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Stalprodukt SA (STP) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Stalprodukt SA PLN 375, price PLN 232, upside +61.5%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Basic Materials · PL · ISIN PLSTLPD00017

SS Thin data Sep 24, 2026

Stalprodukt SA

STP · WAR

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value 374.71 PLN · Strongly undervalued (+62%)
!Quality 52/100
!Weak Growth (revenue 5y +2.4 %/yr)
!Loss-making · -1.6% net margin (TTM)
!Low debt · negative free cash flow
!Mixed vs. peers (6/11)
!Narrow moat 18/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

347.93 PLN 194.35 PLN Fair Value 374.71 PLN Jun 2021 Sep 2026

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 194.35 PLN – 347.93 PLN · fair‑value band 317.21 PLN – 432.20 PLN · the 232.00 PLN price screens below the 374.71 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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Company profile

Stalprodukt S.A., together with its subsidiaries, manufactures and sells processed steel products in Poland. It operates through three segments: Electrical Sheets, Profiles, and Zinc.

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Stalprodukt S.A., together with its subsidiaries, manufactures and sells processed steel products in Poland. It operates through three segments: Electrical Sheets, Profiles, and Zinc. The company offers cold-bent sections, cold- and hot-rolled cut sheets and strips, transformer sheets and toroidal cores, cold-bent pipes and sections, road and bridge protective barriers, and transformer cores; and heat supplies, alterations/repair, transport and equipment-related, and hotel services, as well as edible protein casings, hoop iron products, and woodwork products. It is also involved in the spare parts production and repair; metallurgical products trading; property and people protection; construction production and galvanizing; non-ferrous metals mining and zinc and lead production; hydrogen sales; lightning protection wire and galvanizing; and internet commerce activities, as well as investigative, detective, and security-related business. The company sells its products through warehouses and sales offices. The company was formerly known as ZPH Stalprodukt S.A. and changed its name to Stalprodukt S.A. in 2005. The company was founded in 1991 and is based in Bochnia, Poland.

Stock analysis

Stalprodukt SA (STP) currently trades at 232.00 PLN, while our model-based Fair Value estimate is 374.71 PLN, implying the stock looks roughly 38.1% undervalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 473.37 PLN per share, and 2 of the 4 models we run sit above the 232.00 PLN price.

Bear case: the Dividend Discount group reads lowest at 59.90 PLN, and 2 of the 4 models stay below the price. Evidence for this calculation is low.

Scenario range: 317.21 PLN (bear) to 432.20 PLN (bull), the price of 232.00 PLN sits below 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 52/100 (solid quality), in the Basic Materials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Stalprodukt SA reported revenue of 3.7B PLN in FY2025 versus 4.7B PLN in FY2021, a compound −5.4%/yr. Reported net income was −50.7M PLN in FY2025.

Key figures

Market cap 1.2B PLN (≈ $307M) · P/S ratio 0.30 · EPS (TTM) −11.21 PLN · Dividend yield 2.9% · Net margin −1.4% · Return on equity −1.6% · Return on assets (EBIT) 4.6% · Operating margin −2.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 15% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −45% fair-value upside, at 62%, STP screens cheaper than that median.

Fair Value models

Bear 317.21 PLN Fair Value 374.71 PLN Bull 432.20 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. 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.
Highest evidence
Gordon GGM 43.65 PLN 67.08 PLN 88.63 PLN 68
DDM Multi-Stage 43.65 PLN 59.90 PLN 74.17 PLN 67
EV/EBITDA 343.65 PLN 401.14 PLN 458.64 PLN 67
All 4 models by family
Dividend Discount
Gordon GGM 43.65 PLN 67.08 PLN 88.63 PLN 68
DDM Multi-Stage 43.65 PLN 59.90 PLN 74.17 PLN 67
Multiples
EV/EBITDA 343.65 PLN 401.14 PLN 458.64 PLN 67
Asset-Based
NCAV (Graham) 353.26 PLN 473.37 PLN 706.52 PLN 54

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Quality Score breakdown

Overall quality 52/100

Of which business quality 52 · Market factors (momentum, volatility) 54

Profitability 20
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 36
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 11/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−2.5%
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.
−14.1%
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.
+2.4%
Start year 2020 (pandemic). Over 10 years: +1.8% a year
Revenue growth 23 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.
+8.8%
Profit margin (trend) ⓘ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.
5.9% (2020) → −1.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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.Steel · 411 stocks

Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 52 · Above median
Fair Value upside +62% · Top 25%
Profitability
Return on assets −1% · Bottom 25%
Net margin (TTM) −2% · Bottom 25%
Operating margin (TTM) −2% · Bottom 25%
Growth and dividend
Revenue growth −14% · Bottom 25%
Dividend yield (TTM) 2.9% · Above median

Valuation Multiplesvs Steel median · lower = cheaper

P/B 0.09× · Cheapest 25%
P/S (TTM) 0.09× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 21
FUTURE (revenue growth)0 · sector 4
PAST (return on equity)0 · sector 15
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)59 · sector 51

Context: sector, industry, market

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 Steel stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Nucor Corporation NUE $246.98 $116.05 −53%
Steel Dynamics, Inc STLD $234.29 $127.14 −46%
JSW Steel Limited JSWSTEEL ₹1,298 ₹1,103 −15%
Tata Steel Limited TATASTEEL ₹190.82 ₹147.13 −23%
Reliance, Inc RS $384.63 $211.57 −45%
Baoshan Iron & Steel Co 600019 ¥5.73 ¥8.07 +41%
POSCO Holdings PKX $59.05 $68.58 +16%
Inner Mongolia Baotou Steel Union Co 600010 ¥2.12 ¥0.5500 −74%
Jindal Steel Limited JINDALSTEL ₹1,175 ₹516.27 −56%
Lloyds Metals and Energy Limited LLOYDSME ₹1,891 ₹771.10 −59%

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374.71 PLN +38%Fair Value
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Cite: Fair Value Calculator (2026). "Stalprodukt SA Fair Value". https://www.fairvalue-calculator.com/stock/STP

Frequently asked questions

Is Stalprodukt SA (STP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 374.71 PLN versus a price of 232.00 PLN, about +62% upside (undervalued).
What is the fair value of STP?
Our model-based fair value for Stalprodukt SA is 374.71 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 232.00 PLN.
What is the quality score of STP?
Stalprodukt SA has a Quality Score of 52/100. 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 Stalprodukt SA (STP)?
Our model-based price target is the fair value of 374.71 PLN (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 317.21 PLN, optimistic scenario 432.20 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Stalprodukt SA stock forecast for 2026?
Our models put fair value at 374.71 PLN, about +62% upside versus a price of 232.00 PLN (undervalued). Cautious scenario 317.21 PLN, optimistic scenario 432.20 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Stalprodukt SA (STP)?
Stalprodukt SA reported trailing-twelve-month revenue of about 3.6B PLN (latest available figure, as of Sep 24, 2026).
Does Stalprodukt SA pay a dividend?
Stalprodukt SA currently shows a dividend yield of about 2.94% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Stalprodukt SA (STP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Stalprodukt SA it is 374.71 PLN per share (as of Sep 24, 2026), against a price of 232.00 PLN. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Stalprodukt SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, STP trades below its calculated fair value: price 232.00 PLN, fair value 374.71 PLN, a gap of about +62% (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 STP?
No. The price is what the market pays today (232.00 PLN); the fair value is what the company's own numbers justify (374.71 PLN). For Stalprodukt SA the two are 142.71 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Stalprodukt SA worth?
The market values Stalprodukt SA at about 1.2B PLN (market capitalisation, as of Sep 24, 2026). Per share that is 232.00 PLN; our models calculate a fair value of 374.71 PLN per share.
What do the bullish and bearish scenarios say about STP?
Our models span a range for Stalprodukt SA: cautious scenario 317.21 PLN, base 374.71 PLN, optimistic 432.20 PLN per share (as of Sep 24, 2026, price 232.00 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Stalprodukt SA (STP)?
Balance-sheet figures for Stalprodukt SA (as of Sep 24, 2026): return on equity −1.6%. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is STP from its 52-week high?
Stalprodukt SA trades at 232.00 PLN, about 15% below its 52-week high of 273.00 PLN and 15% above the low of 202.00 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 374.71 PLN is for.
Which stocks are comparable to Stalprodukt SA?
From the same area (Basic Materials) we also value Nucor Corporation, Steel Dynamics, Inc, JSW Steel Limited, Tata Steel Limited, 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 Stalprodukt SA stock attractive at the current price?
The data as of Sep 24, 2026: price 232.00 PLN, calculated fair value 374.71 PLN (+62%), Quality Score 52/100, from 4 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 STP calculated?
We run Stalprodukt SA through 4 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 374.71 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 13.0 % above its aggregate fair value. Stalprodukt SA currently trades 62 % 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 Stalprodukt SA (STP)?
The closing price on Sep 24, 2026 was 232.00 PLN. Our model-based fair value is 374.71 PLN, about +62% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Stalprodukt SA right now?
The price is below even our cautious bear case (317.21 PLN). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Stalprodukt SA (STP) come from?
Earnings per share at Stalprodukt SA grew −12.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.7 %, EBIT margin −18.4 %, tax rate −2.1 %, residual (interest, one-offs) +3.6 %. 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 Stalprodukt SA

How large is the market capitalisation of Stalprodukt SA (STP)?
The market capitalisation of Stalprodukt SA is 1.2B PLN (≈ $307M). 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 Stalprodukt SA (STP)?
The price-to-sales ratio of Stalprodukt SA is 0.30 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Stalprodukt SA (STP)?
Earnings per share at Stalprodukt SA are −11.21 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Stalprodukt SA (STP)?
The dividend yield of Stalprodukt SA is 2.9%. 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 Stalprodukt SA (STP)?
The net margin of Stalprodukt SA is −1.4% (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 Stalprodukt SA (STP)?
The return on equity (ROE) of Stalprodukt SA is −1.6% (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 Stalprodukt SA (STP)?
On an EBIT basis the return on assets of Stalprodukt SA is 4.6% (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 Stalprodukt SA (STP)?
The operating margin of Stalprodukt SA is −2.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Stalprodukt SA (STP)?
Revenue at Stalprodukt SA is growing −13.9% versus a year earlier (3y avg −14.1%). 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 Stalprodukt SA (STP)?
Earnings per share at Stalprodukt SA are growing −84.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Stalprodukt SA (STP) generate?
The free cash flow of Stalprodukt SA is −194M PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Stalprodukt SA (STP) hold?
Stalprodukt SA holds more cash than debt, 736M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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