olivLaw · European equity research
Cognor Holding S.A. COG.WA
Poland · GPW Warszawa · ISIN PLCNTSL00014 · Vertical: Listed companies from Poland
At the close of 06 Nov 2026, Cognor Holding S.A. (COG.WA) stock was 4.50 PLN (−4.05% on the day), with market capitalisation 769.9 m PLN, P/E 3.7 on diluted EPS of 1.22 PLN over the last 12 months, dividend yield 27.11%, beta 0.63, 52-week range 4.45–7.08 PLN.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 23.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 4.55 – 5.40
- below the lower band · %B -0.05 · band width 17.2%
- SMA 50 / 200
- 5.34 / 5.52
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.22 / -0.19
- 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 | −16.7% | −0.6% | −16.0 pp | — |
| 3 months | −30.1% | −4.2% | −26.0 pp | — |
| 6 months | −11.2% | +4.3% | −15.6 pp | — |
| Year to date | −12.1% | +7.5% | −19.6 pp | — |
| 1 year | −32.6% | +9.9% | −42.5 pp | +5.9% |
| 3 years | −43.2% | +49.8% | −93.0 pp | +1.8% |
| 5 years | +12.9% | +42.8% | −29.9 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 50 percentile of its own 4-quarter history (min 1.3, median 4.4, max 9.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenue | 1.7 bn | 2.8 bn | 3.7 bn | 2.7 bn |
| Revenue YoY | unavailable | +62.2% | +30.4% | −25.8% |
| Net income | 32.7 m | 342.8 m | 577.9 m | 229.3 m |
| Net income YoY | unavailable | +949.0% | +68.6% | −60.3% |
| Diluted EPS | 0.19 | 2.00 | 3.37 | 1.22 |
| Diluted EPS YoY | unavailable | +952.6% | +68.5% | −63.8% |
| net % | 1.9% | 12.2% | 15.8% | 8.4% |
| Free cash flow | 150.0 m | 21.0 m | 281.5 m | -93.6 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 144.3 m PLN
- Financial debt
- 286.2 m PLN
- Net debt
- 141.9 m PLN
- Equity
- 1.2 bn PLN
- Total assets
- 2.3 bn PLN
- Debt / equity
- 0.23x
- Current ratio
- 1.76x
- ROE
- 18.6%
- ROA
- 10.5%
- FCF margin
- -3.4%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.7 bn | 2.8 bn | 3.7 bn | 2.7 bn | esef· 01 May 2024verified |
| Cost of revenue | 1.6 bn | 2.2 bn | 2.8 bn | 2.4 bn | esef· 01 May 2024verified |
| Gross profit | 158.9 m | 588.9 m | 894.3 m | 280.2 m | esef· 01 May 2024verified |
| Operating income | 66.5 m | 467.8 m | 722.7 m | 203.3 m | esef· 01 May 2024verified |
| Interest expense | 34.3 m | 39.8 m | 43.4 m | 61.4 m | esef· 01 May 2024verified |
| Pre-tax income | 32.3 m | 452.6 m | 728.7 m | 265.0 m | esef· 01 May 2024verified |
| Income tax | -1.3 m | 89.1 m | 118.3 m | 29.2 m | esef· 01 May 2024verified |
| Net income | 32.7 m | 342.8 m | 577.9 m | 229.3 m | esef· 01 May 2024verified |
| Diluted EPS | 0.19 | 2.00 | 3.37 | 1.22 | esef· 01 May 2024verified |
| Dividend per share | — | 0.15 | 0.15 | 1.22 | esef· 01 May 2024verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 100.6 m | 107.8 m | 335.8 m | 144.3 m | esef· 01 May 2024verified |
| Receivables | 141.7 m | 398.1 m | 427.8 m | 403.9 m | esef· 01 May 2024verified |
| Inventories | 274.1 m | 425.8 m | 549.1 m | 523.9 m | esef· 01 May 2024verified |
| Current assets | 516.7 m | 940.7 m | 1.3 bn | 1.1 bn | esef· 01 May 2024verified |
| Property, plant & equipment, net | 429.8 m | 493.2 m | 647.4 m | 1.1 bn | esef· 01 May 2024verified |
| Total assets | 1.0 bn | 1.5 bn | 2.1 bn | 2.3 bn | esef· 01 May 2024verified |
| Long-term debt | 125.4 m | 157.9 m | 235.0 m | 286.2 m | esef· 01 May 2024verified |
| Current liabilities | 479.7 m | 591.7 m | 508.5 m | 620.4 m | esef· 01 May 2024verified |
| Total liabilities | 724.2 m | 861.3 m | 854.6 m | 1.0 bn | esef· 01 May 2024verified |
| Equity | 307.0 m | 643.9 m | 1.2 bn | 1.2 bn | esef· 01 May 2024verified |
| Shares outstanding at year end | 125.7 m | 167.2 m | 171.5 m | 171.1 m | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 206.1 m | 120.0 m | 486.4 m | 294.5 m | esef· 01 May 2024verified |
| Capex | 56.1 m | 99.0 m | 205.0 m | 388.1 m | esef· 01 May 2024verified |
| Free cash flow | 150.0 m ≈ | 21.0 m ≈ | 281.5 m ≈ | -93.6 m ≈ | esef· 01 May 2024derived |
| Investing cash flow | -57.1 m | -92.1 m | -235.8 m | -359.1 m | esef· 01 May 2024verified |
| Financing cash flow | -127.4 m | -37.8 m | -5.5 m | -124.3 m | esef· 01 May 2024verified |
| Dividends paid | — | 25.7 m | 25.7 m | 209.2 m | esef· 01 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 769.9 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality38
- Growth100
- Balance sheet49
- Returns100
- Valuation47
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
Neutral profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.4% | 40 (vs peers) | 14% |
| Net margin · Quality | 8.4% | 72 (vs peers) | 8% |
| FCF conversion · Quality | -40.8% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 16.2% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 85.9% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.3x | 28 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.8x | 80 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 3.7x | 84 (vs peers) | 14% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -12.2% | 0 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 27.2% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet49/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality38/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation47/100 · 2/3 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
COGNOR HOLDING S.A. (COG.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 2.7 bn PLN in 2023; YoY growth -25.8%; net margin 8.4%; ROE 19.8%.
The estimated value range is 9.59–18.01 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 12.85 PLN, the price of 4.50 PLN leaves a potential of 185.5% (value / price − 1) and a margin of safety of 65.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.4%
- Revenue CAGR 3Y: 16.2%
- EPS CAGR 3Y: 85.9%
- Current ratio: 1.8x
- P/E (TTM): 3.7x
- Shareholder yield (distributions): 27.2%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -40.8%
- Interest coverage: 3.3x
- FCF yield: -12.2%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA, 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. | 19.0 bn | 37.8 | 7.8% | 2.9% | +19.8% | +18% / +199% |
| BDX.WABudimex Spółka Akcyjna | 18.9 bn | 35.3 | 41.5% | 6.2% | +8.9% | +18% / +33% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.7 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.6 | 18.1% | 12.0% | +36.5% | +6% / +50% |
| 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% | −15% / −26% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +88% |
| ACT.WAAction S.A. | 999.4 m | 27.2 | 8.3% | 1.5% | +6.1% | +71% / +171% |
| BRS.WABoryszew Spółka Akcyjna | 874.1 m | 8.2 | 6.3% | 1.6% | +8.4% | −25% / −28% |
| COG.WACognor Holding S.A. | 769.9 m | 3.7 | 19.8% | 8.4% | −25.8% | −17% / −45% |
| AGO.WAAgora Spółka Akcyjna | 588.0 m | — | -14.2% | -9.2% | +15.2% | +37% / +18% |
| AMB.WAAmbra S.A. | 462.9 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 344.7 m | 1.4 | 16.3% | 7.0% | −27.5% | −40% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 298.5 m | 11.0 | 8.9% | 11.6% | −22.0% | −11% / +2% |
| ART.WAArtifex Mundi S.A. | 229.7 m | 17.7 | 35.7% | 33.3% | +51.9% | +48% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 192.4 m | 9.4 | 11.4% | 13.8% | +21.8% | −2% / −22% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BMC.WABumech Spółka Akcyjna | 156.9 m | — | -3.4% | -3.9% | −40.0% | −36% / −49% |
| BBT.WABoomBit Spółka Akcyjna | 71.9 m | 4.5 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.6 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 36.3 m | 62.0 | 1.2% | 1.3% | −67.5% | −31% / −46% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.1 m | 0.5 | 115.4% | 964.7% | +13.0% | −29% / −43% |
| BCM.WABETACOM Spółka Akcyjna | 26.3 m | 17.3 | 8.0% | 0.9% | +21.3% | +6% / +2% |
| AWM.WAAirway Medix Spółka Akcyjna | 13.8 m | — | -25.8% | -117,400.0% | −97.7% | −26% / −45% |
1- and 3-year price returns: for COG.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 | 3.23 Total return -2% · Per year -2% | 5.68 Total return 61% · Per year 61% | 8.53 Total return 131% · Per year 131% |
| 3 years | 3.83 Total return 70% · Per year 19% | 7.52 Total return 186% · Per year 42% | 12.28 Total return 322% · Per year 62% |
| 5 years | 4.54 Total return 156% · Per year 21% | 9.94 Total return 352% · Per year 35% | 17.68 Total return 599% · Per year 48% |
- Exit P/E± 1.88
- Net margin± 1.32
- Annual revenue growth± 0.98
- Annual dilution± 0.11
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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 202202 May 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.