Quercus TFI S.A (QRS) Fair Value & Analysis
Financial Services · PL · Market cap 660M PLN
Fair value as of: Jul 15, 2026
From 13 valuation models · updated 26 days ago
Share price +10.0% over the past month.
A strong business, but screening 75% overvalued on our models.
What matters now
- A high-quality business (quality 87/100), 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 (4.21 PLN). The favourable scenario is already priced in.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.
How to read this chart
60‑month range 2.65 PLN – 13.80 PLN · fair‑value band 2.52 PLN – 4.21 PLN · the 13.66 PLN price screens above the 3.36 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.
Analysis
Quercus TFI S.A (QRS) currently trades at 13.66 PLN, while our model-based Fair Value estimate is 3.36 PLN, implying the stock looks roughly 75.4% overvalued today. The Quality Score stands at 87/100 (high quality), in the Financial Services 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, Quercus TFI S.A generated revenue of 223M PLN at a net margin of 30.1%. Revenue grew 56.8% year over year. It earns a return on equity of 45.0%. The balance sheet holds a net cash position of 45.9M PLN. Fundamentals as of Jul 15, 2026
Our scenario range runs from 2.52 PLN (bear case) to 4.21 PLN (bull case); at 13.66 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 near its 52-week high and 39% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at -75%, QRS 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.
All 13 models by family
Widest divergence: DCF Models (24.50 PLN) versus Dividend Discount (0.2900 PLN). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 84 · Market factors (momentum, volatility) 69
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
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Quercus TFI S.A 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.
of which total revenue +1.4 pp · buybacks/dilution +2.5 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).
QRS screens 75% overvalued. Compare with Fondul Proprietatea SA →
Peer Group
Asset Management · 971 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.
Valuation Multiples vs Asset Management median · lower = cheaper
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: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Fondul Proprietatea SA FP | $0.0420 | $0.0800 | +90% |
| BlackRock, Inc BLK | $1,136 | $465.75 | -59% |
| Blackstone Inc BX | $124.56 | $16.35 | -87% |
| Investor AB INVEB | kr 423.70 | kr 847.40 | +100% |
| Brookfield Corporation BN | C$62.45 | C$10.12 | -84% |
| KKR & Co KKR | $100.94 | $44.88 | -56% |
| AB Industrivärden INDUA | kr 532.50 | kr 1,065 | +100% |
| Jio Financial Services Limited JIOFIN | ₹242.98 | ₹40.19 | -83% |
| Hedef Holding HEDEF | 267.25 TRY | 320.98 TRY | +20% |
| Bajaj Holdings BAJAJHLDNG | ₹10,398 | ₹9,202 | -12% |
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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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