olivLaw · European equity research
Grupa Pracuj S.A. GPP.WA
Poland · GPW Warszawa · ISIN PLGRPRC00015 · Vertical: Listed companies from Poland
Grupa Pracuj is a Polish group active in online recruitment and advertising services, in the Polish and Ukrainian markets. In 2022 it completed the acquisition of German recruitment software providers for a total price of over 552 million PLN.
At the close of 05 Nov 2026, Grupa Pracuj S.A. (GPP.WA) stock was 52.50 PLN (−2.42% on the day), with beta 0.72, 52-week range 37.10–58.90 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)
- 40.5
- weak (30–45)
- Bollinger (20, 2)
- 52.26 – 56.24
- in the lower half of the band · %B 0.06 · band width 7.3%
- SMA 50 / 200
- 55.49 / 48.09
- mixed trend
- MACD (12, 26, 9)
- -0.54 / -0.34
- 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 | −6.3% | −0.6% | −5.6 pp | — |
| 3 months | −0.9% | −4.2% | +3.2 pp | — |
| 6 months | +15.0% | +4.3% | +10.7 pp | — |
| Year to date | +13.4% | +7.5% | +5.9 pp | — |
| 1 year | −7.6% | +9.9% | −17.5 pp | +7.1% |
| 3 years | −12.6% | +49.8% | −62.5 pp | +3.3% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 299.3 m | 475.1 m | 608.5 m |
| Revenue YoY | unavailable | +58.7% | +28.1% |
| Net income | 105.8 m | 254.7 m | 171.0 m |
| Net income YoY | unavailable | +140.8% | −32.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 35.3% | 53.6% | 28.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 109.5 m PLN
- Financial debt
- 303.2 m PLN
- Net debt
- 193.6 m PLN
- Equity
- 315.4 m PLN
- Total assets
- 1.0 bn PLN
- Debt / equity
- 0.96x
- Current ratio
- 0.60x
- ROE
- 60.6%
- ROA
- 22.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 299.3 m | 475.1 m | 608.5 m | esef· 09 May 2023verified |
| Operating income | 136.1 m | 227.5 m | 252.6 m | esef· 09 May 2023verified |
| Depreciation & amortisation | 11.5 m | 12.0 m | 15.8 m | esef· 09 May 2023verified |
| EBITDA | 147.6 m ≈ | 239.5 m ≈ | 268.4 m ≈ | esef· 09 May 2023derived |
| Interest expense | 6.9 m | 2.0 m | 30.9 m | esef· 09 May 2023verified |
| Pre-tax income | 133.4 m | 319.5 m | 227.2 m | esef· 09 May 2023verified |
| Income tax | 26.5 m | 63.9 m | 58.2 m | esef· 09 May 2023verified |
| Net income | 105.8 m | 254.7 m | 171.0 m | esef· 09 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 135.2 m | 184.8 m | 109.5 m | esef· 09 May 2023verified |
| Inventories | — | 0 | 3.9 m | esef· 09 May 2023verified |
| Current assets | 184.7 m | 272.4 m | 218.1 m | esef· 09 May 2023verified |
| Property, plant & equipment, net | 11.2 m | 9.9 m | 12.4 m | esef· 09 May 2023verified |
| Goodwill | — | 0 | 532.4 m | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 2.8 m | 6.2 m | 29.4 m | esef· 09 May 2023verified |
| Total assets | 306.1 m | 499.7 m | 1.0 bn | esef· 09 May 2023verified |
| Long-term debt | — | 0 | 303.2 m | esef· 09 May 2023verified |
| Current liabilities | 177.9 m | 199.3 m | 366.1 m | esef· 09 May 2023verified |
| Total liabilities | 203.1 m | 250.5 m | 707.3 m | esef· 09 May 2023verified |
| Equity | 103.0 m | 249.2 m | 315.4 m | esef· 09 May 2023verified |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 124.5 m | 218.7 m | 239.0 m | esef· 09 May 2023verified |
| Investing cash flow | -3.8 m | -21.8 m | -517.7 m | esef· 09 May 2023verified |
| Financing cash flow | -70.8 m | -146.8 m | 203.3 m | esef· 09 May 2023verified |
| Dividends paid | 61.8 m | 106.8 m | 136.5 m | esef· 09 May 2023verified |
| Share repurchases | 0 | 7.8 m | 0 | esef· 09 May 2023verified |
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: 37.5% 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
38% · 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: 37.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 65.5% | 100 (vs peers) | 28% |
| Net margin · Quality | 28.1% | 90 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.7x | 94 (on a fixed band) | 28% |
| Interest coverage · Balance sheet | 8.2x | 100 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 11% |
| 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 | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet77/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality96/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 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
GRUPA PRACUJ SPÓŁKA AKCYJNA (GPP.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 608.5 m PLN in 2022; YoY growth 28.1%; net margin 28.1%; ROE 60.6%; net debt/EBITDA 0.7x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% 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
- ROIC: 65.5%
- Net margin: 28.1%
- Net debt / EBITDA: 0.7x
- Interest coverage: 8.2x
What contradicts it
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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 GPP.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
Grupa Pracuj is a Polish group active in online recruitment and advertising services, in the Polish and Ukrainian markets. In 2022 it completed the acquisition of German recruitment software providers for a total price of over 552 million PLN 1.
SWOT
Strengths
Weaknesses
- Exposure to the Ukrainian market adds operational risks that are hard to quantify from the documents 1.
- The sources do not detail revenue by segment, which limits assessment of each area's performance.
- Integrating recent acquisitions may require considerable resources in the immediate period ahead.
Opportunities
- Demand for digital recruitment could support growth in the group's services.
- The acquired software solutions could be extended to new clients in Europe.
- If integration succeeds, synergies between recruitment platforms and HR software could increase the value of the offer.
Risks
- Geopolitical risk in Ukrainehigh
Operations in Ukraine are exposed to the armed conflict, and effects on activity were analysed in the report 1.
- Currency riskmedium
Foreign entities have functional currencies different from the Polish zloty, and conversion affects consolidated results 1.
- Acquisition integration riskmedium
Integrating the German companies acquired in 2022 may generate costs and operational difficulties.
- Concentration in Poland and Ukrainemedium
Activity is concentrated in two markets, which limits geographic diversification.
- Accounting standards change risklow
Changes in accounting standards may alter the presentation of financial statements, although the estimated impact is limited 1.
Investment thesis
What would need to be true (bull case)
- If integration of the acquired software succeeds, the group could offer clients complete recruitment and HR management solutions.
- Its position in digital recruitment in Poland, combined with associates and subsidiaries, could support growth in the coming years.
- Diversification toward HR software could reduce dependence on traditional advertising services.
What would break the thesis
- The conflict in Ukraine could limit activity in an important segment and could bring unexpected losses.
- Recent acquisitions carry integration risks, and financial results could be affected in the short term.
- Competition in digital recruitment could reduce the group's fees and margins.
What to watch
- Performance of the Ukrainian segment and the conflict's impact on revenue2023
- Integration of the German companies acquired in 20222023
- Application of new accounting standards IFRS 17 and IFRS 92023
- Evolution of EUR and USD exchange rates against PLNnext 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
According to the consolidated financial statements for 2022, Grupa Pracuj S.A. is the parent of a group of entities active in online recruitment, IT services and advertising. Operating segments are Poland and Ukraine 1. The group includes subsidiaries such as eRecruitment Solutions sp. z o.o. and Robota International TOV, and associates in which it holds between 20% and 50% of votes 1. In June 2022 the group acquired Spoonbill Holding GmbH and its subsidiaries, which supply HR software solutions 1.
Segments
Poland segment
The Poland segment comprises Grupa Pracuj S.A., eRecruitment Solutions sp. z o.o., HumanWay sp. z o.o. in liquidation and BinarJobs sp. z o.o. The entities offer full recruitment and employer branding projects on the Polish market 1.
Ukraine segment
The Ukraine segment includes entities earning revenue on the Ukrainian market, and their results are periodically reviewed by the parent's management 1. The source does not detail this segment's revenue volume.
Market context
The analysed sources describe the group's activity in online recruitment and digital services for employers, but do not provide market size data. Exchange rates in the report show that exposure to EUR and USD was relevant in 2022 1.
Trends
- Consolidation through software acquisitions for HRmixed
The acquisition of German recruitment and absence-management software companies extends the group's offer toward technology solutions 1. The effect depends on integrating these entities.
- Conflict in Ukraineheadwind
The armed conflict in Ukraine affects the group's activity, and its impact was analysed in the report 1. Operational risks in this region remain relevant.
- New accounting standardsmixed
New IFRS standards, such as IFRS 17 and IFRS 9, take effect from 2023, with no significant impact estimated on the consolidated statements 1.
- Digitisation of recruitmenttailwind
Demand for digital recruitment platforms and employer branding supports the development of the group's segments, provided its solutions remain competitive.
Competitive position
The sources provided do not identify the group's competitors. General alternatives include recruitment platforms and HR software vendors, but this content does not come from the documents analysed.
- General online recruitment platforms
Not identified in the provided sources; the comparison cannot be verified from the documents.
- HR software providers
The HR software segment is referenced indirectly through the Spoonbill acquisition, but competitors are not named in the source.
- Employer branding agencies
Employer branding services appear in the Polish segment description, without competitor names.
- Local IT service providers for recruitment
The analysis does not identify specific competing entities in Poland or Ukraine.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202209 May 2023
- Annual report 202128 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Grupa Pracuj S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.