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olivLaw · European equity research

Toya S.A. TOA.WA

Poland · GPW Warszawa · ISIN PLTOYA000011 · Vertical: Listed companies from Poland

12.48PLN+10.44% · 1 dayClose 06 Nov 2026

At the close of 06 Nov 2026, Toya S.A. (TOA.WA) stock was 12.48 PLN (+10.44% on the day), with market capitalisation 932.3 m PLN, P/E 13.3 on diluted EPS of 0.94 PLN over the last 12 months, dividend yield 0.00%, beta 0.60, 52-week range 8.06–12.48 PLN.

Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
932.3 m PLN
shares as of 31 Dec 2022
P/E (TTM)
13.3
Diluted EPS TTM 0.94 · TTM to 31 Dec 2022
E/P (TTM)
7.53%
TTM to 31 Dec 2022
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
0.60
Volatility (1y) 33%
52-week range
8.0612.48

Price history

Loading chart…

Technical reading

RSI (14)
70.7
overbought (≥ 70)
Bollinger (20, 2)
10.00 – 12.17
above the upper band · %B 1.14 · band width 19.5%
SMA 50 / 200
10.78 / 9.64
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.31 / 0.23
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+20.2%−0.6%+20.9 pp—
3 months+31.5%−4.2%+35.7 pp—
6 months+37.7%+4.3%+33.4 pp—
Year to date+30.0%+7.5%+22.5 pp—
1 year+14.3%+9.9%+4.4 pp+5.9%
3 years+73.3%+49.8%+23.5 pp+1.8%
5 years+54.1%+42.8%+11.2 pp—
Max drawdown (1y)
−20.0%
07 Nov 2025 → 12 Jun 2026
Max drawdown (5y)
−46.6%
01 Dec 2021 → 12 Oct 2022
Compound annual growth (5y)
+9.0%
EURO STOXX 50 +7.4%

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 5.5, median 6.7, max 7.8; quarters with earnings only).

Fiscal years

Fiscal year202020212022
Revenue542.1 m686.7 m762.6 m
Revenue YoYunavailable+26.7%+11.0%
Net income64.9 m77.4 m70.2 m
Net income YoYunavailable+19.2%−9.3%
Diluted EPS0.871.030.94
Diluted EPS YoYunavailable+18.4%−8.7%
net %12.0%11.3%9.2%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2022 · 31 Dec 2022

Cash
38.8 m PLN
Financial debt
unavailable PLN
Net debt
unavailable PLN
Equity
370.7 m PLN
Total assets
590.8 m PLN
Debt / equity
unavailable
Current ratio
2.63x
ROE
20.9%
ROA
11.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (PLN)

Margins

Income statement · PLN

Revenue
2020
542.1 m
2021
686.7 m
2022
762.6 m

esef· 02 May 2023verified

Cost of revenue
2020
353.1 m
2021
455.3 m
2022
519.9 m

esef· 02 May 2023verified

Gross profit
2020
189.0 m
2021
231.4 m
2022
242.7 m

esef· 02 May 2023verified

Operating income
2020
82.1 m
2021
98.9 m
2022
97.6 m

esef· 02 May 2023verified

Interest expense
2020
1.6 m
2021
1.7 m
2022
9.6 m

esef· 02 May 2023verified

Pre-tax income
2020
80.6 m
2021
97.3 m
2022
88.3 m

esef· 02 May 2023verified

Income tax
2020
15.7 m
2021
19.9 m
2022
18.1 m

esef· 02 May 2023verified

Net income
2020
64.9 m
2021
77.4 m
2022
70.2 m

esef· 02 May 2023verified

Diluted EPS
2020
0.87
2021
1.03
2022
0.94

esef· 02 May 2023verified

Dividend per share
2020
0.80
2021
0.29
2022
0.00

esef· 02 May 2023verified

Balance sheet · PLN

Cash
2020
34.0 m
2021
38.9 m
2022
38.8 m

esef· 02 May 2023verified

Receivables
2020
73.1 m
2021
108.7 m
2022
105.4 m

esef· 02 May 2023verified

Inventories
2020
219.4 m
2021
369.3 m
2022
341.2 m

esef· 02 May 2023verified

Current assets
2020
326.4 m
2021
516.8 m
2022
486.2 m

esef· 02 May 2023verified

Property, plant & equipment, net
2020
26.5 m
2021
45.1 m
2022
64.7 m

esef· 02 May 2023verified

Goodwill
2020
751.0 k
2021
835.0 k
2022
830.0 k

esef· 02 May 2023verified

Intangibles (excl. goodwill)
2020
3.9 m
2021
3.9 m
2022
4.6 m

esef· 02 May 2023verified

Total assets
2020
394.9 m
2021
602.4 m
2022
590.8 m

esef· 02 May 2023verified

Accounts payable
2020
76.8 m
2021
156.1 m
2022
95.6 m

esef· 02 May 2023verified

Current liabilities
2020
129.4 m
2021
272.2 m
2022
184.6 m

esef· 02 May 2023verified

Total liabilities
2020
157.2 m
2021
301.7 m
2022
220.1 m

esef· 02 May 2023verified

Equity
2020
237.7 m
2021
300.7 m
2022
370.7 m

esef· 02 May 2023verified

Shares outstanding at year end
2020
74.6 m
2021
75.1 m
2022
74.7 m

esef· 02 May 2023derived

Cash flow · PLN

Operating cash flow
2020
116.9 m
2021
-1.5 m
2022
55.5 m

esef· 02 May 2023verified

Investing cash flow
2020
-9.3 m
2021
-28.8 m
2022
-20.7 m

esef· 02 May 2023verified

Financing cash flow
2020
-94.7 m
2021
32.9 m
2022
-33.7 m

esef· 02 May 2023verified

Dividends paid
2020
60.0 m
2021
21.8 m
2022
0

esef· 02 May 2023verified

Computed indicators

Growth

Revenue growth (YoY)
11.0%
computed by olivLawFY 2022
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-1.3%
computed by olivLawFY 2022
Net income growth (YoY)
-9.3%
computed by olivLawFY 2022
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-8.7%
computed by olivLawFY 2022
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
31.8%
computed by olivLawFY 2022
EBITDA margin
unavailable
input data missing
EBIT margin
12.8%
computed by olivLawFY 2022
Net margin
9.2%
computed by olivLawFY 2022
FCF margin
unavailable
input data missing

Returns

ROE
20.9%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROA
11.8%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROIC
unavailable
input data missing
ROCE
24.0%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Payout ratio (EPS)
0.0%
computed by olivLawFY 2022
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
10.2x
computed by olivLawFY 2022

Liquidity

Current ratio
2.6x
computed by olivLawbalance sheet at 31 Dec 2022
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2022
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2022

Cash

Operating cash flow
55.5 m PLN
computed by olivLawFY 2022
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
51 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Days inventory outstanding
249 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Days payables outstanding
88 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Cash conversion cycle
212 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022

Market and valuation

Market capitalisation
932.3 m PLN
computed by olivLawbalance sheet at 31 Dec 2022
Enterprise value
unavailable
input data missing
Market cap / net income TTM
13.3x
computed by olivLawFY 2022
P/E (TTM)
13.3x
computed by olivLawFY 2022
Earnings yield
7.5%
computed by olivLawFY 2022
P/B
2.5x
computed by olivLawbalance sheet at 31 Dec 2022
P/S
1.2x
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
0.0%
computed by olivLawFY 2022
Shareholder yield (distributions)
0.0%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • 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

12.48 PLN

06 Nov 2026Source: olivLaw, closing series

Market cap: 932.3 m PLN

Key indicators

Market capitalisation
932.3 m PLN
computed by olivLawbalance sheet at 31 Dec 2022
P/E (TTM)
13.3x
computed by olivLawFY 2022
P/B
2.5x
computed by olivLawbalance sheet at 31 Dec 2022
EV/EBITDA
unavailable
input data missing
ROE
20.9%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Net margin
9.2%
computed by olivLawFY 2022
Revenue growth (YoY)
11.0%
computed by olivLawFY 2022
Dividend yield
0.0%
computed by olivLawFY 2022

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2022
Latest reported period: 31 Dec 2022
Latest balance sheet date: 31 Dec 2022
Share count (cover of the latest filing), as of: 31 Dec 2022
Source: esefpublished 02 May 2023
verified 88derived 4

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%

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Quality9.2%72 (vs peers)19%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet10.2x100 (on a fixed band)19%
    Current ratio · Balance sheet2.6x100 (on a fixed band)13%
    P/E (TTM) · Valuation13.3x47 (vs peers)31%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)19%
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet100/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality· partial72/100 · 1/3 factors with a value
    • Returns· partial0/100 · 1/2 factors with a value
    • Valuation· partial47/100 · 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

    TOYA S.A. (TOA.WA). Latest full fiscal year: 2022; data up to 2022-12-31.

    Figures computed from the financial statements: revenue 762.6 m PLN in 2022; YoY growth 11.0%; net margin 9.2%; ROE 20.9%.

    The estimated value range is 5.55–16.36 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.61 PLN, the price of 12.48 PLN leaves a potential of -23.0% (value / price − 1) and a margin of safety of -29.9% (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

    • Net margin: 9.2%
    • Interest coverage: 10.2x
    • Current ratio: 2.6x

    What contradicts it

    • 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

    P/E
    13.3x
    vertical median 12.1x
    above median (+10.0%)
    EV/EBITDA
    —
    vertical median —
    P/S
    1.2x
    vertical median 1.3x
    at median
    P/B
    2.5x
    vertical median 1.0x
    above median (+157.6%)
    ROE
    20.9%
    vertical median 8.9%
    above median (+134.3%)
    Net margin
    9.2%
    vertical median 2.8%
    above median (+226.5%)
    EBIT margin
    12.8%
    vertical median 6.3%
    above median (+102.2%)
    Revenue YoY
    11.0%
    vertical median 9.9%
    above median (+12.1%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    0.0%
    vertical median 3.6%
    below median (−100.0%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    ACP.WAAsseco Poland S.A.19.0 bn37.87.8%2.9%+19.8%+18% / +199%
    BDX.WABudimex Spółka Akcyjna18.9 bn35.341.5%6.2%+8.9%+18% / +33%
    BFT.WABenefit Systems Spółka Akcyjna18.1 bn130.720.8%7.2%+99.9%+74% / +221%
    ASE.WAAsseco South Eastern Europe Spółka Akcyjna3.7 bn19.618.1%12.0%+36.5%+6% / +50%
    1AT.WAAtal Spółka Akcyjna2.3 bn6.429.8%22.2%−1.3%+7% / +8%
    ATT.WAGrupa Azoty Spółka Akcyjna1.6 bn—-37.9%-20.8%−45.1%−15% / −26%
    ARH.WAArchicom Spółka Akcyjna1.3 bn12.115.9%22.1%−21.6%+13% / +88%
    ACT.WAAction S.A.999.4 m27.28.3%1.5%+6.1%+71% / +171%
    TOA.WAToya S.A.932.3 m13.320.9%9.2%+11.0%+33% / +69%
    BRS.WABoryszew Spółka Akcyjna874.1 m8.26.3%1.6%+8.4%−25% / −28%
    AGO.WAAgora Spółka Akcyjna588.0 m—-14.2%-9.2%+15.2%+37% / +18%
    AMB.WAAmbra S.A.462.9 m7.516.4%7.0%+12.9%+4% / −33%
    ATC.WAArctic Paper Spółka Akcyjna344.7 m1.416.3%7.0%−27.5%−40% / −75%
    ATG.WA"atm Grupa Spółka Akcyjna"298.5 m11.08.9%11.6%−22.0%−11% / +2%
    ART.WAArtifex Mundi S.A.229.7 m17.735.7%33.3%+51.9%+48% / +14%
    APN.WAAPLISENS Spółka Akcyjna192.4 m9.411.4%13.8%+21.8%−2% / −22%
    ALI.WAALTUS Spolka Akcyjna158.1 m17.37.9%16.9%+30.3%+38% / +52%
    BMC.WABumech Spółka Akcyjna156.9 m—-3.4%-3.9%−40.0%−36% / −49%
    BBT.WABoomBit Spółka Akcyjna71.9 m4.520.7%6.4%−16.5%−18% / −56%
    BBD.WABbi Development S.A.54.1 m1.136.0%208.3%+50.2%+1% / +9%
    ALG.WAAll in! Games Spółka Akcyjna39.6 m——-156.9%−72.2%−27% / −56%
    BMX.WABioMaxima Spółka Akcyjna36.3 m62.01.2%1.3%−67.5%−31% / −46%
    06N.WAMagna Polonia Spółka Akcyjna31.1 m0.5115.4%964.7%+13.0%−29% / −43%
    BCM.WABETACOM Spółka Akcyjna26.3 m17.38.0%0.9%+21.3%+6% / +2%
    AWM.WAAirway Medix Spółka Akcyjna13.8 m—-25.8%-117,400.0%−97.7%−26% / −45%

    1- and 3-year price returns: for TOA.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.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (PLN)

    Estimated priceBearBaseBull
    1 years
    7.86
    Total return -37% · Per year -37%
    13.86
    Total return 11% · Per year 11%
    20.82
    Total return 67% · Per year 67%
    3 years
    8.67
    Total return -31% · Per year -11%
    17.09
    Total return 37% · Per year 11%
    28.04
    Total return 125% · Per year 31%
    5 years
    9.55
    Total return -23% · Per year -5%
    21.07
    Total return 69% · Per year 11%
    37.75
    Total return 203% · Per year 25%
    What moves the 3-year price the most
    • Exit P/E± 4.27
    • Net margin± 2.99
    • Annual revenue growth± 2.31
    • Annual dilution± 0.25

    AI analysis

    The qualitative analysis has not been written for this company yet.

    Products, market & competition

    The qualitative analysis has not been written for this company yet.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

    Toya S.A. (TOA.WA): stock, results, valuation and forecast · olivLaw