Zeneris Projekty S.A (ZEN) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Zeneris Projekty S.A stock PLN 3.63, price PLN 3.09, upside +17.5%, quality 68 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
59‑month range 2.46 PLN – 11.05 PLN · fair‑value band 3.03 PLN – 4.22 PLN · the 3.09 PLN price screens below the 3.63 PLN fair value. As of Nov 4, 2026.
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Zeneris Projekty S.A. engages in designing and implementing investments in the field of renewable energy sources for its business clients. It offers audit, concept, design, administrative and energy permit, financing support, warranty and post-warranty, and after-sales services.
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The company was founded in 2007 and is based in Poznan, Poland.
Stock analysis
Zeneris Projekty S.A (ZEN) currently trades at 3.09 PLN, while our model-based Fair Value estimate is 3.63 PLN, implying the stock looks roughly 15% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 8.60 PLN per share, and 13 of the 21 models we run sit above the 3.09 PLN price.
Bear case: the Earnings-Based group reads lowest at 1.49 PLN, and 8 of the 21 models stay below the price. Data coverage for this calculation is low.
Scenario range: 3.03 PLN (bear) to 4.22 PLN (bull), the price of 3.09 PLN sits inside 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 68/100 (solid quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Zeneris Projekty S.A reported revenue of 9.4M PLN in FY2025 versus 10.2M PLN in FY2022, a compound −2.8%/yr. Reported net income was 203K PLN in FY2025, compounding −18.9%/yr from FY2022.
Key figures
Market cap 6.3M PLN (≈ $1.6M) Micro · P/E ratio 22.1 · P/S ratio 0.48 · EPS (TTM) 0.1400 PLN · Net margin 2.2% · Return on assets (EBIT) 6.1% · Free cash flow 1.8M PLN.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 26% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −52% fair-value upside, at 17%, ZEN screens cheaper than that median.
Fair Value models
Bear3.03 PLNFair Value 3.63 PLNBull4.22 PLN
Price 3.09 PLN · Upside +17.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.1185 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+33.6%
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.
−2.8%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
−10.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.9%
Dividend (yield on the price)0.0%
Profit margin 2022 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.5% → 4%
Growth Forecast
Little optimism in the price
The price assumes less 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).
−32.4%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −34.4% 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.Utilities - Renewable · 200 stocks
Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+17.5% · Above median
Profitability
Return on assets2.2% · Above median
Net margin (12 months)2.2% · Below median
Operating margin (12 months)0.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)0.0% · Below median
Balance sheet
Debt / equity0.02× · Lowest 25%
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
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Is Zeneris Projekty S.A (ZEN) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 3.63 PLN versus a price of 3.09 PLN, about +17% upside (undervalued).
What is the fair value of ZEN?
Our model-based fair value for Zeneris Projekty S.A is 3.63 PLN (as of Nov 4, 2026), built from audited fundamentals. The current price: 3.09 PLN.
What is the quality score of ZEN?
Zeneris Projekty S.A has a Quality Score of 68/100. 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 Zeneris Projekty S.A (ZEN)?
Our model-based price target is the fair value of 3.63 PLN (as of Nov 4, 2026) from 21 valuation models. Cautious scenario 3.03 PLN, optimistic scenario 4.22 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Zeneris Projekty S.A stock forecast for 2026?
Our models put fair value at 3.63 PLN, about +17% upside versus a price of 3.09 PLN (undervalued). Cautious scenario 3.03 PLN, optimistic scenario 4.22 PLN. The calculation is refreshed regularly with new filings.
What growth is priced into Zeneris Projekty S.A (ZEN)?
For today's price to be fair in a discounted-cash-flow model, Zeneris Projekty S.A would have to grow free cash flow by -32.4 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew -2.8 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of ZEN use?
Our models discount Zeneris Projekty S.A at 10.6 %: a base by market capitalisation (nano), 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 Zeneris Projekty S.A that is -32.4 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Zeneris Projekty S.A (ZEN) delivered so far?
Over the past 3 years revenue at Zeneris Projekty S.A grew -2.8 % a year. The price currently implies -32.4 % 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 Zeneris Projekty S.A (ZEN) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into Zeneris Projekty S.A (-32.4 % 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 Zeneris Projekty S.A (ZEN)?
The free-cash-flow yield on the price is 31.99 %: that much free cash flow Zeneris Projekty S.A produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zeneris Projekty S.A (ZEN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zeneris Projekty S.A it is 3.63 PLN per share (as of Nov 4, 2026), against a price of 3.09 PLN. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Zeneris Projekty S.A stock overvalued or undervalued in 2026?
As of Nov 4, 2026, ZEN trades below its calculated fair value: price 3.09 PLN, fair value 3.63 PLN, a gap of about +17% (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 ZEN?
No. The price is what the market pays today (3.09 PLN); the fair value is what the company's own numbers justify (3.63 PLN). For Zeneris Projekty S.A the two are 0.5400 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Zeneris Projekty S.A worth?
The market values Zeneris Projekty S.A at about 6.3M PLN (market capitalisation, as of Nov 4, 2026). Per share that is 3.09 PLN; our models calculate a fair value of 3.63 PLN per share.
What do the bullish and bearish scenarios say about ZEN?
Our models span a range for Zeneris Projekty S.A: cautious scenario 3.03 PLN, base 3.63 PLN, optimistic 4.22 PLN per share (as of Nov 4, 2026, price 3.09 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZEN?
Zeneris Projekty S.A trades at a price-to-earnings ratio of 22.1 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.63 PLN is built from several models across several years. Other multiples: P/B 0.3.
How solid is the balance sheet of Zeneris Projekty S.A (ZEN)?
Balance-sheet figures for Zeneris Projekty S.A (as of Nov 4, 2026): debt of 0.02 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is ZEN from its 52-week high?
Zeneris Projekty S.A trades at 3.09 PLN, about 29% below its 52-week high of 4.35 PLN and 26% above the low of 2.46 PLN (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 3.63 PLN is for.
Which stocks are comparable to Zeneris Projekty S.A?
From the same area (Utilities) we also value China Yangtze Power Co, Huaneng Lancang River Hydropower Inc, Ørsted A/S, VERBUND AG, 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 Zeneris Projekty S.A stock attractive at the current price?
The data as of Nov 4, 2026: price 3.09 PLN, calculated fair value 3.63 PLN (+17%), Quality Score 68/100, from 21 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 ZEN calculated?
We run Zeneris Projekty S.A through 21 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 3.63 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 15.0% above its aggregate fair value. Zeneris Projekty S.A currently trades 15% 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 Zeneris Projekty S.A (ZEN)?
The closing price on Nov 4, 2026 was 3.09 PLN. Our model-based fair value is 3.63 PLN, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zeneris Projekty S.A right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Zeneris Projekty S.A
How large is the market capitalisation of Zeneris Projekty S.A (ZEN)?
The market capitalisation of Zeneris Projekty S.A is 6.3M PLN (≈ $1.6M). 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 Zeneris Projekty S.A (ZEN)?
The price-to-sales ratio of Zeneris Projekty S.A is 0.48 (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 Zeneris Projekty S.A (ZEN)?
Earnings per share at Zeneris Projekty S.A are 0.1400 PLN (price ÷ EPS = P/E 22.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Zeneris Projekty S.A (ZEN)?
The net margin of Zeneris Projekty S.A is 2.2% (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 EBIT return on assets of Zeneris Projekty S.A (ZEN)?
On an EBIT basis the return on assets of Zeneris Projekty S.A is 6.1% (avg 4y). 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.
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