olivLaw · European equity research
Zakłady Magnezytowe „ROPCZYCE” S.A. RPC.WA
Poland · GPW Warszawa · ISIN PLROPCE00017 · Vertical: Listed companies from Poland
Zakłady Magnezytowe „ROPCZYCE” S.A. is a Polish group that produces magnesite refractory materials and reports in złoty, with revenues and costs significantly exposed to the euro and the dollar. The 2022 annual report shows credit and leasing obligations rising to about 80 923 thousand PLN as interest rates increased, which makes interest rate and currency exposure relevant for investors following the group.
At the close of 05 Nov 2026, Zakłady Magnezytowe „ROPCZYCE” S.A. (RPC.WA) stock was 22.70 PLN (+0.89% on the day), with market capitalisation 110.0 m PLN, P/E 2.5 on diluted EPS of 9.22 PLN over the last 12 months, dividend yield 9.91%, beta 0.02, 52-week range 21.30–27.10 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)
- 45.9
- neutral
- Bollinger (20, 2)
- 22.39 – 23.51
- in the lower half of the band · %B 0.28 · band width 4.9%
- SMA 50 / 200
- 23.44 / 23.91
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.18
- 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 | +1.8% | −0.6% | +2.4 pp | — |
| 3 months | −10.6% | −4.2% | −6.5 pp | — |
| 6 months | +3.2% | +4.3% | −1.2 pp | — |
| Year to date | −3.8% | +7.5% | −11.3 pp | — |
| 1 year | −4.6% | +9.9% | −14.5 pp | +7.1% |
| 3 years | −33.8% | +49.8% | −83.7 pp | +3.3% |
| 5 years | −27.7% | +42.8% | −70.5 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 0 percentile of its own 3-quarter history (min 3.2, median 3.8, max 4.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 297.7 m | 361.9 m | 507.2 m |
| Revenue YoY | unavailable | +21.6% | +40.1% |
| Net income | 27.6 m | 31.4 m | 44.7 m |
| Net income YoY | unavailable | +14.1% | +42.2% |
| Diluted EPS | 6.12 | 6.75 | 9.22 |
| Diluted EPS YoY | unavailable | +10.3% | +36.6% |
| net % | 9.3% | 8.7% | 8.8% |
| Free cash flow | 40.5 m | 19.8 m | -65.7 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 9.7 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 376.9 m PLN
- Total assets
- 621.3 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.84x
- ROE
- 12.5%
- ROA
- 7.8%
- FCF margin
- -13.0%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 297.7 m | 361.9 m | 507.2 m | esef· 10 May 2023verified |
| Cost of revenue | 231.1 m | 257.6 m | 389.9 m | esef· 10 May 2023verified |
| Gross profit | 66.6 m | 104.2 m | 117.3 m | esef· 10 May 2023verified |
| Research & development | 462.0 k | 332.0 k | 0 | esef· 10 May 2023verified |
| Operating income | 33.1 m | 36.5 m | 57.7 m | esef· 10 May 2023verified |
| Interest expense | 3.7 m | 117.0 k | 4.9 m | esef· 10 May 2023verified |
| Pre-tax income | 35.6 m | 40.1 m | 56.7 m | esef· 10 May 2023verified |
| Income tax | 8.0 m | 8.7 m | 12.1 m | esef· 10 May 2023verified |
| Net income | 27.6 m | 31.4 m | 44.7 m | esef· 10 May 2023verified |
| Diluted EPS | 6.12 | 6.75 | 9.22 | esef· 10 May 2023verified |
| Dividend per share | 1.00 | 1.30 | 2.25 | esef· 10 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 29.7 m | 33.7 m | 9.7 m | esef· 10 May 2023verified |
| Receivables | 70.0 m | 95.9 m | 101.8 m | esef· 10 May 2023verified |
| Inventories | 86.1 m | 124.1 m | 225.5 m | esef· 10 May 2023verified |
| Current assets | 186.0 m | 263.4 m | 339.1 m | esef· 10 May 2023verified |
| Property, plant & equipment, net | 198.4 m | 203.2 m | 222.0 m | esef· 10 May 2023verified |
| Goodwill | 2.0 m | 2.0 m | 2.0 m | esef· 10 May 2023verified |
| Intangibles (excl. goodwill) | 1.9 m | 1.1 m | 764.0 k | esef· 10 May 2023verified |
| Total assets | 430.7 m | 521.4 m | 621.3 m | esef· 10 May 2023verified |
| Accounts payable | 41.8 m | 94.8 m | 96.6 m | esef· 10 May 2023verified |
| Current liabilities | 65.5 m | 121.2 m | 184.2 m | esef· 10 May 2023verified |
| Total liabilities | 123.6 m | 185.1 m | 244.3 m | esef· 10 May 2023verified |
| Equity | 307.1 m | 336.3 m | 376.9 m | esef· 10 May 2023verified |
| Shares outstanding at year end | 4.5 m | 4.7 m | 4.8 m | esef· 10 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 55.1 m | 38.4 m | -34.9 m | esef· 10 May 2023verified |
| Capex | 14.6 m | 18.6 m | 30.8 m | esef· 10 May 2023verified |
| Free cash flow | 40.5 m ≈ | 19.8 m ≈ | -65.7 m ≈ | esef· 10 May 2023derived |
| Investing cash flow | -14.9 m | -19.2 m | -30.4 m | esef· 10 May 2023verified |
| Financing cash flow | -36.7 m | -15.2 m | 41.3 m | esef· 10 May 2023verified |
| Dividends paid | 4.5 m | 7.2 m | 10.9 m | esef· 10 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 110.0 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · 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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.8% | 72 (vs peers) | 13% |
| FCF conversion · Quality | -147.1% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 11.8x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.8x | 87 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 2.5x | 84 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -59.8% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 9.9% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet95/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality36/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation47/100 · 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
Zakłady Magnezytowe "ROPCZYCE" S.A. (RPC.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 507.2 m PLN in 2022; YoY growth 40.1%; net margin 8.8%; ROE 12.5%.
The estimated value range is 58.75–162.14 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 102.00 PLN, the price of 22.70 PLN leaves a potential of 349.3% (value / price − 1) and a margin of safety of 77.7% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.8%
- Interest coverage: 11.8x
- Current ratio: 1.8x
- P/E (TTM): 2.5x
- Shareholder yield (distributions): 9.9%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -147.1%
- FCF yield: -59.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| RPC.WAZakłady Magnezytowe "ROPCZYCE" S.A. | 110.0 m | 2.5 | 12.5% | 8.8% | +40.1% | −3% / −30% |
| 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 RPC.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 | 14.83 Total return -26% · Per year -26% | 26.10 Total return 26% · Per year 26% | 39.16 Total return 86% · Per year 86% |
| 3 years | 17.60 Total return 6% · Per year 2% | 34.52 Total return 92% · Per year 24% | 56.39 Total return 198% · Per year 44% |
| 5 years | 20.87 Total return 44% · Per year 7% | 45.66 Total return 178% · Per year 23% | 81.20 Total return 359% · Per year 36% |
- Exit P/E± 8.63
- Net margin± 6.04
- Annual revenue growth± 4.51
- 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
Zakłady Magnezytowe „ROPCZYCE” S.A. is a Polish group that produces magnesite refractory materials and reports in złoty, with revenues and costs significantly exposed to the euro and the dollar. The 2022 annual report shows credit and leasing obligations rising to about 80 923 thousand PLN as interest rates increased, which makes interest rate and currency exposure relevant for investors following the group.
SWOT
Strengths
- The group has a diversified financing structure with credit, leasing and factoring, and has used hedging instruments for interest rate and currency risk.
- Natural offsetting of foreign currency receipts and payments reduces part of the exchange rate exposure.
- The statements are prepared under IFRS, and management identified no indications threatening going concern.
Weaknesses
- Bank and leasing debt rose in 2022 compared with 2021, increasing sensitivity to financing costs.
- A large part of the credit carries variable interest, and the effectiveness of the IRS contracts is only partial.
- The high share of foreign currency sales makes the result sensitive to exchange rate movements.
Opportunities
- If demand from refractory-consuming industries grows, the group could benefit from an already established export base.
- A decline in interest rates could lower the cost of variable financing and improve the financial result.
- Extending currency hedges could reduce result volatility if the structure of flows changes.
Threats
- Rising interest rates and their persistence at high levels could keep increasing financial costs.
- Adverse moves in the EUR and USD against the złoty could affect margins and net profit.
- Competitive pressure and raw material costs could limit the ability to pass costs on to customers.
Risks
- Interest rate riskhigh
Credit with variable interest linked to WIBOR and EURIBOR exposes the group to rising financing costs, and IRS contracts cover only part of the debt.
- Currency riskhigh
Most sales and part of the costs are in foreign currency, and forward hedging is limited in volume.
- Credit riskmedium
The group assesses customers before granting limits and uses bank trade finance instruments, but dependence on foreign customers could increase exposure to non-payment.
- Liquidity riskmedium
Credit and leasing maturities must be planned carefully, and part of the debt has near-term maturities that may require refinancing.
- Refinancing riskmedium
If market conditions deteriorate, refinancing the debt could become more costly.
Investment thesis
What would need to be true (bull case)
- If interest rates stabilise or fall, the cost of variable financing could return to more comfortable levels for the group.
- Natural currency hedging and IRS contracts show active management of financial risks, which could limit the impact of market shocks.
- An export sales base and a diversified financing structure could support the group's operations if demand remains stable.
What would break the thesis
- Growth in bank and leasing debt during 2022 could raise financing costs if interest rates stay high.
- The high exposure to foreign currency could affect net profit if the złoty appreciates or depreciates sharply.
- Partial hedging of interest and currency risk could leave the group more exposed to market shocks than the scenarios analysed.
What to watch
- Trend in the cost of variable-rate credit and the effect of the IRS contracts2023
- Share of foreign currency sales and the effectiveness of forward hedges2023
- Level of bank and leasing debt compared with the prior yearnext annual report
- Credit maturities beyond 361 days and the need for refinancing2024
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 ZM „ROPCZYCE” Capital Group comprises the parent company, Zakłady Magnezytowe „ROPCZYCE” S.A., and its subsidiaries consolidated under the full method. The consolidated financial statements are prepared in PLN, the functional and presentation currency, under IFRS as adopted by the EU, for the year ended 31 December 2022 with 2021 as comparative. Management stated there were no circumstances indicating a threat to the group's going concern.
Group financing relies on bank loans in PLN and EUR, overdrafts, factoring and finance leases, with floating rates linked to WIBOR and EURIBOR. To limit interest rate effects the parent entered IRS contracts in 2020 and 2022, and for currency risk it largely uses natural hedging between receipts and payments, supplemented by EUR forwards.
The debt maturity profile shows that at 31 December 2022 most bank credit and factoring fell due after 361 days, so a significant part of the debt does not require immediate payment. The analysis remains sensitive to interest and exchange rate levels, and the report does not allow conclusions on how these positions will develop in later periods.
Market context
The annual report does not describe the magnesite market or the group's share in detail, so the market analysis rests mainly on the financial exposure it discloses. Group revenues depend on demand from refractory-consuming industries and on exchange rates, since sales and purchases are predominantly in foreign currency.
The 2022 interest rate environment, with successive increases in the reference rate, raised the cost of the group's variable-rate financing. Management estimated that the peak rate of that cycle could remain around 6.75 percentage points, which shows the pressure this market exerts on financing costs.
Trends
- Rising interest ratesheadwind
Successive rate increases in 2022 raised the cost of variable-rate credit; exposure was partly limited through IRS contracts, but financial costs could remain high if interest levels persist.
- EUR/PLN exchange rate volatilitymixed
Most revenues and costs are in foreign currency, and the group uses forwards to partly hedge exposure; exchange rate movements could influence the result depending on how well flows are offset.
- Natural hedging of currency flowstailwind
The parent largely offsets foreign currency receipts and payments, reducing the need for derivatives; if the share of foreign currency sales changes, this offset could become less effective.
- Growing bank debtheadwind
Credit and leasing obligations rose in 2022 compared with 2021, which amplifies the group's sensitivity to financing costs and refinancing conditions.
Competitive position
The annual report does not identify the group's competitors or provide comparative market share data. For this reason the competitive position cannot be assessed from the document alone, and any comparison would require additional sources.
As a refractory producer that exports most of its output, the group probably faces price competition from producers in Europe and elsewhere, although the sources presented do not confirm this in detail. Competitive pressure could affect margins, especially if exchange rates move.
- European magnesite and refractory producers
Not named in the source; mentioned only as a general category of competitors, with no verified data.
- Asian refractory material producers
Category mentioned only as a possible source of competition, without information from the report.
- Magnesite raw material suppliers
Relevant for purchase costs, but the report does not name them.
- Other industrial groups in the region
General category, not directly identified in the source document.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202210 May 2023
- Annual report 202210 May 2023
- Annual report 202115 Mar 2022
- Annual report 202015 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Zakłady Magnezytowe „ROPCZYCE” 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.