Tatry mountain resorts, a.s., (TMR) Fair Value & Analysis
Consumer Cyclical · PL · Market cap 977M PLN
Fair value as of: Jul 13, 2026
From 13 valuation models · updated 29 days ago
Share price −6.0% over the past month.
Below-average quality, and screening another 49% overvalued on our models.
What matters now
- Weak quality (22/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The model range is unusually wide (35.79 PLN to 130.88 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.
How to read this chart
60‑month range 70.00 PLN – 206.00 PLN · fair‑value band 35.79 PLN – 130.88 PLN · the 70.50 PLN price screens above the 35.79 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.
Analysis
Tatry mountain resorts, a.s., (TMR) currently trades at 70.50 PLN, while our model-based Fair Value estimate is 35.79 PLN, implying the stock looks roughly 49.2% overvalued today. The Quality Score stands at 22/100 (below-average quality), in the Consumer Cyclical 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, Tatry mountain resorts, a.s., generated revenue of 209M PLN at a net margin of -5.5%. Revenue grew 2.1% year over year. It earns a return on equity of -8.2%. Net debt stands at 250M PLN. Fundamentals as of Jul 13, 2026
Our scenario range runs from 35.79 PLN (bear case) to 130.88 PLN (bull case); at 70.50 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 34% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 11% fair-value upside, at -49%, TMR 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: Multiples (16.30 PLN) versus Growth DCF (4.40 PLN). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 25 · Market factors (momentum, volatility) 26
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
Tatry mountain resorts, a.s., together with its subsidiaries, provides tourism services in Slovakia. It operates through seven segments: Mountains Resorts, Leisure Parks, Golf, Dining, Sports Services and Stores, Hotels, and Real Estate.
Full company description
Tatry mountain resorts, a.s., together with its subsidiaries, provides tourism services in Slovakia. It operates through seven segments: Mountains Resorts, Leisure Parks, Golf, Dining, Sports Services and Stores, Hotels, and Real Estate. The Mountains Resorts segment operates mountain resorts, including Jasná Nízke Tatry, Vysoké Tatry " Tatranská Lomnica, Starý Smokovec, "trbské Pleso, Polish Szczyrk mountain resort, the Austrian Alpine resorts of Muttereralm, Mölltaler Gletscher and Ankogel Mallnitz, and the Je"ted Ski resort. The Leisure Parks segment operates Water park Tatralandia, water park Be"enová, and Legendia- Silesian amusement parks. The Golf segment leases and operates golf resorts, such as Golf & Ski Resort Ostravice. The Dining segment operates restaurants, bars, après ski bars, and fast-food joints on and off the slopes of the mountain resorts, in the leisure parks, and golf resorts. The Sports Services and Stores segment operates sports services and stores under the Tatry Motion, Szczyrk Motion, and Je"ted Motion brands comprising specialized stores with ski and snowboard goods, ski schools, and sports equipment rentals; and leisure park stores that sell souvenirs and specialized summer and sports merchandise. The Hotels segment owns or leases and operates a portfolio of hotels and lodging. The Real Estate segment engages in the development, construction, and sale of apartments. The company was formerly known as Jasná Nízke Tatry, a.s. and changed its name to Tatry mountain resorts, a.s. in June 2009. Tatry mountain resorts, a.s. was founded in 1992 and is based in Liptovský Mikulá", Slovakia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Tatry mountain resorts, a.s., reported revenue of 209M PLN in FY2025 versus 63.5M PLN in FY2021, a compound +34.7%/yr. Reported net income was −11.5M PLN in FY2025.
TMR screens 49% overvalued. Compare with Las Vegas Sands Corp →
Peer Group
Resorts & Casinos · 76 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 Resorts & Casinos 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 Resorts & Casinos stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Las Vegas Sands Corp LVS | $44.79 | $52.27 | +17% |
| Galaxy Entertainment Group 0027 | HK$34.20 | HK$41.44 | +21% |
| Sands China Ltd 1928 | HK$13.08 | HK$2.05 | -84% |
| MGM Resorts International, through its subsidiaries, MGM | $46.13 | $13.70 | -70% |
| Wynn Resorts, Limited WYNN | $97.05 | $69.39 | -29% |
| Red Rock Resorts, Inc RRR | $64.75 | $17.09 | -74% |
| Boyd Gaming Corporation BYD | $87.64 | $151.24 | +73% |
| Caesars Entertainment, Inc CZR | $29.91 | $80.92 | +171% |
| Genting Singapore Limited G13 | 0.6200 SGD | 0.6900 SGD | +11% |
| Vail Resorts, Inc MTN | $150.14 | $125.02 | -17% |
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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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