olivLaw · European equity research
Fabryka Farb i Lakierów "Śnieżka" Spółka Akcyjna SKA.WA
Poland · GPW Warszawa · ISIN PLSNZKA00033 · Vertical: Listed companies from Poland
Śnieżka is a Polish manufacturer of paints and coatings with subsidiaries and holdings across Central and Eastern Europe, including Hungary, Ukraine and Belarus. At the end of 2022 the group reported net debt at 2.66 times EBITDA, in an operating context strained by the war in Ukraine.
At the close of 05 Nov 2026, Fabryka Farb i Lakierów "Śnieżka" Spółka Akcyjna (SKA.WA) stock was 83.80 PLN (−0.24% on the day), with market capitalisation 1.1 bn PLN, P/E 28.8 on diluted EPS of 2.91 PLN over the last 12 months, dividend yield 2.98%, beta 0.22, 52-week range 77.80–96.40 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)
- 48.8
- neutral
- Bollinger (20, 2)
- 82.64 – 85.44
- in the lower half of the band · %B 0.41 · band width 3.3%
- SMA 50 / 200
- 84.28 / 84.72
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.2% | −0.6% | +0.4 pp | — |
| 3 months | 0.0% | −4.2% | +4.2 pp | — |
| 6 months | −3.2% | +4.3% | −7.6 pp | — |
| Year to date | +1.2% | +7.5% | −6.3 pp | — |
| 1 year | +6.6% | +9.9% | −3.3 pp | +7.1% |
| 3 years | +7.2% | +49.8% | −42.7 pp | +3.3% |
| 5 years | +3.7% | +42.8% | −39.1 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 3-quarter history (min 14.4, median 16.2, max 21.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 821.3 m | 794.9 m | 791.7 m |
| Revenue YoY | unavailable | −3.2% | −0.4% |
| Net income | 78.0 m | 59.7 m | 36.7 m |
| Net income YoY | unavailable | −23.4% | −38.6% |
| Diluted EPS | 6.18 | 4.73 | 2.91 |
| Diluted EPS YoY | unavailable | −23.5% | −38.5% |
| net % | 9.5% | 7.5% | 4.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 19.9 m PLN
- Financial debt
- 225.9 m PLN
- Net debt
- 206.0 m PLN
- Equity
- 321.2 m PLN
- Total assets
- 794.0 m PLN
- Debt / equity
- 0.70x
- Current ratio
- 0.97x
- ROE
- 11.2%
- ROA
- 4.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 821.3 m | 794.9 m | 791.7 m | esef· 02 May 2023verified |
| Cost of revenue | 475.7 m | 479.6 m | 487.5 m | esef· 02 May 2023verified |
| Gross profit | 345.6 m | 315.3 m | 304.2 m | esef· 02 May 2023verified |
| Operating income | 102.5 m | 75.5 m | 69.4 m | esef· 02 May 2023verified |
| Interest expense | 2.5 m | 2.1 m | 21.9 m | esef· 02 May 2023verified |
| Pre-tax income | 104.0 m | 76.8 m | 53.0 m | esef· 02 May 2023verified |
| Income tax | 17.8 m | 12.5 m | 11.7 m | esef· 02 May 2023verified |
| Net income | 78.0 m | 59.7 m | 36.7 m | esef· 02 May 2023verified |
| Diluted EPS | 6.18 | 4.73 | 2.91 | esef· 02 May 2023verified |
| Dividend per share | 3.01 | 3.60 | 2.50 | esef· 02 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 15.5 m | 16.2 m | 19.9 m | esef· 02 May 2023verified |
| Receivables | 95.3 m | 63.2 m | 65.3 m | esef· 02 May 2023verified |
| Inventories | 104.1 m | 136.0 m | 124.6 m | esef· 02 May 2023verified |
| Current assets | 217.2 m | 225.7 m | 221.1 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 401.9 m | 489.6 m | 496.1 m | esef· 02 May 2023verified |
| Goodwill | 4.6 m | 4.6 m | 4.2 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 80.0 m | 78.5 m | 68.2 m | esef· 02 May 2023verified |
| Total assets | 709.6 m | 803.0 m | 794.0 m | esef· 02 May 2023verified |
| Accounts payable | 72.3 m | 103.2 m | 103.2 m | esef· 02 May 2023verified |
| Long-term debt | 96.6 m | 247.6 m | 225.9 m | esef· 02 May 2023verified |
| Current liabilities | 264.0 m | 198.4 m | 227.9 m | esef· 02 May 2023verified |
| Total liabilities | 383.3 m | 469.0 m | 472.8 m | esef· 02 May 2023verified |
| Equity | 326.3 m | 334.0 m | 321.2 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 12.6 m | 12.6 m | 12.6 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 120.7 m | 124.1 m | 98.2 m | esef· 02 May 2023verified |
| Investing cash flow | -124.8 m | -108.5 m | -47.5 m | esef· 02 May 2023verified |
| Financing cash flow | -12.8 m | -16.1 m | -43.8 m | esef· 02 May 2023verified |
| Dividends paid | 38.0 m | 53.2 m | 34.4 m | esef· 02 May 2023verified |
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: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · 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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.9% | 27 (vs peers) | 24% |
| Net margin · Quality | 4.6% | 56 (vs peers) | 14% |
| 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 | 3.2x | 26 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.0x | 14 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 28.8x | 21 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.3% | 47 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet21/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality38/100 · 2/3 factors with a value
- Returns· partial47/100 · 1/2 factors with a value
- Valuation· partial21/100 · 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
Fabryka Farb i Lakierów "Śnieżka" Spółka Akcyjna (SKA.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 791.7 m PLN in 2022; YoY growth -0.4%; net margin 4.6%; ROE 12.3%.
The estimated value range is 21.53–40.73 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 29.65 PLN, the price of 83.80 PLN leaves a potential of -64.6% (value / price − 1) and a margin of safety of -182.6% (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: 43.8% 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
- ROIC: 9.9%
- Interest coverage: 3.2x
- Current ratio: 1.0x
- P/E (TTM): 28.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): 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% |
| SKA.WAFabryka Farb i Lakierów "Śnieżka" Spółka Akcyjna | 1.1 bn | 28.8 | 12.3% | 4.6% | −0.4% | +2% / +2% |
| 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 SKA.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 | 47.09 Total return -42% · Per year -42% | 83.47 Total return 3% · Per year 3% | 126.00 Total return 54% · Per year 54% |
| 3 years | 41.32 Total return -44% · Per year -18% | 82.80 Total return 8% · Per year 2% | 137.86 Total return 76% · Per year 21% |
| 5 years | 36.25 Total return -47% · Per year -12% | 82.14 Total return 13% · Per year 2% | 150.84 Total return 100% · Per year 15% |
- Exit P/E± 20.70
- Net margin± 14.49
- Annual revenue growth± 12.48
- Annual dilution± 1.22
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
Śnieżka is a Polish manufacturer of paints and coatings with subsidiaries and holdings across Central and Eastern Europe, including Hungary, Ukraine and Belarus. At the end of 2022 the group reported net debt at 2.66 times EBITDA 1, in an operating context strained by the war in Ukraine 1.
SWOT
Strengths
- The group has a regional structure with several consolidated subsidiaries and a credit rating described as good, supporting access to financing.
- The policy of advance-payment sales in markets affected by the conflict limits exposure to non-collection.
- The presence in the Polish market, described as the key market, provides a stable operating base.
Weaknesses
- Leverage is high, and net debt is considerably above the strategic level management aims for.
- Exposure to foreign currency and to imported raw material prices can affect margins.
- Impairment tests for assets in Belarus showed a market value well above book value, but the valuation is hard to verify given regulatory instability.
Opportunities
- A recovery of demand in conflict-affected regions could support higher sales volumes.
- Full integration of the Hungarian subsidiary and optimisation of capital could ease financial pressure.
- The sustainable development strategy could open new segments of environmentally sensitive customers.
Threats
- The war in Ukraine and instability in Belarus could seriously affect activity in those countries.
- Changes in the interpretation of GAAR could generate unexpected tax obligations.
- Physical and transition climate risks could disrupt supply chains.
Risks
- High leveragehigh
Net debt is above the level management considers strategic, which could limit financial flexibility if results deteriorate.
- Conflict in Ukraine and Belarushigh
Operations in these countries face military and regulatory risk, with possible asset losses or operational disruptions.
- Put option on the minority stakemedium
The obligation to buy the remaining 20% of Poli-Farbe could require significant financial resources if exercised.
- Raw material costs and currencymedium
Higher raw material prices or a stronger euro could reduce the group's margins.
- Tax regulationlow
Interpretation of the GAAR by authorities could generate unforeseen tax liabilities.
Investment thesis
What would need to be true (bull case)
- If regional demand recovers and the group reduces its leverage, profitability could return to higher levels.
- The regional subsidiary network and the position in the Polish market could provide stability in periods of tension.
- A cautious advance-payment sales policy could limit losses from non-collection.
What would break the thesis
- If the conflict drags on, the loss of volume in Ukraine and Belarus could seriously weigh on results.
- High leverage could limit investment capacity and dividend distribution.
- Rising raw material costs could compress margins if they cannot be passed on in prices.
What to watch
- Trend in leverage against the level of 2.66 times EBITDA2027
- Development of sales and demand in Ukraine and Belarus2027
- Possible exercise of the put option over the remaining 20% of Poli-Farbenext 10-K
- Impact of raw material costs and the euro exchange rate on marginsnext 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
The Śnieżka group produces and sells paints, lacquers and related products, with Poland as its main market and subsidiaries in Hungary, Ukraine and Belarus, as consolidated in the 2022 annual report 1. The structure includes fully consolidated entities such as Śnieżka BelPol, Śnieżka Trade of Colours, Radomska Fabryka Farb i Lakierów and Poli-Farbe in Hungary, plus Plastbud, accounted for under the equity method 1. At 31 December 2022 the group had an average headcount of 1 150 people, down from the prior year 1.
The core activity is relatively compact, but the group manages several subsidiaries in countries with different currency and regulatory regimes, which complicates accounting and risk exposure 1. Beyond production, the group relies heavily on purchases of raw materials such as titanium white, resins and fillers, some denominated in foreign currency 1.
The financing structure combines bank loans, overdraft facilities and leasing, with a stated policy of maintaining a good credit rating and safe capital ratios 1.
Segments
Polish market
Poland is described as the group's key market, where most of its operating activity is concentrated, according to the notes on the epidemiological situation 1.
Subsidiaries in Hungary, Ukraine and Belarus
The Hungarian subsidiary Poli-Farbe is an acquisition in which the group holds 80% of the capital, with a put option over the remaining 20% exercisable after two years 1. Operations in Ukraine and Belarus are affected by the war in Ukraine, with advance-payment sales and impairment testing of assets 1.
Market context
On the input side, raw material prices and the euro exchange rate affect costs, and the group states that a 1% change in raw material prices would move total costs by about 4 million zloty 1.
Trends
- War in Ukraineheadwind
The conflict has led to limits on the payment terms granted to customers in Ukraine and Belarus, with sales largely made in advance, which reduces the risk of non-collection but also the sales volume in those markets 1. This context could weigh on results if regional demand keeps falling.
- Raw material costsheadwind
The group is exposed to rising raw material prices and the euro exchange rate, as part of its purchases are denominated in foreign currency 1. Changes in these costs could add pressure on margins, depending on the ability to pass them on in prices.
- Tax regulation and GAARheadwind
Poland's general anti-avoidance rule could lead tax authorities to interpret transactions differently, affecting deferred tax assets and possible additional tax payments 1. The uncertainty remains significant for management.
- Depreciation policy and investmentmixed
The group notes that a higher depreciation rate would reduce pre-tax profit, showing the sensitivity of profitability to accounting estimates 1. A sustained investment level could support long-term development if well managed.
Competitive position
The sources provided do not explicitly identify competitors of the Śnieżka group, so no statements can be made about its comparative market position 1. The report only mentions the markets in which the group operates, without describing them in terms of rivalry 1.
Differentiation from other players could depend on the network of regional subsidiaries and the ability to operate in higher-risk countries, but the sources do not provide quantitative data supporting this conclusion 1.
- Competitors not named in the source
The annual report provided does not name competitors, so no entities with a US ticker can be indicated.
- Other paint producers in Central Europe
The regional market could include local producers, but the sources do not identify them.
- Producers in Hungary and Ukraine
The group's presence in these countries suggests local competitors exist, but they are not named in the source.
- Raw material suppliers
Not a direct competitor, but their prices affect the group's costs according to the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202115 Mar 2022
- Annual report 202015 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Fabryka Farb i Lakierów "Śnieżka" Spółka Akcyjna · 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.