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Silvano Fashion Group AS (SFG) Fair Value & Analysis

Consumer Cyclical · PL · Market cap 157M PLN (≈ $42.3M) · ISIN EE3100001751

What is Silvano Fashion Group AS really worth?

SF Silvano Fashion Group AS SFG · WAR
Price4.59 PLN
Fair Value12.38 PLN
Upside+169.7%
Quality56/100

A solid business, trading 63% below our fair value of 12.38 PLN.

As of Aug 13, 2026, the fair value of Silvano Fashion Group AS is 12.38 PLN per share against a price of 4.59 PLN, so the fair value sits 170% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Solidly profitable · 13.4% net margin
Low debt · generates free cash flow
Ranks above peers (10/14)

Risks

!Mixed Growth (revenue 5y +7.6 %/yr)
!Moderate moat 58/100
!Weak on dividend: 7 out of 100
Evidence: High Range 9.20 PLN – 15.78 PLN

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 23 days ago

Fair value updated Aug 13, 2026, revised from 13.41 PLN to 12.38 PLN (−7.7%) since Jul 20, 2026. Share price +2.2% over the past month.

What runs behind every stock

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

What matters now

  • The price is below even our cautious bear case (9.20 PLN). The market is more pessimistic than our downside scenario.
  • Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

10.80 PLN 3.29 PLN Fair Value 12.38 PLN Feb 2019 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 3.29 PLN – 10.80 PLN · fair‑value band 9.20 PLN – 15.78 PLN · the 4.59 PLN price screens below the 12.38 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Silvano Fashion Group AS (SFG) currently trades at 4.59 PLN, while our model-based Fair Value estimate is 12.38 PLN, implying the stock looks roughly 62.9% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Multiples group reads highest at a median of 4.36 PLN per share, and 3 of the 24 models we run sit above the 4.59 PLN price. Bear case: the Asset-Based group reads lowest at 1.43 PLN, and 21 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Silvano Fashion Group AS generated revenue of 55.3M PLN at a net margin of 13.4%. Revenue declined 1.7% year over year. It earns a return on equity of 10.4%. The stock trades on a trailing P/E of 5.2. Fundamentals as of Aug 13, 2026

Our scenario range runs from 9.20 PLN (bear case) to 15.78 PLN (bull case); at 4.59 PLN, the current price sits below 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 22% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −17% fair-value upside, at 170%, SFG screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.6140 PLN per share, which is 5.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence 1.64 PLN 2.02 PLN 2.62 PLN 82
Growth DCF 1.68 PLN 2.03 PLN 2.56 PLN 80
Owner Earnings 2.54 PLN 3.15 PLN 4.14 PLN 78
All 24 models by family
DCF Models
FCF DCF best evidence 1.64 PLN 2.02 PLN 2.62 PLN 82
Owner Earnings 2.54 PLN 3.15 PLN 4.14 PLN 78
5Y Revenue Exit 1.50 PLN 2.00 PLN 2.72 PLN 73
5Y EBITDA Exit 2.52 PLN 3.77 PLN 5.41 PLN 75
5Y P/E Exit 2.78 PLN 4.21 PLN 5.91 PLN 71
10Y Revenue Exit 1.53 PLN 1.87 PLN 2.22 PLN 68
10Y EBITDA Exit 2.09 PLN 2.80 PLN 3.57 PLN 69
10Y P/E Exit 2.22 PLN 3.04 PLN 3.82 PLN 65
Earnings-Based
Graham-Dodd 1.74 PLN 2.14 PLN 2.41 PLN 67
EPV 2.00 PLN 2.22 PLN 2.40 PLN 74
Dividend Discount
Gordon GGM 0.1200 PLN 0.1200 PLN 0.1400 PLN 69
DDM Multi-Stage 0.1200 PLN 0.1400 PLN 0.1600 PLN 67
Multiples
P/E Multiple 4.23 PLN 5.64 PLN 7.05 PLN 63
P/S Multiple 1.39 PLN 1.85 PLN 2.31 PLN 58
P/B Multiple 3.27 PLN 4.36 PLN 5.45 PLN 55
EV/EBIT 4.38 PLN 5.78 PLN 7.18 PLN 66
EV/EBITDA 3.84 PLN 5.06 PLN 6.28 PLN 67
EV/Revenue 1.48 PLN 2.03 PLN 2.59 PLN 54
Asset-Based
NCAV (Graham) 1.07 PLN 1.43 PLN 2.13 PLN 54
Growth DCF
Growth DCF 1.68 PLN 2.03 PLN 2.56 PLN 80
Rev-Margin DCF 1.50 PLN 2.04 PLN 2.71 PLN 73
Economic Profit
Residual Income 1.76 PLN 1.95 PLN 2.71 PLN 76
ROIC Compounder 2.00 PLN 2.23 PLN 2.45 PLN 72
Growth Earnings
Growth-Adj P/E 2.98 PLN 4.26 PLN 5.54 PLN 67

Widest divergence: Multiples (4.36 PLN) versus Dividend Discount (0.1200 PLN). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/E ratio 5.2
P/S ratio 0.86 P/E × margin
EPS (TTM) 0.8900 PLN price ÷ EPS = P/E 5.2
Dividend yield 0.3% payout 1.8%
Net margin 16.6% FY2025
Return on equity 10.4% TTM
More key figures
Profitability
Return on assets (EBIT) 20.9% avg 5y
Operating margin 14.3% TTM
Growth
Revenue (TTM) 55.3M PLN TTM
Revenue growth (YoY) −1.7% 3y avg −1.3%
EPS growth (YoY) −60.8%
Balance sheet & cash flow
Free cash flow 7.2M PLN FY2025
Net cash 734K PLN FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 58 · Market factors (momentum, volatility) 39

Profitability 56
Margins and returns on capital today
Quality Growth 1
Are margins and returns improving?
Cashflow 58
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 45
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 92
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

AS Silvano Fashion Group, together with its subsidiaries, engages in the design, manufacture, and distribution of women's lingerie in Russia, Belarus, Ukraine, the Baltics, Kazakhstan, Moldova, and internationally. It operates through the Lingerie Wholesale and Lingerie Retail segments.

Full company description

AS Silvano Fashion Group, together with its subsidiaries, engages in the design, manufacture, and distribution of women's lingerie in Russia, Belarus, Ukraine, the Baltics, Kazakhstan, Moldova, and internationally. It operates through the Lingerie Wholesale and Lingerie Retail segments. The company offers its products under the Milavitsa, Alisee, Aveline, Lauma Lingerie, Laumelle, and Hidalgo brands. It sells its products through wholesale channels, franchised stores, and its own Milavitsa and Lauma Lingerie retail stores. AS Silvano Fashion Group was incorporated in 1996 and is based in Tallinn, Estonia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Silvano Fashion Group AS reported revenue of €55.5M in FY2025 versus €46.7M in FY2021, a compound +4.4%/yr. Reported net income was €9.2M in FY2025, compounding +0.5%/yr from FY2021.

Growth Quality 74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
55.5M PLN
Latest YoY
−4.5%
Avg. revenue 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.
−1.3%
Avg. revenue 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.
+7.6%
Avg. revenue growth/yr (20Y) 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.
+9.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+0.7% · in PLN
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+0.4%
Dividend yield0.3%
Trend 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.5Y 0.4% vs 10Y 0.9%, steady
Operating margin (EBIT) 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.11.9% (2020) → 20.2% (2025) · rising
Worst earnings drop140% (2008) (loss year, drop beyond 100%) · in PLN
⚠ Revenue per share shrinking 5.1%/yr over ~10Y (margins intact) 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.
Revenue +4.4%/yr
FY21 €46.7M
FY22 €57.7M
FY23 €58.6M
FY24 €58.1M
FY25 €55.5M
Net income +0.5%/yr
FY21 €9.0M
FY22 €11.8M
FY23 €9.9M
FY24 €12.4M
FY25 €9.2M
Character of growth · EPS growth decomposed (2014-2025) +2.1 % p.a.
Revenue per share −2.5 %

of which total revenue −2.9 % · buybacks/dilution +0.4 %

EBIT margin +3.8 %
Tax rate +2.2 %
Residual (interest, one-offs) −1.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Silvano Fashion Group AS Fair Value". https://www.fairvalue-calculator.com/stock/SFG.WAR

Peer Group

Apparel Manufacturing · 214 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 56 · Above median
Fair Value upside +170% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 14% · Top 25%
Revenue growth −2% · Below median
Dividend yield (TTM) 0.3% · Bottom 25%

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 5.2× · Cheaper than 75% of peers
P/B 0.55× · Cheaper than median
P/S (TTM) 0.77× · Pricier than median
P/FCF 5.8× · Pricier than 75% of peers
EV/EBITDA 3.1× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 25
FUTURE0 · sector 4
PAST41 · sector 20
HEALTH100 · sector 98
DIVIDEND7 · sector 54

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 Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 175.50 kr 165.47 −6%
Ralph Lauren Corporation RL $396.35 $220.38 −44%
Moncler S.p.A MONC €46.15 €50.69 +10%
Gildan Activewear Inc GIL C$75.50 C$45.60 −40%
LPP SA LPP 21,340 PLN 17,754 PLN −17%
Levi Strauss & Co LEVI $21.05 $15.20 −28%
V.F. Corporation VFC $13.67 $10.44 −24%
Bosideng International Holdings 3998 HK$4.42 HK$5.92 +34%
Youngor Fashion Co 600177 ¥7.91 ¥5.59 −29%
Kontoor Brands, Inc KTB $82.01 $85.76 +5%

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Frequently asked questions

Is Silvano Fashion Group AS (SFG) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 12.38 PLN versus a price of 4.59 PLN, about +170% upside (undervalued).
What is the fair value of SFG?
Our model-based fair value for Silvano Fashion Group AS is 12.38 PLN (as of Aug 13, 2026), built from audited fundamentals. The current price: 4.59 PLN.
What is the quality score of SFG?
Silvano Fashion Group AS has a Quality Score of 56/100. 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 Silvano Fashion Group AS (SFG)?
Our model-based price target is the fair value of 12.38 PLN (as of Aug 13, 2026) from 24 valuation models. Cautious scenario 9.20 PLN, optimistic scenario 15.78 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Silvano Fashion Group AS stock forecast for 2026?
Our models put fair value at 12.38 PLN, about +170% upside versus a price of 4.59 PLN (undervalued). Cautious scenario 9.20 PLN, optimistic scenario 15.78 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Silvano Fashion Group AS (SFG)?
Silvano Fashion Group AS reported trailing-twelve-month revenue of about 55.3M PLN (latest available figure, as of Aug 13, 2026).
What is the net profit margin of SFG?
The net profit margin of Silvano Fashion Group AS is about 13.4%, meaning it keeps roughly 13.4% of revenue as net income. Based on the latest reported figures.
Does Silvano Fashion Group AS pay a dividend?
Silvano Fashion Group AS currently shows a dividend yield of about 0.35% relative to its recent price (as of Aug 13, 2026).
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