olivLaw · European equity research
APLISENS Spółka Akcyjna APN.WA
Poland · GPW Warszawa · ISIN PLAPLS000016 · Vertical: Listed companies from Poland
APLISENS is a Polish group producing measurement transmitters and systems for industry. Its 2022 annual report shows solid equity but a significant share of sales in foreign currencies, which makes exposure to exchange rates relevant. The analysis rests solely on the consolidated 2022 annual report provided.
At the close of 05 Nov 2026, APLISENS Spółka Akcyjna (APN.WA) stock was 17.80 PLN (−1.11% on the day), with market capitalisation 194.6 m PLN, P/E 9.5 on diluted EPS of 1.87 PLN over the last 12 months, dividend yield 3.60%, beta 0.25, 52-week range 16.80–21.00 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.1
- weak (30–45)
- Bollinger (20, 2)
- 16.92 – 20.00
- in the lower half of the band · %B 0.29 · band width 16.7%
- SMA 50 / 200
- 19.43 / 18.47
- mixed trend
- MACD (12, 26, 9)
- -0.45 / -0.46
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.3% | +0.4% | −7.7 pp | — |
| 3 months | −13.2% | −3.3% | −9.9 pp | — |
| 6 months | −3.8% | +4.0% | −7.7 pp | — |
| Year to date | +4.4% | +8.1% | −3.7 pp | — |
| 1 year | −2.7% | +10.7% | −13.4 pp | +7.5% |
| 3 years | −19.1% | +50.1% | −69.2 pp | +4.2% |
| 5 years | +29.0% | +43.6% | −14.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 7.5, median 8.8, max 9.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 108.0 m | 121.4 m | 147.8 m |
| Revenue YoY | unavailable | +12.4% | +21.8% |
| Net income | 14.5 m | 17.2 m | 20.4 m |
| Net income YoY | unavailable | +19.0% | +18.8% |
| Diluted EPS | 1.26 | 1.54 | 1.87 |
| Diluted EPS YoY | unavailable | +22.2% | +21.4% |
| net % | 13.4% | 14.2% | 13.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 13.6 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 186.2 m PLN
- Total assets
- 202.4 m PLN
- Debt / equity
- unavailable
- Current ratio
- 7.09x
- ROE
- 11.1%
- ROA
- 10.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 108.0 m | 121.4 m | 147.8 m | esef· 02 May 2023verified |
| Cost of revenue | 72.6 m | 77.6 m | 89.1 m | esef· 02 May 2023verified |
| Gross profit | 35.4 m | 43.8 m | 58.8 m | esef· 02 May 2023verified |
| Operating income | 17.4 m | 21.6 m | 26.0 m | esef· 02 May 2023verified |
| Interest expense | 13.0 k | 473.0 k | 332.0 k | esef· 02 May 2023verified |
| Pre-tax income | 17.5 m | 21.3 m | 25.9 m | esef· 02 May 2023verified |
| Income tax | 2.6 m | 3.3 m | 5.1 m | esef· 02 May 2023verified |
| Net income | 14.5 m | 17.2 m | 20.4 m | esef· 02 May 2023verified |
| Diluted EPS | 1.26 | 1.54 | 1.87 | esef· 02 May 2023verified |
| Dividend per share | 0.26 | 0.60 | 0.64 | esef· 02 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 12.5 m | 10.0 m | 13.6 m | esef· 02 May 2023verified |
| Receivables | 13.8 m | 20.4 m | 23.2 m | esef· 02 May 2023verified |
| Inventories | 38.8 m | 43.2 m | 59.1 m | esef· 02 May 2023verified |
| Current assets | 80.4 m | 92.3 m | 105.8 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 82.1 m | 79.8 m | 76.6 m | esef· 02 May 2023verified |
| Goodwill | 2.9 m | 2.9 m | 2.9 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 11.0 m | 12.2 m | 13.2 m | esef· 02 May 2023verified |
| Total assets | 182.7 m | 192.6 m | 202.4 m | esef· 02 May 2023verified |
| Current liabilities | 8.0 m | 10.5 m | 14.9 m | esef· 02 May 2023verified |
| Total liabilities | 9.4 m | 11.9 m | 16.2 m | esef· 02 May 2023verified |
| Equity | 173.3 m | 180.7 m | 186.2 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 11.5 m | 11.2 m | 10.9 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 25.3 m | 20.9 m | 22.1 m | esef· 02 May 2023verified |
| Investing cash flow | -19.1 m | -9.7 m | -948.0 k | esef· 02 May 2023verified |
| Financing cash flow | -2.8 m | -13.7 m | -17.6 m | esef· 02 May 2023verified |
| Dividends paid | 3.0 m | 5.3 m | 7.0 m | esef· 02 May 2023verified |
| Share repurchases | 3.0 m | 9.2 m | 12.0 m | esef· 02 May 2023verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 194.6 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 13.8% | 82 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 78.4x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 7.1x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 9.5x | 63 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 9.8% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial82/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial63/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
APLISENS Spółka Akcyjna (APN.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 147.8 m PLN in 2022; YoY growth 21.8%; net margin 13.8%; ROE 11.4%.
The estimated value range is 9.10–22.43 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 14.81 PLN, the price of 17.80 PLN leaves a potential of -16.8% (value / price − 1) and a margin of safety of -20.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 13.8%
- Interest coverage: 78.4x
- Current ratio: 7.1x
- Shareholder yield (distributions): 9.8%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for APN.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 11.63 Total return -32% · Per year -32% | 20.47 Total return 19% · Per year 19% | 30.71 Total return 77% · Per year 77% |
| 3 years | 13.80 Total return -12% · Per year -4% | 27.07 Total return 66% · Per year 19% | 44.22 Total return 166% · Per year 39% |
| 5 years | 16.37 Total return 11% · Per year 2% | 35.80 Total return 129% · Per year 18% | 63.67 Total return 295% · Per year 32% |
- Exit P/E± 6.77
- Net margin± 4.74
- Annual revenue growth± 3.53
- Annual dilution± 0.40
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
APLISENS is a Polish group producing measurement transmitters and systems for industry. Its 2022 annual report shows solid equity but a significant share of sales in foreign currencies, which makes exposure to exchange rates relevant. The analysis rests solely on the consolidated 2022 annual report provided.
SWOT
Strengths
- High equity relative to liabilities and a low level of bank borrowing, according to the consolidated balance sheet.
- Positive operating cash flows that support investment and dividend distributions to shareholders.
- A programme of own-share buybacks that reflects willingness to return capital to shareholders.
Weaknesses
- Reliance on foreign-currency sales exposes the group to exchange rate swings against its reporting currency.
- The inventory build tied up significant cash and may point to slower turnover of current assets.
- The source provides no breakdown of revenue by product or region, which limits assessment of diversification.
Opportunities
- Investment in fixed assets could support expanded production capacity if industrial demand grows.
- Solid equity could allow project funding without substantial reliance on debt.
- Export markets could offer growth if the group manages its currency exposure effectively.
Threats
- Adverse exchange rate moves could reduce the zloty value of export revenues.
- A slowdown in industrial investment could weaken demand for the group's instruments.
- Geopolitical tensions, including the conflict in Ukraine noted in the report, could disrupt supply chains and markets.
Risks
- Currency riskhigh
Sales and costs in currencies other than the reporting currency create exposure to exchange rates, affecting financial results.
- Inventory riskmedium
Higher inventories could lead to write-downs or excessive cash being tied up if demand falls.
- Customer credit riskmedium
One intermediary customer holds a significant share of trade receivables, concentrating exposure to non-payment.
- Liquidity risklow
Short-term payment obligations could become pressing if collections from customers are delayed.
- Geopolitical riskmedium
The conflict in Ukraine is cited as a risk the management has assessed, with possible effects on markets and supply.
Investment thesis
What would need to be true (bull case)
- If positive operating cash flows persist, the group could fund investment and shareholder distributions without weakening its balance sheet.
- High equity could provide room for manoeuvre during periods of economic uncertainty.
- Consistent investment in fixed assets could support higher productive capacity in coming years.
What would break the thesis
- If exchange rates move unfavourably, export revenues could fall in zloty terms and weigh on results.
- Rising inventories could signal weaker demand than expected, with a risk of write-downs.
- Concentration of receivables at one intermediary could expose the group to losses if that counterparty runs into difficulty.
What to watch
- Inventory trends and current asset turnover2023
- Foreign-currency exposure and the share of non-zloty sales2023
- Receivables owed by the main intermediary customernext annual report
- Continuation of the own-share buyback programme2023
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the consolidated annual report for fiscal 2022, the APLISENS group is engaged in manufacturing and selling measuring instruments, and total group assets reached 202,411 thousand PLN at 31.12.2022 1. Equity attributable to shareholders of the parent was 182,471 thousand PLN at the same date, and the group's total comprehensive income was 20,491 thousand PLN in 2022 1. The source does not detail products or markets fully, so this description remains limited to the consolidated financial data.
Segments
Operations and inventories
Inventories rose sharply in 2022, while operating cash flow stayed positive at 22,059 thousand PLN 1. The inventory build absorbed cash, indicating a rise in current assets during the year.
Market context
The source does not describe the size of the industrial measurement market or the group's market share. The financial data does show that around 48.6% of sales are denominated in currencies other than the reporting currency, tying export performance to exchange rates 1.
Competitive position
- Competitors not named in source
The annual report supplied does not name competitors, so no specific issuers can be identified from this source.
- European transmitter manufacturers
General category of competitors in industrial measurement instruments, not named individually in the source.
- Global instrumentation suppliers
Larger competitors that could contest the same industrial segments, with no detail in the source.
- Regional manufacturers in Central Europe
Local competitors that could influence pricing in the Polish domestic market, not specified in the document.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202202 May 2023
- Annual report 202122 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / APLISENS Spółka Akcyjna · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.