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Termo-Rex S.A (TRR) Fair Value & Analysis

Basic Materials · PL · Market cap 70.8M PLN

TR Termo-Rex S.A TRR · WAR
Price0.5600 PLN
Fair Value0.2600 PLN
Upside-53.6%
Quality56/100
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Mixed Growth
Highly profitable · 41.2% net margin
Low debt · generates free cash flow
Trails peers (5/14)
Moderate moat 49/100
Evidence: High Range 0.1900 PLN – 0.3200 PLN Share as image

Fair value as of: Jul 14, 2026

From 24 valuation models · updated 27 days ago

Share price −10.4% over the past month.

A solid business, but screening 54% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (0.3200 PLN). The favourable scenario is already priced in.
  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

1.33 PLN 0.4447 PLN Fair Value 0.2600 PLN Feb 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range 0.4447 PLN – 1.33 PLN · fair‑value band 0.1900 PLN – 0.3200 PLN · the 0.5600 PLN price screens above the 0.2600 PLN fair value. Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Termo-Rex S.A (TRR) currently trades at 0.5600 PLN, while our model-based Fair Value estimate is 0.2600 PLN, implying the stock looks roughly 53.6% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Basic Materials 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, Termo-Rex S.A generated revenue of 22.3M PLN at a net margin of 41.2%. Revenue grew 1.3% year over year. It earns a return on equity of 3.7%. The balance sheet holds a net cash position of 4.0M PLN. Fundamentals as of Jul 14, 2026

Our scenario range runs from 0.1900 PLN (bear case) to 0.3200 PLN (bull case); at 0.5600 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 25% below its 52-week high, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -59% fair-value upside, at -54%, TRR screens cheaper 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 0.0300 PLN 0.0400 PLN 0.0500 PLN 80
Residual Income 0.2100 PLN 0.2200 PLN 0.2400 PLN 76
Rev-Margin DCF 0.0600 PLN 0.1000 PLN 0.1400 PLN 74
All 24 models by family
DCF Models
FCF DCF 0.0300 PLN 0.0400 PLN 0.0500 PLN 38
Owner Earnings 0.1200 PLN 0.1400 PLN 0.1900 PLN 31
5Y Revenue Exit 0.0600 PLN 0.1000 PLN 0.1400 PLN 39
5Y EBITDA Exit 0.0700 PLN 0.1100 PLN 0.1600 PLN 41
5Y P/E Exit 0.1600 PLN 0.2700 PLN 0.3900 PLN 38
10Y Revenue Exit 0.0500 PLN 0.0700 PLN 0.0900 PLN 36
10Y EBITDA Exit 0.0500 PLN 0.0700 PLN 0.1000 PLN 37
10Y P/E Exit 0.1000 PLN 0.1600 PLN 0.2100 PLN 35
Earnings-Based
Graham-Dodd 0.1700 PLN 0.2100 PLN 0.2300 PLN 54
EPV 0.0500 PLN 0.0500 PLN 0.0500 PLN 59
Dividend Discount
Gordon GGM 0.2800 PLN 0.3000 PLN 0.3300 PLN 70
DDM Multi-Stage 0.2800 PLN 0.3200 PLN 0.3800 PLN 61
Multiples
P/E Multiple 0.3100 PLN 0.4200 PLN 0.5200 PLN 63
P/S Multiple 0.1900 PLN 0.2600 PLN 0.3200 PLN 58
P/B Multiple 0.3100 PLN 0.4200 PLN 0.5200 PLN 55
EV/EBIT 0.1100 PLN 0.1500 PLN 0.1800 PLN 53
EV/EBITDA 0.1200 PLN 0.1600 PLN 0.2000 PLN 54
EV/Revenue 0.1000 PLN 0.1400 PLN 0.1800 PLN 43
Asset-Based
NCAV (Graham) 0.1300 PLN 0.1800 PLN 0.2600 PLN 50
Growth DCF
Growth DCF 0.0300 PLN 0.0400 PLN 0.0500 PLN 80
Rev-Margin DCF 0.0600 PLN 0.1000 PLN 0.1400 PLN 74
Economic Profit
Residual Income 0.2100 PLN 0.2200 PLN 0.2400 PLN 76
ROIC Compounder 0.0500 PLN 0.0500 PLN 0.0500 PLN 72
Growth Earnings
Growth-Adj P/E 0.2200 PLN 0.3200 PLN 0.4200 PLN 68

Widest divergence: Growth Earnings (0.3200 PLN) versus Growth DCF (0.0400 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 22.3M PLN
Revenue growth (YoY) +1.3%
Net margin 41.2%
Return on equity 3.7%
Free cash flow 350K PLN FY2025
P/E ratio 35.0
More key figures
Operating margin 7.4%
EPS (TTM) 0.0200 PLN
EPS growth (YoY) -7.3%
Net cash 4.0M PLN FY2024

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 55 · Market factors (momentum, volatility) 36

Profitability 45
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 21
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 83
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

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Termo-Rex S.A 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.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
19.3M PLN
Latest YoY
−0.9%
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.
−24.5%
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.
−18.7%
Avg. growth/yr (13Y) ⓘ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.
+3.3%
Revenue −22.1%/yr
FY21 52.5M PLN
FY22 44.8M PLN
FY23 48.6M PLN
FY24 19.5M PLN
FY25 19.3M PLN
Net income +5.6%/yr
FY21 2.3M PLN
FY22 −1.5M PLN
FY23 1.2M PLN
FY24 10.0M PLN
FY25 2.8M PLN

TRR screens 54% overvalued. Compare with CRH plc →

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Termo-Rex S.A · Fair Value
0.2600 PLN −54%Fair Value
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Cite: Fair Value Calculator (2026). "Termo-Rex S.A Fair Value". https://www.fairvalue-calculator.com/stock/TRR

Peer Group

Building Materials · 253 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 56 · Above median
Fair Value upside −54% · Bottom 25%
Return on equity (TTM) 4% · Below median
Return on assets 2% · Below median
Net margin (TTM) 41% · Top 25%
Operating margin (TTM) 7% · Above median
Revenue growth 1% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Building Materials median · lower = cheaper

P/E (TTM) 31.3× · Pricier than median
P/B 2.39× · Pricier than 75% of peers
P/S (TTM) 3.17× · Pricier than 75% of peers
P/FCF 54.3× · Pricier than 75% of peers
EV/EBITDA 46.9× · Pricier 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 27
FUTURE 7 · sector 2
PAST 15 · sector 15
HEALTH 100 · sector 92
DIVIDEND 0 · sector 42

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

Insider activity: 40/100

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 Building Materials stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
CRH plc CRH $102.92 $70.57 -31%
UltraTech Cement Limited ULTRACEMCO ₹11,711 ₹4,719 -60%
China Jushi Co 600176 ¥54.52 ¥13.95 -74%
Grasim Industries Limited GRASIM ₹3,073 ₹1,245 -59%
CEMEX, S.A. CEMEXCPO 21.71 MXN 15.42 MXN -29%
Anhui Conch Cement Company 600585 ¥16.99 ¥26.14 +54%
Ambuja Cements Limited AMBUJACEM ₹435.25 ₹227.96 -48%
Shree Cement Limited SHREECEM ₹26,930 ₹8,215 -69%
TCC Group 1101B 43.70 TWD 10.48 TWD -76%
Taiwan Glass Ind. Corp 1802 53.30 TWD 13.98 TWD -74%

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Frequently asked questions

Is Termo-Rex S.A (TRR) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of 0.2600 PLN versus a price of 0.5600 PLN, about −54% (overvalued).
What is the fair value of TRR?
Our model-based fair value for Termo-Rex S.A is 0.2600 PLN (as of Jul 14, 2026), built from audited fundamentals. The current price is 0.5600 PLN.
What is the quality score of TRR?
Termo-Rex S.A 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 revenue of Termo-Rex S.A (TRR)?
Termo-Rex S.A reported trailing-twelve-month revenue of about 22.3M PLN (latest available figure, as of Jul 14, 2026).
What is the net profit margin of TRR?
The net profit margin of Termo-Rex S.A is about 41.2%, meaning it keeps roughly 41.2% 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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