olivLaw · European equity research
Inter Cars Spółka Akcyjna CAR.WA
Poland · GPW Warszawa · ISIN PLINTCS00010 · Vertical: Listed companies from Poland
Inter Cars is a Polish distributor of automotive parts serving professional customers in Poland and abroad through an extensive network of branches and warehouses. In fiscal 2023 it reported revenue above 18 billion zloty, but net profit fell from the prior year, making margins and financing worth examining.
At the close of 05 Nov 2026, Inter Cars Spółka Akcyjna (CAR.WA) stock was 1,046.00 PLN (−4.21% on the day), with market capitalisation 14.8 bn PLN, P/E 21.2 on diluted EPS of 49.43 PLN over the last 12 months, dividend yield 0.07%, beta 0.37, 52-week range 526.00–1,092.00 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)
- 57.5
- strong (55–70)
- Bollinger (20, 2)
- 971.96 – 1,080.34
- in the upper half of the band · %B 0.68 · band width 10.6%
- SMA 50 / 200
- 974.72 / 816.94
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 26.73 / 25.04
- 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 | +12.1% | +0.4% | +11.7 pp | — |
| 3 months | +9.0% | −3.3% | +12.2 pp | — |
| 6 months | +35.8% | +4.0% | +31.9 pp | — |
| Year to date | +86.5% | +8.1% | +78.4 pp | — |
| 1 year | +91.2% | +10.7% | +80.5 pp | +7.1% |
| 3 years | +88.5% | +50.1% | +38.4 pp | +3.3% |
| 5 years | +131.9% | +43.6% | +88.3 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 8.8, median 9.6, max 12.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 12.2 bn | 15.3 bn | 18.0 bn |
| Revenue YoY | unavailable | +24.9% | +18.0% |
| Net income | 699.6 m | 745.7 m | 700.3 m |
| Net income YoY | unavailable | +6.6% | −6.1% |
| Diluted EPS | 49.38 | 52.63 | 49.43 |
| Diluted EPS YoY | unavailable | +6.6% | −6.1% |
| net % | 5.7% | 4.9% | 3.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 367.9 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 4.4 bn PLN
- Total assets
- 9.3 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 2.40x
- ROE
- 17.0%
- ROA
- 8.1%
- 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 | 12.2 bn | 15.3 bn | 18.0 bn | esef· 01 May 2024verified |
| Cost of revenue | 8.5 bn | 10.6 bn | 12.8 bn | esef· 01 May 2024verified |
| Gross profit | 3.8 bn | 4.7 bn | 5.3 bn | esef· 01 May 2024verified |
| Operating income | 908.7 m | 1.0 bn | 1.0 bn | esef· 01 May 2024verified |
| Interest expense | 48.3 m | 142.5 m | 184.9 m | esef· 01 May 2024verified |
| Pre-tax income | 877.2 m | 925.8 m | 869.2 m | esef· 01 May 2024verified |
| Income tax | 177.7 m | 180.1 m | 168.9 m | esef· 01 May 2024verified |
| Net income | 699.6 m | 745.7 m | 700.3 m | esef· 01 May 2024verified |
| Diluted EPS | 49.38 | 52.63 | 49.43 | esef· 01 May 2024verified |
| Weighted average diluted shares | — | 14.2 m | 14.2 m | esef· 01 May 2024verified |
| Dividend per share | 1.42 | 1.42 | 0.71 | esef· 01 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 240.7 m | 357.2 m | 367.9 m | esef· 01 May 2024verified |
| Receivables | 1.7 bn | 2.0 bn | 2.7 bn | esef· 01 May 2024verified |
| Inventories | 3.1 bn | 4.1 bn | 4.4 bn | esef· 01 May 2024verified |
| Current assets | 5.1 bn | 6.6 bn | 7.6 bn | esef· 01 May 2024verified |
| Property, plant & equipment, net | 473.2 m | 545.3 m | 780.4 m | esef· 01 May 2024verified |
| Total assets | 6.3 bn | 8.0 bn | 9.3 bn | esef· 01 May 2024verified |
| Current liabilities | 2.1 bn | 2.8 bn | 3.1 bn | esef· 01 May 2024verified |
| Equity | 3.1 bn | 3.8 bn | 4.4 bn | esef· 01 May 2024verified |
| Shares outstanding at year end | 14.2 m | 14.2 m | 14.2 m | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 33.8 m | -98.4 m | 486.7 m | esef· 01 May 2024verified |
| Investing cash flow | -82.3 m | -165.7 m | -351.9 m | esef· 01 May 2024verified |
| Financing cash flow | 55.3 m | 380.5 m | -124.0 m | esef· 01 May 2024verified |
| Dividends paid | 20.1 m | 20.1 m | 10.1 m | esef· 01 May 2024verified |
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: 14.8 bn 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 | 3.9% | 54 (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 | 5.6x | 63 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 21.2x | 26 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (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 sheet78/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial54/100 · 1/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial26/100 · 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
Inter Cars Spółka Akcyjna (CAR.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 18.0 bn PLN in 2023; YoY growth 18.0%; net margin 3.9%; ROE 17.0%.
The estimated value range is 314.98–869.29 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 546.82 PLN, the price of 1,046.00 PLN leaves a potential of -47.7% (value / price − 1) and a margin of safety of -91.3% (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
- Current ratio: 2.4x
What contradicts it
- P/E (TTM): 21.2x
- Shareholder yield (distributions): 0.1%
- 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, 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 CAR.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 | 683.52 Total return -35% · Per year -35% | 1,202.90 Total return 15% · Per year 15% | 1,804.35 Total return 73% · Per year 73% |
| 3 years | 810.77 Total return -22% · Per year -8% | 1,590.84 Total return 52% · Per year 15% | 2,598.26 Total return 149% · Per year 35% |
| 5 years | 961.70 Total return -8% · Per year -2% | 2,103.88 Total return 102% · Per year 15% | 3,741.50 Total return 258% · Per year 29% |
- Exit P/E± 397.71
- Net margin± 278.40
- Annual revenue growth± 207.63
- Annual dilution± 23.39
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
Inter Cars is a Polish distributor of automotive parts serving professional customers in Poland and abroad through an extensive network of branches and warehouses. In fiscal 2023 it reported revenue above 18 billion zloty, but net profit fell from the prior year, making margins and financing worth examining 1.
SWOT
Strengths
- Extensive network of branches and warehouses supporting fast access to parts for professional customers.
- Solid equity and a high level of current assets relative to short-term liabilities.
- Geographic diversification of sales, with a significant share generated outside the home country.
Weaknesses
- Significant financial debt at variable interest, exposed to rising reference rates.
- Net profit fell in 2023 against the prior year while operating expenses increased.
- High foreign-currency exposure through trade payables denominated in euro and other currencies.
Opportunities
- Development of the regenerated and used parts market could open new customer segments.
- Introducing electric vehicles could diversify revenue sources.
- Expansion in markets with an ageing car park could support demand for maintenance parts.
Threats
- The war in Ukraine, cited by management, may affect regional operations and supply chains.
- Physical climate risks such as floods and droughts can disrupt infrastructure and logistics.
- Competition from online platforms and direct-selling suppliers may pressure margins.
Risks
- Interest rate riskhigh
Variable-rate debt exposes the company to higher financing costs, which could reduce net profit.
- Currency riskmedium
Trade payables in euro and other currencies could generate losses if exchange rates move unfavourably.
- Geopolitical riskhigh
The conflict in Ukraine is cited as a factor that could affect the group's future results.
- Supply chain riskmedium
Logistical or stock disruptions could affect the availability of parts for customers.
- Climate risklow
Extreme weather events could damage infrastructure and interrupt activity in warehouses.
Investment thesis
What would need to be true (bull case)
- If the branch network keeps growing and sales stay strong, the company could maintain its position as a reference distributor for workshops.
- Development of regenerated parts and electric vehicles could open new revenue sources.
- Solid equity and high current assets provide a safety margin against financing shocks.
What would break the thesis
- If interest rates stay high, financing costs could keep compressing net profit.
- Currency exposure and regional geopolitical risk could weigh on results.
- Competition from online platforms could pressure margins and sales volume.
What to watch
- Trend in net profit and financing costsQ1 2027
- Level of variable-rate debt and leverage ratio2027
- Impact of the Ukraine conflict on regional operationsnext 10-K
- Development of regenerated parts and electric vehicle sales2027
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
Inter Cars Spółka Akcyjna distributes automotive parts and accessories through its own network of branches and warehouses to workshops, service centres and other professional customers. Sales revenue reached 18030,309 million zloty in 2023, against 15285,101 million in 2022 1. Net profit was 700,297 million zloty, compared with 745,698 million the year before, and equity stood at 4437,468 million zloty 1. The company finances its activity through a bank consortium and bonds, and most of its financial debt carries variable interest 1.
Cost structure is dominated by the cost of goods sold, and selling and administrative expenses rose in 2023, which compressed operating profit compared with the prior year 1. The company notes that a significant part of its trade payables is denominated in foreign currency, mainly euro, which exposes results to exchange-rate movements 1.
Management revised the sustainability strategy in September 2023, focusing on regenerated and used parts, sales of electric vehicles and responsible waste management 1. The report lists no events after the balance sheet date but identifies the war in Ukraine as a factor with potential impact on future results 1.
Segments
Automotive parts distribution
The main segment is wholesale and retail distribution of automotive parts to professional customers, which generates the group's entire sales volume of above 18000 million zloty in 2023 1.
Market context
The automotive parts market in Central and Eastern Europe is fragmented, with regional distributors, store chains and online suppliers. Inter Cars positions itself as a distributor for independent workshops, and its market share depends on branch network density and stock availability, as its activity structure shows 1.
Sales volume is linked to the car parpark in circulation and its age, factors that support demand for maintenance and repair parts. The source document provides no external market data, so conclusions about sector dynamics remain limited to the company's own information 1.
Trends
- Regenerated and used partstailwind
The company is following the development of the regenerated and used parts market, which could open new customer segments and support long-term revenue 1.
- Electric vehiclesmixed
Introducing electric vehicles into the offer could diversify sales, but it requires adapting stock and technical skills, which may also add costs 1.
- Financing cost pressureheadwind
Financing costs rose in 2023 and variable-rate debt exposes the company to higher rates, which could reduce profitability if interest levels stay high 1.
- Climate and logistics riskheadwind
Management identifies physical risks such as floods and droughts that could affect infrastructure and supply chains, along with transition risks linked to regulation and technology change 1.
Competitive position
Inter Cars competes with other automotive parts distributors in Central and Eastern Europe that serve the same independent workshops and service networks. The company's stated advantage lies in its extensive branch network and access to professional customers in several countries 1.
Competitive pressure may also come from online platforms and suppliers selling directly to service centres. The source does not name competitors, so comparative analysis stays within the limits of the company's own report 1.
- Regional automotive parts distributors
Local or regional companies serving the same independent workshops; the source does not name them.
- Automotive parts store chains
Retail networks competing for workshop and private customers.
- Online automotive parts platforms
Online sellers that can compete on price and direct customer access.
- Manufacturers and suppliers selling direct
Suppliers that can bypass distribution and sell straight to service centres or networks.
News & filings
In the press
- Afacerile distribuitorului de piese şi accesorii auto Inter Cars România au crescut cu 15,4% în 2025, ajungând la peste 2,2 mld. leiZiarul Financiar · 25 May 2026 · RO
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 / Inter Cars 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.