Voxel stock: fair value
VOX.WAThe fair value of Voxel under our model is $55.12, the price is 31% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly undervaluedIn our model the price counts as cheap below $39.37 and expensive above $91.87 (uncertainty high, one part of the fair value is more than twice the other).
The two parts of the fair value come to $16.01 (cash-flow model) and $94.24 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 12.3%. At 13.3% the fair value would be $54.11, at 11.3% it would be $56.48.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (33.7).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 5.6%. Discounted at 12.3% (government bond yield 5.6% plus beta 1.27 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 $16.01 per share: free cash flow for the next ten years, each year discounted to today at 12.3%, 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 12.3%) |
|---|---|---|---|---|
| 2026 | $13.07M | extrapolated at −2.2% | 0.8903 | $11.63M |
| 2027 | $13.08M | extrapolated at 0.1% | 0.7927 | $10.37M |
| 2028 | $13.31M | extrapolated at 1.7% | 0.7058 | $9.39M |
| 2029 | $13.69M | extrapolated at 2.9% | 0.6284 | $8.6M |
| 2030 | $14.2M | extrapolated at 3.7% | 0.5595 | $7.94M |
| 2031 | $14.8M | extrapolated at 4.3% | 0.4981 | $7.37M |
| 2032 | $15.49M | extrapolated at 4.6% | 0.4435 | $6.87M |
| 2033 | $16.25M | extrapolated at 4.9% | 0.3948 | $6.42M |
| 2034 | $17.08M | extrapolated at 5.1% | 0.3515 | $6M |
| 2035 | $17.97M | extrapolated at 5.3% | 0.3130 | $5.63M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $80.23M |
| Terminal value: cash flow 2035 × (1 + 5.6%) / (12.3% − 5.6%) | $280.79M |
| Present value of terminal value (× 0.3130) | $87.88M |
| Equity value (sum plus present value of terminal value) | $168.11M |
| Shares (diluted) | 10.50M |
| Value per share (equity value divided by shares) | $16.01 |
| Earnings per share, last twelve months | $2.80 |
| × 33.7 (industry P/E) | $94.24 |
| Fair value (average of both parts) | $55.12 |
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 Strong, published since 7 Nov 2026 (in the score history since 29 May 2026)
- Valuation signal Undervalued since 11 Nov 2026, previously Fairly valued
- 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.