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Trakcja S.A (TRK) Fair Value & Analysis

Industrials · PL · Market cap 1.6B PLN

TS Trakcja S.A TRK · WAR
Price3.56 PLN
Fair Value0.7310 PLN
Upside-79.5%
Quality46/100
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Healthy Growth
Thin margins · 3.7% net margin
Low debt · generates free cash flow
Ranks above peers (8/13)
Narrow moat 42/100
Evidence: High Range 0.5440 PLN – 0.9095 PLN Share as image

Fair value as of: Jul 13, 2026

From 26 valuation models · updated 28 days ago

Share price +1.0% over the past month.

Below-average quality, and screening another 79% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (0.9095 PLN). The favourable scenario is already priced in.
  • Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

5.00 PLN 1.38 PLN Fair Value 0.7310 PLN Apr 2021 Aug 2026

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 1.38 PLN – 5.00 PLN · fair‑value band 0.5440 PLN – 0.9095 PLN · the 3.56 PLN price screens above the 0.7310 PLN fair value. Dashed = 300-day average. As of Jul 13, 2026.

Full chart & analysis →

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Analysis

Trakcja S.A (TRK) currently trades at 3.56 PLN, while our model-based Fair Value estimate is 0.7310 PLN, implying the stock looks roughly 79.5% overvalued today. The Quality Score stands at 46/100 (below-average quality), in the Industrials 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, Trakcja S.A generated revenue of 2.2B PLN at a net margin of 3.6%. Revenue grew 1.9% year over year. It earns a return on equity of 19.3%. The balance sheet holds a net cash position of 164M PLN. Fundamentals as of Jul 13, 2026

Our scenario range runs from 0.5440 PLN (bear case) to 0.9095 PLN (bull case); at 3.56 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 about 30% below its 52-week high and 70% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -79%, TRK 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 3.62 PLN 5.11 PLN 7.15 PLN 80
Residual Income 1.01 PLN 1.39 PLN 4.68 PLN 76
Rev-Margin DCF 3.34 PLN 4.96 PLN 6.94 PLN 74
All 26 models by family
DCF Models
FCF DCF 3.63 PLN 5.26 PLN 7.59 PLN 38
Owner Earnings 2.81 PLN 3.98 PLN 5.65 PLN 31
5Y Revenue Exit 3.34 PLN 4.96 PLN 7.08 PLN 39
5Y EBITDA Exit 3.77 PLN 5.81 PLN 8.27 PLN 41
5Y P/E Exit 3.36 PLN 5.01 PLN 6.80 PLN 38
10Y Revenue Exit 3.35 PLN 4.81 PLN 6.87 PLN 36
10Y EBITDA Exit 3.68 PLN 5.37 PLN 7.74 PLN 37
10Y P/E Exit 3.43 PLN 4.84 PLN 6.67 PLN 35
Earnings-Based
Graham-Dodd 1.20 PLN 4.67 PLN 6.33 PLN 54
Lynch FV 1.15 PLN 1.64 PLN 2.13 PLN 50
PEG = 1.0 1.15 PLN 1.64 PLN 2.13 PLN 46
EPV 2.72 PLN 2.99 PLN 3.22 PLN 59
Dividend Discount
Gordon GGM 0.0900 PLN 0.1600 PLN 0.2100 PLN 70
DDM Multi-Stage 0.0900 PLN 0.1400 PLN 0.1700 PLN 61
Multiples
P/E Multiple 2.78 PLN 3.71 PLN 4.63 PLN 63
P/S Multiple 2.25 PLN 3.00 PLN 3.75 PLN 58
P/B Multiple 2.25 PLN 3.00 PLN 3.75 PLN 55
EV/EBIT 4.27 PLN 5.47 PLN 6.66 PLN 53
EV/EBITDA 4.22 PLN 5.39 PLN 6.56 PLN 54
EV/Revenue 3.25 PLN 4.34 PLN 5.44 PLN 43
Asset-Based
NCAV (Graham) 0.4900 PLN 0.6600 PLN 0.9900 PLN 50
Growth DCF
Growth DCF 3.62 PLN 5.11 PLN 7.15 PLN 80
Rev-Margin DCF 3.34 PLN 4.96 PLN 6.94 PLN 74
Economic Profit
Residual Income 1.01 PLN 1.39 PLN 4.68 PLN 76
ROIC Compounder 2.80 PLN 3.18 PLN 3.56 PLN 72
Growth Earnings
Growth-Adj P/E 2.06 PLN 2.94 PLN 3.82 PLN 68

Widest divergence: DCF Models (4.96 PLN) versus Dividend Discount (0.1400 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.3B PLN
Revenue growth (YoY) +7.6%
Net margin 3.7%
Return on equity 20.4%
Free cash flow 136M PLN FY2025
P/E ratio 18.6
More key figures
Operating margin -1.2%
EPS (TTM) 0.1900 PLN
EPS growth (YoY) +58.2%
Net cash 164M PLN FY2024

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

Quality Score breakdown

Overall quality 46/100

Of which business quality 48 · Market factors (momentum, volatility) 60

Profitability 50
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 73
Distance to the 52-week high (market factor)
Net Issuance 0
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

Trakcja S.A. operates in the infrastructure and energy construction sector in Poland and internationally. The company designs road and railway infrastructure elements and building structures; and constructs drainage, traction networks and power supply systems, cable and overhead power lines, engineering facilities, roads and highways, and utility …

Full company description

Trakcja S.A. operates in the infrastructure and energy construction sector in Poland and internationally. The company designs road and railway infrastructure elements and building structures; and constructs drainage, traction networks and power supply systems, cable and overhead power lines, engineering facilities, roads and highways, and utility infrastructure. It is also involved in design, assembly, and delivery of equipment; supplies specialized software; provision of assembly, commissioning, warranty, and post-warranty service for remote control of all electric traction power supply devices and auxiliary systems, such as platform lighting and electric turnout heating; and production of equipment, accessories, and construction materials. In addition, the company engages in the construction of tracks and overhead lines, bridges, viaducts, tunnels, urban infrastructure, and public utility buildings and buildings related to rail vehicle operation; provision of electric power and environmental engineering, and track equipment and machinery services; production of asphalt concrete, bitumen emulsions, including polymer-modified ones, concrete, concrete products; mining and processing of building materials; and equipment rental activities. Trakcja S.A. was incorporated in 2002 and is headquartered in Warsaw, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Trakcja S.A reported revenue of 2.2B PLN in FY2025 versus 1.4B PLN in FY2021, a compound +12.0%/yr. Reported net income was 81.4M PLN in FY2025.

Growth Quality 83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.2B PLN
Latest YoY
+6.6%
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.
+14.3%
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.
+10.9%
Avg. growth/yr (21Y) 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.
+13.7%
Revenue +12.0%/yr
FY21 1.4B PLN
FY22 1.5B PLN
FY23 2.1B PLN
FY24 2.1B PLN
FY25 2.2B PLN
Net income
FY21 −11.4M PLN
FY22 −306M PLN
FY23 55.7M PLN
FY24 35.2M PLN
FY25 81.4M PLN
Character of growth · EPS growth decomposed (2013-2024) −17.9 % p.a.
Revenue per share −14.8 pp

of which total revenue +4.3 pp · buybacks/dilution −19.1 pp

EBIT margin −2.5 pp
Tax rate +2.2 pp
Residual (interest, one-offs) −2.7 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).

TRK screens 79% overvalued. Compare with Larsen & Toubro Limited →

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Cite: Fair Value Calculator (2026). "Trakcja S.A Fair Value". https://www.fairvalue-calculator.com/stock/TRK

Peer Group

Engineering & Construction · 839 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 46 · Below median
Fair Value upside −80% · Bottom 25%
Return on equity (TTM) 20% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 4% · Above median
Operating margin (TTM) -1% · Bottom 25%
Revenue growth 8% · Above median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 18.6× · Pricier than median
P/B 0.96× · Cheaper than median
P/S (TTM) 0.19× · Cheaper than 75% of peers
P/FCF 3.2× · Pricier than median
EV/EBITDA 0.7× · Cheaper than 75% of peers

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 16
FUTURE 38 · sector 17
PAST 82 · sector 26
HEALTH 100 · sector 94
DIVIDEND 0 · sector 33

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.

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Trakcja S.A (TRK) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of 0.7310 PLN versus a price of 3.56 PLN, about −79% (overvalued).
What is the fair value of TRK?
Our model-based fair value for Trakcja S.A is 0.7310 PLN (as of Jul 13, 2026), built from audited fundamentals. The current price is 3.56 PLN.
What is the quality score of TRK?
Trakcja S.A has a Quality Score of 46/100. 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 Trakcja S.A (TRK)?
Trakcja S.A reported trailing-twelve-month revenue of about 2.2B PLN (latest available figure, as of Jul 13, 2026).
What is the net profit margin of TRK?
The net profit margin of Trakcja S.A is about 3.6%, meaning it keeps roughly 3.6% 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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