olivLaw · European equity research
IZOSTAL Spółka Akcyjna IZS.WA
Poland · GPW Warszawa · ISIN PLIZSTL00015 · Vertical: Listed companies from Poland
IZOSTAL Spółka Akcyjna, a Polish group headquartered in Kolonowskie, applies anti-corrosion insulation to steel pipes for gas and other media transmission networks and processes and trades steel products. The 2022 annual report shows a two-segment structure, with subsidiary Kolb Sp. z o.o. wholly owned by the parent, making vertical integration central to the business model. For a full financial picture, figures from later reports are relevant.
At the close of 05 Nov 2026, IZOSTAL Spółka Akcyjna (IZS.WA) stock was 2.81 PLN (+1.08% on the day), with market capitalisation 91.6 m PLN, P/E 4.1 on diluted EPS of 0.69 PLN over the last 12 months, dividend yield 4.27%, beta 0.31, 52-week range 2.72–3.48 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)
- 32.5
- weak (30–45)
- Bollinger (20, 2)
- 2.74 – 3.22
- in the lower half of the band · %B 0.15 · band width 16.2%
- SMA 50 / 200
- 3.08 / 3.10
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.06
- 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 | −8.5% | −0.6% | −7.8 pp | — |
| 3 months | −6.3% | −4.2% | −2.2 pp | — |
| 6 months | −11.4% | +4.3% | −15.7 pp | — |
| Year to date | −13.0% | +7.5% | −20.5 pp | — |
| 1 year | −16.9% | +9.9% | −26.8 pp | +7.1% |
| 3 years | +7.7% | +49.8% | −42.2 pp | +3.3% |
| 5 years | −17.1% | +42.8% | −59.9 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 3.3, median 4.8, max 5.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 860.1 m | 795.9 m | 1.2 bn |
| Revenue YoY | unavailable | −7.5% | +47.2% |
| Net income | 15.2 m | 18.6 m | 22.5 m |
| Net income YoY | unavailable | +22.2% | +21.2% |
| Diluted EPS | 0.46 | 0.57 | 0.69 |
| Diluted EPS YoY | unavailable | +23.9% | +21.1% |
| net % | 1.8% | 2.3% | 1.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 8.3 m PLN
- Financial debt
- 222.9 m PLN
- Net debt
- 214.6 m PLN
- Equity
- 243.8 m PLN
- Total assets
- 693.2 m PLN
- Debt / equity
- 0.91x
- Current ratio
- 1.19x
- ROE
- 9.6%
- ROA
- 3.2%
- 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 | 860.1 m | 795.9 m | 1.2 bn | esef· 09 May 2023verified |
| Cost of revenue | 785.1 m | 737.2 m | 1.1 bn | esef· 09 May 2023verified |
| Gross profit | 74.9 m | 58.7 m | 83.6 m | esef· 09 May 2023verified |
| Operating income | 21.1 m | 18.8 m | 32.5 m | esef· 09 May 2023verified |
| Interest expense | 3.1 m | 2.4 m | 10.8 m | esef· 09 May 2023verified |
| Pre-tax income | 19.1 m | 23.5 m | 28.2 m | esef· 09 May 2023verified |
| Income tax | 4.0 m | 4.9 m | 5.8 m | esef· 09 May 2023verified |
| Net income | 15.2 m | 18.6 m | 22.5 m | esef· 09 May 2023verified |
| Diluted EPS | 0.46 | 0.57 | 0.69 | esef· 09 May 2023verified |
| Dividend per share | 0.11 | 0.12 | 0.12 | esef· 09 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.8 m | 31.3 m | 8.3 m | esef· 09 May 2023verified |
| Receivables | 182.7 m | 199.7 m | 192.2 m | esef· 09 May 2023verified |
| Inventories | 167.9 m | 298.5 m | 282.6 m | esef· 09 May 2023verified |
| Current assets | 352.9 m | 529.6 m | 484.0 m | esef· 09 May 2023verified |
| Property, plant & equipment, net | 179.0 m | 180.3 m | 184.3 m | esef· 09 May 2023verified |
| Goodwill | 1.2 m | 1.2 m | 1.2 m | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 185.0 k | 133.0 k | 13.2 m | esef· 09 May 2023verified |
| Total assets | 540.3 m | 720.2 m | 693.2 m | esef· 09 May 2023verified |
| Accounts payable | 169.3 m | 292.3 m | 183.1 m | esef· 09 May 2023verified |
| Short-term debt | 113.0 m | 154.2 m | 215.5 m | esef· 09 May 2023verified |
| Long-term debt | 6.2 m | 9.9 m | 7.4 m | esef· 09 May 2023verified |
| Current liabilities | 291.9 m | 455.5 m | 407.6 m | esef· 09 May 2023verified |
| Equity | 210.5 m | 225.2 m | 243.8 m | esef· 09 May 2023verified |
| Shares outstanding at year end | 33.0 m | 32.5 m | 32.6 m | esef· 09 May 2023derived |
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: 91.6 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 | 6.3% | 20 (vs peers) | 24% |
| Net margin · Quality | 1.9% | 46 (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 | 3.0x | 23 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.2x | 32 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 4.1x | 84 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.3% | 61 (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 sheet27/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality30/100 · 2/3 factors with a value
- Returns· partial61/100 · 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
IZOSTAL Spółka Akcyjna (IZS.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.2 bn PLN in 2022; YoY growth 47.2%; net margin 1.9%; ROE 9.6%.
The estimated value range is 4.40–12.13 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.63 PLN, the price of 2.81 PLN leaves a potential of 171.6% (value / price − 1) and a margin of safety of 63.2% (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
- P/E (TTM): 4.1x
- The price is below the estimated value range
What contradicts it
- ROIC: 6.3%
- Interest coverage: 3.0x
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% |
| IZS.WAIZOSTAL Spółka Akcyjna | 91.6 m | 4.1 | 9.6% | 1.9% | +47.2% | −17% / +3% |
| 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 IZS.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 | 1.84 Total return -31% · Per year -31% | 3.23 Total return 20% · Per year 20% | 4.85 Total return 78% · Per year 78% |
| 3 years | 2.18 Total return -10% · Per year -4% | 4.27 Total return 69% · Per year 19% | 6.98 Total return 170% · Per year 39% |
| 5 years | 2.58 Total return 14% · Per year 3% | 5.65 Total return 134% · Per year 19% | 10.05 Total return 302% · Per year 32% |
- Exit P/E± 1.07
- Net margin± 0.75
- Annual revenue growth± 0.56
- Annual dilution± 0.06
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
IZOSTAL Spółka Akcyjna, a Polish group headquartered in Kolonowskie, applies anti-corrosion insulation to steel pipes for gas and other media transmission networks and processes and trades steel products. The 2022 annual report shows a two-segment structure, with subsidiary Kolb Sp. z o.o. wholly owned by the parent, making vertical integration central to the business model. For a full financial picture, figures from later reports are relevant.
SWOT
Strengths
- The group wholly owns the steel processing subsidiary, which allows control over the chain from raw steel to finished insulated product 1.
- The business model has two complementary segments, media transmission infrastructure and steel processing, which can support each other's demand 1.
- Accounting policies are documented in detail and reporting under IFRS in zloty is consistent, which facilitates long-term analysis 1.
Weaknesses
- Dependence on a limited number of customers in the media extraction and transmission industry could expose revenues to sector fluctuations 1.
- Long industry collection periods for receivables could require significant working capital 1.
- The annual report does not break down sales by segment, which limits assessment of each activity's contribution 1.
Opportunities
- Investment in gas and other media transmission infrastructure could create additional demand for insulated pipes 1.
- Vertical integration of steel processing could allow extending the offer to existing customers 1.
- Uniform application of IFRS could facilitate raising finance on capital markets, if the company's strategy allows it 1.
Threats
Risks
- Customer concentrationhigh
If a limited number of customers in extraction and transmission account for a large part of sales, an interruption of orders could significantly affect results 1.
- Working capitalmedium
Industry payment terms of up to 120 days for receivables 1 could strain cash flows, especially in periods of rising volumes.
- Depreciation and impairment adjustmentsmedium
Annual reviews of useful lives and impairment could generate unfavourable adjustments if assets become less productive 1.
- Dependence on integration with Stalprofillow
The Kolb subsidiary was previously consolidated within a superior group, and its values depend on measurements from that context; changes in structure could affect comparability 1.
- Steel price volatilitymedium
The steel trading segment could be exposed to raw material price fluctuations, which could affect margins.
Investment thesis
What would need to be true (bull case)
- If demand for insulated pipes in media transmission infrastructure holds up, the group's integrated model could support long-term revenues 1.
- Full control of the steel processing subsidiary could allow cost optimisation across the production chain 1.
- With the estimated impact of new accounting standards being limited, future reporting could remain predictable 1.
What would break the thesis
- Dependence on a few customers in the extraction industry could turn a sector slowdown into a rapid decline in orders 1.
- Long industry payment terms could keep working capital elevated and limit financial flexibility.
- The lack of detail on segment contribution and competition could make it difficult to assess group performance accurately 1.
What to watch
- Trend in sales in the infrastructure segment and in the steel segment2023
- Level of trade receivables and working capital relative to industry payment terms2023
- Any adjustments to fixed asset values at the annual impairment reviewnext annual report
- How the integration of Kolb Sp. z o.o. affects steel segment results2023
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 Izostal group's core activity is anti-corrosion insulation of steel pipes and sale of insulated pipes, along with other products, goods and services for the media extraction and transmission industry 1. The parent Izostal S.A. held 100,00% of the share capital of Kolb Sp. z o.o. in Kolonowskie as at 31.12.2022 1. The annual report states that the functional and presentation currency is the Polish zloty and that amounts are presented in thousands of zlotys unless otherwise indicated 1.
Segments
Infrastructure Segment
The gas and other media transmission infrastructure segment covers anti-corrosion insulation services for steel pipes and sale of insulated pipes, which constitute the core activity of Izostal S.A. 1.
Steel Segment
The steel processing, services and trading segment includes steel processing, meaning construction of steel structures, and trade in steel products, carried out by Kolb Sp. z o.o. and by Izostal S.A.'s sale of steel products 1.
Market context
The annual report refers to customers in the media extraction and transmission industry and to trade in steel products, but does not provide data on market size or market shares 1. Typical industry payment terms are 30 to 120 days for trade receivables 1, which points to a relatively long working capital cycle in this sector.
Trends
- New accounting standardsmixed
The company estimates that the new standards and amendments, including the IFRS 16 amendment on lease liabilities in sale and leaseback transactions, would not have a significant impact on the consolidated financial statements if applied at the balance sheet date 1. The effect on results would therefore be neutral from this perspective.
- IFRS 16 adoption and leasingmixed
The group applied IFRS 16 retrospectively from 01.01.2019 without restating comparatives, and implementation did not affect total equity 1. Lease contracts are capitalised as fixed assets, so the balance sheet structure depends on the volume of lease contracts.
- Consolidation of Kolb Sp. z o.o.mixed
Kolb Sp. z o.o. was previously consolidated by the superior entity Stalprofil S.A., and its assets are measured at fair value established in that context, so steel segment results could reflect the recent integration into the Izostal group 1.
- Depreciation and asset impairment requirementsheadwind
The company reviews useful lives, depreciation methods and any impairment of fixed assets annually, which could generate accounting adjustments if market conditions or asset use change 1.
Competitive position
The annual report does not name competitors and does not describe the group's competitive position against other suppliers 1. Competitive analysis therefore remains limited to the information available in the official documents cited.
- Stalprofil S.A.
Superior entity that previously consolidated Kolb Sp. z o.o., according to the annual report 1; not named as a direct rival.
- Kolb Sp. z o.o.
Wholly owned subsidiary carrying out the steel processing segment activity 1; not an external competitor.
- Other suppliers of insulated pipes and steel products
The annual report does not name them; competition in these segments is not documented in the analysed source 1.
- Steel distributors in Poland
Not identified in the annual report; the steel trading activity could compete with them 1.
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 202130 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / IZOSTAL Spółka Akcyjna · 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.