olivLaw · European equity research
MLP Group S.A. MLG.WA
Poland · GPW Warszawa · ISIN PLMLPGR00017 · Vertical: Listed companies from Poland
MLP Group S.A. is a Polish group that develops and holds commercial and industrial real estate, with a business model built on growing portfolio value through revaluation and on financing through loans and share issues. In fiscal 2022 the group reported revenue of 279,073 thousand PLN, while total assets reached 4,990,138 thousand PLN, a position that shows how much the result depends on periodic property valuations.
At the close of 05 Nov 2026, MLP Group S.A. (MLG.WA) stock was 100.00 PLN (−2.91% on the day), with market capitalisation 2.1 bn PLN, P/E 5.1 on diluted EPS of 19.69 PLN over the last 12 months, beta 0.32, 52-week range 77.40–123.00 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)
- 33.0
- weak (30–45)
- Bollinger (20, 2)
- 97.07 – 118.29
- in the lower half of the band · %B 0.14 · band width 19.7%
- SMA 50 / 200
- 112.72 / 103.45
- mixed trend
- MACD (12, 26, 9)
- -3.49 / -2.78
- 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 | −12.3% | −0.6% | −11.6 pp | — |
| 3 months | −4.8% | −4.2% | −0.6 pp | — |
| 6 months | −2.9% | +4.3% | −7.2 pp | — |
| Year to date | +8.9% | +7.5% | +1.4 pp | — |
| 1 year | +25.0% | +9.9% | +15.1 pp | +7.1% |
| 3 years | +28.2% | +49.8% | −21.6 pp | +3.3% |
| 5 years | +35.1% | +42.8% | −7.7 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 67 percentile of its own 3-quarter history (min 3.4, median 3.9, max 8.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 190.7 m | 200.6 m | 279.1 m |
| Revenue YoY | unavailable | +5.2% | +39.1% |
| Net income | 170.4 m | 480.5 m | 422.4 m |
| Net income YoY | unavailable | +182.0% | −12.1% |
| Diluted EPS | 9.35 | 23.23 | 19.69 |
| Diluted EPS YoY | unavailable | +148.4% | −15.2% |
| net % | 89.3% | 239.5% | 151.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 315.2 m PLN
- Financial debt
- 1.8 bn PLN
- Net debt
- 1.4 bn PLN
- Equity
- 2.5 bn PLN
- Total assets
- 5.0 bn PLN
- Debt / equity
- 0.71x
- Current ratio
- 1.52x
- ROE
- 19.5%
- ROA
- 9.6%
- 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 | 190.7 m | 200.6 m | 279.1 m | esef· 02 May 2023verified |
| Operating income | 297.8 m | 632.3 m | 590.2 m | esef· 02 May 2023verified |
| Interest expense | 89.5 m | 35.9 m | 61.9 m | esef· 02 May 2023verified |
| Pre-tax income | 210.1 m | 599.5 m | 529.1 m | esef· 02 May 2023verified |
| Income tax | 39.7 m | 119.0 m | 106.7 m | esef· 02 May 2023verified |
| Net income | 170.4 m | 480.5 m | 422.4 m | esef· 02 May 2023verified |
| Diluted EPS | 9.35 | 23.23 | 19.69 | esef· 02 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 163.0 m | 177.2 m | 315.2 m | esef· 02 May 2023verified |
| Receivables | 82.4 m | 74.3 m | 91.8 m | esef· 02 May 2023verified |
| Inventories | 54.0 k | 19.0 k | 0 | esef· 02 May 2023verified |
| Current assets | 290.8 m | 328.5 m | 414.9 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 1.5 m | 3.3 m | 9.9 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 147.0 k | 138.0 k | 59.0 k | esef· 02 May 2023verified |
| Total assets | 2.7 bn | 3.8 bn | 5.0 bn | esef· 02 May 2023verified |
| Accounts payable | 57.4 m | 108.3 m | 168.0 m | esef· 02 May 2023verified |
| Long-term debt | 1.1 bn | 1.4 bn | 1.8 bn | esef· 02 May 2023verified |
| Current liabilities | 96.4 m | 238.7 m | 272.2 m | esef· 02 May 2023verified |
| Total liabilities | 1.5 bn | 2.0 bn | 2.5 bn | esef· 02 May 2023verified |
| Equity | 1.2 bn | 1.8 bn | 2.5 bn | esef· 02 May 2023verified |
| Shares outstanding at year end | 18.2 m | 20.7 m | 21.5 m | 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
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · 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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.5% | 40 (vs peers) | 28% |
| Net margin · Quality | 151.4% | 95 (vs peers) | 17% |
| 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 | 9.5x | 100 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.5x | 60 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 5.1x | 79 (vs peers) | 28% |
| 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 sheet84/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial79/100 · 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
MLP Group S.A. (MLG.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 279.1 m PLN in 2022; YoY growth 39.1%; net margin 151.4%; ROE 19.5%.
The estimated value range is 125.47–346.27 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 217.82 PLN, the price of 100.00 PLN leaves a potential of 117.8% (value / price − 1) and a margin of safety of 54.1% (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: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 151.4%
- Interest coverage: 9.5x
- P/E (TTM): 5.1x
- The price is below the estimated value range
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| MLG.WAMLP Group S.A. | 2.1 bn | 5.1 | 19.5% | 151.4% | +39.1% | +26% / +28% |
| 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% |
1- and 3-year price returns: for MLG.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 | 65.35 Total return -35% · Per year -35% | 115.00 Total return 15% · Per year 15% | 172.50 Total return 73% · Per year 73% |
| 3 years | 77.51 Total return -22% · Per year -8% | 152.09 Total return 52% · Per year 15% | 248.40 Total return 148% · Per year 35% |
| 5 years | 91.94 Total return -8% · Per year -2% | 201.14 Total return 101% · Per year 15% | 357.70 Total return 258% · Per year 29% |
- Exit P/E± 38.02
- Net margin± 26.62
- Annual revenue growth± 19.85
- Annual dilution± 2.24
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
MLP Group S.A. is a Polish group that develops and holds commercial and industrial real estate, with a business model built on growing portfolio value through revaluation and on financing through loans and share issues. In fiscal 2022 the group reported revenue of 279,073 thousand PLN 1, while total assets reached 4,990,138 thousand PLN 1, a position that shows how much the result depends on periodic property valuations.
SWOT
Strengths
- Large portfolio of investment property, with value increased over the last year.
- Access to financing through loans and through share issues on the public market.
- Substantial equity, which provides a base for expanding the business.
Weaknesses
- Profit depends heavily on non-cash revaluations rather than on cash generation.
- High long-term debt, with an impact on the cost of financing.
- Operating cash flow is modest relative to investment spending.
Opportunities
- Developing new properties could expand rental income.
- Selective portfolio sales could release cash if conditions allow.
- Refinancing debt on better terms could reduce costs.
Threats
- Rising interest rates could increase the cost of existing loans.
- Falling property valuations could materially reduce asset value.
- Exchange rate swings could influence reported results.
Risks
- Dependence on valuationshigh
Accounting profit is influenced by property revaluations. If valuations fall, the result could turn negative even without operational changes.
- High leveragehigh
Long-term debt is considerable relative to operating cash flow. If access to refinancing narrows, liquidity pressure could increase.
- Interest rate riskmedium
Most loans are long-term, and rising interest rates could affect margins and net profit.
- Currency riskmedium
Reporting and part of the financing are exposed to the zloty-euro rate, which can create exchange differences in results.
- Dilution from share issueslow
Share issues used for financing could reduce the stake of existing shareholders over the long term.
Investment thesis
What would need to be true (bull case)
- If the property portfolio keeps appreciating and rents stay stable, the group could maintain solid net profit and a robust equity base.
- Proven access to financing, including through share issues, could support portfolio development without overly straining the capital structure.
- If recent investments generate rent as expected, operating income could grow and reduce dependence on revaluations.
What would break the thesis
- If property valuations fall, accounting profit could disappear quickly and equity could be significantly affected.
- Large long-term debt could become a burden if financing costs rise or refinancing becomes harder.
- Modest operating cash flow could limit the group's ability to service debt without additional funding.
What to watch
- Trend in investment property value and revaluation gains2023
- Level of long-term debt and refinancing terms2023
- Operating cash flow compared with investment spendingnext 10-K
- New share issues and their effect on the share count2023
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
MLP Group S.A. is the parent of a consolidated group, headquartered in Pruszków near Warsaw, with shares traded on the public market in Poland 1. The company was formed by converting a state railway repair enterprise, and the current name has been used since 2007 1. The group earns revenue from rents and property management, and most of its assets are investment property 1.
The group's financial structure is dominated by long-term debt. At 31 December 2022, long-term loans and other debt instruments stood at 1,764,320 thousand PLN 1, while equity was 2,497,951 thousand PLN 1. Operating cash flow was relatively modest, so funding investment depends largely on new loans and share issues 1.
Group profit is strongly influenced by fair-value accounting for investment property. In 2022 the revaluation gain was 455,565 thousand PLN 1, and net profit was 422,390 thousand PLN 1. Without this non-cash component, operating profit would have been much lower, an important point for any analysis of earnings quality.
Segments
Investment property (rental)
The main segment is rented investment property. Its value rose to 4,432,975 thousand PLN at the end of 2022 1, and acquisitions and investments in such assets were 581,304 thousand PLN in the same year 1. Growth in this segment depends on the group's ability to obtain financing and to keep occupancy high.
Other financial investments
The group also holds long-term and short-term financial investments, reported separately from property 1. Their share of total assets is smaller, but they could become more relevant if the group reduces its real estate exposure through sales or diversifies its investments.
Market context
The group operates in the commercial and industrial property market in Poland, where demand depends on economic growth, the cost of financing and rent trends. Results for 2022 were strongly affected by periodic portfolio valuations, which means that a change in market yields could materially change the reported value of assets 1.
The zloty-euro exchange rate is a relevant factor, because part of reporting and financing is influenced by currency moves. The annual report includes conversions at average rates and at the period-end rate, which shows how sensitive reported results are to currency movements 1.
Trends
- Rising cost of financingheadwind
Long-term debt increased in 2022, and financing costs could affect margins if interest rates stay high. If the group cannot refinance on favourable terms, pressure on cash flow could grow.
- Property revaluationmixed
Revaluation gains on investment property contributed significantly to profit in 2022. If valuations keep rising, accounting profit could remain high, but this gain does not generate cash directly.
- Share issuesmixed
The group raised funds through share issues in 2022, and this mechanism can support portfolio development. Dilution of existing shareholders is an effect that needs to be tracked over time.
- Continued portfolio investmentmixed
Acquisitions and investments in property stayed high in 2022, supporting growth in the asset base. If these investments generate enough rent, they could support future revenue; otherwise they could become a source of pressure.
Competitive position
The group competes with other developers and owners of commercial and industrial property in Poland and the wider region for tenants, land and financing. The sources analysed do not explicitly name competitors, so the analysis rests on the general market context.
The group's competitive advantages relate to portfolio size and access to financing through both loans and the capital market 1. If these advantages hold, the group could remain well positioned, though competitive pressure could rise if demand for space falls.
- Other commercial real estate developers in Poland
Competition for tenants and land in the same region; the sources do not name specific companies.
- Real estate funds and institutional investors
Compete for the same assets and for financing in the capital market.
- Banks and project financiers
Influence the cost and availability of credit for development and acquisitions.
- Industrial and logistics developers
Direct competition in the industrial and warehousing space segment.
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 202122 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / MLP Group 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.