olivLaw · European equity research
PMPG Polskie Media S.A. PGM.WA
Poland · GPW Warszawa · ISIN PLPEKPL00010 · Vertical: Listed companies from Poland
PMPG Polskie Media is a media holding listed in Warsaw, active in advertising, press publishing and audiovisual production through subsidiaries such as AWR Wprost and Orle Pióro. The available filings show a changing capital structure and fewer consolidated entities, which makes tracking the group's development in coming years relevant.
At the close of 05 Nov 2026, PMPG Polskie Media S.A. (PGM.WA) stock was 2.26 PLN (+0.44% on the day), with market capitalisation 23.6 m PLN, P/E 9.8 on diluted EPS of 0.23 PLN over the last 12 months, dividend yield 0.00%, beta 0.03, 52-week range 1.60–2.26 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)
- 60.6
- strong (55–70)
- Bollinger (20, 2)
- 1.91 – 2.31
- in the upper half of the band · %B 0.87 · band width 19.0%
- SMA 50 / 200
- 2.04 / 1.89
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.06 / 0.05
- 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 | +17.4% | −0.6% | +18.1 pp | — |
| 3 months | +11.3% | −4.2% | +15.5 pp | — |
| 6 months | +10.2% | +4.3% | +5.9 pp | — |
| Year to date | +30.3% | +7.5% | +22.7 pp | — |
| 1 year | +20.2% | +9.9% | +10.3 pp | +7.1% |
| 3 years | −33.5% | +49.8% | −83.4 pp | +3.3% |
| 5 years | −41.1% | +42.8% | −84.0 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.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 6.5, median 10.6, max 12.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 30.2 m | 45.7 m | 47.2 m |
| Revenue YoY | unavailable | +51.5% | +3.3% |
| Net income | 4.1 m | 4.5 m | 2.4 m |
| Net income YoY | unavailable | +8.9% | −46.0% |
| Diluted EPS | 0.39 | 0.43 | 0.23 |
| Diluted EPS YoY | unavailable | +10.3% | −46.5% |
| net % | 13.5% | 9.7% | 5.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 12.1 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 33.5 m PLN
- Total assets
- 42.1 m PLN
- Debt / equity
- unavailable
- Current ratio
- 3.64x
- ROE
- 7.4%
- ROA
- 5.8%
- 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 | 30.2 m | 45.7 m | 47.2 m | esef· 02 May 2024verified |
| Cost of revenue | 12.5 m | 17.7 m | 20.1 m | esef· 02 May 2024verified |
| Gross profit | 17.7 m | 28.0 m | 27.1 m | esef· 02 May 2024verified |
| Operating income | 4.3 m | 3.9 m | 1.1 m | esef· 02 May 2024verified |
| Interest expense | 5.9 m | 1.2 m | 5.1 m | esef· 02 May 2024verified |
| Pre-tax income | 4.5 m | 5.7 m | 2.8 m | esef· 02 May 2024verified |
| Income tax | 330.0 k | 1.3 m | 328.0 k | esef· 02 May 2024verified |
| Net income | 4.1 m | 4.5 m | 2.4 m | esef· 02 May 2024verified |
| Diluted EPS | 0.39 | 0.43 | 0.23 | esef· 02 May 2024verified |
| Dividend per share | 0.02 | 0.02 | 0.00 | esef· 02 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.6 m | 12.3 m | 12.1 m | esef· 02 May 2024verified |
| Receivables | 8.4 m | 9.5 m | 10.3 m | esef· 02 May 2024verified |
| Inventories | 158.0 k | 437.0 k | 295.0 k | esef· 02 May 2024verified |
| Current assets | 19.7 m | 22.6 m | 23.0 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 2.2 m | 1.4 m | 2.6 m | esef· 02 May 2024verified |
| Intangibles (excl. goodwill) | 11.6 m | 11.5 m | 11.5 m | esef· 02 May 2024verified |
| Total assets | 36.8 m | 40.2 m | 42.1 m | esef· 02 May 2024verified |
| Accounts payable | 6.4 m | 6.6 m | 5.1 m | esef· 02 May 2024verified |
| Current liabilities | 7.9 m | 8.4 m | 6.3 m | esef· 02 May 2024verified |
| Total liabilities | 9.4 m | 8.9 m | 8.6 m | esef· 02 May 2024verified |
| Equity | 27.4 m | 31.3 m | 33.5 m | esef· 02 May 2024verified |
| Shares outstanding at year end | 10.5 m | 10.4 m | 10.4 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 23.6 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.1% | 56 (vs peers) | 19% |
| 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 | 0.2x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 9.8x | 58 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial56/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial58/100 · 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
PMPG Polskie Media Spółka Akcyjna (PGM.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 47.2 m PLN in 2023; YoY growth 3.3%; net margin 5.1%; ROE 7.6%.
The estimated value range is 1.47–4.04 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.54 PLN, the price of 2.26 PLN leaves a potential of 12.6% (value / price − 1) and a margin of safety of 11.2% (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: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.6x
What contradicts it
- Interest coverage: 0.2x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, 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% |
| PGM.WAPMPG Polskie Media Spółka Akcyjna | 23.6 m | 9.8 | 7.6% | 5.1% | +3.3% | +24% / −32% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for PGM.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 | 1.32 Total return -42% · Per year -42% | 2.33 Total return 3% · Per year 3% | 3.52 Total return 56% · Per year 56% |
| 3 years | 1.25 Total return -45% · Per year -18% | 2.49 Total return 10% · Per year 3% | 4.12 Total return 82% · Per year 22% |
| 5 years | 1.18 Total return -48% · Per year -12% | 2.65 Total return 17% · Per year 3% | 4.83 Total return 114% · Per year 16% |
- Exit P/E± 0.62
- Net margin± 0.44
- Annual revenue growth± 0.36
- Annual dilution± 0.04
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
PMPG Polskie Media is a media holding listed in Warsaw, active in advertising, press publishing and audiovisual production through subsidiaries such as AWR Wprost and Orle Pióro. The available filings show a changing capital structure and fewer consolidated entities, which makes tracking the group's development in coming years relevant.
SWOT
Strengths
- The group has a history of more than two decades in media and a holding structure that centralises advertising sales 1.
- The main subsidiaries are wholly or majority owned, which simplifies their management 1.
- The company is listed on the stock exchange, which provides transparency through periodic reporting 1.
Weaknesses
- The group's structure underwent multiple changes in 2023, and many holdings are in liquidation or were sold 1.
- Dependence on collecting receivables from clients exposes the group to liquidity risk 1.
- The sources do not present revenue by segment, which limits the assessment of each activity's performance.
Opportunities
Threats
- Economic uncertainty and the situation in Ukraine may affect clients' advertising budgets 1.
- Pressure from digital platforms on traditional advertising is a general sector risk.
- Delays in collecting receivables could weigh on liquidity and affect investment plans.
Risks
- Liquidity and receivablesmedium
Management acknowledges that collecting receivables affects the company's liquidity, and the outcome depends on economic developments 1.
- Going concernmedium
The financial statements are prepared on a going-concern basis at least until the end of 2024, which implies that a deterioration in conditions would have significant effects 1.
- Effects of the conflict in Ukrainemedium
The report cites the situation in Ukraine as an uncertainty factor that may influence the group's activity 1.
- Changes in group structurelow
The 2023 liquidations and stake disposals may create irregular effects on results and reduce comparability.
- Accounting estimateslow
The financial statements include significant accounting estimates, described in a separate note, which adds uncertainty to reported figures 1.
Investment thesis
What would need to be true (bull case)
- If the digitalisation of publications succeeds, the group could turn part of its traditional activity into a more stable online revenue stream.
- Simplifying the structure through disposals and liquidations could focus resources on the subsidiaries with the most potential.
- Stock exchange listing and detailed reporting provide data that can support ongoing analysis of the group's development.
What would break the thesis
- If collections from clients slow, the group's liquidity could become a serious constraint.
- The lack of segment data makes it difficult to verify whether the core activities are profitable.
- Competitive pressure from digital platforms could reduce the group's share of advertising spending.
What to watch
- Development of receivables collection and liquidity2024
- Progress of digitalisation of publications2024
- Any further disposals or liquidations of holdingsnext annual report
- Segment results, if published2024
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 PMPG Polskie Media Capital Group is a media holding founded in 1997, whose parent company, PMPG Polskie Media S.A., is based in Warsaw and listed on the Warsaw Stock Exchange 1. According to the annual report, the company's activity is described as 'działalność wydawniczo reklamowa', meaning publishing and advertising 1. The parent's role includes holding functions, advertising sales, monitoring of business processes and PR and marketing services 1.
Subsidiaries fully consolidated in 2023 are AWR Wprost sp. z o.o., engaged in advertising and magazine publishing and 100% owned, and Orle Pióro sp. z o.o., engaged in magazine publishing and 81% owned 1. The group also holds minority or non-consolidated stakes in companies such as Reddeergames sp. z o.o., Inwestorzy.tv S.A. and One Group sp. z o.o. in liquidation 1.
Several structural changes took place in 2023: the sale of Film Point Group sp. z o.o. (effective 30 January 2023), a capital increase at Orle Pióro, the liquidation of Harmony Film and the deregistration of Becolour 1. The management board is made up of a president and vice-presidents, and one vice-president resigned at the end of July 2023 1.
Segments
Advertising and holding
The parent company handles advertising sales, budgetary control and group strategy, as well as PR and marketing services for advertising clients 1. This component concentrates the group's central functions.
Press publishing
The subsidiaries AWR Wprost and Orle Pióro run magazine and periodical publishing, in line with the activity description in the annual report 1. Digitalisation of publications is mentioned as a direction of change 1.
Audiovisual production and games
Several holdings relate to film, video and TV programme production or game publishing, but most have been deconsolidated, liquidated or are in liquidation 1. Their share of revenue cannot be determined from the available sources.
Market context
The available sources do not include data on the size of the Polish media or advertising market, so the group's market position cannot be estimated. The annual report places the company in the Media sector of the Warsaw Stock Exchange classification 1.
The group cites the recovery of the economy after the pandemic and developments in Ukraine as context factors on which collection of client receivables depends 1. These factors may influence advertising demand, but their impact is not quantified in the report.
Trends
- Digitalisation of publicationsmixed
Management describes a shift toward digitalising publications and more attractive offers for advertising clients 1. If this transition succeeds, it could support online advertising revenue.
- Portfolio restructuringmixed
Sales, liquidations and stake reductions in 2023 point to a simplified group 1. The effect on profitability is uncertain, as the sources do not include segment revenue.
- Economic uncertaintyheadwind
The post-pandemic economic recovery and the situation in Ukraine are cited as factors affecting clients' ability to pay and receivables collection 1. If these conditions worsen, pressure on advertising revenue could increase.
- Focus on liquidityheadwind
Management monitors receivables collection to support the company's liquidity and takes measures accordingly 1. If collections slow, liquidity could become a constraint.
Competitive position
The sources provided do not identify competitors and contain no comparative market share data. Competition in advertising and publishing cannot be assessed from these documents.
According to the report, the group's differentiation lies in project quality and attracting industry investors 1. What distinguishes it from other media companies remains to be verified in additional sources.
- Competitors not named in the source
The analysed sources do not name the group's direct competitors, so identifying them requires additional sources.
- Other Polish media holdings
The category is mentioned only generically; there are no named references in the documents provided.
- Advertising agencies and production houses
The advertising and audiovisual production activities suggest competition from these operators, though they are not named in the source.
- Digital publishers
Digitalisation of publications implies competition with online platforms and publishers, 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 202216 May 2023
- Annual report 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / PMPG Polskie Media 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.