olivLaw · European equity research
Delko Spółka Akcyjna DEL.WA
Poland · GPW Warszawa · ISIN PLDELKO00019 · Vertical: Listed companies from Poland
Delko S.A. is a Śrem-based group that distributes chemical household goods, cosmetics, pharmaceutical and food products wholesale and retail through its own stores and franchises. The 2021 report shows sales slightly lower than the prior year, which makes cost pressure and borrowing relevant as interest rates rose and the war in Ukraine raised fuel costs.
At the close of 05 Nov 2026, Delko Spółka Akcyjna (DEL.WA) stock was 5.94 PLN (−0.34% on the day), with market capitalisation 35.6 k PLN, P/E 2.0 on diluted EPS of 3.02 PLN over the last 12 months, dividend yield 10.93%, beta 0.11, 52-week range 5.82–8.28 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)
- 49.7
- neutral
- Bollinger (20, 2)
- 5.85 – 6.03
- in the upper half of the band · %B 0.50 · band width 2.9%
- SMA 50 / 200
- 5.94 / 6.20
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | +0.2% | −0.6% | +0.8 pp | — |
| 3 months | +0.7% | −4.2% | +4.8 pp | — |
| 6 months | −4.2% | +4.3% | −8.5 pp | — |
| Year to date | −25.7% | +7.5% | −33.3 pp | — |
| 1 year | −14.2% | +9.9% | −24.1 pp | +7.1% |
| 3 years | −44.7% | +49.8% | −94.6 pp | +3.3% |
| 5 years | −25.7% | +42.8% | −68.6 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 0 percentile of its own 2-quarter history (min 2.4, median 2.5, max 2.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | 818.3 k | 779.7 k |
| Revenue YoY | unavailable | −4.7% |
| Net income | 19.7 k | 18.1 k |
| Net income YoY | unavailable | −8.0% |
| Diluted EPS | 3.29 | 3.02 |
| Diluted EPS YoY | unavailable | −8.2% |
| net % | 2.4% | 2.3% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 4.5 k PLN
- Financial debt
- 6.9 k PLN
- Net debt
- 2.3 k PLN
- Equity
- 121.1 k PLN
- Total assets
- 279.6 k PLN
- Debt / equity
- 0.06x
- Current ratio
- 1.32x
- ROE
- 15.9%
- ROA
- 6.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 818.3 k | 779.7 k | esef· 19 May 2022verified |
| Operating income | 24.5 k | 20.8 k | esef· 19 May 2022verified |
| Depreciation & amortisation | 11.0 k | 10.5 k | esef· 19 May 2022verified |
| EBITDA | 35.5 k ≈ | 31.3 k ≈ | esef· 19 May 2022derived |
| Interest expense | 2.4 k | 2.2 k | esef· 19 May 2022verified |
| Pre-tax income | 24.3 k | 22.3 k | esef· 19 May 2022verified |
| Income tax | 4.6 k | 4.3 k | esef· 19 May 2022verified |
| Net income | 19.7 k | 18.1 k | esef· 19 May 2022verified |
| Diluted EPS | 3.29 | 3.02 | esef· 19 May 2022verified |
| Dividend per share | 0.45 | 0.65 | esef· 19 May 2022derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 5.9 k | 4.5 k | esef· 19 May 2022verified |
| Receivables | 56.8 k | 63.7 k | esef· 19 May 2022verified |
| Inventories | 66.0 k | 74.1 k | esef· 19 May 2022verified |
| Current assets | 129.0 k | 143.1 k | esef· 19 May 2022verified |
| Property, plant & equipment, net | 58.7 k | 79.6 k | esef· 19 May 2022verified |
| Goodwill | 38.5 k | 38.5 k | esef· 19 May 2022verified |
| Intangibles (excl. goodwill) | 1.7 k | 2.2 k | esef· 19 May 2022verified |
| Total assets | 243.6 k | 279.6 k | esef· 19 May 2022verified |
| Long-term debt | 3.9 k | 6.9 k | esef· 19 May 2022verified |
| Current liabilities | 108.2 k | 108.4 k | esef· 19 May 2022verified |
| Total liabilities | 136.9 k | 158.4 k | esef· 19 May 2022verified |
| Equity | 106.7 k | 121.1 k | esef· 19 May 2022verified |
| Shares outstanding at year end | 6.0 k | 6.0 k | esef· 19 May 2022derived |
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: 80 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 35.6 k PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality46
- Returns100
- Balance sheet89
- Valuation92
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 80/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.8% | 47 (vs peers) | 16% |
| Net margin · Quality | 2.3% | 46 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.1x | 100 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | 9.7x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.3x | 43 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 2.0x | 84 (vs peers) | 16% |
| EV/EBITDA · Valuation | 1.2x | 100 (on a fixed band) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 10.9% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet89/100 · 3/3 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
- Valuation92/100 · 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
DELKO SPÓŁKA AKCYJNA (DEL.WA). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 779.7 k PLN in 2021; YoY growth -4.7%; net margin 2.3%; ROE 15.9%; net debt/EBITDA 0.1x.
The estimated value range is 19.24–53.11 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 33.41 PLN, the price of 5.94 PLN leaves a potential of 462.4% (value / price − 1) and a margin of safety of 82.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 80/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: 0.1x
- Interest coverage: 9.7x
- P/E (TTM): 2.0x
- EV/EBITDA: 1.2x
- Shareholder yield (distributions): 10.9%
- The price is below the estimated value range
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, 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% |
| 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 DEL.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 | 3.19 Total return -39% · Per year -39% | 5.66 Total return 6% · Per year 6% | 8.56 Total return 57% · Per year 57% |
| 3 years | 2.55 Total return -36% · Per year -14% | 5.14 Total return 16% · Per year 5% | 8.61 Total return 83% · Per year 22% |
| 5 years | 2.03 Total return -34% · Per year -8% | 4.66 Total return 26% · Per year 5% | 8.66 Total return 109% · Per year 16% |
- Exit P/E± 1.28
- Net margin± 0.90
- Annual revenue growth± 0.81
- Annual dilution± 0.08
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
Delko S.A. is a Śrem-based group that distributes chemical household goods, cosmetics, pharmaceutical and food products wholesale and retail through its own stores and franchises. The 2021 report shows sales slightly lower than the prior year, which makes cost pressure and borrowing relevant as interest rates rose and the war in Ukraine raised fuel costs.
SWOT
Strengths
- The group has an integrated structure with wholesale and retail sales and a network spread across Poland, which reduces dependence on a single region.
- Customers granted trade credit are pre-screened, and receivables monitoring keeps the risk of non-payment limited.
- Currency exposure is low, since most transactions are in zloty on the domestic market.
Weaknesses
- Consolidated sales declined in 2021 compared with 2020, and retail sales are smaller than wholesale sales.
- The group relies on bank loans with variable interest, making financing costs sensitive to monetary policy.
- The structure with many legal subsidiaries can complicate administration and reporting.
Opportunities
- An inflow of refugees could increase demand for basic necessities in the group's shops.
- Expanding into food sales through acquisitions could diversify the business.
- Growing the franchise network could add revenue without large capital outlays.
Threats
- Higher interest rates and fuel prices could reduce the group's net result.
- An open VAT dispute at a subsidiary could create additional obligations if the decision stands.
- Lower consumption due to economic uncertainty could weigh on sales in all channels.
Risks
- Interest rate riskhigh
Loans and leases at variable rates expose the group to rising financing costs, which could significantly reduce earnings.
- VAT tax disputemedium
The tax authority's VAT decision against a subsidiary has been challenged, and the outcome of the proceedings remains uncertain.
- Operating and energy costsmedium
High fuel and transport prices could erode wholesale margins.
- Pandemic and uncertaintylow
The lack of reliable data for medium-term forecasts makes it hard to estimate the impact of future economic shocks.
- Domestic market dependencelow
Activity concentrated in Poland exposes the group to the local economy and domestic consumption.
Investment thesis
What would need to be true (bull case)
- If demand for basic necessities rises, the integrated network of shops and warehouses could benefit from the extra volumes.
- The group has profitable segments and a diversified structure, which could cushion shocks to any single region.
- Low currency exposure and pre-screened customers could support cash flows in volatile periods.
What would break the thesis
- Falling consolidated sales and rising financing costs could keep weighing on the result.
- Reliance on variable-rate credit leaves the group vulnerable to further rate increases.
- Open tax disputes and the complexity of the legal structure could generate unforeseen costs.
What to watch
- Trend in consolidated sales against 741.160 mln PLN reported for 20212022
- Effect of interest rates on financing costs and net result2022
- Outcome of the VAT tax proceedings at subsidiary Delkor2022
- Impact of acquisitions and franchise expansion on retail salesnext annual report
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
The Delko Group's principal activity is non-specialised wholesale, and the group also runs retail sales through its own shops and franchises, plus trade intermediation and leasing of premises. Its registered seat is in Śrem, and the group comprises the parent and 15 subsidiaries, most based in various Polish cities. The consolidated 2021 statements were approved by the management board on 29 April 2022 and are prepared in PLN under IFRS.
Segments
Wholesale sales
Wholesale is the largest revenue line, at 539.716 mln PLN in 2021 1, or roughly three quarters of total group sales.
Retail sales
Retail sales through the group's own shops and franchise network totalled 201.444 mln PLN in 2021 1, down from the prior year.
Geographic segments
The group divides its activity into three regions (West, East, Central); the West generated most sales, while the Central region carries the largest share of assets relative to its revenue 1.
Market context
Competitive position
The analysed sources do not name the group's competitors. In wholesale of household and cosmetics products, rivals likely include specialised distributors and retail chains, but none appear in the annual report.
- No competitors named in the source
The annual report does not name direct competitors, so no tickers are given.
- Wholesale distributors of household products
General competitor category, not identified by name in the source.
- Food and drugstore chains
Competition in retail sales may come from similar retail formats, unnamed in the source.
- Franchise and independent store networks
Competition for franchise-type shops, with no names given in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202119 May 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / Delko Spółka Akcyjna · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.