Polimex-Mostostal stock: fair value
PXM.WAThe fair value of Polimex-Mostostal under our model is $2.43, the price is 26% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Modestly undervaluedIn our model the price counts as cheap below $1.73 and expensive above $4.05 (uncertainty high, based on the price swings of the past year).
The two parts of the fair value come to $2.70 (cash-flow model) and $2.16 (industry comparison), and the gap between them shows how uncertain the estimate is. The price is below both.
Calculated with a cost of equity of 11.1%. At 12.1% the fair value would be $2.23, at 10.1% it would be $2.71.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (19.2).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 5.6%. Discounted at 11.1% (government bond yield 5.6% plus beta 1.03 times a risk premium of 5.3%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $2.70 per share: free cash flow for the next ten years, each year discounted to today at 11.1%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 11.1%) |
|---|---|---|---|---|
| 2026 | $51.44M | extrapolated at −9.5% | 0.9004 | $46.32M |
| 2027 | $48.87M | extrapolated at −5.0% | 0.8107 | $39.62M |
| 2028 | $47.97M | extrapolated at −1.8% | 0.7300 | $35.02M |
| 2029 | $48.15M | extrapolated at 0.4% | 0.6573 | $31.65M |
| 2030 | $49.08M | extrapolated at 1.9% | 0.5919 | $29.05M |
| 2031 | $50.57M | extrapolated at 3.0% | 0.5329 | $26.95M |
| 2032 | $52.48M | extrapolated at 3.8% | 0.4798 | $25.18M |
| 2033 | $54.74M | extrapolated at 4.3% | 0.4321 | $23.65M |
| 2034 | $57.31M | extrapolated at 4.7% | 0.3890 | $22.3M |
| 2035 | $60.15M | extrapolated at 5.0% | 0.3503 | $21.07M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $300.8M |
| Terminal value: cash flow 2035 × (1 + 5.6%) / (11.1% − 5.6%) | $1.15B |
| Present value of terminal value (× 0.3503) | $404.39M |
| Equity value (sum plus present value of terminal value) | $705.19M |
| Shares (diluted) | 261.51M |
| Value per share (equity value divided by shares) | $2.70 |
| Earnings per share, last twelve months | $0.11 |
| × 19.2 (industry P/E) | $2.16 |
| Fair value (average of both parts) | $2.43 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = PLN 3.9742)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 2 Jan 2026)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.