olivLaw · European equity research
Grupa Azoty Spółka Akcyjna ATT.WA
Poland · GPW Warszawa · ISIN PLZATRM00012 · Vertical: Listed companies from Poland
Grupa Azoty is a Polish chemical group with businesses in nitrogen fertilisers, polyamides, polymers and other chemicals, whose activity is closely tied to energy costs and exchange rates. The 2023 annual report shows substantial currency exposure and reliance on variable-rate bank debt, so market rates and exchange rates matter greatly for results. For context, the EUR/PLN closing rate at 31 December 2023 was 4.3480.
At the close of 03 Nov 2026, Grupa Azoty Spółka Akcyjna (ATT.WA) stock was 16.60 PLN (−0.90% on the day), with market capitalisation 1.6 bn PLN, dividend yield 0.80%, beta 0.54, 52-week range 15.74–24.92 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 25.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 16.17 – 20.28
- in the lower half of the band · %B 0.10 · band width 22.5%
- SMA 50 / 200
- 20.14 / 19.37
- mixed trend
- MACD (12, 26, 9)
- -0.86 / -0.77
- MACD below 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 | −11.7% | −1.0% | −10.7 pp | — |
| 3 months | −15.6% | −3.9% | −11.7 pp | — |
| 6 months | −24.8% | +7.2% | −31.9 pp | — |
| Year to date | −11.4% | +6.6% | −17.9 pp | — |
| 1 year | −10.9% | +9.1% | −20.0 pp | +6.5% |
| 3 years | −25.0% | +47.9% | −72.9 pp | +3.7% |
| 5 years | −47.7% | +43.3% | −91.0 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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 15.9 bn | 24.7 bn | 13.5 bn |
| Revenue YoY | unavailable | +55.1% | −45.1% |
| Net income | 581.8 m | 620.1 m | -2.8 bn |
| Net income YoY | unavailable | +6.6% | −555.1% |
| Diluted EPS | 5.87 | 6.25 | -28.45 |
| Diluted EPS YoY | unavailable | +6.5% | −555.2% |
| net % | 3.7% | 2.5% | -20.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 1.0 bn PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 6.5 bn PLN
- Total assets
- 24.3 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 0.47x
- ROE
- -34.4%
- ROA
- -11.3%
- 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 | 15.9 bn | 24.7 bn | 13.5 bn | esef· 08 May 2024verified |
| Cost of revenue | 12.8 bn | 20.7 bn | 13.8 bn | esef· 08 May 2024verified |
| Gross profit | 3.1 bn | 3.9 bn | -288.7 m | esef· 08 May 2024verified |
| Operating income | 876.5 m | 865.6 m | -3.6 bn | esef· 08 May 2024verified |
| Interest expense | 220.7 m | 331.1 m | 374.1 m | esef· 08 May 2024verified |
| Pre-tax income | 733.9 m | 688.7 m | -3.6 bn | esef· 08 May 2024verified |
| Income tax | 100.2 m | 104.9 m | -292.8 m | esef· 08 May 2024verified |
| Net income | 581.8 m | 620.1 m | -2.8 bn | esef· 08 May 2024verified |
| Diluted EPS | 5.87 | 6.25 | -28.45 | esef· 08 May 2024verified |
| Dividend per share | 0.06 | 0.17 | 0.13 | esef· 08 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.4 bn | 1.4 bn | 1.0 bn | esef· 08 May 2024verified |
| Receivables | 2.5 bn | 2.0 bn | 1.4 bn | esef· 08 May 2024verified |
| Inventories | 2.3 bn | 3.4 bn | 2.5 bn | esef· 08 May 2024verified |
| Current assets | 8.7 bn | 8.9 bn | 7.0 bn | esef· 08 May 2024verified |
| Property, plant & equipment, net | 12.0 bn | 13.4 bn | 13.7 bn | esef· 08 May 2024verified |
| Goodwill | 319.9 m | 305.0 m | 282.8 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 998.6 m | 971.5 m | 892.3 m | esef· 08 May 2024verified |
| Total assets | 23.6 bn | 25.9 bn | 24.3 bn | esef· 08 May 2024verified |
| Current liabilities | 8.8 bn | 8.6 bn | 14.8 bn | esef· 08 May 2024verified |
| Total liabilities | 14.7 bn | 15.9 bn | 17.8 bn | esef· 08 May 2024verified |
| Equity | 8.9 bn | 10.0 bn | 6.5 bn | esef· 08 May 2024verified |
| Shares outstanding at year end | 99.1 m | 99.2 m | 99.2 m | esef· 08 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
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · 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: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -20.8% | 8 (vs peers) | 27% |
| 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 | -9.6x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.8% | 11 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partial11/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
GRUPA AZOTY SPÓŁKA AKCYJNA (ATT.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 13.5 bn PLN in 2023; YoY growth -45.1%; net margin -20.8%; ROE -37.9%.
The estimated value range is 1.30–1.61 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.44 PLN, the price of 16.60 PLN leaves a potential of -91.3% (value / price − 1) and a margin of safety of -1,051.2% (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: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -20.8%
- Interest coverage: -9.6x
- Current ratio: 0.5x
- Shareholder yield (distributions): 0.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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 | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.6 bn | 39.0 | 7.8% | 2.9% | +19.8% | +22% / +210% |
| BDX.WABudimex Spółka Akcyjna | 18.8 bn | 35.1 | 41.5% | 6.2% | +8.9% | +18% / +32% |
| BFT.WABenefit Systems Spółka Akcyjna | 17.3 bn | 125.3 | 20.8% | 7.2% | +99.9% | +67% / +207% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.1 | 17.0% | 3.9% | +18.0% | +85% / +79% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 4.0 bn | 21.2 | 18.1% | 12.0% | +36.5% | +15% / +62% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −12% / −23% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 11.4 | 15.9% | 22.1% | −21.6% | +7% / +78% |
| ACT.WAAction S.A. | 991.6 m | 27.0 | 8.3% | 1.5% | +6.1% | +69% / +169% |
| BRS.WABoryszew Spółka Akcyjna | 880.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −25% / −27% |
| AGO.WAAgora Spółka Akcyjna | 574.0 m | — | -14.2% | -9.2% | +15.2% | +34% / +15% |
| AMB.WAAmbra S.A. | 463.4 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 380.0 m | 1.5 | 16.3% | 7.0% | −27.5% | −34% / −73% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 301.9 m | 11.2 | 8.9% | 11.6% | −22.0% | −10% / +3% |
| ART.WAArtifex Mundi S.A. | 228.3 m | 17.6 | 35.7% | 33.3% | +51.9% | +47% / +13% |
| APN.WAAPLISENS Spółka Akcyjna | 196.8 m | 9.6 | 11.4% | 13.8% | +21.8% | +0% / −20% |
| BMC.WABumech Spółka Akcyjna | 158.9 m | — | -3.4% | -3.9% | −40.0% | −35% / −48% |
| ALI.WAALTUS Spolka Akcyjna | 156.8 m | 17.1 | 7.9% | 16.9% | +30.3% | +37% / +51% |
| BBT.WABoomBit Spółka Akcyjna | 72.4 m | 4.6 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 52.1 m | 1.0 | 36.0% | 208.3% | +50.2% | −3% / +5% |
| BMX.WABioMaxima Spółka Akcyjna | 38.9 m | 66.4 | 1.2% | 1.3% | −67.5% | −26% / −42% |
| ALG.WAAll in! Games Spółka Akcyjna | 38.1 m | — | — | -156.9% | −72.2% | −30% / −58% |
| 06N.WAMagna Polonia Spółka Akcyjna | 32.5 m | 0.5 | 115.4% | 964.7% | +13.0% | −25% / −40% |
| BCM.WABETACOM Spółka Akcyjna | 26.2 m | 17.2 | 8.0% | 0.9% | +21.3% | +5% / +2% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.4 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −42% |
1- and 3-year price returns: for ATT.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Grupa Azoty is a Polish chemical group with businesses in nitrogen fertilisers, polyamides, polymers and other chemicals, whose activity is closely tied to energy costs and exchange rates. The 2023 annual report shows substantial currency exposure and reliance on variable-rate bank debt, so market rates and exchange rates matter greatly for results. For context, the EUR/PLN closing rate at 31 December 2023 was 4.3480 1.
SWOT
Strengths
- The group has an integrated chemical production structure and a currency hedging policy well documented in the report.
- ICIS-linked contracts partly mitigate raw-material price risk for the polyamide chain.
- The group has access to bank financing from several sources, including loans for major projects.
Weaknesses
- Variable-rate debt is far larger than variable-rate financial assets.
- Currency exposure is considerable, and part of the loans are denominated in EUR and USD.
- Frequent changes in the Supervisory Board and committees may point to governance instability.
Opportunities
- If finished product prices rise, the group could benefit from a stronger export effect.
- Growth in polymer projects could diversify revenues away from nitrogen fertilisers.
- Lower interest rates could reduce the cost of variable-rate debt.
Threats
- A rise in gas prices could compress margins for nitrogen producers.
- If the złoty strengthens significantly, exports could become less competitive.
- Higher market rates could raise financing costs and pressure cash flows.
Risks
- Currency riskhigh
Roughly two-thirds of revenues and costs are in foreign currencies, and a 5% exchange-rate move could affect profit by hundreds of millions of PLN 1.
- Interest-rate riskhigh
Variable-rate debt is large, and a rise in rates could materially affect financing costs 1.
- Energy price riskmedium
Natural gas costs are a significant component of production, and fluctuations could affect margins.
- Governance riskmedium
Frequent changes on the Supervisory Board and committees could affect strategic continuity.
- Project refinancing risklow
Loans for the Polimery Police project have long maturities, but their cost depends on market conditions.
Investment thesis
What would need to be true (bull case)
- If nitrogen and polymer prices stay favourable, margins could recover, and currency hedging could limit negative effects.
- Diversification into polymers could reduce dependence on the fertiliser cycle.
- Support from the majority shareholder, the State, could ease access to long-term financing.
What would break the thesis
- Large variable-rate debt could become a serious pressure if rates remain high.
- Currency exposure could generate significant losses if the złoty moves adversely.
- Instability on the Supervisory Board could delay important strategic decisions.
What to watch
- Movement of EUR/PLN and USD/PLN and effect on balance-sheet exposure2024
- Cost of variable-rate debt and any changes in financing conditions2024
- Stability of the Supervisory Board and committee compositionnext annual report
- Application of the IAS 7 amendment on supplier finance arrangements2024
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 Azoty is a capital group based in Poland whose activities include production of nitrogen fertilisers, chemicals and polymer materials, according to the 2023 consolidated report 1. The parent is a state company controlled by the Ministry of State Assets, and the Supervisory Board and committees changed often in 2023 and early 2024 1. The group operates largely in PLN, but most revenues and costs are linked to the euro and the US dollar 1.
The group structure includes the Grupa Azoty POLYOLEFINS project, financed by EUR and USD loans, for which the company entered IRS and forward FX contracts 1. These instruments fix interest costs and limit the effect of exchange rates on planned spending 1. The group does not systematically hedge interest-rate risk, and part of its loans were contracted at fixed rates for diversification 1.
The group's hedging policy combines natural hedging, currency loans, factoring and forward contracts, with up to roughly 80% of residual currency exposure covered 1. The group applied IFRS 9 for hedge accounting from 1 January 2023 and is analysing the impact of new standards such as the amendment to IAS 7 on supplier finance arrangements 1.
Segments
Fertilisers and nitrogen products
The fertiliser segment is most exposed to natural gas and ammonia prices, but the source extract does not give detailed segment sales figures 1.
Polyamides and polymers
The phenol, benzene, caprolactam and polyamide chain is contractually linked to ICIS indices, which partly mitigates raw-material price risk 1. The Polimery Police project is largely financed through EUR and USD loans 1.
Other chemicals
The group also includes other chemical activities, but the annual report extract does not detail their revenues or profitability 1.
Market context
The market the group serves depends on gas prices, demand from agriculture and the chemical industry, and exchange rates, factors the annual report mentions 1. The group notes that a stronger złoty has a negative effect on exports and a weaker one a positive effect, but most effects are offset by import costs 1.
Interest-rate exposure is significant: variable-rate debt linked to WIBOR, EURIBOR and LIBOR/SOFR far exceeds variable-rate financial assets, and a 100 basis-point move would have a considerable effect on results 1.
Trends
- Rising currency exposureheadwind
EUR and USD loans for the Polimery Police project increased balance-sheet exposure to exchange rates, which could amplify the effect of an adverse currency move 1.
- Hedging of currency risktailwind
The group hedges a large part of residual exposure through forwards and currency loans, which could limit volatility if markets remain stable 1.
- Variable interest ratesheadwind
Variable-rate debt predominates, and the path of market rates could raise financing costs if rate levels stay high 1.
- New accounting standardsmixed
Applying IFRS 9 for hedge accounting and analysing amendments to IAS 7 on supplier finance could change how debt and cash flows are presented 1.
Competitive position
The annual report extract does not identify direct competitors of the group. Based on the text, relevant comparisons would be with European and global producers of nitrogen products and polymers, but these names do not appear in the extract provided 1.
Competitive position depends on energy costs and access to financing on good terms, themes that appear in the report through gas and variable-rate interest exposure 1.
- European nitrogen fertiliser producers
Not identified in the source; comparison would be relevant given similar energy cost exposure.
- Global polyamide producers
Not identified in the source; could compete in the polymers segment.
- Caprolactam and phenol producers
Not identified in the source; relevant to the production chain described in the report.
- Other Central European chemical groups
Not identified in the source; could face similar energy and currency exposure.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202204 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Grupa Azoty 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.