercus TFI SA trades at a price-to-earnings ratio of 14.8 (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 21.19 PLN is built from several models across several years. Other multiples: P/B 5.1, P/S 2.8, EV/EBITDA 6.2.
How solid is the balance sheet of Quercus TFI SA (QRS)?
Balance-sheet figures for Quercus TFI SA (as of Sep 24, 2026): return on equity 45.0%. They feed the Quality Score of 87/100, which measures business quality independently of the share price.
How far is QRS from its 52-week high?
Quercus TFI SA trades at 12.84 PLN, about 9% below its 52-week high of 14.16 PLN and 26% above the low of 10.20 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 21.19 PLN is for.
Which stocks are comparable to Quercus TFI SA?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, 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 Quercus TFI SA stock attractive at the current price?
The data as of Sep 24, 2026: price 12.84 PLN, calculated fair value 21.19 PLN (+65%), Quality Score 87/100, from 13 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 QRS calculated?
We run Quercus TFI SA through 13 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 21.19 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 13.2 % above its aggregate fair value. Quercus TFI SA currently trades 65 % 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 Quercus TFI SA (QRS)?
The closing price on Sep 24, 2026 was 12.84 PLN. Our model-based fair value is 21.19 PLN, about +65% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Quercus TFI SA right now?
The rarer combination: high quality (87/100) AND below fair value. That earns a closer look rather than a quick verdict. The model range is unusually wide (11.61 PLN to 33.39 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Quercus TFI SA (QRS) come from?
Earnings per share at Quercus TFI SA grew +1.0 % a year from 2013 to 2024. Broken into its drivers: revenue per share +3.9 %, EBIT margin −2.4 %, tax rate −0.1 %, residual (interest, one-offs) −0.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Quercus TFI SA
How large is the market capitalisation of Quercus TFI SA (QRS)?
The market capitalisation of Quercus TFI SA is 660M PLN (≈ $172M). 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 Quercus TFI SA (QRS)?
The price-to-sales ratio of Quercus TFI SA is 4.39 (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 Quercus TFI SA (QRS)?
Earnings per share at Quercus TFI SA are 0.8700 PLN (price ÷ EPS = P/E 14.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Quercus TFI SA (QRS)?
The dividend yield of Quercus TFI SA is 0.2% (payout 2.5%). 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 Quercus TFI SA (QRS)?
The net margin of Quercus TFI SA is 29.7% (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 Quercus TFI SA (QRS)?
The return on equity (ROE) of Quercus TFI SA is 45.0% (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 Quercus TFI SA (QRS)?
On an EBIT basis the return on assets of Quercus TFI SA is 20.0% (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 Quercus TFI SA (QRS)?
The operating margin of Quercus TFI SA is 34.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Quercus TFI SA (QRS)?
Revenue at Quercus TFI SA is growing +56.8% versus a year earlier (3y avg +30.5%). 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 Quercus TFI SA (QRS)?
Earnings per share at Quercus TFI SA are growing +81.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Quercus TFI SA (QRS) hold?
Quercus TFI SA holds more cash than debt, 45.9M PLN net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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