olivLaw · European equity research
GRODNO Spółka Akcyjna GRN.WA
Poland · GPW Warszawa · ISIN PLGRODN00015 · Vertical: Listed companies from Poland
GRODNO SA is a Polish group active in the distribution of electrical products, with a network of warehouses and points of sale across several voivodeships. Against a lower operating margin in the fiscal year 2023/2024, the company draws investor attention through positive operating cash flow, which returned from a negative figure the year before.
At the close of 05 Nov 2026, GRODNO Spółka Akcyjna (GRN.WA) stock was 15.00 PLN (−2.28% on the day), with market capitalisation 238.8 m PLN, P/E 38.5 on diluted EPS of 0.39 PLN over the last 12 months, dividend yield 0.00%, beta 0.39, 52-week range 9.70–18.70 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)
- 57.3
- strong (55–70)
- Bollinger (20, 2)
- 13.16 – 15.28
- in the upper half of the band · %B 0.87 · band width 14.9%
- SMA 50 / 200
- 14.54 / 15.41
- mixed trend
- MACD (12, 26, 9)
- 0.07 / -0.12
- 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 | +1.4% | −0.6% | +2.0 pp | — |
| 3 months | −16.7% | −4.2% | −12.5 pp | — |
| 6 months | −19.8% | +4.3% | −24.1 pp | — |
| Year to date | +32.7% | +7.5% | +25.2 pp | — |
| 1 year | +46.3% | +9.9% | +36.4 pp | +7.1% |
| 3 years | +38.1% | +49.8% | −11.7 pp | +3.3% |
| 5 years | −8.5% | +42.8% | −51.4 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 100 percentile of its own 3-quarter history (min 6.4, median 9.4, max 26.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | unavailable | +2.7% | −3.5% |
| Net income | 43.8 m | 22.3 m | 6.2 m |
| Net income YoY | unavailable | −49.0% | −72.2% |
| Diluted EPS | 2.85 | 1.45 | 0.39 |
| Diluted EPS YoY | unavailable | −49.1% | −73.1% |
| net % | 3.7% | 1.8% | 0.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Mar 2024
- Cash
- 4.0 m PLN
- Financial debt
- 22.3 m PLN
- Net debt
- 18.3 m PLN
- Equity
- 149.7 m PLN
- Total assets
- 501.5 m PLN
- Debt / equity
- 0.15x
- Current ratio
- 1.10x
- ROE
- 4.2%
- ROA
- 1.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.2 bn | esef· 30 Jul 2024verified |
| Operating income | 57.0 m | 34.0 m | 16.9 m | esef· 30 Jul 2024verified |
| Depreciation & amortisation | 7.1 m | 8.5 m | 10.1 m | esef· 30 Jul 2024verified |
| EBITDA | 64.1 m ≈ | 42.5 m ≈ | 27.0 m ≈ | esef· 30 Jul 2024derived |
| Interest expense | 2.6 m | 7.7 m | 9.7 m | esef· 30 Jul 2024verified |
| Pre-tax income | 54.6 m | 27.2 m | 10.0 m | esef· 30 Jul 2024verified |
| Income tax | 10.8 m | 4.9 m | 3.8 m | esef· 30 Jul 2024verified |
| Net income | 43.8 m | 22.3 m | 6.2 m | esef· 30 Jul 2024verified |
| Diluted EPS | 2.85 | 1.45 | 0.39 | esef· 30 Jul 2024verified |
| Dividend per share | 0.21 | 0.84 | 0.00 | esef· 30 Jul 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.1 m | 5.5 m | 4.0 m | esef· 30 Jul 2024verified |
| Receivables | 174.0 m | 169.0 m | 176.5 m | esef· 30 Jul 2024verified |
| Inventories | 151.2 m | 179.9 m | 170.5 m | esef· 30 Jul 2024verified |
| Current assets | 335.3 m | 354.4 m | 350.9 m | esef· 30 Jul 2024verified |
| Property, plant & equipment, net | 105.1 m | 118.4 m | 121.2 m | esef· 30 Jul 2024verified |
| Goodwill | 18.4 m | 18.4 m | 18.4 m | esef· 30 Jul 2024verified |
| Intangibles (excl. goodwill) | 5.1 m | 3.7 m | 6.9 m | esef· 30 Jul 2024verified |
| Total assets | 468.2 m | 499.3 m | 501.5 m | esef· 30 Jul 2024verified |
| Accounts payable | 259.1 m | 229.0 m | 220.6 m | esef· 30 Jul 2024verified |
| Long-term debt | 33.6 m | 29.0 m | 22.3 m | esef· 30 Jul 2024verified |
| Current liabilities | 292.9 m | 315.6 m | 320.2 m | esef· 30 Jul 2024verified |
| Total liabilities | 334.1 m | 355.8 m | 351.8 m | esef· 30 Jul 2024verified |
| Equity | 134.1 m | 143.5 m | 149.7 m | esef· 30 Jul 2024verified |
| Shares outstanding at year end | 15.4 m | 15.4 m | 15.9 m | esef· 30 Jul 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: 32 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 238.8 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality21
- Returns0
- Balance sheet53
- Valuation30
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
Unattractive profile · Score 32/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.3% | 20 (vs peers) | 16% |
| Net margin · Quality | 0.5% | 23 (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 | 0.7x | 95 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | 1.7x | 4 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 38.5x | 11 (vs peers) | 16% |
| EV/EBITDA · Valuation | 9.5x | 50 (on a fixed band) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (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 sheet53/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality21/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation30/100 · 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
GRODNO Spółka Akcyjna (GRN.WA). Latest full fiscal year: 2024; data up to 2024-03-31.
Figures computed from the financial statements: revenue 1.2 bn PLN in 2024; YoY growth -3.5%; net margin 0.5%; ROE 4.2%; net debt/EBITDA 0.7x.
The estimated value range is 2.49–6.86 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.31 PLN, the price of 15.00 PLN leaves a potential of -71.2% (value / price − 1) and a margin of safety of -247.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 32/100, methodological classification: unattractive 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: 0.7x
What contradicts it
- ROIC: 6.3%
- Net margin: 0.5%
- Interest coverage: 1.7x
- Current ratio: 1.1x
- P/E (TTM): 38.5x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
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% |
| GRN.WAGRODNO Spółka Akcyjna | 238.8 m | 38.5 | 4.2% | 0.5% | −3.5% | +53% / +38% |
| 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% |
1- and 3-year price returns: for GRN.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 | 8.16 Total return -46% · Per year -46% | 14.48 Total return -3% · Per year -3% | 21.90 Total return 46% · Per year 46% |
| 3 years | 6.70 Total return -55% · Per year -24% | 13.50 Total return -10% · Per year -3% | 22.58 Total return 51% · Per year 15% |
| 5 years | 5.51 Total return -63% · Per year -18% | 12.58 Total return -16% · Per year -3% | 23.29 Total return 55% · Per year 9% |
- Exit P/E± 3.38
- Net margin± 2.36
- Annual revenue growth± 2.10
- Annual dilution± 0.20
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
GRODNO SA is a Polish group active in the distribution of electrical products, with a network of warehouses and points of sale across several voivodeships. Against a lower operating margin in the fiscal year 2023/2024, the company draws investor attention through positive operating cash flow, which returned from a negative figure the year before.
SWOT
Strengths
- Extensive network of points of sale and warehouses across several regions of Poland, giving broad geographic coverage.
- Positive operating cash flow in the year analysed, after a year with negative cash flow.
- Operational flexibility from lease contracts with short notice periods.
Weaknesses
- Low operating profitability and very thin net profit relative to sales.
- High current financial liabilities relative to equity.
- Dependence on gross margins, which are sensitive to the cost of goods traded.
Opportunities
- Lower financing costs could significantly improve the net result.
- Consolidation of the network through acquisitions of assets or regional companies in nearby markets.
- Higher investment in construction and infrastructure could support demand for electrical products.
Threats
- Competitive pressure on prices from large distributors and online channels.
- A slowdown in the Polish economy could reduce sales volumes.
- Rising rent, personnel or transport costs could deepen margin compression.
Risks
- Liquidity and refinancinghigh
Current liabilities are large, and part of the debt must be refinanced in the short term. If access to credit worsens, the repayment plan could become difficult.
- Cost of financinghigh
Financial expenses have increased, and the high discount rate suggests a cost of capital that is hard to reduce quickly. The path of interest rates can directly affect net profit.
- Operating marginsmedium
The fall in operating profit, against nearly stable revenue, shows the sensitivity of results to costs. If the pressure persists, profitability could remain limited.
- Goodwill impairment testmedium
The value of goodwill depends on assumptions about growth and the discount rate. An unfavourable change in these assumptions could lead to a write-off.
- Exposure to lease contractslow
The large number of lease contracts with short notice periods may expose the group to relocations and fluctuations in space costs, with an impact on network continuity.
Investment thesis
What would need to be true (bull case)
- If operating cash flow remains positive, the company could finance investment and debt reduction without relying heavily on new credit.
- A recovery in margins, combined with lower financing costs, could bring operating profit back to earlier levels.
- The extensive network and flexible logistics contracts could let the group benefit from any growth in demand in the regions where it is present.
What would break the thesis
- If margin pressure persists, the low operating profit could limit self-financing capacity and keep reliance on debt in place.
- High current liabilities could become a vulnerability if refinancing access narrows or interest rates rise.
- Competition from large distributors and online channels could force price cuts and weigh on long-term profitability.
What to watch
- Trend in operating margin and financial expenses in the interim reportQ1 2027
- Level of current financial liabilities and refinancing conditions2027
- Results of the goodwill impairment test in the annual reportnext 10-K
- Development of operating cash flow and investment in fixed assets2027
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 GRODNO SA group, according to its annual report for the year ended 31 March 2024, operates mainly through the companies MAGMA, BARGO and INEGRO, with consolidated sales of 1186.1 mil. PLN 1. The activity centres on trade and logistics, and the company runs a large number of short-term leased warehousing and sales spaces. Revenue in fiscal 2023/2024 fell slightly year on year, while operating profit dropped sharply to 16.9 mil. PLN 1.
The balance sheet shows a group with total assets of 501.5 mil. PLN and equity of 149.7 mil. PLN at 31 March 2024 1. Current financial liabilities are significant, and part of the financing is linked to leases and short-term bank credit. The goodwill impairment test in the report did not produce a write-off in the year analysed, but the safety margin depends on assumptions about the discount rate and long-term growth.
Segments
Distribution and trade in electrical products
The main segment is the sale of electrical products through the network of warehouses and points of sale, which generates the vast majority of consolidated sales 1. The cost of goods sold far exceeds other cost categories, which makes the gross margin sensitive to purchase prices.
Logistics and storage space
The group uses a large portfolio of commercial and logistics spaces leased on short terms, with notice periods between one and six months, which gives it operational flexibility 1. Rent and operating costs are a meaningful component of external services expenses.
Market context
The group's activity is linked to the Polish electrical products market, where demand depends on construction, industrial investment and the general consumption cycle. The reporting document confirms that the long-term growth assumptions used in the impairment tests rest on the development of this market in future periods 1.
Geographic expansion across several voivodeships and a presence in a neighbouring state confirms a national network, with a stronger concentration in Mazowieckie and Pomorskie 1. Regional competition and margin pressure are factors that could influence future results.
Trends
- High financing costsheadwind
Financial expenses rose at the consolidated level, and the discount rate used in the impairment tests points to a high cost of capital 1. If interest rates remain high, pressure on net profit could continue.
- Improved cash generationtailwind
Management of inventories and trade payables allowed the group to generate positive operating cash flow after a year of negative flow 1. If this discipline holds, it could support investment financing without new borrowing.
- Pressure on marginsheadwind
The drop in operating profit, although revenue remained nearly stable, suggests compression of gross margins or rising personnel and service costs 1.
- Flexibility of the logistics networkmixed
Lease contracts with short notice periods allow capacity to be adjusted quickly, which can be useful in a volatile economic environment, but it exposes the group to relocation risk 1.
Competitive position
The group operates in a fragmented electrical distribution market, competing with national distributors as well as regional chains. The annual report does not explicitly name competitors, but price pressure and access to warehouses are decisive factors.
The group's advantage lies in the density of its network and its ability to respond quickly to local orders. If competitors expand logistics space faster or cut prices, GRODNO SA margins could be affected.
- Polish electrical distributors
Regional and national competitors in the same niche, mentioned only generically in the report context.
- Warehouse and wholesale chains
Operators competing for the same supply contracts and logistics space in the same regions.
- International distributors with Polish subsidiaries
Foreign groups that can compete through scale and capital, especially in large customer segments.
- Online sellers of electrical products
Digital channels that may reduce the share of traditional trade through prices and delivery convenience.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202430 Jul 2024
- Annual report 202301 Aug 2023
Sources
- [1] Annual report, fiscal year ended 2024-03-31 (ESEF) · SEC / GRODNO Spółka Akcyjna · 31 Mar 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.