Termorex (TRR) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Termorex PLN 0.24, price PLN 0.55, upside -56.0%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Termo-Rex S.A. provides heat treatment solutions in Poland and internationally. The company offers personal protective equipment, including masks, overalls, safety goggles, visors, surgical sets, aprons, and shoe protectors; and mobile and furnace heat treatment.
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Termo-Rex S.A. provides heat treatment solutions in Poland and internationally. The company offers personal protective equipment, including masks, overalls, safety goggles, visors, surgical sets, aprons, and shoe protectors; and mobile and furnace heat treatment. It also engages in the leasing of resistance and induction heating equipment and mobile modular heat treatment furnace, as well as resistance heating mats, distributors, cables, and welding machines for pins and thermocouples; warehousing of electric system products; and manufacturing of accessories, resistance heaters, and heating mats. In addition, the company is involved in the extraction and sale of microspheres; assemblies, upgrades, and overhauls; and supply of thermal insulation, technical ceramic products, and electrical system products. It serves power, petrochemical, and shipbuilding industries. The company was founded in 1997 and is headquartered in Jaworzno, Poland.
Stock analysis
Termorex (TRR) currently trades at 0.5450 PLN, while our model-based Fair Value estimate is 0.2400 PLN, implying the stock looks roughly 127.1% overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of 0.3800 PLN per share, and 0 of the 24 models we run sit above the 0.5450 PLN price.
Bear case: the Earnings-Based group reads lowest at 0.0600 PLN, and 24 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.1900 PLN (bear) to 0.2800 PLN (bull), the price of 0.5450 PLN sits above 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 56/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Termorex reported revenue of 19.3M PLN in FY2025 versus 52.5M PLN in FY2021, a compound −22.1%/yr. Reported net income was 2.8M PLN in FY2025, compounding +5.6%/yr from FY2021.
Key figures
Market cap 70.8M PLN (≈ $18.4M) · P/E ratio 27.3 · P/S ratio 3.95 · EPS (TTM) 0.0200 PLN · Dividend yield 6.4% · Net margin 14.5% · Return on equity 3.7% · Return on assets (EBIT) 3.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at −56%, TRR screens richer than that median.
Fair Value models
Bear 0.1900 PLNFair Value 0.2400 PLNBull 0.2800 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0147 PLN per share) are deliberately not added.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.
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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
−16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−22.6%
Dividend (yield on the price)6.4%
Pace: 5 vs 10 years ⓘ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.5% vs 16%, slowing
Profit margin 2020 to 2025 ⓘ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.6% → 6%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+54.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +49.3% a year for the price.
Price, fair value, quality and upside side by side.
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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.Building Materials · 258 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−56% · Bottom 25%
Profitability
Return on equity (TTM)4% · Below median
Return on assets2% · Below median
Net margin (TTM)41% · Top 25%
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth1% · Above median
Dividend yield (TTM)6.4% · Top 25%
Valuation Multiplesvs Building Materials median · lower = cheaper
P/E (TTM)27.3× · Pricier than median
P/B2.39× · Priciest 25%
P/S (TTM)3.17× · Priciest 25%
P/FCF52.6× · Priciest 25%
EV/EBITDA46.9× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 25
FUTURE (revenue growth)7· sector 2
PAST (return on equity)15· sector 15
HEALTH (low debt)100· sector 92
DIVIDEND (yield)100· sector 46
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Termorex Fair Value". https://www.fairvalue-calculator.com/stock/TRR
Frequently asked questions
Is Termorex (TRR) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.2400 PLN versus a price of 0.5450 PLN, about −56% upside (overvalued).
What is the fair value of TRR?
Our model-based fair value for Termorex is 0.2400 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.5450 PLN.
What is the quality score of TRR?
Termorex 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 Termorex (TRR)?
Our model-based price target is the fair value of 0.2400 PLN (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 0.1900 PLN, optimistic scenario 0.2800 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Termorex stock forecast for 2026?
Our models put fair value at 0.2400 PLN, about −56% upside versus a price of 0.5450 PLN (overvalued). Cautious scenario 0.1900 PLN, optimistic scenario 0.2800 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Termorex (TRR)?
Termorex reported trailing-twelve-month revenue of about 22.3M PLN (latest available figure, as of Sep 24, 2026).
Does Termorex pay a dividend?
Termorex currently shows a dividend yield of about 6.42% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Termorex (TRR)?
For today's price to be fair in a discounted-cash-flow model, Termorex would have to grow free cash flow by +54.0 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -18.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TRR use?
Our models discount Termorex at 10.4 %: a base by market capitalisation (nano), damped by beta 0.91, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Termorex that is +54.0 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Termorex (TRR) delivered so far?
Over the past 5 years revenue at Termorex grew -18.7 % a year. The price currently implies +54.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Termorex (TRR) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Termorex (+54.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Termorex (TRR)?
The free-cash-flow yield on the price is 0.57 %: that much free cash flow Termorex produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Termorex (TRR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Termorex it is 0.2400 PLN per share (as of Sep 24, 2026), against a price of 0.5450 PLN. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Termorex stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TRR trades above its calculated fair value: price 0.5450 PLN, fair value 0.2400 PLN, a gap of about −56% (overvalued). 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 TRR?
No. The price is what the market pays today (0.5450 PLN); the fair value is what the company's own numbers justify (0.2400 PLN). For Termorex the two are 0.3050 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Termorex worth?
The market values Termorex at about 70.8M PLN (market capitalisation, as of Sep 24, 2026). Per share that is 0.5450 PLN; our models calculate a fair value of 0.2400 PLN per share.
What do the bullish and bearish scenarios say about TRR?
Our models span a range for Termorex: cautious scenario 0.1900 PLN, base 0.2400 PLN, optimistic 0.2800 PLN per share (as of Sep 24, 2026, price 0.5450 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TRR?
Termorex trades at a price-to-earnings ratio of 27.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.2400 PLN is built from several models across several years. Other multiples: P/B 2.4, P/S 3.2, EV/EBITDA 46.9.
How solid is the balance sheet of Termorex (TRR)?
Balance-sheet figures for Termorex (as of Sep 24, 2026): return on equity 3.7%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is TRR from its 52-week high?
Termorex trades at 0.5450 PLN, about 19% below its 52-week high of 0.6750 PLN and 7% above the low of 0.5100 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.2400 PLN is for.
Which stocks are comparable to Termorex?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Vulcan Materials Company, UltraTech Cement 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 Termorex stock attractive at the current price?
The data as of Sep 24, 2026: price 0.5450 PLN, calculated fair value 0.2400 PLN (−56%), Quality Score 56/100, from 24 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 TRR calculated?
We run Termorex through 24 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 0.2400 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. Termorex itself currently trades above fair value. 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 Termorex (TRR)?
The closing price on Sep 24, 2026 was 0.5450 PLN. Our model-based fair value is 0.2400 PLN, about −56% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Termorex right now?
The price sits above even our optimistic bull case (0.2800 PLN). The favourable scenario is already priced in. 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 but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Termorex
How large is the market capitalisation of Termorex (TRR)?
The market capitalisation of Termorex is 70.8M PLN (≈ $18.4M). 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 Termorex (TRR)?
The price-to-sales ratio of Termorex is 3.95 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Termorex (TRR)?
Earnings per share at Termorex are 0.0200 PLN (price ÷ EPS = P/E 27.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Termorex (TRR)?
The dividend yield of Termorex is 6.4% (payout 175%). 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 Termorex (TRR)?
The net margin of Termorex is 14.5% (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 Termorex (TRR)?
The return on equity (ROE) of Termorex is 3.7% (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 Termorex (TRR)?
On an EBIT basis the return on assets of Termorex is 3.8% (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 Termorex (TRR)?
The operating margin of Termorex is 7.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Termorex (TRR)?
Revenue at Termorex is growing +1.3% versus a year earlier (3y avg −24.5%). 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 Termorex (TRR)?
Earnings per share at Termorex are growing −7.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Termorex (TRR) hold?
Termorex holds more cash than debt, 4.0M PLN net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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