olivLaw · European equity research
Przedsiębiorstwo Produkcyjno-Handlowe KOMPAP Spółka Akcyjna KMP.WA
Poland · GPW Warszawa · ISIN PLKOMPP00017 · Vertical: Listed companies from Poland
KOMPAP is a Polish printing and publishing group that prints, edits and distributes books, newspapers and periodicals through a parent company and three consolidated subsidiaries. Its 2023 annual report shows an average workforce of about 383 people and a recent integration of a printing house in Rzeszow, an important contrast for investors following the printing industry.
At the close of 05 Nov 2026, Przedsiębiorstwo Produkcyjno-Handlowe KOMPAP Spółka Akcyjna (KMP.WA) stock was 20.80 PLN (−5.45% on the day), with market capitalisation 97.0 m PLN, P/E 23.1 on diluted EPS of 0.90 PLN over the last 12 months, dividend yield 4.82%, beta 0.10, 52-week range 18.40–25.00 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)
- 42.2
- weak (30–45)
- Bollinger (20, 2)
- 19.94 – 23.78
- in the lower half of the band · %B 0.22 · band width 17.6%
- SMA 50 / 200
- 22.00 / 22.46
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.32 / -0.27
- 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 | −13.3% | −0.6% | −12.7 pp | — |
| 3 months | −5.5% | −4.2% | −1.3 pp | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | −13.3% | +7.5% | −20.8 pp | — |
| 1 year | −9.6% | +9.9% | −19.5 pp | +7.1% |
| 3 years | +14.9% | +49.8% | −34.9 pp | +3.3% |
| 5 years | +4.0% | +42.8% | −38.8 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 100 percentile of its own 3-quarter history (min 9.5, median 20.2, max 21.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 91.3 m | 112.1 m | 118.5 m |
| Revenue YoY | unavailable | +22.8% | +5.7% |
| Net income | 5.3 m | 8.5 m | 4.2 m |
| Net income YoY | unavailable | +60.0% | −50.6% |
| Diluted EPS | 1.14 | 1.82 | 0.90 |
| Diluted EPS YoY | unavailable | +59.6% | −50.5% |
| net % | 5.8% | 7.6% | 3.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 6.7 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 78.3 m PLN
- Total assets
- 115.2 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.48x
- ROE
- 5.4%
- ROA
- 3.7%
- 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 | 91.3 m | 112.1 m | 118.5 m | esef· 02 May 2024verified |
| Cost of revenue | 73.5 m | 89.4 m | 97.4 m | esef· 02 May 2024verified |
| Gross profit | 17.8 m | 22.7 m | 21.1 m | esef· 02 May 2024verified |
| Operating income | 7.3 m | 9.4 m | 5.5 m | esef· 02 May 2024verified |
| Pre-tax income | 7.0 m | 10.2 m | 5.2 m | esef· 02 May 2024verified |
| Income tax | 1.7 m | 1.7 m | 1.0 m | esef· 02 May 2024verified |
| Net income | 5.3 m | 8.5 m | 4.2 m | esef· 02 May 2024verified |
| Diluted EPS | 1.14 | 1.82 | 0.90 | esef· 02 May 2024verified |
| Dividend per share | 0.50 | 0.45 | 1.00 | esef· 02 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.5 m | 3.9 m | 6.7 m | esef· 02 May 2024verified |
| Inventories | 7.0 m | 9.4 m | 6.6 m | esef· 02 May 2024verified |
| Current assets | 24.1 m | 30.1 m | 29.6 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 78.6 m | 78.9 m | 80.5 m | esef· 02 May 2024verified |
| Total assets | 108.0 m | 114.2 m | 115.2 m | esef· 02 May 2024verified |
| Current liabilities | 19.8 m | 21.3 m | 20.0 m | esef· 02 May 2024verified |
| Total liabilities | 36.3 m | 35.8 m | 36.9 m | esef· 02 May 2024verified |
| Equity | 71.7 m | 78.5 m | 78.3 m | esef· 02 May 2024verified |
| Shares outstanding at year end | 4.7 m | 4.7 m | 4.7 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
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 97.0 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.5% | 54 (vs peers) | 23% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.5x | 57 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 23.1x | 26 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.8% | 69 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial57/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial54/100 · 1/3 factors with a value
- Returns· partial69/100 · 1/2 factors with a value
- Valuation· partial26/100 · 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
PRZEDSIĘBIORSTWO PRODUKCYJNO HANDLOWE "KOMPAP" SPÓŁKA AKCYJNA (KMP.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 118.5 m PLN in 2023; YoY growth 5.7%; net margin 3.5%; ROE 5.4%.
The estimated value range is 7.79–13.99 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 10.42 PLN, the price of 20.80 PLN leaves a potential of -49.9% (value / price − 1) and a margin of safety of -99.7% (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 (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- P/E (TTM): 23.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| KMP.WAPrzedsiębiorstwo Produkcyjno Handlowe "kompap" Spółka Akcyjna | 97.0 m | 23.1 | 5.4% | 3.5% | +5.7% | −13% / +16% |
| 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 KMP.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 | 12.44 Total return -37% · Per year -37% | 21.99 Total return 10% · Per year 10% | 33.10 Total return 65% · Per year 65% |
| 3 years | 12.37 Total return -30% · Per year -11% | 24.56 Total return 33% · Per year 10% | 40.56 Total return 113% · Per year 29% |
| 5 years | 12.30 Total return -24% · Per year -5% | 27.45 Total return 58% · Per year 10% | 49.71 Total return 173% · Per year 22% |
- Exit P/E± 6.14
- Net margin± 4.30
- Annual revenue growth± 3.49
- Annual dilution± 0.36
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
KOMPAP is a Polish printing and publishing group that prints, edits and distributes books, newspapers and periodicals through a parent company and three consolidated subsidiaries. Its 2023 annual report shows an average workforce of about 383 people and a recent integration of a printing house in Rzeszow, an important contrast for investors following the printing industry.
SWOT
Strengths
- Integrated group from printing through to distribution, with several consolidated subsidiaries.
- A recent acquisition producing a bargain purchase gain, a sign of pricing discipline.
- Trade receivables exceed trade payables, which supports working capital.
Weaknesses
- Reliance on finance leases for printing equipment increases fixed obligations.
- Variable-rate debt exposes the group to rising financing costs.
- The report does not provide revenue or profit, which limits assessment of performance.
Opportunities
- Integrating further regional subsidiaries could extend geographic reach.
- Online sales could widen distribution channels if they are developed further.
- Diversifying into warehousing and courier services could add revenue.
Threats
- Rising WIBOR and EURIBOR rates could make financing more expensive.
- Euro currency swings could affect import costs and receivables in foreign currency.
- Geopolitical tensions in the region could disrupt supply chains.
Risks
- Leasing-based indebtednessmedium
Finance lease and credit liabilities could limit financial flexibility if cash flows weaken.
- Exposure to variable interest ratesmedium
Credit tied to WIBOR and EURIBOR could raise costs if rates increase.
- Currency risklow
Euro transactions expose the group to exchange rate moves, although management seeks to offset them.
- Integration risklow
Integrating a new subsidiary carries the risk that expected synergies are not achieved.
- Geopolitical risklow
The war in Ukraine could indirectly affect customers or suppliers in the region.
Investment thesis
What would need to be true (bull case)
- An integrated group from printing through to distribution could benefit from steady demand for books and press, if these segments hold up.
- The recent acquisition with a bargain purchase gain suggests an ability to create value through consolidation.
- Large trade receivables relative to trade payables could support liquidity if collections hold.
What would break the thesis
- Finance lease and variable-rate credit could squeeze margins if rates rise.
- The lack of revenue and profit figures in the report limits conclusions about profitability.
- Competition from online sales could reduce prices and volumes in the distribution segment.
What to watch
- Trend in finance lease liabilities and cost of financing2024
- Contribution of the Komunikacja Masowa subsidiary to resultsnext annual report
- Revenue and profit published in the annual report2024
- Development of trade receivables and payablesnext 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 group consists of PPH KOMPAP S.A. as the parent and the subsidiaries OZGraf Olsztynskie Zaklady Graficzne S.A., Bialostockie Zaklady Graficzne S.A. and Komunikacja Masowa Sp. z o.o., according to the 2023 annual report 1. Activities include publishing books, newspapers and periodicals, printing, finishing and bookbinding services, and retail sale of books and publications 1. The activities are organised under several business codes, suggesting an integrated model from pre-press to distribution 1.
On 1 September 2022 the group obtained control of Komunikacja Masowa Sp. z o.o., based in Rzeszow, for a purchase price of 5250 thousand PLN 1. The fair value of the net assets acquired was 6467 thousand PLN, and the difference produced a gain on a bargain purchase of 1217 thousand PLN 1. This extends the group's footprint into south-eastern Poland 1.
The financial position at 31 December 2023 shows cash of 6674 thousand PLN, trade and other receivables of 16176 thousand PLN and trade and other payables of 14195 thousand PLN 1. Financial debt includes overdraft credits and finance leases, the largest finance lease balance being 8547 thousand PLN 1. Management reported no circumstances pointing to a threat to going concern 1.
Segments
Market context
The annual report does not describe the size of the Polish printing or publishing market, so no quantitative conclusions can be drawn from this source 1. The mix of activities does however point to a market combining commercial printing with press and book publishing.
The group's currency exposure centres on the euro, and interest rate risk relates to variable-rate credit linked to WIBOR and EURIBOR 1. This makes the financing environment and equipment import costs relevant market factors.
Trends
- Cost of financingheadwind
Most financial debt carries variable interest tied to WIBOR or EURIBOR, so a rise in these rates could increase the cost of leases and credit 1.
- Digitalisation of distributionmixed
The group also sells online, which may help widen its channels but brings competition from online sales 1.
- Consolidation through acquisitionstailwind
The Komunikacja Masowa acquisition produced a bargain purchase gain, suggesting the group uses acquisitions to extend its capacity 1.
- Geopolitical riskmixed
Management monitors the effects of the war in Ukraine, although the group says it has no assets or activity in Ukraine and Russia 1.
Competitive position
The annual report does not name competitors, so a competitor list cannot be confirmed from this source 1. The Polish printing and publishing market is normally fragmented, but this statement is not supported by the document reviewed.
The group's edge could come from integrating printing through to distribution and from consolidating regional subsidiaries, if these features are maintained 1.
- No competitors named in the report
The 2023 annual report names no competitors, so no verified list can be given.
- Other Polish printing houses
Generic competition, not named in the source.
- Online book distributors
Competition from online sales, mentioned generically in the group's channels.
- Regional publishers
Competition in book and press publishing, not named in the report.
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 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Przedsiębiorstwo Produkcyjno-Handlowe KOMPAP 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.