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FTE GPW sWIG80 Periodic report · PAP Biznes

Forte SA (FTE) · Q1 2026 results and valuation

Share price: 13.00 zł · 2026-11-10

Results Q1 2026 vs Q1 2025 · year over year · published 20 Aug 2026 and 21 Aug 2025

Net income turned to a loss from a profit a year earlier. The language turned more cautious.

Only a basic analysis is available for this company at the moment.

1 · Numbers

Turned loss

Net income vs Q1 2025

Net income -23.0M vs 11.2M

Revenue +6.8%

2 · How the report reads

More cautious

Language tone vs last period

Report language: cautious for a company report — more cautious than in Q1 2025.

Weak signal: formal report language, not a call.

3 · What stood out

Forte SA reported liabilities of 88 thousand at the end of the reporting period.

Valuation

Is Forte SA undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-03-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At −1.7% growth a year (3-year revenue growth), the model's fair value is 22.76 zł a share — the stock trades 43% below it. Today's price assumes −7.1% growth a year.

Current price

13.00 zł

close of 2026-11-10

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

-7.1% for 10 yrs

Fair value / share

22.76 zł

Buy below

17.07 zł

Price vs fair value

Undervalued 43%

Price vs buy-below price

Undervalued 24%

Official channels

The company's own website and social media accounts.

Read between the lines

No major shifts flagged this period.

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q1 2025.

Report language Cautious (was typical)

Cautious for a company report — more cautious than in Q1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“In the Management Board's assessment, the most significant risks and threats that could have a negative impact on the Capital Group's activities include the lack of stability in raw material prices and operational costs caused by the global geopolitical situation.”
“The amount of the reduction in current assets was affected by a decrease (by 40”
“The largest decrease concerned tangible fixed assets and was caused by an excess of depreciation of assets while simultaneously limiting investments during the reporting period (a decrease of 8,343 thousand).”

Full figures

PLN · PAP Biznes report (2026-08-20)

Metric Q1 2026 Q1 2025 Change
Revenue 288.4M 269.9M +6.8%
Gross profit 77.8M 101.1M −23.1%
Operating income -14.5M 23.7M Turned loss
Net income -23.0M 11.2M Turned loss
EPS -0.96 0.47 Turned loss
P/E today 16.8 17.1 14.0 +3.1

Topics

Topics are drawn from the full report text, not management commentary.

Most discussed now

  • In this way, it aims to offer customers products and services that best meet their expectations and sustainable needs.
  • Overheads – the impact of overhead costs on revenue was 7.9% compared to 7.7% in the comparative period.

Faded since Q1 2025

  • Fading In value terms, selling costs increased by 1,577 thousand.

Latest announcements

Official filings, newest first.

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