olivLaw · European equity research
PAMAPOL Spółka Akcyjna FHB.WA
Poland · GPW Warszawa · ISIN PLPMPOL00031 · Vertical: Listed companies from Poland
PAMAPOL S.A. is a Polish producer of processed foods, combining frozen vegetables from contracted farms with meat products. In 2023 the group generated revenues of 992134 thousand PLN, but operating profit fell below the prior year, which makes margins in the food sector a relevant point to watch.
At the close of 05 Nov 2026, PAMAPOL Spółka Akcyjna (FHB.WA) stock was 2.18 PLN (−2.68% on the day), with market capitalisation 75.2 m PLN, P/E 7.0 on diluted EPS of 0.31 PLN over the last 12 months, dividend yield 0.00%, beta 0.11, 52-week range 2.01–2.88 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)
- 43.9
- weak (30–45)
- Bollinger (20, 2)
- 2.15 – 2.30
- in the lower half of the band · %B 0.17 · band width 6.7%
- SMA 50 / 200
- 2.19 / 2.32
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.00 / 0.01
- 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 | −4.0% | −0.6% | −3.3 pp | — |
| 3 months | +3.8% | −4.2% | +8.0 pp | — |
| 6 months | +1.4% | +4.3% | −2.9 pp | — |
| Year to date | −10.7% | +7.5% | −18.2 pp | — |
| 1 year | −17.4% | +9.9% | −27.3 pp | +7.1% |
| 3 years | −30.8% | +49.8% | −80.6 pp | +3.3% |
| 5 years | −19.0% | +42.8% | −61.8 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 33 percentile of its own 3-quarter history (min 3.8, median 7.1, max 9.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 778.4 m | 1.1 bn | 992.1 m |
| Revenue YoY | unavailable | +43.3% | −11.0% |
| Net income | 12.3 m | 33.5 m | 10.7 m |
| Net income YoY | unavailable | +172.1% | −68.1% |
| Diluted EPS | 0.35 | 0.96 | 0.31 |
| Diluted EPS YoY | unavailable | +174.3% | −67.7% |
| net % | 1.6% | 3.0% | 1.1% |
| Free cash flow | -17.5 m | -3.6 m | 8.6 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 31.3 m PLN
- Financial debt
- 94.0 m PLN
- Net debt
- 62.7 m PLN
- Equity
- 176.3 m PLN
- Total assets
- 645.9 m PLN
- Debt / equity
- 0.53x
- Current ratio
- 1.06x
- ROE
- 6.6%
- ROA
- 1.7%
- FCF margin
- 0.9%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 778.4 m | 1.1 bn | 992.1 m | esef· 07 May 2024verified |
| Cost of revenue | 623.4 m | 876.8 m | 802.3 m | esef· 07 May 2024verified |
| Gross profit | 155.0 m | 238.5 m | 189.8 m | esef· 07 May 2024verified |
| Operating income | 22.6 m | 62.7 m | 27.5 m | esef· 07 May 2024verified |
| Interest expense | 8.8 m | 22.6 m | 21.2 m | esef· 07 May 2024verified |
| Pre-tax income | 15.1 m | 41.0 m | 7.2 m | esef· 07 May 2024verified |
| Income tax | 2.6 m | 7.4 m | -2.5 m | esef· 07 May 2024verified |
| Net income | 12.3 m | 33.5 m | 10.7 m | esef· 07 May 2024verified |
| Diluted EPS | 0.35 | 0.96 | 0.31 | esef· 07 May 2024verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | esef· 07 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.3 m | 16.7 m | 31.3 m | esef· 07 May 2024verified |
| Receivables | 99.3 m | 115.4 m | 115.0 m | esef· 07 May 2024verified |
| Inventories | 139.9 m | 183.2 m | 174.8 m | esef· 07 May 2024verified |
| Current assets | 249.6 m | 320.9 m | 339.1 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 200.8 m | 230.8 m | 271.0 m | esef· 07 May 2024verified |
| Goodwill | 1.7 m | 1.7 m | 1.7 m | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 3.1 m | 4.4 m | 5.2 m | esef· 07 May 2024verified |
| Total assets | 470.2 m | 578.3 m | 645.9 m | esef· 07 May 2024verified |
| Accounts payable | 146.8 m | 171.7 m | 176.1 m | esef· 07 May 2024verified |
| Long-term debt | 23.3 m | 72.4 m | 94.0 m | esef· 07 May 2024verified |
| Current liabilities | 281.5 m | 307.7 m | 320.7 m | esef· 07 May 2024verified |
| Total liabilities | 353.6 m | 429.0 m | 469.6 m | esef· 07 May 2024verified |
| Equity | 116.6 m | 149.3 m | 176.3 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 35.2 m | 34.9 m | 34.5 m | esef· 07 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 23.1 m | 42.2 m | 53.3 m | esef· 07 May 2024verified |
| Capex | 40.7 m | 45.8 m | 44.6 m | esef· 07 May 2024verified |
| Free cash flow | -17.5 m ≈ | -3.6 m ≈ | 8.6 m ≈ | esef· 07 May 2024derived |
| Investing cash flow | -40.7 m | -48.8 m | -47.4 m | esef· 07 May 2024verified |
| Financing cash flow | 13.0 m | 14.9 m | 8.7 m | esef· 07 May 2024verified |
| Dividends paid | 0 | 0 | 0 | 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
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 75.2 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality45
- Returns40
- Balance sheet9
- Valuation85
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 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.4% | 33 (vs peers) | 17% |
| Net margin · Quality | 1.1% | 38 (vs peers) | 10% |
| FCF conversion · Quality | 80.9% | 73 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 21 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 7.0x | 74 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 11.5% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet9/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality45/100 · 3/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation85/100 · 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
PAMAPOL SPÓŁKA AKCYJNA (FHB.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 992.1 m PLN in 2023; YoY growth -11.0%; net margin 1.1%; ROE 6.6%.
The estimated value range is 4.36–8.52 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 6.02 PLN, the price of 2.18 PLN leaves a potential of 176.0% (value / price − 1) and a margin of safety of 63.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, 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. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 80.9%
- P/E (TTM): 7.0x
- FCF yield: 11.5%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 1.3x
- Current ratio: 1.1x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| FHB.WAPamapol Spółka Akcyjna | 75.2 m | 7.0 | 6.6% | 1.1% | −11.0% | −16% / −24% |
| 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 FHB.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 | 1.17 Total return -47% · Per year -47% | 2.07 Total return -5% · Per year -5% | 3.13 Total return 44% · Per year 44% |
| 3 years | 0.93 Total return -58% · Per year -25% | 1.87 Total return -14% · Per year -5% | 3.13 Total return 44% · Per year 13% |
| 5 years | 0.73 Total return -66% · Per year -20% | 1.69 Total return -23% · Per year -5% | 3.13 Total return 44% · Per year 8% |
- Exit P/E± 0.47
- Net margin± 0.33
- Annual revenue growth± 0.30
- Annual dilution± 0.03
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
PAMAPOL S.A. is a Polish producer of processed foods, combining frozen vegetables from contracted farms with meat products. In 2023 the group generated revenues of 992134 thousand PLN, but operating profit fell below the prior year, which makes margins in the food sector a relevant point to watch.
SWOT
Strengths
- The group has an integrated production structure, with contracted crops and its own processing capacity.
- A concentrated shareholder base provides continuity in the company's strategic leadership.
- Ongoing investments in capacity and the circular economy support the potential for efficiency gains.
Weaknesses
- Operating result declined compared with the previous year, indicating pressure on margins.
- Dependence on harvests and volatile raw material prices limits the predictability of results.
- Pledging part of the shares to a bank is a vulnerability in the event of a credit default.
Opportunities
- Completing investments in the special economic zone could increase capacity and reduce unit costs.
- Developing higher value-added products could diversify the portfolio away from basic raw materials.
- Stabilising agricultural prices could improve margins if contracting costs stay under control.
Threats
- The conflict in Ukraine may continue to influence the prices of cereals, oils and meat.
- Animal disease outbreaks and avian influenza can restrict exports and raise purchase costs.
- Legislative changes and inconsistent interpretations of rules can raise compliance costs.
Risks
- Raw material price volatilityhigh
Vegetable and meat prices can vary widely, directly affecting production costs and profitability.
- Climate riskhigh
Extreme weather can reduce contracted harvests and force more expensive purchases of frozen vegetables.
- Animal diseasesmedium
ASF and avian influenza outbreaks can reduce exports and raise meat purchase prices.
- Investment costs and inflationmedium
Inflationary pressure and rising costs can delay projects and increase investment budgets.
- Share pledgelow
Shares pledged to a bank could shift control over voting rights in the event of a credit default.
Investment thesis
What would need to be true (bull case)
- If investments in capacity and the circular economy are completed, the company could reduce unit costs and increase production volume.
- Stabilising agricultural prices could restore operating margins, which declined over the last reported year.
- The integrated production structure and crop contracting could provide an advantage in periods of price volatility.
What would break the thesis
- If raw material prices remain high, margins could stay under pressure and operating profit could decline further.
- Animal health risks in the meat sector could restrict exports and affect sales volumes.
- Delays or budget overruns on investments could postpone the expected efficiency benefits.
What to watch
- Trend in operating profit and margins in quarterly reportingQ1 2025
- Progress and cost of investments in the special economic zone2025
- Vegetable contracting prices and meat purchase cost trends2025
- Any changes to the shareholder structure and to the pledge over sharesnext 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 Pamapol capital group operates in the production and sale of food products, particularly frozen vegetables and meat products. Vegetables are largely sourced from contracted crops, and production is seasonal, tied to the growing period. The company runs through several subsidiaries, including WZPOW and Crop Serwis, and consolidation follows the calendar year.
The ownership structure is concentrated: Amerykanka Struktura sp. z o.o. holds 81,29% of the share capital, while the investor group MP Inwestors S.à r.l. together with it controls about 85,49% of votes. On the financing side, part of the shares is pledged to a bank, meaning voting rights could be exercised by the creditor in the event of a credit default.
The annual report states that management considers business continuity justified, but stresses that the investment plan for capacity and circular economy depends on agricultural raw material prices, energy costs and inflationary pressures. For these reasons, investments at WZPOW remain an important factor for the company's future performance.
Segments
Processed foods
The processed foods segment includes frozen vegetables and derived products and is the group's main operating segment. Its costs depend directly on harvest availability, weather and the price of contracts with farmers.
Unprocessed meat
The unprocessed meat segment relies on purchasing raw materials from the pork and poultry markets. Price volatility, including the effects of animal diseases, can strongly affect the margins of this segment.
Other goods and services
Other goods and services complete the group's portfolio and are not detailed in the sources analysed, so their contribution remains limited in this analysis.
Market context
The market in which Pamapol operates is that of processed food products in Poland and regional exports, where agricultural raw material prices can fluctuate significantly. The PLN/EUR exchange rate averaged 4,5284 in 2023, which influences revenues reported in euro.
The market environment is affected by the conflict in Ukraine, which raised concerns about the availability of cereals and oils and pushed up agricultural product prices, including meat. These conditions can change both costs and demand for finished products.
Trends
- Agricultural price volatilityheadwind
Vegetable and cereal prices are affected by drought, smaller harvests and the conflict in Ukraine, which raises raw material costs. If these prices stabilise, margins could benefit.
- Animal health risks in meatheadwind
ASF outbreaks and avian influenza can reduce access to export markets and raise the price of pork and poultry. The effect depends on how long restrictions last and on the company's ability to redirect deliveries.
- Circular economy investmentstailwind
Projects in the Pomeranian Special Economic Zone aim to increase production capacity and expand infrastructure for the circular economy. If completed on time, they could support operating efficiency.
- Energy costs and inflationmixed
Inflation and wage pressure can raise production costs and extend the investment timeline. The effect is mixed, because some costs may be passed on in selling prices.
Competitive position
The sources analysed do not identify the group's competitors in detail, but the processed food market is competitive and raw material prices are a common factor for all players. The company's relative advantage depends on crop contracting and cost control.
Comparison with other producers is limited by the lack of comparable data in the documents available. Any assessment of competitive position should be supplemented with external sources on market share and sector margins.
- Polish processed food producers
The sources do not name individual competitors; the category covers firms in the same regional market.
- Frozen vegetable producers in Central Europe
Competition on raw material prices and farmer contracts, without named identification in the sources.
- Polish meat processors
Competition for pork and poultry purchases, sensitive to animal disease outbreaks.
- Regional importers and distributors
Indirect competition for sales channels and the price of finished products.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202307 May 2024
- Annual report 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / PAMAPOL 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.