olivLaw · European equity research
LIBET Spółka Akcyjna LBT.WA
Poland · GPW Warszawa · ISIN PLLBT0000013 · Vertical: Listed companies from Poland
LIBET is a Polish producer of construction materials, focused on concrete products including paving stones, active mainly on the domestic market. In 2023 the group reported revenue lower by 105.3 mln PLN and a net loss of 5.3 mln PLN, in a context of weaker construction demand and liquidity problems. The 7.6% decline in dwellings completed in Poland shows the pressure on demand.
At the close of 05 Nov 2026, LIBET Spółka Akcyjna (LBT.WA) stock was 1.75 PLN (+0.00% on the day), with market capitalisation 85.2 m PLN, beta 0.17, 52-week range 1.11–1.79 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 77.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 1.16 – 1.82
- in the upper half of the band · %B 0.89 · band width 44.0%
- SMA 50 / 200
- 1.32 / 1.35
- mixed trend
- MACD (12, 26, 9)
- 0.13 / 0.09
- 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 | +34.6% | −0.6% | +35.3 pp | — |
| 3 months | +40.0% | −4.2% | +44.2 pp | — |
| 6 months | +47.1% | +4.3% | +42.7 pp | — |
| Year to date | +17.4% | +7.5% | +9.9 pp | — |
| 1 year | +19.9% | +9.9% | +9.9 pp | +7.1% |
| 3 years | +23.2% | +49.8% | −26.6 pp | +3.3% |
| 5 years | −22.2% | +42.8% | −65.0 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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 284.5 m | 257.0 m | 151.7 m |
| Revenue YoY | unavailable | −9.6% | −41.0% |
| Net income | -13.4 m | -10.0 m | -5.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.27 | -0.20 | -0.11 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -4.7% | -3.9% | -3.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 933.0 k PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 108.6 m PLN
- Total assets
- 169.4 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.84x
- ROE
- -4.7%
- ROA
- -2.6%
- 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 | 284.5 m | 257.0 m | 151.7 m | esef· 08 May 2024verified |
| Cost of revenue | 248.4 m | 233.9 m | 148.3 m | esef· 08 May 2024verified |
| Gross profit | 36.0 m | 23.2 m | 3.4 m | esef· 08 May 2024verified |
| Operating income | -10.6 m | -1.4 m | -3.1 m | esef· 08 May 2024verified |
| Interest expense | 5.3 m | 8.8 m | 9.7 m | esef· 08 May 2024verified |
| Pre-tax income | -15.8 m | -10.1 m | -3.8 m | esef· 08 May 2024verified |
| Income tax | -2.3 m | -132.0 k | 1.6 m | esef· 08 May 2024verified |
| Net income | -13.4 m | -10.0 m | -5.4 m | esef· 08 May 2024verified |
| Diluted EPS | -0.27 | -0.20 | -0.11 | esef· 08 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.5 m | 1.2 m | 933.0 k | esef· 08 May 2024verified |
| Current assets | 77.4 m | 60.0 m | 39.7 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 162.0 m | 120.1 m | 93.5 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 41.7 m | 25.1 m | 18.0 m | esef· 08 May 2024verified |
| Total assets | 323.8 m | 244.6 m | 169.4 m | esef· 08 May 2024verified |
| Accounts payable | 62.9 m | 61.6 m | 31.5 m | esef· 08 May 2024verified |
| Current liabilities | 159.6 m | 98.7 m | 47.2 m | esef· 08 May 2024verified |
| Equity | 127.3 m | 117.3 m | 108.6 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 49.7 m | 50.0 m | 48.7 m | esef· 08 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: 3 of at least 6
- score weight coverage: 16.7% 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: 85.2 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.5% | 18 (vs peers) | 38% |
| 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 | -0.3x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.8x | 3 (on a fixed band) | 25% |
| 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 sheet1/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial18/100 · 1/3 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
LIBET SPÓŁKA AKCYJNA (LBT.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 151.7 m PLN in 2023; YoY growth -41.0%; net margin -3.5%; ROE -4.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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
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
- Net margin: -3.5%
- Interest coverage: -0.3x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| LBT.WALibet Spółka Akcyjna | 85.2 m | — | -4.7% | -3.5% | −41.0% | +19% / +46% |
| 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 LBT.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
LIBET is a Polish producer of construction materials, focused on concrete products including paving stones, active mainly on the domestic market. In 2023 the group reported revenue lower by 105.3 mln PLN and a net loss of 5.3 mln PLN, in a context of weaker construction demand and liquidity problems. The 7.6% decline in dwellings completed in Poland shows the pressure on demand.
SWOT
Strengths
- The group has a range of concrete products with access to customers in Poland and a stable customer base with important partners.
- Management has shown the ability to reduce head office costs and adjust prices, which can support margins.
- Activity is concentrated on the domestic market, which limits direct exposure to risks abroad.
Weaknesses
- The company reported lower revenue and a net loss in 2023, indicating pressure on profitability.
- The annual report mentions liquidity problems and uncertainty about going concern, which limits financial flexibility.
- A high concentration of sales with a few large customers could create vulnerability if one important contract shrinks.
Opportunities
- Investment in road infrastructure and road programmes could generate orders for concrete products.
- A decline in interest rates could revive demand for housing and individual construction.
- Developing premium products with better margins could improve operating results.
Threats
- Weak demand for residential construction could persist if interest rates remain high.
- Intense competition from national and local producers may limit price increases.
- Volatility in raw material and energy prices could affect margins and production costs.
Risks
- Going concernhigh
Management has identified possible liquidity problems that could affect payment of obligations and financing of investments if the situation does not improve.
- Dependence on large customersmedium
A few customers hold a significant share of sales, and losing one could materially affect revenue.
- Construction demandmedium
The decline in housing construction and investor caution could persist, affecting sales volumes.
- Costs and energymedium
Rising raw material costs and possible energy supply constraints could reduce margins and production volumes.
- Exchange ratelow
A weaker zloty against the euro could increase the cost of raw material and goods purchases from abroad.
Investment thesis
What would need to be true (bull case)
- If infrastructure programmes and EU funds translate into orders, the company could benefit from steadier demand for concrete products.
- Cost reduction and price adjustment measures could improve operating results in the coming period.
- If interest rates fall, housing demand could recover and support the group's sales volumes.
What would break the thesis
- If liquidity problems persist, financing investments and meeting obligations could become increasingly difficult.
- Weak construction demand and intense competition could limit revenue and margin growth.
- Cost volatility could reduce profitability if selling prices cannot be adjusted sufficiently.
What to watch
- Development of liquidity and external financing, including possible factoring2025
- Quarterly results on core operating revenue and net lossQ1 2025
- Trends in housing demand and interest rates in Poland2025
- Share of large customers in sales and any contract changesnext 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 LIBET group produces and sells construction materials, in particular concrete products and paving stones, aimed mainly at customers in Poland, where sales are largely domestic. The 2023 annual report shows the group does not disclose separate operating segment financials, as its activity is considered uniform by product type. The company closed production at some unprofitable plants and sold assets in Kalisz, Pruszków and Mietków.
Segments
Sales by customers and markets
The group does not report separate operating segments. Its four largest customers each accounted for more than 10% of sales in 2023, while exports, with destinations such as Germany and Belgium, represented a very small part of sales. Core operating profit fell in 2023 due to weaker demand.
Premium products and pricing
Management has indicated an intention to focus on higher-margin premium products and on a new pricing management model. Price increases on key raw material categories have been used to offset higher costs, while demand conditions remain sensitive.
Market context
Competition among paving stone producers is intense, with national producers with broad sales networks and numerous local producers. Rising costs of materials and services, labour shortages and wage pressure are considered major challenges for the sector in the coming period.
Trends
- Road infrastructuretailwind
The government programme for national roads to 2030 and road safety programmes could generate orders for small and medium firms, including for pavements and cycle paths. EU funds and the Recovery Plan could support demand in the coming years.
- Housing demandmixed
Residential construction declined in 2023 as developers and individual investors remained cautious and interest rates stayed high. A possible reduction in rates and the Safe Credit 2% programme could stimulate a recovery in demand.
- Costs and supply chainsheadwind
Material and energy prices have stayed volatile since the conflict in Ukraine, and production costs could rise if access to raw materials or energy worsens. The group is trying to offset this through price adjustments.
- Simplified regulationtailwind
Simplified procedures for small houses with limited built-up area could accelerate individual residential construction and support demand for building products.
Competitive position
LIBET operates in a market with significant competition, where national producers with extensive distribution networks compete with numerous regional and local producers. Price competition and margin pressure are key factors in assessing the company's position.
- National concrete construction materials producers
Polish competitors with national sales networks, cited in the annual report as main rivals in the paving stone market.
- Local paving stone producers
Smaller regional companies competing on price and local service.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202218 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / LIBET 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.