olivLaw · European equity research
ATM GRUPA SPÓŁKA AKCYJNA ATG.WA
Poland · GPW Warszawa · ISIN PLATM0000021 · Vertical: Listed companies from Poland
ATM Grupa is a Polish group in television and media production and services, with a solid balance sheet at the end of 2023. Its capital structure remained close to net-debt-neutral, making the sector's transition relevant to analyse.
At the close of 05 Nov 2026, ATM GRUPA SPÓŁKA AKCYJNA (ATG.WA) stock was 3.54 PLN (−0.56% on the day), with market capitalisation 299.3 m PLN, P/E 11.1 on diluted EPS of 0.32 PLN over the last 12 months, dividend yield 7.34%, beta 0.29, 52-week range 3.48–4.29 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)
- 44.8
- weak (30–45)
- Bollinger (20, 2)
- 3.52 – 3.60
- in the lower half of the band · %B 0.24 · band width 2.3%
- SMA 50 / 200
- 3.60 / 3.80
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- 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 | +1.1% | +0.4% | +0.8 pp | — |
| 3 months | −3.3% | −3.3% | −0.0 pp | — |
| 6 months | −14.5% | +4.0% | −18.5 pp | — |
| Year to date | −9.2% | +8.1% | −17.3 pp | — |
| 1 year | −10.8% | +10.7% | −21.5 pp | +7.5% |
| 3 years | +2.6% | +50.1% | −47.5 pp | +4.2% |
| 5 years | −18.8% | +43.6% | −62.4 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 67 percentile of its own 3-quarter history (min 6.9, median 11.1, max 15.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 223.9 m | 299.9 m | 234.0 m |
| Revenue YoY | unavailable | +34.0% | −22.0% |
| Net income | 24.6 m | 43.8 m | 27.1 m |
| Net income YoY | unavailable | +78.4% | −38.3% |
| Diluted EPS | 0.29 | 0.52 | 0.32 |
| Diluted EPS YoY | unavailable | +79.3% | −38.5% |
| net % | 11.0% | 14.6% | 11.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 18.9 m PLN
- Financial debt
- 4.0 m PLN
- Net debt
- -15.0 m PLN
- Equity
- 307.0 m PLN
- Total assets
- 385.9 m PLN
- Debt / equity
- 0.01x
- Current ratio
- 3.27x
- ROE
- 8.9%
- ROA
- 7.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 223.9 m | 299.9 m | 234.0 m | esef· 01 May 2024verified |
| Cost of revenue | 178.9 m | 239.9 m | 185.5 m | esef· 01 May 2024verified |
| Gross profit | 45.0 m | 60.0 m | 50.0 m | esef· 01 May 2024verified |
| Operating income | 26.8 m | 46.2 m | 36.8 m | esef· 01 May 2024verified |
| Interest expense | 809.0 k | 2.8 m | 3.1 m | esef· 01 May 2024verified |
| Pre-tax income | 31.7 m | 52.4 m | 37.0 m | esef· 01 May 2024verified |
| Income tax | 6.5 m | 7.8 m | 8.9 m | esef· 01 May 2024verified |
| Net income | 24.6 m | 43.8 m | 27.1 m | esef· 01 May 2024verified |
| Diluted EPS | 0.29 | 0.52 | 0.32 | esef· 01 May 2024verified |
| Dividend per share | 0.15 | 0.20 | 0.26 | esef· 01 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 33.3 m | 43.9 m | 18.9 m | esef· 01 May 2024verified |
| Inventories | 67.1 m | 32.2 m | 17.1 m | esef· 01 May 2024verified |
| Current assets | 160.9 m | 133.1 m | 127.6 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 155.4 m | 175.9 m | 167.8 m | esef· 01 May 2024verified |
| Goodwill | 201.0 k | 201.0 k | 201.0 k | esef· 01 May 2024verified |
| Total assets | 376.6 m | 391.4 m | 385.9 m | esef· 01 May 2024verified |
| Long-term debt | 8.3 m | 1.7 m | 4.0 m | esef· 01 May 2024verified |
| Current liabilities | 55.6 m | 50.9 m | 39.0 m | esef· 01 May 2024verified |
| Total liabilities | 95.9 m | 90.0 m | 78.9 m | esef· 01 May 2024verified |
| Equity | 280.8 m | 301.4 m | 307.0 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 84.7 m | 84.3 m | 84.6 m | esef· 01 May 2024derived |
Cash flow · PLN
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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 299.3 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · 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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.1% | 29 (vs peers) | 24% |
| Net margin · Quality | 11.6% | 74 (vs peers) | 14% |
| 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 | 11.9x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 11.1x | 58 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 7.6% | 100 (on a fixed band) | 14% |
| 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
- Quality46/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial58/100 · 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
"ATM GRUPA SPÓŁKA AKCYJNA" (ATG.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 234.0 m PLN in 2023; YoY growth -22.0%; net margin 11.6%; ROE 8.9%.
The estimated value range is 2.29–4.75 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 3.35 PLN, the price of 3.54 PLN leaves a potential of -5.4% (value / price − 1) and a margin of safety of -5.7% (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 (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.6%
- Interest coverage: 11.9x
- Current ratio: 3.3x
- Shareholder yield (distributions): 7.6%
What contradicts it
- ROIC: 10.1%
Not assessed (insufficient data or a ratio without meaning): 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 ATG.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 | 1.89 Total return -41% · Per year -41% | 3.36 Total return 2% · Per year 2% | 5.09 Total return 52% · Per year 52% |
| 3 years | 1.50 Total return -43% · Per year -17% | 3.04 Total return 6% · Per year 2% | 5.09 Total return 69% · Per year 19% |
| 5 years | 1.19 Total return -45% · Per year -11% | 2.74 Total return 9% · Per year 2% | 5.09 Total return 86% · Per year 13% |
- Exit P/E± 0.76
- Net margin± 0.53
- Annual revenue growth± 0.48
- Annual dilution± 0.04
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
ATM Grupa is a Polish group in television and media production and services, with a solid balance sheet at the end of 2023. Its capital structure remained close to net-debt-neutral, making the sector's transition relevant to analyse. 1
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Credit risk on clientsmedium
Main clients are television broadcasters, and a deterioration in their finances could generate losses on trade receivables. 1
- Liquidity riskmedium
Short-term contractual obligations, including leases, could strain liquidity if collections are delayed. 1
- Interest rate risklow
Short-term deposits at fixed rates and bank loans are exposed to interest rate changes, according to the sensitivity analysis. 1
- Effects of the Ukraine conflictmedium
Indirect war effects on the Polish economy could reduce demand and raise operating costs. 1
- Indirect climate risklow
Decarbonisation policies in the energy sector may influence group costs, although the direct impact is considered limited. 1
Investment thesis
What would need to be true (bull case)
What to watch
- Development of revenue from the main television clients2024
- Level of energy and wage costs2024
- Trend in net debt and lease obligationsnext 10-K
- Effect of photovoltaic and hybrid fleet investment on costs2025
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
Grupa Kapitałowa ATM Grupa S.A. operates mainly in Poland and counts television broadcasters, called nadawcy telewizyjni, among its key customers for its products. 1
The group holds stakes in several companies, including ATM Living AB, whose functional currency is the Swedish krona, while its consolidated financial statements are presented in PLN under IFRS as adopted by the EU. 1
Its assets include a studio-film complex in Warsaw and a broadcast truck, financed partly by bank loans and finance leases, which explains part of its long-term obligations. 1
Segments
Production and television broadcasts
The main segment is based on production and broadcasts for television, using a modern broadcast truck acquired with a bank loan. 1
Studios and media infrastructure
The group built a studio-film complex in Warsaw used for production, and its value falls under real estate measured at fair value. 1
Market context
The core market is Poland, where most transactions are in złoty, and exposure to exchange rates is described as insignificant in the 2023 annual report. 1
Demand depends on television advertising and production budgets, and the 2023 macroeconomic context, marked by price rises and uncertainty, could affect client investment. 1
Trends
- Cost pressure and inflationheadwind
Rising energy, fuel and wage costs could reduce profitability if revenues do not grow in parallel, according to the annual report assessment. 1
- Digitalisation of broadcaststailwind
A shift towards digital broadcasts and productions could support demand for modern equipment and services, linked to recent investment in the broadcast truck. 1
- Greening of operationsmixed
The group invests in photovoltaic installations and hybrid vehicles, which lowers energy costs but requires short-term capital spending. 1
- Effects of the war in Ukraineheadwind
The conflict indirectly affects the Polish economy through energy prices and the złoty exchange rate, which could weigh on client spending on durable goods. 1
Competitive position
The supplied sources do not explicitly name the group's competitors, so a competitive analysis cannot be completed from official documents alone. 1
Positioning depends on relationships with television broadcasters and on maintaining production infrastructure, factors that determine how competitive the group can remain. 1
- Competitors not named in the source
The annual report does not name competitors; identifying them would require additional sources.
- Television broadcaster clients
Broadcasters are the main customers rather than direct competitors, but they shape demand and contract terms.
- Mobile broadcast equipment suppliers
The source gives no details on such suppliers, so they cannot be compared from the document.
- Media service companies in Poland
Mentioned only generically; without data from the source the comparison remains limited.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / ATM GRUPA SPÓŁKA AKCYJNA · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.