olivLaw · European equity research
Polimex Mostostal S.A. PXM.WA
Poland · GPW Warszawa · ISIN PLMSTSD00019 · Vertical: Listed companies from Poland
Polimex Mostostal is a Polish group in construction and metal-structure manufacturing, active in general contracting, industry, energy and infrastructure. The group closed fiscal 2023 with a net loss, mainly tied to energy contracts and to the war in Ukraine affecting its CZKS subsidiary.
At the close of 05 Nov 2026, Polimex Mostostal S.A. (PXM.WA) stock was 6.92 PLN (−1.85% on the day), with market capitalisation 1.6 bn PLN, P/E 13.4 on diluted EPS of 0.52 PLN over the last 12 months, dividend yield 7.39%, beta 1.14, 52-week range 5.71–9.71 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)
- 38.5
- weak (30–45)
- Bollinger (20, 2)
- 6.91 – 7.93
- in the lower half of the band · %B 0.00 · band width 13.6%
- SMA 50 / 200
- 7.27 / 7.79
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / 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 | −6.6% | −0.6% | −5.9 pp | — |
| 3 months | +0.9% | −4.2% | +5.0 pp | — |
| 6 months | −20.2% | +4.3% | −24.6 pp | — |
| Year to date | −16.7% | +7.5% | −24.2 pp | — |
| 1 year | +13.0% | +9.9% | +3.1 pp | +7.1% |
| 3 years | +54.7% | +49.8% | +4.9 pp | +3.3% |
| 5 years | +50.8% | +42.8% | +8.0 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 100 percentile of its own 2-quarter history (min 8.8, median 10.0, max 11.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 2.3 bn | 3.8 bn | 3.0 bn |
| Revenue YoY | unavailable | +64.2% | −20.4% |
| Net income | 90.0 m | 132.4 m | -123.2 m |
| Net income YoY | unavailable | +47.1% | −193.1% |
| Diluted EPS | 0.35 | 0.52 | unavailable |
| Diluted EPS YoY | unavailable | +49.3% | unavailable |
| net % | 3.9% | 3.5% | -4.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 493.6 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 933.5 m PLN
- Total assets
- 2.5 bn PLN
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -12.5%
- ROA
- -4.7%
- 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 | 2.3 bn | 3.8 bn | 3.0 bn | esef· 08 May 2024verified |
| Cost of revenue | 2.1 bn | 3.5 bn | 3.0 bn | esef· 08 May 2024verified |
| Gross profit | 211.9 m | 280.4 m | -26.5 m | esef· 08 May 2024verified |
| Operating income | 127.5 m | 167.1 m | -116.6 m | esef· 08 May 2024verified |
| Interest expense | 22.1 m | 22.8 m | 39.2 m | esef· 08 May 2024verified |
| Pre-tax income | 107.4 m | 165.8 m | -138.9 m | esef· 08 May 2024verified |
| Income tax | 20.4 m | 34.8 m | -15.7 m | esef· 08 May 2024verified |
| Net income | 90.0 m | 132.4 m | -123.2 m | esef· 08 May 2024verified |
| Diluted EPS | 0.35 | 0.52 | — | esef· 16 May 2023verified |
| Dividend per share | 0.38 | 0.56 | 0.51 | esef· 08 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 883.5 m | 950.5 m | 493.6 m | esef· 08 May 2024verified |
| Inventories | 187.6 m | 219.7 m | 152.3 m | esef· 08 May 2024verified |
| Goodwill | 91.2 m | 91.2 m | 91.2 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 3.5 m | 4.5 m | 3.8 m | esef· 08 May 2024verified |
| Total assets | 2.4 bn | 2.7 bn | 2.5 bn | esef· 08 May 2024verified |
| Current liabilities | 1.2 bn | 1.4 bn | 1.3 bn | esef· 08 May 2024verified |
| Total liabilities | 1.5 bn | 1.7 bn | 1.5 bn | esef· 08 May 2024verified |
| Equity | 901.2 m | 1.0 bn | 933.5 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 236.8 m | 238.6 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: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
13% · 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: 2 of at least 6; score weight coverage: 12.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -4.1% | 15 (vs peers) | 50% |
| 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 | -3.0x | 0 (on a fixed band) | 50% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial15/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 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
Polimex Mostostal S.A. (PXM.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 3.0 bn PLN in 2023; YoY growth -20.4%; net margin -4.1%; ROE -12.5%.
The estimated value range is 5.01–6.19 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.54 PLN, the price of 6.92 PLN leaves a potential of -19.9% (value / price − 1) and a margin of safety of -24.8% (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: 2 of at least 6; score weight coverage: 12.5% of at least 60%).
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: -4.1%
- Interest coverage: -3.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), 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% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| PXM.WAPolimex Mostostal S.A. | 1.6 bn | — | -12.5% | -4.1% | −20.4% | +14% / +70% |
| 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 PXM.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
Polimex Mostostal is a Polish group in construction and metal-structure manufacturing, active in general contracting, industry, energy and infrastructure. The group closed fiscal 2023 with a net loss, mainly tied to energy contracts and to the war in Ukraine affecting its CZKS subsidiary 1.
SWOT
Strengths
- Integrated group combining metal-structure production with construction and assembly works.
- Order book diversified by geography and segment, with presence in several countries.
- The Ukrainian subsidiary funds its current operations from own resources and has deferred-payment supplier terms.
Weaknesses
- Net loss in 2023, linked to energy contracts with low margins.
- Exposure to steel and energy prices, which the group does not control.
- Significant headcount reduction at the Ukrainian subsidiary, affecting output.
Opportunities
- A recovery in energy and infrastructure investment could support demand for the group's works.
- New demand in western Ukraine could sustain utilisation at CZKS.
- Contract price indexation could improve margins on projects in progress.
Threats
- A widening of the war in Ukraine could further affect the subsidiary and supply chains.
- Sanctions against Russia and Belarus have cost the group markets.
- Lower investment in steel-based projects could reduce orders for production.
Risks
- Low-margin contractshigh
Losses on large energy contracts weighed on net result and could continue if costs are not recovered.
- War in Ukrainehigh
The conflict affects the CZKS subsidiary and could cause delays and cost increases across several projects.
- Raw material price volatilitymedium
Steel and energy prices are unstable, and increases not passed on to clients can compress margins.
- Labour shortagemedium
Reduced workforce in Ukraine limits production and could affect delivery schedules.
- Concentration on a few contractslow
If a large project is delayed, the group's result could be significantly affected.
Investment thesis
What would need to be true (bull case)
- If contract price indexation is realised, margins on energy projects could recover.
- New demand in western Ukraine could support use of CZKS capacity.
- The integrated model and diversified order book could help the group through a difficult cycle.
What would break the thesis
- If the war lasts, the Ukrainian subsidiary could lose more production capacity.
- Continued rises in steel and energy costs could keep margins under pressure.
- If investment in energy and infrastructure slows, orders could weaken.
What to watch
- Margin trend on large energy contracts2024
- Result and output of the CZKS subsidiary2024
- Outcome of contract price indexation requests2024
- Headcount and production capacity trendnext 10-K
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
Polimex Mostostal S.A., based in Warsaw, is the parent of a group that performs construction and assembly works and produces metal structures, as general contractor in Poland and abroad 1. The group is organised in five segments: production, industrial construction, energy, infrastructure construction, and oil, gas and chemicals, with Poland as its main market 1. At 31 December 2023 the group consolidated 15 subsidiaries, all fully except Energomontaż-Północ Bełchatów S.A., held at 77,25% 1.
Segments
Production
The production segment manufactures metal structures and steel products, including through the Ukrainian subsidiary CZKS, which supplies the local market and clients in Poland 1. Energy and steel costs rose sharply, compressing the segment's margins 1.
Energy
The energy segment executes large contracts such as Elektrownia Dolna Odra and Elektrociepłownia Czechnica, where 2023 results led the group to lower its gross margin 1. Requests for contract price indexation were not included in the gross margin at 31 December 2023 1.
Industrial construction and infrastructure
Subsidiaries Polimex Budownictwo and Polimex Infrastruktura carry out industrial construction and road and motorway works, while Polimex Energetyka and Instal Lublin provide specialised services 1. The order book is diversified geographically and by segment, which reduces reliance on a single project 1.
Market context
The construction market in Poland and the wider region depends on investment in energy, industry and infrastructure, and steel and energy prices directly affect the costs of metal-structure producers 1. For the group, exports make up a major part of revenue, while the Ukrainian subsidiary remains active despite the war 1.
Demand for metal structures depends on investment plans, and currency weakness and high inflation could slow new projects 1. If investment momentum holds, regional demand could offset cost pressure 1.
Trends
- Raw material costsheadwind
Rising energy and steel prices, with volatile prices on world markets, directly affected steel- and zinc-based production 1.
- War in Ukrainemixed
The war led to the loss of Russian markets and lower output at CZKS, but opened new demand in western Ukraine from the second quarter of 2023 1.
- Contract price indexationtailwind
The group requested contract price adjustments, and an amount was agreed for the Czechnica contract, which could reduce future losses if realised 1.
- Staff shortagesheadwind
Mobilisation and migration reduced headcount at the Ukrainian subsidiary, limiting production capacity and possibly affecting deliveries 1.
Competitive position
Polimex competes with construction and metal-structure companies in Poland and Central Europe, especially on large energy and infrastructure contracts 1. Price competition adds to material cost risk 1.
The group's advantage lies in its regional presence, the integration of production with works execution, and a diversified client base 1. The Ukrainian subsidiary has shown it can win new clients in the Polish market 1.
- Budimex S.A.
Polish builder of infrastructure and industrial construction, present in the same public and private contract categories.
- Mostostal Warszawa S.A.
Polish builder active in industrial and energy construction, a direct rival on assembly works.
- Kęty Group
Regional producer of aluminium and steel profiles, relevant to the production segment.
- ArcelorMittal
International steel group whose prices influence the steel bought by metal-structure producers.
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 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Polimex Mostostal 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.