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olivLaw · European equity research

Orzeł Biały S.A. OBL.WA

Poland · GPW Warszawa · ISIN PLORZBL00013 · Vertical: Listed companies from Poland

40.60PLN−0.49% · 1 dayClose 05 Nov 2026

Orzeł Biały S.A. is a Polish lead producer whose revenue depends directly on LME lead quotations. In 2023 about 70% of sales were invoiced in euro, and the group averaged 279 employees, a compact structure exposed to price and currency risk.

At the close of 05 Nov 2026, Orzeł Biały S.A. (OBL.WA) stock was 40.60 PLN (−0.49% on the day), with market capitalisation 675.7 m PLN, P/E 6.3 on diluted EPS of 6.40 PLN over the last 12 months, beta 0.11, 52-week range 33.80–42.80 PLN.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
675.7 m PLN
shares as of 31 Dec 2023
P/E (TTM)
6.3
Diluted EPS TTM 6.40 · TTM to 31 Dec 2023
E/P (TTM)
15.76%
TTM to 31 Dec 2023
Dividend yield
unavailable
Beta (2y)
0.11
Volatility (1y) 32%
52-week range
33.8042.80

Price history

Loading chart…

Technical reading

RSI (14)
52.1
neutral
Bollinger (20, 2)
39.11 – 42.45
in the lower half of the band · %B 0.45 · band width 8.2%
SMA 50 / 200
39.90 / 37.73
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.10 / 0.16
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+3.6%−0.6%+4.2 pp—
3 months+3.0%−4.2%+7.2 pp—
6 months+8.6%+4.3%+4.2 pp—
Year to date+12.8%+7.5%+5.3 pp—
1 year+4.6%+9.9%−5.3 pp+7.1%
3 years+16.0%+49.8%−33.8 pp+3.3%
5 years+53.2%+42.8%+10.4 pp—
Max drawdown (1y)
−12.9%
18 Nov 2025 → 07 Apr 2026
Max drawdown (5y)
−33.3%
12 Nov 2021 → 30 Sept 2022
Compound annual growth (5y)
+8.9%
EURO STOXX 50 +7.4%

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 4.6, median 5.4, max 6.6; quarters with earnings only).

Fiscal years

Fiscal year202120222023
Revenue662.7 m885.9 m736.9 m
Revenue YoYunavailable+33.7%−16.8%
Net income63.4 m100.4 m106.5 m
Net income YoYunavailable+58.3%+6.1%
Diluted EPS3.816.036.40
Diluted EPS YoYunavailable+58.3%+6.1%
net %9.6%11.3%14.5%
Free cash flow-8.9 m92.2 m84.5 m

Balance sheet & financial health

Fiscal year 2023 · 31 Dec 2023

Cash
81.7 m PLN
Financial debt
unavailable PLN
Net debt
unavailable PLN
Equity
602.0 m PLN
Total assets
699.4 m PLN
Debt / equity
unavailable
Current ratio
9.53x
ROE
19.6%
ROA
16.4%
FCF margin
11.5%

Financial statements (source on every figure)

Revenue and net income (PLN)

Margins

Income statement · PLN

Revenue
2021
662.7 m
2022
885.9 m
2023
736.9 m

esef· 24 Apr 2024verified

Cost of revenue
2021
549.8 m
2022
719.4 m
2023
579.1 m

esef· 24 Apr 2024verified

Gross profit
2021
112.9 m
2022
166.6 m
2023
157.8 m

esef· 24 Apr 2024verified

Operating income
2021
84.7 m
2022
137.0 m
2023
119.4 m

esef· 24 Apr 2024verified

Interest expense
2021
1.4 m
2022
3.6 m
2023
1.6 m

esef· 24 Apr 2024verified

Pre-tax income
2021
82.7 m
2022
128.8 m
2023
134.2 m

esef· 24 Apr 2024verified

Income tax
2021
19.3 m
2022
28.5 m
2023
27.7 m

esef· 24 Apr 2024verified

Net income
2021
63.4 m
2022
100.4 m
2023
106.5 m

esef· 24 Apr 2024verified

Diluted EPS
2021
3.81
2022
6.03
2023
6.40

esef· 24 Apr 2024verified

Balance sheet · PLN

Cash
2021
22.6 m
2022
113.1 m
2023
81.7 m

esef· 24 Apr 2024verified

Receivables
2021
174.6 m
2022
204.9 m
2023
174.5 m

esef· 24 Apr 2024verified

Inventories
2021
118.9 m
2022
119.3 m
2023
156.9 m

esef· 24 Apr 2024verified

Current assets
2021
325.7 m
2022
471.7 m
2023
575.1 m

esef· 24 Apr 2024verified

Property, plant & equipment, net
2021
115.2 m
2022
116.4 m
2023
112.3 m

esef· 24 Apr 2024verified

Intangibles (excl. goodwill)
2021
1.5 m
2022
1.3 m
2023
1.1 m

esef· 24 Apr 2024verified

Total assets
2021
474.9 m
2022
600.3 m
2023
699.4 m

esef· 24 Apr 2024verified

Accounts payable
2021
35.1 m
2022
44.4 m
2023
37.1 m

esef· 24 Apr 2024verified

Current liabilities
2021
53.1 m
2022
82.5 m
2023
60.3 m

esef· 24 Apr 2024verified

Total liabilities
2021
88.7 m
2022
115.5 m
2023
97.5 m

esef· 24 Apr 2024verified

Equity
2021
386.2 m
2022
484.8 m
2023
602.0 m

esef· 24 Apr 2024verified

Shares outstanding at year end
2021
16.6 m
2022
16.6 m
2023
16.6 m

esef· 24 Apr 2024derived

Cash flow · PLN

Operating cash flow
2021
-2.6 m
2022
101.3 m
2023
88.7 m

esef· 24 Apr 2024verified

Capex
2021
6.4 m
2022
9.0 m
2023
4.2 m

esef· 24 Apr 2024verified

Free cash flow
2021
-8.9 m ≈
2022
92.2 m ≈
2023
84.5 m ≈

esef· 24 Apr 2024derived

Investing cash flow
2021
-16.3 m
2022
-9.0 m
2023
-117.7 m

esef· 24 Apr 2024verified

Financing cash flow
2021
-4.7 m
2022
-1.8 m
2023
-2.5 m

esef· 24 Apr 2024verified

Computed indicators

Growth

Revenue growth (YoY)
-16.8%
computed by olivLawFY 2023
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-12.8%
computed by olivLawFY 2023
Net income growth (YoY)
6.1%
computed by olivLawFY 2023
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
6.1%
computed by olivLawFY 2023
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-8.4%
computed by olivLawFY 2023

Profitability

Gross margin
21.4%
computed by olivLawFY 2023
EBITDA margin
unavailable
input data missing
EBIT margin
16.2%
computed by olivLawFY 2023
Net margin
14.5%
computed by olivLawFY 2023
FCF margin
11.5%
computed by olivLawFY 2023

Returns

ROE
19.6%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROA
16.4%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROIC
unavailable
input data missing
ROCE
18.7%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
76.4x
computed by olivLawFY 2023

Liquidity

Current ratio
9.5x
computed by olivLawbalance sheet at 31 Dec 2023
Quick ratio
6.9x
computed by olivLawbalance sheet at 31 Dec 2023
Cash ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2023

Cash

Operating cash flow
88.7 m PLN
computed by olivLawFY 2023
Capital expenditure
4.2 m PLN
computed by olivLawFY 2023
Free cash flow
84.5 m PLN
computed by olivLawFY 2023
FCF conversion
79.3%
computed by olivLawFY 2023
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
94 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Days inventory outstanding
87 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Days payables outstanding
26 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Cash conversion cycle
155 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023

Market and valuation

Market capitalisation
675.7 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Enterprise value
unavailable
input data missing
Market cap / net income TTM
6.3x
computed by olivLawFY 2023
P/E (TTM)
6.3x
computed by olivLawFY 2023
Earnings yield
15.8%
computed by olivLawFY 2023
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2023
P/S
0.9x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
8.0x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
FCF yield
12.5%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 41.7% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

40.60 PLN

05 Nov 2026Source: olivLaw, closing series

Market cap: 675.7 m PLN

Key indicators

Market capitalisation
675.7 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
P/E (TTM)
6.3x
computed by olivLawFY 2023
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2023
EV/EBITDA
unavailable
input data missing
ROE
19.6%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Net margin
14.5%
computed by olivLawFY 2023
Revenue growth (YoY)
-16.8%
computed by olivLawFY 2023
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

26/37 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 31 Dec 2023
Latest balance sheet date: 31 Dec 2023
Share count (cover of the latest filing), as of: 31 Dec 2023
Source: esefpublished 24 Apr 2024
verified 80derived 3

The data is older than the freshness threshold.

Score by group

42% · 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: 41.7% of at least 60%

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Quality14.5%82 (vs peers)15%
    FCF conversion · Quality79.3%70 (on a fixed band)15%
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet76.4x100 (on a fixed band)15%
    Current ratio · Balance sheet9.5x100 (on a fixed band)10%
    P/E (TTM) · Valuation6.3x79 (vs peers)25%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuation12.5%100 (on a fixed band)20%
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet100/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality76/100 · 2/3 factors with a value
    • Returns· partialunavailable · 0/2 factors with a value
    • Valuation88/100 · 2/3 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

    Orzeł Biały S.A. (OBL.WA). Latest full fiscal year: 2023; data up to 2023-12-31.

    Figures computed from the financial statements: revenue 736.9 m PLN in 2023; YoY growth -16.8%; net margin 14.5%; ROE 19.6%.

    The estimated value range is 40.78–112.55 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 70.80 PLN, the price of 40.60 PLN leaves a potential of 74.4% (value / price − 1) and a margin of safety of 42.7% (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 (score weight coverage: 41.7% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Net margin: 14.5%
    • FCF conversion: 79.3%
    • Interest coverage: 76.4x
    • Current ratio: 9.5x
    • P/E (TTM): 6.3x
    • FCF yield: 12.5%
    • 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): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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

    P/E
    6.3x
    vertical median 12.1x
    below median (−47.7%)
    EV/EBITDA
    —
    vertical median —
    P/S
    0.9x
    vertical median 1.3x
    below median (−28.3%)
    P/B
    1.1x
    vertical median 1.0x
    above median (+14.7%)
    ROE
    19.6%
    vertical median 8.9%
    above median (+119.6%)
    Net margin
    14.5%
    vertical median 2.8%
    above median (+412.6%)
    EBIT margin
    16.2%
    vertical median 6.3%
    above median (+155.9%)
    Revenue YoY
    -16.8%
    vertical median 9.9%
    below median (−270.7%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    —
    vertical median 3.6%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BDX.WABudimex Spółka Akcyjna19.3 bn36.141.5%6.2%+8.9%+21% / +36%
    ACP.WAAsseco Poland S.A.19.2 bn38.17.8%2.9%+19.8%+19% / +202%
    BFT.WABenefit Systems Spółka Akcyjna18.1 bn131.120.8%7.2%+99.9%+74% / +221%
    ASE.WAAsseco South Eastern Europe Spółka Akcyjna3.7 bn19.818.1%12.0%+36.5%+7% / +52%
    1AT.WAAtal Spółka Akcyjna2.3 bn6.429.8%22.2%−1.3%+7% / +8%
    ATT.WAGrupa Azoty Spółka Akcyjna1.7 bn—-37.9%-20.8%−45.1%−10% / −22%
    ARH.WAArchicom Spółka Akcyjna1.3 bn12.115.9%22.1%−21.6%+13% / +89%
    ACT.WAAction S.A.997.4 m27.18.3%1.5%+6.1%+70% / +170%
    BRS.WABoryszew Spółka Akcyjna889.2 m8.36.3%1.6%+8.4%−24% / −26%
    OBL.WAOrzeł Biały S.A.675.7 m6.319.6%14.5%−16.8%+13% / +17%
    AGO.WAAgora Spółka Akcyjna601.9 m—-14.2%-9.2%+15.2%+40% / +21%
    AMB.WAAmbra S.A.468.0 m7.616.4%7.0%+12.9%+5% / −33%
    ATC.WAArctic Paper Spółka Akcyjna357.2 m1.416.3%7.0%−27.5%−38% / −75%
    ATG.WA"atm Grupa Spółka Akcyjna"299.3 m11.18.9%11.6%−22.0%−11% / +3%
    ART.WAArtifex Mundi S.A.226.6 m17.435.7%33.3%+51.9%+46% / +12%
    APN.WAAPLISENS Spółka Akcyjna194.6 m9.511.4%13.8%+21.8%−1% / −21%
    BMC.WABumech Spółka Akcyjna155.7 m—-3.4%-3.9%−40.0%−37% / −49%
    ALI.WAALTUS Spolka Akcyjna153.9 m16.87.9%16.9%+30.3%+34% / +48%
    BBT.WABoomBit Spółka Akcyjna71.4 m4.520.7%6.4%−16.5%−19% / −57%
    BBD.WABbi Development S.A.54.1 m1.136.0%208.3%+50.2%+1% / +9%
    ALG.WAAll in! Games Spółka Akcyjna39.8 m——-156.9%−72.2%−27% / −56%
    BMX.WABioMaxima Spółka Akcyjna37.0 m63.21.2%1.3%−67.5%−29% / −45%
    06N.WAMagna Polonia Spółka Akcyjna31.3 m0.5115.4%964.7%+13.0%−28% / −42%
    BCM.WABETACOM Spółka Akcyjna26.7 m17.68.0%0.9%+21.3%+8% / +4%
    AWM.WAAirway Medix Spółka Akcyjna14.3 m—-25.8%-117,400.0%−97.7%−23% / −43%

    1- and 3-year price returns: for OBL.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.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (PLN)

    Estimated priceBearBaseBull
    1 years
    21.71
    Total return -47% · Per year -47%
    38.57
    Total return -5% · Per year -5%
    58.36
    Total return 44% · Per year 44%
    3 years
    17.24
    Total return -58% · Per year -25%
    34.81
    Total return -14% · Per year -5%
    58.36
    Total return 44% · Per year 13%
    5 years
    13.69
    Total return -66% · Per year -20%
    31.42
    Total return -23% · Per year -5%
    58.36
    Total return 44% · Per year 8%
    What moves the 3-year price the most
    • Exit P/E± 8.70
    • Net margin± 6.09
    • Annual revenue growth± 5.50
    • Annual dilution± 0.51

    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

    Orzeł Biały S.A. is a Polish lead producer whose revenue depends directly on LME lead quotations. In 2023 about 70% of sales were invoiced in euro, and the group averaged 279 employees, a compact structure exposed to price and currency risk.

    SWOT

    Strengths

    • A compact structure with a low debt to equity ratio in 2023 compared with the prior year.
    • A formalised price hedging strategy using commodity swaps, applied for more than a decade.
    • Long-standing customer relationships, on which the report bases a low credit risk assessment.

    Weaknesses

    • Full dependence on LME lead quotations for all revenue.
    • A long inventory cycle that exposes the group to price moves between purchase and sale.
    • Credit risk concentrated in a few key customers whose turnover exceeds the 10% of revenue threshold.

    Opportunities

    • If recycling and energy efficiency improve, costs could be reduced against rising gas prices.
    • Logistics optimisation with partners to lower transport costs, which management is pursuing.
    • A possible refinement of currency exposure by adjusting the mix between euro and zloty sales.

    Threats

    • Volatility of the lead price on the LME, which directly affects revenue and margins.
    • Rising transport and gas costs, which management describes as hard to quantify.
    • Fluctuations in the euro against the zloty, which affect the majority of revenue earned in euro.

    Risks

    • Lead price riskhigh

      Revenue depends entirely on LME quotations, and a gap between purchase and sale can generate losses if the price falls. Swap hedging reduces but does not eliminate the exposure.

    • Currency riskmedium

      About 70% of sales are in euro while costs are in zloty. A weaker euro could reduce revenue expressed in zloty.

    • Customer concentrationmedium

      A few key customers account for a significant share of revenue, and losing one of them could affect sales.

    • Energy and transport costsmedium

      Gas price volatility and an expected rise in transport costs could compress margins, and management cannot yet estimate the scale of this effect.

    • Supply disruption risklow

      The report mentions possible breaks in international supply chains and departures of workers from the transport sector, which could slow operations.

    Investment thesis

    What would need to be true (bull case)

    • If lead quotations stay favourable and swap hedging works as it has in the past, margins could be supported by a funding structure with low debt.
    • Long experience with customers and a credit risk policy could limit losses from unpaid invoices.
    • If logistics optimisation succeeds, the rise in transport costs could be cushioned without affecting sales volume.

    What would break the thesis

    • All revenue depends on a single price indicator, and a decline in lead could reduce results quickly.
    • Management cannot quantify the impact of higher energy and transport costs, which makes future margins hard to estimate.
    • Sales concentrated in a few customers and a majority currency exposure could amplify market shocks.

    What to watch

    • Evolution of LME lead quotations and quarterly marginsQ1 2027
    • Impact of gas and transport costs on operating results2027
    • Debt level and funding policy in the next annual reportnext annual report
    • Sales concentration on key customers and the associated credit risk2027

    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 Orzeł Biały group operates in lead production and lead products, with a core activity tied to recycling and processing the metal. According to the 2023 annual report, the group bases all of its sales on LME lead quotations 1. The parent and consolidated subsidiaries keep their books in zloty, which is also the group's functional currency 1.

    The group holds relatively large inventories of raw materials, work in progress and finished goods, which gives it a long inventory cycle 1. To limit price risk it applies a hedging strategy based on commodity swaps, documented in 2006 and updated in 2016 1.

    Management's 2023 annual report flags dependence on energy and transport costs: it cites gas price volatility and an expected rise in transport costs 1. These are described as factors that could affect short-term results 1.

    Segments

    Euro-denominated sales

    About 70% of the company's 2023 revenue is invoiced in euro, which makes results sensitive to the EUR/PLN rate 1. At 31 December 2023 the reference rate was 4.348 zloty per euro 1.

    Zloty-denominated sales

    About 30% of revenue is invoiced in zloty, while operating costs, including materials, wages and external services, are borne in PLN 1. The group's loans and borrowings are also denominated in zloty 1.

    Market context

    The group's reference market is the global lead market, with prices set on the London Metal Exchange 1. The analysed source does not give a market share or total market size, so these cannot be assessed from the report. LME quotations and the exchange rate are the main factors that could influence margins.

    Trends

    • Lead price volatilitymixed

      All of the group's revenue is tied to LME quotations, and the gap between buying raw material and selling the product can expose the group to adverse price moves 1. Hedging with swaps mitigates this risk but does not remove it 1.

    • Rising gas and transport costsheadwind

      Management anticipates a significant rise in transport costs, and gas prices are described as volatile and hard to forecast 1. If these costs stay high, operating margins could be compressed.

    • Stable funding structuretailwind

      The report shows a lower debt to equity ratio in 2023 compared with 2022, which could give flexibility against price shocks 1.

    Competitive position

    The analysed source does not name direct competitors and contains no comparative data on market shares or prices. Competition therefore cannot be assessed from this document, and the points below are limited to what can be inferred from the business structure.

    • European lead producers

      Competitors in the same lead market, not named in the source; their identity cannot be verified from the report.

    • Lead recyclers

      Operators competing for secondary raw materials, but not named in the analysed report.

    • Imported metal suppliers

      The source names no specific suppliers; it only mentions the risk of supply chain disruption.

    • Other exporters to the euro area

      Producers selling into the same currency area; the source does not name them.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Orzeł Biały S.A. · 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.