olivLaw · European equity research
Decora Spółka Akcyjna DCR.WA
Poland · GPW Warszawa · ISIN PLDECOR00013 · Vertical: Listed companies from Poland
The Decora group produces and distributes SPC vinyl flooring with a mineral core, flooring accessories and interior finishing products, and is one of few European companies supplying flooring, underlays, skirting and profiles from its own production. In 2023 the group generated operating cash flow of 113011 thousand PLN, while investment in fixed assets was 44247 thousand PLN, a sign of investment capacity in a weaker cycle. If these trends persist, margin developments and residential renovation demand will be decisive for the company's outlook.
At the close of 05 Nov 2026, Decora Spółka Akcyjna (DCR.WA) stock was 75.70 PLN (−0.13% on the day), with beta 0.34, 52-week range 68.60–91.00 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)
- 31.3
- weak (30–45)
- Bollinger (20, 2)
- 72.71 – 95.05
- in the lower half of the band · %B 0.13 · band width 26.6%
- SMA 50 / 200
- 84.33 / 77.08
- mixed trend
- MACD (12, 26, 9)
- -2.68 / -1.41
- 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 | −15.9% | −0.6% | −15.2 pp | — |
| 3 months | +2.0% | −4.2% | +6.2 pp | — |
| 6 months | +3.0% | +4.3% | −1.3 pp | — |
| Year to date | +1.7% | +7.5% | −5.8 pp | — |
| 1 year | +9.7% | +9.9% | −0.2 pp | +7.1% |
| 3 years | +61.8% | +49.8% | +11.9 pp | +3.3% |
| 5 years | +126.6% | +42.8% | +83.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 480.6 m | 545.7 m | 570.9 m |
| Revenue YoY | unavailable | +13.6% | +4.6% |
| Net income | 66.7 m | 40.6 m | 66.9 m |
| Net income YoY | unavailable | −39.2% | +65.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 13.9% | 7.4% | 11.7% |
| Free cash flow | -2.3 m | -53.4 m | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 29.7 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 301.5 m PLN
- Total assets
- 467.5 m PLN
- Debt / equity
- unavailable
- Current ratio
- 2.42x
- ROE
- 23.7%
- ROA
- 14.2%
- 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 | 480.6 m | 545.7 m | 570.9 m | esef· 07 May 2024verified |
| Cost of revenue | 296.2 m | 368.0 m | 361.3 m | esef· 07 May 2024verified |
| Gross profit | 184.4 m | 177.7 m | 209.6 m | esef· 07 May 2024verified |
| Operating income | 83.7 m | 55.0 m | 84.1 m | esef· 07 May 2024verified |
| Interest expense | 1.9 m | 6.2 m | 4.3 m | esef· 07 May 2024verified |
| Pre-tax income | 81.8 m | 48.8 m | 86.1 m | esef· 07 May 2024verified |
| Income tax | 15.1 m | 8.3 m | 19.1 m | esef· 07 May 2024verified |
| Net income | 66.7 m | 40.6 m | 66.9 m | esef· 07 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.4 m | 28.5 m | 29.7 m | esef· 07 May 2024verified |
| Receivables | 71.6 m | 72.9 m | — | esef· 17 May 2023verified |
| Inventories | 115.2 m | 117.0 m | 94.5 m | esef· 07 May 2024verified |
| Current assets | 206.3 m | 234.9 m | 208.1 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 106.7 m | 185.9 m | 211.1 m | esef· 07 May 2024verified |
| Goodwill | 33.8 m | 33.8 m | 33.8 m | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 350.0 k | 698.0 k | 378.0 k | esef· 07 May 2024verified |
| Total assets | 353.9 m | 472.1 m | 467.5 m | esef· 07 May 2024verified |
| Current liabilities | 105.1 m | 151.1 m | 85.9 m | esef· 07 May 2024verified |
| Total liabilities | 118.8 m | 209.9 m | 166.0 m | esef· 07 May 2024verified |
| Equity | 235.2 m | 262.2 m | 301.5 m | esef· 07 May 2024verified |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 43.2 m | 41.5 m | 113.0 m | esef· 07 May 2024verified |
| Capex | 45.5 m | 95.0 m | — | esef· 17 May 2023verified |
| Free cash flow | -2.3 m ≈ | -53.4 m ≈ | — | esef· 07 May 2024derived |
| Investing cash flow | -45.3 m | -94.7 m | -43.7 m | esef· 07 May 2024verified |
| Financing cash flow | 17.0 k | 75.3 m | -64.5 m | esef· 07 May 2024verified |
| Dividends paid | 21.1 m | 21.1 m | 21.1 m | esef· 07 May 2024verified |
| Share repurchases | — | 118.0 k | 5.4 m | esef· 07 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
- indicators available: 5 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 11.7% | 74 (vs peers) | 23% |
| FCF conversion · Quality | 27.0% | 0 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 19.7x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 116.9% | 4 (on a fixed band) | 15% |
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
- Quality37/100 · 2/3 factors with a value
- Returns· partial4/100 · 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
DECORA SPÓŁKA AKCYJNA (DCR.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 570.9 m PLN in 2023; YoY growth 4.6%; net margin 11.7%; ROE 23.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.7%
- Interest coverage: 19.7x
- Current ratio: 2.4x
What contradicts it
- FCF conversion: 27.0%
- Payout ratio (FCF): 116.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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% |
| 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% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for DCR.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
Scenarios are not available. input data missing
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
The Decora group produces and distributes SPC vinyl flooring with a mineral core, flooring accessories and interior finishing products, and is one of few European companies supplying flooring, underlays, skirting and profiles from its own production. In 2023 the group generated operating cash flow of 113011 thousand PLN, while investment in fixed assets was 44247 thousand PLN, a sign of investment capacity in a weaker cycle. If these trends persist, margin developments and residential renovation demand will be decisive for the company's outlook.
SWOT
Strengths
- Rare vertical integration in Europe, with SPC floors, underlays and profiles produced in-house, giving a complete finishing portfolio.
- Strong operating cash generation in 2023, supporting dividend payments and share buyback programmes.
- Solid equity base after dividend payments, with group equity increasing by the end of 2023.
Weaknesses
- Dependence on a construction and renovation cycle that can be volatile, making revenues sensitive to macroeconomic conditions.
- Concentrated shareholding, with one individual shareholder holding a majority control stake, limiting influence of minority shareholders.
- Currency exposure and negative exchange differences visible in 2023 cash flows for a group with foreign subsidiaries.
Opportunities
- Extending the SPC and accessories offer into Western European markets, where distribution subsidiaries already exist in Germany.
- Leveraging the unique integrated supplier position, which could attract customers preferring one supplier for the full flooring package.
- If 2023 investments translate into efficiency, unit costs could fall and margins could benefit.
Threats
- A decline in construction activity in Europe could reduce demand for new flooring and finishes.
- Competition from large producers with broader distribution networks could pressure prices and market share.
- Volatility in exchange rates and financing costs could affect results from international operations.
Risks
- Construction-linked demandhigh
Revenues depend on construction and renovation activity, and a prolonged slowdown could reduce volumes sold.
- Shareholder concentrationmedium
One individual shareholder controls a majority of the capital, which can influence decisions and reduce free float in the shares.
- Currency riskmedium
German subsidiaries and other foreign operations expose the group to exchange rate movements, with visible effects on 2023 cash flows.
- Investment dependencelow
If capacity spending resumes at high intensity, free cash flow could be reduced in periods of weak demand.
- Financing costsmedium
Existing borrowings and interest costs could weigh on profitability if financing conditions worsen.
Investment thesis
What would need to be true (bull case)
- The company has a rare integrated position in Europe with complementary in-house products, which could support market share if renovation demand recovers.
- Operating cash generation was strong in 2023 and equity grew, giving flexibility for dividends and investment.
- If recent capacity investments translate into lower costs and better margins, profitability could return to higher levels.
What would break the thesis
- Revenues depend on a volatile construction cycle, and weak demand could quickly reduce volumes and pressure margins.
- Concentrated shareholding and currency exposure may limit appeal to minority investors and create surprises in results.
- If competition from larger producers intensifies, the group could be forced to accept price pressure.
What to watch
- Trend in operating cash flow and fixed asset investmentQ1 2027
- Pace of sales in Germany through the distribution subsidiaries2027
- Dividend policy and share buyback programmenext 10-K
- Effect of exchange differences and financing costs on the result2027
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
Decora Spółka Akcyjna, with its group, is primarily engaged in producing and distributing flooring and interior finishing and decoration items, including underlays, skirting with accessories and ceiling profiles. The parent company, based in Środa Wielkopolska, has been listed on the Warsaw Stock Exchange since 2005 and belongs to the construction materials sector. The group includes five operating subsidiaries and one inactive, most of them German distributors, all wholly owned 1. Since 2022 the group describes itself as one of few European producers of SPC flooring and the only one in Europe supplying SPC floors, underlays, skirting and profiles from its own production 1. Activity in 2023 focused on the Flooring product group 1.
The shareholder structure is dominated by one individual shareholder holding a significant part of the capital, with the rest split between pension funds and portfolio investors 1. The management board has two members and the supervisory board six, with no changes in 2023 1. The financial position remained solid: equity rose to 301548 thousand PLN at 31 December 2023 after dividend payments and buybacks 1.
In 2023 the company applied IFRS as adopted by the European Union and reported lower investment spending than in 2022; no indications of uncertainty about going concern were identified 1.
Segments
Flooring (SPC floors and accessories)
The main segment is Flooring, covering SPC flooring with a mineral core, underlays, skirting and floor profiles. The group states it is one of few European SPC producers and the only one integrating all these products from its own production 1.
Distribution through subsidiaries
The German subsidiaries (Ewifoam E. Wicklein GmbH and OBZ.Topboden.de GmbH) and the Polish Decora Trade sp. z o.o. operate as distribution companies, all held at 100 percent 1.
Market context
The company operates in the market for interior flooring and accessories, a segment tied to new construction and renovation, sensitive to the property cycle and financing costs. The annual report extract does not give market size or shares, so competitive position should be assessed cautiously 1. Demand may be influenced by construction activity in Central and Western Europe, where the group has its distribution subsidiaries 1.
The share of sales outside Poland is not quantified in the available extract, but the presence of two German distribution subsidiaries points to exposure to Western European markets 1.
Trends
- Investment in capacitymixed
Spending on fixed assets fell noticeably in 2023 compared with 2022, which could indicate a consolidation phase after the capacity expansion cycle.
- Property cycle and constructionheadwind
Demand for flooring and finishes depends on construction and renovation activity, and a slowdown there could pressure volumes.
- Cash generationtailwind
Operating cash flow rose significantly in 2023, and the ability to fund dividends and buybacks from cash could support the distribution policy.
- Financing and currency costsheadwind
Exchange differences had a notable negative effect on 2023 cash flows, and interest costs could weigh on profitability if borrowing stays high.
Competitive position
The company competes in the European flooring and accessories market, where large producers operate with broad distribution networks. The differentiation the group cites is the vertical integration of SPC floors with its own underlays and profiles, produced in several substrate technologies 1.
The extract does not name competitors, so relative positioning should be completed from other sources; the list below only reflects listed companies active in adjacent areas.
- Mohawk IndustriesMHK
American flooring and finishes producer with presence in several markets; its activity covers segments comparable to vinyl flooring.
- Armstrong Flooring
Flooring producer with a history in the vinyl segment; the company is not currently traded and its position needs verification.
- InterfaceTILE
Producer of modular flooring for commercial spaces, with an offer close to the high-performance product area.
- Forbo
Swiss group with vinyl flooring lines and accessories; it is not listed in the US, so no ticker is available.
News & filings
In the press
- Șase milioane de luminițe vor decora Bucureștiul de sărbători. Când se deschide Târgul de Crăciun din CapitalăAdevărul · 28 Oct 2026 · RO
- O nouă descoperire spectaculoasă la Pompeii: o frescă cu scene din mitologia greacă decora tavanul unei săli de banchetAntena 3 CNN · 25 Jul 2026 · RO
Annual reports (ESEF)
- Annual report 202307 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Decora 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.