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Spyrosoft Spólka Akcyjna (SPR) Fair Value & Analysis

Technology · PL · Market cap 432M PLN

SS Spyrosoft Spólka Akcyjna SPR · WAR
Price396.00 PLN
Fair Value172.14 PLN
Upside-56.5%
Quality69/100
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Healthy Growth
Thin margins · 6.8% net margin
Low debt · generates free cash flow
Ranks above peers (11/12)
Wide moat 65/100
Evidence: Medium Range 129.10 PLN – 504.62 PLN Share as image

Fair value as of: Jul 11, 2026

From 26 valuation models · updated 30 days ago

Fair value updated Jul 11, 2026, revised from 626.71 PLN to 172.14 PLN (−72.5%) since Jun 24, 2026. Share price −0.5% over the past month.

A solid business, but screening 57% overvalued on our models.

What matters now

  • The model range is unusually wide (129.10 PLN to 504.62 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

644.00 PLN 173.00 PLN Fair Value 172.14 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range 173.00 PLN – 644.00 PLN · fair‑value band 129.10 PLN – 504.62 PLN · the 396.00 PLN price screens above the 172.14 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Spyrosoft Spólka Akcyjna (SPR) currently trades at 396.00 PLN, while our model-based Fair Value estimate is 172.14 PLN, implying the stock looks roughly 56.5% overvalued today. The Quality Score stands at 69/100 (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: medium).

Over the trailing twelve months, Spyrosoft Spólka Akcyjna generated revenue of 619M PLN at a net margin of 6.8%. Revenue grew 12.5% year over year. It earns a return on equity of 29.2%. The balance sheet holds a net cash position of 29.3M PLN. Fundamentals as of Jul 11, 2026

Our scenario range runs from 129.10 PLN (bear case) to 504.62 PLN (bull case); at 396.00 PLN, the current price sits within 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 39% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at -57%, SPR 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 674.97 PLN 1,109 PLN 1,792 PLN 80
Residual Income 228.91 PLN 341.92 PLN 2,430 PLN 76
Rev-Margin DCF 695.21 PLN 1,173 PLN 2,172 PLN 74
All 26 models by family
DCF Models
FCF DCF 715.23 PLN 1,008 PLN 1,883 PLN 38
Owner Earnings 609.61 PLN 1,179 PLN 2,236 PLN 31
5Y Revenue Exit 637.74 PLN 1,035 PLN 1,866 PLN 39
5Y EBITDA Exit 716.87 PLN 1,195 PLN 2,132 PLN 41
5Y P/E Exit 668.71 PLN 1,347 PLN 2,262 PLN 38
10Y Revenue Exit 648.54 PLN 1,289 PLN 1,687 PLN 36
10Y EBITDA Exit 719.53 PLN 1,445 PLN 2,692 PLN 37
10Y P/E Exit 687.40 PLN 1,350 PLN 2,419 PLN 35
Earnings-Based
Graham-Dodd 253.25 PLN 1,766 PLN 2,479 PLN 54
Lynch FV 912.45 PLN 1,304 PLN 1,695 PLN 50
PEG = 1.0 912.45 PLN 1,304 PLN 1,695 PLN 46
EPV 457.93 PLN 509.66 PLN 552.78 PLN 59
Dividend Discount
Gordon GGM 2.41 PLN 4.35 PLN 5.99 PLN 70
DDM Multi-Stage 2.41 PLN 3.97 PLN 4.65 PLN 61
Multiples
P/E Multiple 558.65 PLN 744.86 PLN 931.08 PLN 63
P/S Multiple 474.85 PLN 633.13 PLN 791.41 PLN 58
P/B Multiple 331.16 PLN 441.54 PLN 551.93 PLN 55
EV/EBIT 789.91 PLN 1,027 PLN 1,264 PLN 53
EV/EBITDA 706.91 PLN 916.38 PLN 1,126 PLN 54
EV/Revenue 558.05 PLN 763.57 PLN 969.08 PLN 43
Asset-Based
NCAV (Graham) 73.59 PLN 98.61 PLN 147.18 PLN 50
Growth DCF
Growth DCF 674.97 PLN 1,109 PLN 1,792 PLN 80
Rev-Margin DCF 695.21 PLN 1,173 PLN 2,172 PLN 74
Economic Profit
Residual Income 228.91 PLN 341.92 PLN 2,430 PLN 76
ROIC Compounder 524.09 PLN 674.61 PLN 846.41 PLN 72
Growth Earnings
Growth-Adj P/E 1,176 PLN 1,680 PLN 2,184 PLN 68

Widest divergence: Growth Earnings (1,680 PLN) versus Dividend Discount (3.97 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 619M PLN
Revenue growth (YoY) +12.5%
Net margin 6.8%
Return on equity 29.2%
Free cash flow 51.2M PLN FY2025
P/E ratio 10.4
More key figures
Operating margin 10.4%
EPS (TTM) 38.01 PLN
EPS growth (YoY) +11.2%
Net cash 29.3M PLN FY2024

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 71 · Market factors (momentum, volatility) 32

Profitability 80
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 93
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 80
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

Spyrosoft Spólka Akcyjna operates as a software engineering company. It offers a range of software development services, including embedded and cloud solutions.

Full company description

Spyrosoft Spólka Akcyjna operates as a software engineering company. It offers a range of software development services, including embedded and cloud solutions. Its services include agile consulting, artificial intelligence and machine learning, build operate transfer, cloud services, customer support, cybersecurity, digital product design, ecommerce development, embedded software engineering, enterprise software engineering, functional safety, HMI development and consulting, low-code development platforms, managed services, mobile app development, IT staff augmentation, and public sector digital services. It serves chemical industry, agritech, automotive, defense, security and aerospace, digital transformation, edutech, financial services, geospatial, healthcare and life sciences, hr tech, industry 4.0, legal technology consulting, media and entertainment, robotics, adtech & martech development, high tech, and retail industries. The company was founded in 2016 and is based in Wroclaw, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Spyrosoft Spólka Akcyjna reported revenue of 601M PLN in FY2025 versus 173M PLN in FY2021, a compound +36.5%/yr. Reported net income was 40.8M PLN in FY2025, compounding +29.1%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
601M PLN
Latest YoY
+29.2%
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.
+22.0%
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.
+39.7%
Avg. growth/yr (8Y) 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.
+67.5%
Revenue +36.5%/yr
FY21 173M PLN
FY22 331M PLN
FY23 416M PLN
FY24 465M PLN
FY25 601M PLN
Net income +29.1%/yr
FY21 14.7M PLN
FY22 37.3M PLN
FY23 19.7M PLN
FY24 34.3M PLN
FY25 40.8M PLN

SPR screens 57% overvalued. Compare with SAP SE →

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Cite: Fair Value Calculator (2026). "Spyrosoft Spólka Akcyjna Fair Value". https://www.fairvalue-calculator.com/stock/SPR

Peer Group

Software - Application · 710 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 69 · Top 25%
Fair Value upside −57% · Below median
Return on equity (TTM) 29% · Top 25%
Return on assets 13% · Top 25%
Net margin (TTM) 7% · Above median
Operating margin (TTM) 10% · Above median
Revenue growth 13% · Above median

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 10.4× · Cheaper than 75% of peers
P/B 0.72× · Cheaper than 75% of peers
P/S (TTM) 0.19× · Cheaper than 75% of peers
P/FCF 2.3× · Cheaper than median

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 63 · sector 38
PAST 100 · sector 13
HEALTH 100 · sector 98
DIVIDEND 0 · sector 28

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

Insider activity: 45/100

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 11, 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 Spyrosoft Spólka Akcyjna (SPR) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of 172.14 PLN versus a price of 396.00 PLN, about −57% (overvalued).
What is the fair value of SPR?
Our model-based fair value for Spyrosoft Spólka Akcyjna is 172.14 PLN (as of Jul 11, 2026), built from audited fundamentals. The current price is 396.00 PLN.
What is the quality score of SPR?
Spyrosoft Spólka Akcyjna has a Quality Score of 69/100. 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 Spyrosoft Spólka Akcyjna (SPR)?
Spyrosoft Spólka Akcyjna reported trailing-twelve-month revenue of about 619M PLN (latest available figure, as of Jul 11, 2026).
What is the net profit margin of SPR?
The net profit margin of Spyrosoft Spólka Akcyjna is about 6.8%, meaning it keeps roughly 6.8% of revenue as net income. Based on the latest reported figures.

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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