olivLaw · European equity research
Lentex S.A. LTX.WA
Poland · GPW Warszawa · ISIN PLLENTX00010 · Vertical: Listed companies from Poland
Lentex S.A. is a Polish maker of nonwovens, based in Lubliniec, that in 2022 sold its vinyl floor covering business (wykładziny) to Unilin BV, staying focused on nonwovens for automotive, sanitary and construction use. The transaction, valued at 20 mln EUR, changes the company's profile and makes an analysis of its current structure relevant.
At the close of 05 Nov 2026, Lentex S.A. (LTX.WA) stock was 7.46 PLN (+1.63% on the day), with market capitalisation 302.6 k PLN, P/E 0.0 on diluted EPS of 830.00 PLN over the last 12 months, beta -0.01, 52-week range 6.18–8.04 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)
- 57.1
- strong (55–70)
- Bollinger (20, 2)
- 7.14 – 7.56
- in the upper half of the band · %B 0.76 · band width 5.7%
- SMA 50 / 200
- 7.28 / 7.07
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / -0.00
- 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 | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | +6.0% | −4.2% | +10.1 pp | — |
| 6 months | +3.3% | +4.3% | −1.0 pp | — |
| Year to date | +9.7% | +7.5% | +2.2 pp | — |
| 1 year | +0.5% | +9.9% | −9.4 pp | +7.1% |
| 3 years | +13.7% | +49.8% | −36.1 pp | +3.3% |
| 5 years | −20.5% | +42.8% | −63.3 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 0 percentile of its own 3-quarter history (min 0.0, median 0.0, max 0.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 372.4 m | 334.0 m | 405.9 m |
| Revenue YoY | unavailable | −10.3% | +21.5% |
| Net income | 39.4 m | 34.4 m | 33.7 m |
| Net income YoY | unavailable | −12.8% | −2.1% |
| Diluted EPS | 900.00 | 780.00 | 830.00 |
| Diluted EPS YoY | unavailable | −13.3% | +6.4% |
| net % | 10.6% | 10.3% | 8.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 21.9 m PLN
- Financial debt
- 8.0 k PLN
- Net debt
- -21.9 m PLN
- Equity
- 380.6 m PLN
- Total assets
- 468.5 m PLN
- Debt / equity
- 0.00x
- Current ratio
- 3.72x
- ROE
- 8.5%
- ROA
- 6.6%
- 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 | 372.4 m | 334.0 m | 405.9 m | esef· 02 May 2023verified |
| Cost of revenue | 258.2 m | 237.7 m | 321.2 m | esef· 02 May 2023verified |
| Gross profit | 114.2 m | 96.3 m | 84.8 m | esef· 02 May 2023verified |
| Operating income | 52.5 m | 45.8 m | 26.6 m | esef· 02 May 2023verified |
| Interest expense | 1.5 m | 3.3 m | 5.7 m | esef· 02 May 2023verified |
| Pre-tax income | 54.4 m | 42.7 m | 21.2 m | esef· 02 May 2023verified |
| Income tax | 11.6 m | 9.8 m | 4.6 m | esef· 02 May 2023verified |
| Net income | 39.4 m | 34.4 m | 33.7 m | esef· 02 May 2023verified |
| Diluted EPS | 900.00 | 780.00 | 830.00 | esef· 02 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 21.6 m | 58.1 m | 21.9 m | esef· 02 May 2023verified |
| Inventories | 81.1 m | 98.4 m | 87.9 m | esef· 02 May 2023verified |
| Current assets | 177.6 m | 228.6 m | 180.7 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 214.9 m | 234.8 m | 195.8 m | esef· 02 May 2023verified |
| Goodwill | 12.4 m | 12.3 m | 12.6 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 34.2 m | 34.1 m | 34.6 m | esef· 02 May 2023verified |
| Total assets | 486.6 m | 555.6 m | 468.5 m | esef· 02 May 2023verified |
| Short-term debt | 17.4 m | 43.0 m | 8.0 k | esef· 02 May 2023verified |
| Current liabilities | 78.1 m | 104.1 m | 48.6 m | esef· 02 May 2023verified |
| Total liabilities | 126.1 m | 147.9 m | 87.9 m | esef· 02 May 2023verified |
| Equity | 360.4 m | 407.8 m | 380.6 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 43.8 k | 44.1 k | 40.6 k | esef· 02 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: 302.6 k 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 | 5.5% | 20 (vs peers) | 24% |
| Net margin · Quality | 8.3% | 72 (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 | 4.6x | 48 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 3.7x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 19,826.7% | 100 (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 sheet69/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality39/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial100/100 · 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
Lentex S.A. (LTX.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 405.9 m PLN in 2022; YoY growth 21.5%; net margin 8.3%; ROE 12.3%.
The estimated value range is 5,288.96–14,596.55 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9,181.88 PLN, the price of 7.46 PLN leaves a potential of 122,981.4% (value / price − 1) and a margin of safety of 99.9% (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
- Net margin: 8.3%
- Current ratio: 3.7x
- P/E (TTM): 0.0x
- Shareholder yield (distributions): 19,826.7%
- The price is below the estimated value range
What contradicts it
- ROIC: 5.5%
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% |
| 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 LTX.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 | 4.87 Total return -35% · Per year -35% | 8.58 Total return 15% · Per year 15% | 12.87 Total return 73% · Per year 73% |
| 3 years | 5.78 Total return -22% · Per year -8% | 11.35 Total return 52% · Per year 15% | 18.53 Total return 148% · Per year 35% |
| 5 years | 6.86 Total return -8% · Per year -2% | 15.00 Total return 101% · Per year 15% | 26.68 Total return 258% · Per year 29% |
- Exit P/E± 2.84
- Net margin± 1.99
- Annual revenue growth± 1.48
- Annual dilution± 0.17
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
Lentex S.A. is a Polish maker of nonwovens, based in Lubliniec, that in 2022 sold its vinyl floor covering business (wykładziny) to Unilin BV, staying focused on nonwovens for automotive, sanitary and construction use. The transaction, valued at 20 mln EUR, changes the company's profile and makes an analysis of its current structure relevant.
SWOT
Strengths
- Established position in nonwovens on the Polish market, with customers across automotive, sanitary and construction 1.
- Receipt of a significant sum from disposing of the floor covering division strengthened the balance sheet, as described in the report 1.
- A group structure with subsidiaries in Poland and Bulgaria offers limited but real geographic diversification 1.
Weaknesses
- Dependence on a smaller number of segments after exiting floor coverings could heighten concentration risk 1.
- The suspension of PD Profil shows the vulnerability of some business lines to external shocks 1.
- A concentrated shareholder base, where one group holds over a third of capital, may limit liquidity and the influence of minority shareholders 1.
Opportunities
- If demand for infrastructure and construction rises, the Gamrat segment could benefit from higher volumes 1.
- Using the capital from the disposal could fund investment in higher value-added technical nonwovens 1.
- Reorganising the group structure could lower administrative costs if followed by operational integration 1.
Threats
- A slowdown in construction investment could directly hit sales of PVC and PE materials 1.
- The conflict in Ukraine has shown that regional operations can be abruptly interrupted, with effects on subsidiaries 1.
- Competition in Central Europe for nonwovens and construction materials could pressure margins, though the source does not quantify this 1.
Risks
- Shareholder concentrationmedium
The Sobik group holds over a third of the capital, which can influence major decisions and reduce share liquidity 1.
- Suspension of subsidiary PD Profilmedium
The suspension of the subsidiary's activity, caused by the war in Ukraine, shows exposure to geopolitical shocks that can interrupt revenue lines 1.
- Dependence on construction demandmedium
Remaining segments depend on infrastructure and construction investment, sectors sensitive to economic cycles 1.
- Recovery of escrow amountlow
Part of the sale price was placed in an escrow account to cover possible claims by the buyer, which may delay full receipt of proceeds 1.
- Change in group structurelow
Reorganisation after the transaction can bring unforeseen integration costs and pressure on management 1.
Investment thesis
What would need to be true (bull case)
- If the nonwovens segment expands in automotive and construction, the company could capitalise on its position on the Polish market 1.
- Capital from the floor covering sale could be reinvested in products with better margins, if allocation is efficient 1.
- A simpler structure after reorganisation could reduce the group's administrative costs 1.
What would break the thesis
- Exiting floor coverings reduces operating scale, and if construction demand falls, revenue could be significantly affected 1.
- The suspension of PD Profil shows the group is vulnerable to external shocks, which could bring further interruptions 1.
- Shareholder concentration may limit the influence of minority shareholders and reduce interest in the stock 1.
What to watch
- Development of nonwovens revenue after the floor covering disposal2023
- Use of the capital from the Unilin BV transaction2023
- Resumption or final closure of PD Profil's activitynext 10-K
- Shareholder structure and any changes in holdings2023
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
Lentex S.A. was formed in 1995 through the transformation of a state enterprise in Lubliniec and is registered in the KRS under number 0000077520. Until 8 August 2022 the company was one of the largest producers of PVC floor coverings in Central Europe, and it is now a significant producer of nonwovens on the Polish market. Its products are used mainly in automotive, sanitary-hygienic and construction industries 1.
In 2022 the company contributed its floor covering division to Lentex Wykładziny Sp. z o.o., and on 3 October 2022 it sold the entire stake to Unilin BV for 20 mln EUR, so that entity no longer belongs to the Lentex group 1. The remaining consolidated group includes Gamrat S.A. and its subsidiaries (Devorex EAD, Gamrat WPC, PD Profil), active in PVC and PE materials for infrastructure 1.
At 31 December 2022 the shareholder structure showed 40 000 000 shares, with the Sobik group holding 35.02% and Paravita Holding Limited 21.10% 1. The board had three members, and treasury shares were cancelled in 2023 1.
Segments
Nonwovens (non-woven materials)
The main segment after the floor covering disposal is flat, fluffy and needle-punched nonwovens, sold for automotive, sanitary and construction uses 1.
Gamrat and subsidiaries (PVC and PE for construction)
Gamrat S.A. produces PVC and polyethylene materials for infrastructure and public construction, while subsidiary Devorex EAD in Bulgaria makes roof drainage systems, PP-R pipes and injection moulds 1.
Market context
The analysed source describes the company as a significant nonwovens producer on the Polish market and a former regional leader in PVC floor coverings, but it gives no consolidated data on market size or the company's share 1. End customers in automotive, construction and sanitary are sectors sensitive to investment cycles 1.
Exiting floor coverings reduces exposure to the Central European flooring market, and the remaining group depends more on demand for infrastructure and construction in Poland and Bulgaria 1.
Trends
- Focus on nonwovens and technical materialsmixed
If the remaining segments grow in automotive and construction, the company could benefit from specialisation in technical niches after exiting floor coverings 1.
- Disposal of floor covering assetsmixed
Selling the floor covering division removed a production line and changed the company's profile, which could reduce revenue volatility but also operating scale 1.
- PD Profil suspended due to the war in Ukraineheadwind
PD Profil's management stated that losing the ability to generate revenue because of the war in Ukraine led to suspending its activity, with sales now made through Gamrat S.A. 1.
- Consolidation of activities into Gamratmixed
Sales of PD Profil products are taken over by Gamrat S.A., which could simplify the group structure but concentrates risk in one entity 1.
Competitive position
The source does not identify direct competitors and gives no market shares for nonwovens or PVC materials 1. Assessing the competitive position requires additional data from other sources.
In floor coverings, Lentex sold the business to a strategic buyer, Unilin BV, which changes the competitive dynamics in the region 1.
- Unilin BV
Buyer of the Lentex floor covering division, transaction completed on 3 October 2022 1.
- Devorex EAD (subsidiary)
Bulgarian subsidiary active in drainage systems and pipes; not an external competitor but part of the group 1.
- Gamrat S.A. (subsidiary)
Main PVC and PE materials subsidiary, which takes over PD Profil sales 1.
- Unidentified competitors
The source names no other nonwovens or PVC material producers, so external competitors cannot be cited without further data 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202130 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Lentex 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.