olivLaw · European equity research
TORPOL Spółka Akcyjna TOR.WA
Poland · GPW Warszawa · ISIN PLTORPL00016 · Vertical: Listed companies from Poland
TORPOL is a Polish group active in construction and infrastructure, with emphasis on roads and railways. This profile is based on its annual report for fiscal 2022, which shows a concentrated shareholder structure and projects executed through consortia.
At the close of 05 Nov 2026, TORPOL Spółka Akcyjna (TOR.WA) stock was 63.40 PLN (−3.21% on the day), with market capitalisation 1.5 bn PLN, P/E 7.9 on diluted EPS of 8.00 PLN over the last 12 months, dividend yield 4.73%, beta 0.59, 52-week range 53.60–73.50 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)
- 63.93 – 69.64
- below the lower band · %B -0.09 · band width 8.5%
- SMA 50 / 200
- 68.23 / 67.45
- mixed trend
- MACD (12, 26, 9)
- -0.83 / -0.57
- 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% | −6.0 pp | — |
| 3 months | −11.0% | −4.2% | −6.8 pp | — |
| 6 months | −11.8% | +4.3% | −16.2 pp | — |
| Year to date | +8.7% | +7.5% | +1.2 pp | — |
| 1 year | +21.5% | +9.9% | +11.5 pp | +7.1% |
| 3 years | +201.9% | +49.8% | +152.1 pp | +3.3% |
| 5 years | +377.4% | +42.8% | +334.6 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 2.3, median 3.8, max 6.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 1.4 bn | 1.1 bn | 1.1 bn |
| Revenue YoY | unavailable | −19.4% | −3.3% |
| Net income | 48.5 m | 77.1 m | 183.8 m |
| Net income YoY | unavailable | +58.8% | +138.5% |
| Diluted EPS | 2.11 | 3.36 | 8.00 |
| Diluted EPS YoY | unavailable | +59.2% | +138.1% |
| net % | 3.5% | 6.9% | 16.9% |
| Free cash flow | 283.4 m | 126.8 m | 156.6 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 492.8 m PLN
- Financial debt
- 19.2 m PLN
- Net debt
- -473.6 m PLN
- Equity
- 407.5 m PLN
- Total assets
- 1.0 bn PLN
- Debt / equity
- 0.05x
- Current ratio
- 1.61x
- ROE
- 52.5%
- ROA
- 18.5%
- FCF margin
- 14.4%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.1 bn | 1.1 bn | esef· 02 May 2023verified |
| Cost of revenue | 1.3 bn | 976.0 m | 825.5 m | esef· 02 May 2023verified |
| Gross profit | 99.9 m | 145.5 m | 259.3 m | esef· 02 May 2023verified |
| Operating income | 63.6 m | 105.1 m | 220.6 m | esef· 02 May 2023verified |
| Interest expense | 6.4 m | 5.4 m | 11.3 m | esef· 02 May 2023verified |
| Pre-tax income | 58.8 m | 101.3 m | 231.5 m | esef· 02 May 2023verified |
| Income tax | 10.2 m | 24.2 m | 47.7 m | esef· 02 May 2023verified |
| Net income | 48.5 m | 77.1 m | 183.8 m | esef· 02 May 2023verified |
| Diluted EPS | 2.11 | 3.36 | 8.00 | esef· 02 May 2023verified |
| Dividend per share | 0.90 | 1.53 | 3.00 | esef· 02 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 404.9 m | 431.9 m | 492.8 m | esef· 02 May 2023verified |
| Inventories | 57.3 m | 47.5 m | 69.4 m | esef· 02 May 2023verified |
| Current assets | 815.5 m | 702.9 m | 807.9 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 83.2 m | 83.3 m | 98.6 m | esef· 02 May 2023verified |
| Goodwill | 9.0 m | 9.0 m | 9.0 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 4.3 m | 4.1 m | 3.7 m | esef· 02 May 2023verified |
| Total assets | 1.0 bn | 959.0 m | 1.0 bn | esef· 02 May 2023verified |
| Long-term debt | 40.1 m | 26.1 m | 19.2 m | esef· 02 May 2023verified |
| Current liabilities | 690.0 m | 554.7 m | 501.5 m | esef· 02 May 2023verified |
| Total liabilities | 793.0 m | 666.8 m | 621.0 m | esef· 02 May 2023verified |
| Equity | 250.7 m | 292.2 m | 407.5 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 23.0 m | 22.9 m | 23.0 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 289.3 m | 134.4 m | 171.9 m | esef· 02 May 2023verified |
| Capex | 6.0 m | 7.6 m | 15.3 m | esef· 02 May 2023verified |
| Free cash flow | 283.4 m ≈ | 126.8 m ≈ | 156.6 m ≈ | esef· 02 May 2023derived |
| Investing cash flow | -8.4 m | -8.2 m | -2.5 m | esef· 02 May 2023verified |
| Financing cash flow | -76.9 m | -99.2 m | -108.4 m | esef· 02 May 2023verified |
| Dividends paid | 20.7 m | 35.1 m | 68.9 m | esef· 02 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 16.9% | 85 (vs peers) | 12% |
| FCF conversion · Quality | 85.2% | 79 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 19.5x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.6x | 68 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 7.9x | 68 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.7% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 4.7% | 68 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 44.0% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet87/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns81/100 · 2/2 factors with a value
- Valuation82/100 · 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
TORPOL Spółka Akcyjna (TOR.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.1 bn PLN in 2022; YoY growth -3.3%; net margin 16.9%; ROE 52.4%.
The estimated value range is 50.98–100.41 PLN per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 88.50 PLN, the price of 63.40 PLN leaves a potential of 39.6% (value / price − 1) and a margin of safety of 28.4% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.9%
- FCF conversion: 85.2%
- Interest coverage: 19.5x
- FCF yield: 10.7%
- Payout ratio (FCF): 44.0%
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| TOR.WATORPOL Spółka Akcyjna | 1.5 bn | 7.9 | 52.4% | 16.9% | −3.3% | +8% / +189% |
| 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 TOR.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 | 34.55 Total return -42% · Per year -42% | 61.33 Total return 1% · Per year 1% | 92.72 Total return 52% · Per year 52% |
| 3 years | 28.50 Total return -46% · Per year -18% | 57.39 Total return 4% · Per year 1% | 95.97 Total return 68% · Per year 19% |
| 5 years | 23.51 Total return -49% · Per year -12% | 53.71 Total return 6% · Per year 1% | 99.33 Total return 85% · Per year 13% |
- Exit P/E± 14.35
- Net margin± 10.04
- Annual revenue growth± 8.91
- Annual dilution± 0.84
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
TORPOL is a Polish group active in construction and infrastructure, with emphasis on roads and railways. This profile is based on its annual report for fiscal 2022, which shows a concentrated shareholder structure and projects executed through consortia.
SWOT
Strengths
- The group has a concentrated shareholder structure with one majority holder, which may facilitate strategic decisions.
- Work through consortia allows the group to take part in large projects without bearing the full financial risk alone.
- Recognising revenue on a cost basis gives a detailed picture of project progress.
Weaknesses
- Reliance on budget estimates for long-term contracts can expose results to revisions.
- The need to set aside provisions for warranties and additional costs points to existing operational risks.
- The report mentions uncertainty over tax law interpretation, which can create unforeseen exposures.
Opportunities
- Railway and power infrastructure projects could offer growth opportunities if awarded to the group.
- Existing consortia could open access to larger contracts in the future.
- Diversification into the separately reported service segments could reduce reliance on a single area.
Threats
- Frequent changes in tax legislation could lead to disputes or penalties.
- Rising execution costs could exceed budgets on fixed-price contracts.
- Difficulties faced by consortium partners could affect the execution of joint projects.
Risks
- Contract budget estimateshigh
Revisions to construction contract budgets can change recognised revenue and results, especially on projects with uncertain costs.
- Warranty provisionsmedium
If provisions for warranty repairs prove insufficient, unforeseen costs could weigh on profitability.
- Tax uncertaintymedium
Divergent interpretations of tax law can lead to additional obligations if authorities challenge the treatment applied.
- Consortium riskmedium
Difficulties at a consortium partner could affect execution and revenue recognition on joint projects.
- Shareholder concentrationlow
A majority holder with a large stake can influence company decisions, and minority interests may be harder to protect.
Investment thesis
What would need to be true (bull case)
- If railway and power projects translate into new contracts, the group could benefit from sustained demand for its services.
- Participation through consortia could allow access to large projects while spreading financial risk among partners.
- Detailed segment reporting could make it easier for investors to assess the performance of each activity.
What would break the thesis
- If budget estimates prove optimistic, margins on long-term contracts could be compressed.
- Tax uncertainty could create extra costs if authorities' interpretations differ from the company's.
- Shareholder concentration may limit liquidity and influence strategic direction for minority shareholders.
What to watch
- Development of warranty and additional cost provisions on construction contractsnext annual report
- Revisions to budget estimates on major construction contracts2027
- Tax position and any disputes over VAT and corporate income taxnext annual report
- Condition of partners in the NLF Torpol Webuild consortium and impact on joint projects2027
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
According to the annual report for the year ended 31 December 2022, the TORPOL Group includes the parent company Torpol S.A. and several subsidiaries, among them Torpol Oil&Gas Sp. z o.o. The group reports results by operating segments, the main ones being railway roads and other activities. The railway segment was treated as a cash-generating unit in impairment testing, as it shares economic characteristics with power infrastructure. According to the shareholder note, TF Silesia Sp. z o.o. holds the largest stake.
Segments
Railway roads
The railway roads segment is the main reported segment of the TORPOL Group. According to the report, it includes power infrastructure linked to railway activity, which was associated with goodwill arising from the Elmont acquisition.
Other activities
The segment labelled 'pozostałe' covers the group's other services and products, reported separately from the railway segment. Details are given in note 12 of the consolidated financial statements.
Market context
The annual report does not provide data on the size of the Polish construction market or the company's market share. The source only notes that the group works within construction consortia, such as NLF Torpol Webuild, which is classified as a joint operation.
Trends
- Long-term contracts recognised on a cost basismixed
The group recognises revenue from long-term construction contracts based on costs incurred relative to total estimated costs. Budget estimates can be revised, and changes could affect results if costs rise.
- Work through consortiamixed
Activity through consortia, such as NLF Torpol Webuild, is classified as a joint operation, and the group recognises only its share of revenue and costs. This structure may limit direct exposure but reduces control over joint decisions.
- Tax uncertaintyheadwind
The report notes that VAT and corporate income tax rules change frequently, producing divergent interpretations. This could create additional risk if authorities take different positions.
- Warranty and additional project cost provisionsheadwind
The group sets aside provisions for warranty repairs and additional costs of completed projects. If these provisions prove insufficient, results could be affected in later periods.
Competitive position
The analysed source does not identify direct competitors of TORPOL and does not compare the company's position with other sector players. This is a limitation of the annual report used as reference.
- Webuild
Partner in the NLF Torpol Webuild consortium, named in the annual report as a partner rather than a competitor.
- Astaldi
The consortium name changed from NLF Torpol Astaldi to NLF Torpol Webuild, with no further detail on its role in the source.
- Other Polish infrastructure contractors
The source names no specific competitors; a full profile would need data from other sources.
- Power infrastructure suppliers
The report links the railway segment to power infrastructure but does not name competing firms in this field.
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 202202 May 2023
- Annual report 202116 Mar 2022
- Annual report 202116 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / TORPOL 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.