olivLaw · European equity research
Fabryki Sprzętu i Narzędzi Górniczych Grupa Kapitałowa FASING S.A. FSG.WA
Poland · GPW Warszawa · ISIN PLFSING00010 · Vertical: Listed companies from Poland
FASING is a Polish maker of chains, link components, forgings and mining equipment, operating three plants in Poland. In 2023 the group exited Russia through deconsolidation, a change that matters for its risk profile and subsidiary portfolio.
At the close of 05 Nov 2026, Fabryki Sprzętu i Narzędzi Górniczych Grupa Kapitałowa FASING S.A. (FSG.WA) stock was 14.00 PLN (+0.00% on the day), with market capitalisation 43.5 m PLN, P/E 2.7 on diluted EPS of 5.23 PLN over the last 12 months, dividend yield 2.14%, beta 0.06, 52-week range 12.10–16.30 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)
- 40.3
- weak (30–45)
- Bollinger (20, 2)
- 13.90 – 14.76
- in the lower half of the band · %B 0.12 · band width 6.0%
- SMA 50 / 200
- 14.51 / 14.65
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.05
- 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 | −5.4% | −0.6% | −4.8 pp | — |
| 3 months | −4.1% | −4.2% | +0.1 pp | — |
| 6 months | −5.4% | +4.3% | −9.7 pp | — |
| Year to date | −1.4% | +7.5% | −8.9 pp | — |
| 1 year | +12.0% | +9.9% | +2.1 pp | +7.1% |
| 3 years | +10.7% | +49.8% | −39.2 pp | +3.3% |
| 5 years | +2.2% | +42.8% | −40.6 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 3-quarter history (min 2.8, median 6.9, max 20.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 203.7 m | 249.4 m | 293.2 m |
| Revenue YoY | unavailable | +22.5% | +17.6% |
| Net income | 6.0 m | 2.0 m | 16.3 m |
| Net income YoY | unavailable | −66.8% | +714.7% |
| Diluted EPS | 1.93 | 0.64 | 5.23 |
| Diluted EPS YoY | unavailable | −66.8% | +717.2% |
| net % | 2.9% | 0.8% | 5.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 13.8 m PLN
- Financial debt
- 22.7 m PLN
- Net debt
- 8.9 m PLN
- Equity
- 176.4 m PLN
- Total assets
- 317.6 m PLN
- Debt / equity
- 0.13x
- Current ratio
- 1.65x
- ROE
- 9.4%
- ROA
- 5.1%
- 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 | 203.7 m | 249.4 m | 293.2 m | esef· 02 May 2024verified |
| Cost of revenue | 135.2 m | 173.1 m | 181.1 m | esef· 02 May 2024verified |
| Gross profit | 68.5 m | 76.3 m | 112.1 m | esef· 02 May 2024verified |
| Operating income | 12.7 m | 13.0 m | 38.1 m | esef· 02 May 2024verified |
| Interest expense | 8.2 m | 12.4 m | 22.0 m | esef· 02 May 2024verified |
| Pre-tax income | 10.5 m | 3.6 m | 22.1 m | esef· 02 May 2024verified |
| Income tax | 4.4 m | 2.2 m | 5.1 m | esef· 02 May 2024verified |
| Net income | 6.0 m | 2.0 m | 16.3 m | esef· 02 May 2024verified |
| Diluted EPS | 1.93 | 0.64 | 5.23 | esef· 02 May 2024verified |
| Dividend per share | 0.22 | 0.00 | 0.30 | esef· 02 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.2 m | 13.1 m | 13.8 m | esef· 02 May 2024verified |
| Receivables | 106.3 m | 86.9 m | 71.1 m | esef· 02 May 2024verified |
| Inventories | 78.0 m | 92.1 m | 91.2 m | esef· 02 May 2024verified |
| Current assets | 198.4 m | 195.7 m | 176.6 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 72.6 m | 80.0 m | 95.3 m | esef· 02 May 2024verified |
| Intangibles (excl. goodwill) | 5.1 m | 5.4 m | 6.4 m | esef· 02 May 2024verified |
| Total assets | 315.1 m | 323.9 m | 317.6 m | esef· 02 May 2024verified |
| Accounts payable | 44.9 m | 59.1 m | 61.0 m | esef· 02 May 2024verified |
| Long-term debt | 10.1 m | 5.6 m | 22.7 m | esef· 02 May 2024verified |
| Current liabilities | 123.6 m | 139.0 m | 106.9 m | esef· 02 May 2024verified |
| Total liabilities | 142.9 m | 154.1 m | 141.2 m | esef· 02 May 2024verified |
| Equity | 172.2 m | 169.8 m | 176.4 m | esef· 02 May 2024verified |
| Shares outstanding at year end | 3.1 m | 3.1 m | 3.1 m | esef· 02 May 2024derived |
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 weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 43.5 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · 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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.8% | 53 (vs peers) | 24% |
| Net margin · Quality | 5.5% | 56 (vs peers) | 14% |
| 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 | 1.7x | 4 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.7x | 71 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 2.7x | 84 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.1% | 31 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality54/100 · 2/3 factors with a value
- Returns· partial31/100 · 1/2 factors with a value
- Valuation· partial84/100 · 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
Fabryki Sprzętu i Narzędzi Górniczych Grupa Kapitałowa Fasing S.A. (FSG.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 293.2 m PLN in 2023; YoY growth 17.6%; net margin 5.5%; ROE 10.7%.
The estimated value range is 33.33–91.98 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 57.86 PLN, the price of 14.00 PLN leaves a potential of 313.3% (value / price − 1) and a margin of safety of 75.8% (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 (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
- P/E (TTM): 2.7x
- The price is below the estimated value range
What contradicts it
- Interest coverage: 1.7x
Not assessed (insufficient data or a ratio without meaning): 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% |
| 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% |
| FSG.WAFabryki Sprzętu i Narzędzi Górniczych Grupa Kapitałowa Fasing S.A. | 43.5 m | 2.7 | 10.7% | 5.5% | +17.6% | +15% / +2% |
| 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 FSG.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 | 9.15 Total return -33% · Per year -33% | 16.10 Total return 17% · Per year 17% | 24.15 Total return 75% · Per year 75% |
| 3 years | 10.85 Total return -16% · Per year -6% | 21.29 Total return 61% · Per year 17% | 34.78 Total return 159% · Per year 37% |
| 5 years | 12.87 Total return 3% · Per year 1% | 28.16 Total return 118% · Per year 17% | 50.08 Total return 280% · Per year 31% |
- Exit P/E± 5.32
- Net margin± 3.73
- Annual revenue growth± 2.78
- Annual dilution± 0.31
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
FASING is a Polish maker of chains, link components, forgings and mining equipment, operating three plants in Poland. In 2023 the group exited Russia through deconsolidation, a change that matters for its risk profile and subsidiary portfolio.
SWOT
Strengths
- A diversified portfolio of chains, forgings and small mechanisation equipment.
- Three production plants in Poland and a network of sales subsidiaries on several continents.
- Going-concern assumption held, with access to financing under signed agreements.
Weaknesses
- Loss of control over FASING Rosja and a full write-down of receivables from it.
- BIQ Energy's suspended operations, which currently generate no revenue.
- Part of revenue comes from markets sensitive to sanctions and currency moves.
Opportunities
- Growth in sales in North America through FASING America Corp.
- The project to restart coal mining at the Barbara-Chorzow mine through Greenway.
- Demand for forgings and chains in the energy and transport sectors.
Threats
- Further sanctions and counter-sanctions that could restrict trade and settlements with subsidiaries.
- Currency swings, including the Chinese yuan and Ukrainian hryvnia, affecting results translated into zloty.
- Changes in coal mining regulation that could affect demand from the mining sector.
Risks
- Sanctions riskhigh
Sanctions on Russia and counter-sanctions could hinder settlements and dividend payments from subsidiaries.
- Currency riskmedium
Translating results of companies in CNY, UAH and USD into zloty could affect the group's reporting.
- Control over subsidiariesmedium
Control over Greenway with less than 50% of votes requires management judgement and could be challenged.
- Concentration risklow
Two plants in Katowice and one in Osowiec increase exposure to production disruption at a single location.
- Mining demand riskmedium
Changes in energy policy could reduce demand for products serving coal mining.
Investment thesis
What would need to be true (bull case)
- A diversified portfolio and several production plants could steady results across different sectors.
- Deconsolidating Russia removes high-risk assets from the balance sheet, which could improve reporting clarity.
- Growth at FASING America Corp. could open an additional revenue source in North America.
What would break the thesis
- The loss of Russia and the full write-down of receivables show that sanctions can lastingly reduce results in part of the group.
- The suspension of BIQ Energy and dependence on mining could limit near-term growth.
- Currency swings could make it harder to judge the real pace of sales and profit.
What to watch
- Status of sanctions and any recovery of part of the receivables from FASING Rosja2024
- Results of FASING America Corp. after its first full year of consolidation2024
- Decision on restarting mining at the Barbara-Chorzow mine2025
- Plans for BIQ Energy and any resumption of its operationsnext 10-K
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 FASING group produces flat and round chains, rounders, chain tracks, die forgings, couplings, anchor drills, drills, stands and hydraulic units, in three plants: two in Katowice and one in Osowiec 1. The parent company FASING S.A. is based in Katowice, and the group includes production and distribution subsidiaries in Poland, China, Ukraine and the USA 1.
In 2023 the group lost control of FASING Rosja because of EU sanctions and Russian counter-sanctions, and its receivables from that company were written down in full 1. At the same time it sold its stake in Shandong Liangda FASING Round Link Chains, and FASING America Corp. was consolidated for the first time 1.
The parent's management board includes a president, a technical director and an export director, and from April 2024 a vice-president for development 1. The group adopted the going-concern assumption and identified no threat to it 1.
Segments
Chains and forgings
The core offer covers flat and round chains, link components, chain tracks and die forgings, sold to the mining, energy, transport, handling and fishing sectors 1.
Small mechanisation equipment
The subsidiary MOJ S.A., consolidated at 61.38% and 73.12% (data for 31 December 2023 and 2022), makes small mechanisation equipment and steel forgings at its Osowiec plant 1.
Other
Other activity includes preparing the restart of coal mining at the Barbara-Chorzow mine through Greenway, and the BIQ Energy company, suspended from 2023 and originally set up for rail rolling stock 1.
Market context
The source describes the mining, energy and transport markets in Poland, China, Ukraine, Western Europe and North America, where the group sells through its own companies 1. Sanctions on Russia and the war in Ukraine restrict access to some of these markets and could affect demand in the eastern region 1.
The source gives no market size or share figures; assessing competitive position would need data outside this report 1.
Trends
- Sanctions on Russiaheadwind
EU sanctions and Russian counter-sanctions led to loss of control over FASING Rosja, removing its assets from consolidation 1.
- Exit from part of the assetsmixed
The sale of Shandong Liangda and the deconsolidation of Russia change the group's structure and could simplify it 1.
- Expansion in the USAtailwind
FASING America Corp. entered consolidation for the first time after operations began in the second quarter of 2023, which could support North American sales 1.
- New IFRS standardsmixed
New standards effective in 2023 and 2024 had, or according to management will not have, a material impact on the report 1.
Competitive position
The source does not name competitors directly; the market for mining chains and forgings is competitive, and the group's advantages rest on its diversified portfolio and several production plants 1.
Assessing competitors and their shares would need material outside the analysed report, so the points below are general 1.
- Mining chain producers
Competitors in the chains and chain tracks segment for mining; names are not given in the source.
- Die forging producers
Competitors in hot-forged die forgings, competing with the group in energy and transport.
- Small mechanisation equipment makers
Competitors to MOJ S.A. in drills, anchor drills and hydraulic units.
- Local producers in China
Competitors in the Chinese market, where FASING Sino-Pol Beijing operates.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 May 2024
- Annual report 202223 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Fabryki Sprzętu i Narzędzi Górniczych Grupa Kapitałowa FASING S.A. · 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.