olivLaw · European equity research
PROTEKTOR S.A. PRT.WA
Poland · GPW Warszawa · ISIN PLLZPSK00019 · Vertical: Listed companies from Poland
PROTEKTOR S.A. is a Polish group in protective and specialist footwear, with subsidiaries in Germany and France, listed on the Warsaw Stock Exchange. Its 2023 annual report shows a financing structure based on bank credit and significant exposure to variable interest rates, relevant to investors and employees.
At the close of 05 Nov 2026, PROTEKTOR S.A. (PRT.WA) stock was 0.80 PLN (−1.12% on the day), with market capitalisation 15.2 m PLN, dividend yield 0.00%, beta 0.44, 52-week range 0.80–1.57 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)
- 34.7
- weak (30–45)
- Bollinger (20, 2)
- 0.77 – 0.94
- in the lower half of the band · %B 0.15 · band width 20.3%
- SMA 50 / 200
- 0.89 / 1.13
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- 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 | −6.2% | −0.6% | −5.6 pp | — |
| 3 months | −29.3% | −4.2% | −25.1 pp | — |
| 6 months | −43.1% | +4.3% | −47.5 pp | — |
| Year to date | −20.4% | +7.5% | −27.9 pp | — |
| 1 year | −39.7% | +9.9% | −49.6 pp | +7.1% |
| 3 years | −59.0% | +49.8% | −108.9 pp | +3.3% |
| 5 years | −76.2% | +42.8% | −119.0 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 | 93.8 m | 100.4 m | 99.8 m |
| Revenue YoY | unavailable | +7.0% | −0.5% |
| Net income | 682.0 k | -1.2 m | -6.9 m |
| Net income YoY | unavailable | −280.1% | unavailable |
| Diluted EPS | 40.00 | -0.06 | -0.36 |
| Diluted EPS YoY | unavailable | −100.2% | unavailable |
| net % | 0.7% | -1.2% | -6.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 2.5 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 34.3 m PLN
- Total assets
- 82.8 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.23x
- ROE
- -17.5%
- ROA
- -7.5%
- 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 | 93.8 m | 100.4 m | 99.8 m | esef· 08 May 2024verified |
| Cost of revenue | 61.6 m | 65.0 m | 69.0 m | esef· 08 May 2024verified |
| Gross profit | 32.2 m | 35.3 m | 30.8 m | esef· 08 May 2024verified |
| Operating income | 624.0 k | 2.9 m | -3.6 m | esef· 08 May 2024verified |
| Interest expense | 1.7 m | 2.4 m | 2.6 m | esef· 08 May 2024verified |
| Pre-tax income | 2.8 m | 1.3 m | -5.2 m | esef· 08 May 2024verified |
| Income tax | 1.9 m | 2.3 m | 1.6 m | esef· 08 May 2024verified |
| Net income | 682.0 k | -1.2 m | -6.9 m | esef· 08 May 2024verified |
| Diluted EPS | 40.00 | -0.06 | -0.36 | esef· 08 May 2024verified |
| Weighted average diluted shares | 19.0 bn | 19.0 m | 19.0 m | esef· 08 May 2024verified |
| Dividend per share | 5.40 | 0.00 | — | esef· 23 May 2023derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.1 m | 2.4 m | 2.5 m | esef· 08 May 2024verified |
| Inventories | 40.0 m | 43.4 m | 36.8 m | esef· 08 May 2024verified |
| Current assets | 56.1 m | 56.6 m | 48.6 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 7.8 m | 8.0 m | 9.2 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 7.3 m | 8.1 m | 7.7 m | esef· 08 May 2024verified |
| Total assets | 93.6 m | 99.0 m | 82.8 m | esef· 08 May 2024verified |
| Current liabilities | 36.9 m | 42.5 m | 39.4 m | esef· 08 May 2024verified |
| Total liabilities | 48.5 m | 54.8 m | 48.5 m | esef· 08 May 2024verified |
| Equity | 45.1 m | 44.1 m | 34.3 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 17.1 k | 20.5 m | 19.0 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: 4 of at least 6
- score weight coverage: 22.9% 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: 15.2 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · 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: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -6.9% | 13 (vs peers) | 27% |
| 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 | -1.4x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 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
PROTEKTOR S.A. (PRT.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 99.8 m PLN in 2023; YoY growth -0.5%; net margin -6.9%; ROE -17.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% 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: -6.9%
- Interest coverage: -1.4x
- 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, P/E (TTM), 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% |
| PRT.WAProtektor S.A. | 15.2 m | — | -17.7% | -6.9% | −0.5% | −36% / −59% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for PRT.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
PROTEKTOR S.A. is a Polish group in protective and specialist footwear, with subsidiaries in Germany and France, listed on the Warsaw Stock Exchange. Its 2023 annual report shows a financing structure based on bank credit and significant exposure to variable interest rates, relevant to investors and employees.
SWOT
Strengths
Weaknesses
Opportunities
- The new credit lines could support purchases of materials for tender contracts already signed 1.
- Extending certifications to more models could increase the number of suppliers and reduce purchasing costs 1.
- The Special Economic Zone offers tax incentives that could support profitability of covered activities 1.
Risks
- Interest rate riskhigh
An important part of the debt carries variable interest, and rising rates would increase financing costs 1.
- Missed bank covenantmedium
A bank covenant was not met in 2023, and the bank accepted the position after normalising results 1.
- Currency riskmedium
EUR and Transnistrian ruble transactions are not hedged, and exchange rate changes could affect profit 1.
- Public tender riskmedium
Contracts won in tenders may yield lower profitability than estimated, and contractual penalties could reduce profit 1.
- Tax risklow
Tax authorities may interpret the rules applied by the group differently, and the risk cannot be fully excluded 1.
Investment thesis
What would need to be true (bull case)
- If the new credit lines and contracts already signed turn into profitable sales, the financial position could support a recovery in margins.
- The international structure and diversified customer base could reduce the impact of a problem in a single market.
- Tax incentives in the special economic zone could support profitability under certain conditions.
What would break the thesis
- If variable interest rates rise, financing costs could significantly reduce profit.
- Price pressure in tenders could prevent margins from recovering.
- Breaching a bank covenant could limit access to future financing.
What to watch
- Compliance with bank covenants and acceptance of normalised results2024
- Trend in interest costs on variable-rate debt2024
- Profitability of contracts won in public tenders2024
- Renewal of credit lines expiring in June 20242024
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 Protektor group consists of PROTEKTOR S.A., the parent company, and the Abeba group, which includes ABEBA Spezialschuh-Ausstatter GmbH, Inform Brill GmbH, ABEBA FRANCE SARL and 'Rida' in Moldova (Transnistria) 1. The company partly operates in the EURO-PARK MIELEC Special Economic Zone, where it has preferential tax treatment for income from the activity covered by the permit 1. The group sells footwear, footwear components and leather products, including through public tenders 1.
Main raw materials are leather, uppers, insoles, adhesives, metal accessories and linings, purchased from several suppliers to reduce dependence on a single partner 1. The group manages price risk through its pricing policy and contracts with suitable price formulas 1.
Export and foreign sales are mainly in EUR, and the group did not use currency hedging instruments in 2023 1. The report also mentions smart-footwear and mask projects that were stopped and led to impairments in 2023 1.
Segments
Protective and specialist footwear
This segment covers production and sale of protective footwear for industry and professionals, with an important share of public tender contracts 1.
German and French subsidiaries (Abeba group)
The Abeba group, based in Germany with a French subsidiary, sells footwear and accessories and represents the international part of the business, fully consolidated 1.
New projects and diversification
The company developed and stopped some new projects, such as smart footwear and masks, and the report indicates impairments for them in 2023 1.
Market context
The market the group operates in is marked by strong competition in public tenders, where prices can be reduced to the point of eliminating the producer's margin 1. The company notes that some contracts could have lower profitability than estimated 1.
External customers are fragmented and the group does not identify dependence on a key customer, which limits sales concentration risk 1.
Trends
- Variable-rate financing costsheadwind
An important part of the debt bears variable interest, which exposes the group to higher financing costs if rates rise 1.
- Price pressure in public tendersheadwind
Competition in tenders can lead to low prices and contracts with thin margins, which could weigh on profitability 1.
- EUR/PLN exchange rate fluctuationsmixed
Foreign transactions in EUR create currency exposure, and the sensitivity analysis in the report shows significant effects from exchange rate changes 1.
- Conflict in Ukrainemixed
Management monitors the impact of the armed conflict in Ukraine on the group's activity and, at the report date, did not identify a threat to going concern 1.
Competitive position
The report does not name specific competitors, but it describes strong competition in public tenders as the main pressure on prices 1. Comparative analysis requires other sources.
The market advantage rests on certifications for key footwear models and an extensive supplier network, which gives the group flexibility in purchasing 1.
- Public tender footwear competitors
The report describes strong competitors in tenders without naming them.
- European protective footwear producers
The source does not list producers; the group operates in markets where it competes with European suppliers.
- Footwear material suppliers
The relationship with leather and component suppliers is not detailed by name in the report.
- European distributors and retail customers
The report mentions retail customers, but without identifying direct competitors.
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 202223 May 2023
- Annual report 202123 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / PROTEKTOR 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.