olivLaw · European equity research
TESGAS Spółka Akcyjna TSG.WA
Poland · GPW Warszawa · ISIN PLTSGS000019 · Vertical: Listed companies from Poland
TESGAS is a Polish group active in gas-network services, metal processing and, through piTERN, in large photovoltaic installations. Its 2022 annual report shows stable activity in gas-sector services, but flags contract delays and macroeconomic pressure.
At the close of 05 Nov 2026, TESGAS Spółka Akcyjna (TSG.WA) stock was 1.55 PLN (+0.65% on the day), with market capitalisation 17.7 m PLN, P/E 6.5 on diluted EPS of 0.24 PLN over the last 12 months, dividend yield 19.35%, beta 0.09, 52-week range 1.52–2.64 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)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 1.49 – 1.67
- in the lower half of the band · %B 0.33 · band width 11.6%
- SMA 50 / 200
- 1.64 / 1.85
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -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 | −2.5% | −0.6% | −1.9 pp | — |
| 3 months | −10.7% | −4.2% | −6.5 pp | — |
| 6 months | −19.7% | +4.3% | −24.0 pp | — |
| Year to date | −21.5% | +7.5% | −29.0 pp | — |
| 1 year | −41.1% | +9.9% | −51.0 pp | +7.1% |
| 3 years | −47.5% | +49.8% | −97.3 pp | +3.3% |
| 5 years | −64.3% | +42.8% | −107.1 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 50 percentile of its own 2-quarter history (min 5.7, median 9.8, max 13.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | 113.6 m | 128.8 m |
| Revenue YoY | unavailable | +13.4% |
| Net income | 6.6 m | 2.7 m |
| Net income YoY | unavailable | −58.2% |
| Diluted EPS | 0.58 | 0.24 |
| Diluted EPS YoY | unavailable | −58.6% |
| net % | 5.8% | 2.1% |
| Free cash flow | -5.5 m | 10.7 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 5.0 m PLN
- Financial debt
- 3.0 m PLN
- Net debt
- -2.0 m PLN
- Equity
- 86.5 m PLN
- Total assets
- 140.0 m PLN
- Debt / equity
- 0.04x
- Current ratio
- 2.00x
- ROE
- 3.2%
- ROA
- 2.0%
- FCF margin
- 8.3%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 113.6 m | 128.8 m | esef· 23 May 2023verified |
| Cost of revenue | 93.2 m | 110.0 m | esef· 23 May 2023verified |
| Gross profit | 20.4 m | 18.9 m | esef· 23 May 2023verified |
| Operating income | 7.2 m | 4.1 m | esef· 23 May 2023verified |
| Interest expense | 299.0 k | 1.1 m | esef· 23 May 2023verified |
| Pre-tax income | 7.0 m | 3.2 m | esef· 23 May 2023verified |
| Income tax | 533.0 k | 433.0 k | esef· 23 May 2023verified |
| Net income | 6.6 m | 2.7 m | esef· 23 May 2023verified |
| Diluted EPS | 0.58 | 0.24 | esef· 23 May 2023verified |
| Dividend per share | 0.00 | 0.30 | esef· 23 May 2023verified |
Balance sheet · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 10.2 m | 5.0 m | esef· 23 May 2023verified |
| Receivables | 25.6 m | 23.7 m | esef· 23 May 2023verified |
| Inventories | 29.2 m | 27.4 m | esef· 23 May 2023verified |
| Current assets | 75.6 m | 79.2 m | esef· 23 May 2023verified |
| Property, plant & equipment, net | 48.4 m | 49.7 m | esef· 23 May 2023verified |
| Goodwill | 0 | 0 | esef· 23 May 2023verified |
| Intangibles (excl. goodwill) | 91.0 k | 113.0 k | esef· 23 May 2023verified |
| Total assets | 132.5 m | 140.0 m | esef· 23 May 2023verified |
| Accounts payable | 13.2 m | 23.9 m | esef· 23 May 2023verified |
| Long-term debt | 720.0 k | 3.0 m | esef· 23 May 2023verified |
| Current liabilities | 37.3 m | 39.7 m | esef· 23 May 2023verified |
| Total liabilities | 45.3 m | 53.4 m | esef· 23 May 2023verified |
| Equity | 87.2 m | 86.5 m | esef· 23 May 2023verified |
| Shares outstanding at year end | 11.3 m | 11.4 m | esef· 23 May 2023derived |
Cash flow · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -1.8 m | 13.0 m | esef· 23 May 2023verified |
| Capex | 3.7 m | 2.2 m | esef· 23 May 2023verified |
| Free cash flow | -5.5 m ≈ | 10.7 m ≈ | esef· 23 May 2023derived |
| Investing cash flow | -2.2 m | -1.1 m | esef· 23 May 2023verified |
| Financing cash flow | 8.5 m | -17.0 m | esef· 23 May 2023verified |
| Dividends paid | 0 | 3.4 m | esef· 23 May 2023verified |
| Share repurchases | 0 | 0 | esef· 23 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: 71 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 17.7 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality49
- Returns100
- Balance sheet62
- Valuation85
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
Attractive profile · Score 71/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.4% | 20 (vs peers) | 17% |
| Net margin · Quality | 2.1% | 46 (vs peers) | 10% |
| FCF conversion · Quality | 391.6% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.9x | 37 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 6.5x | 74 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 60.6% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 19.2% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 31.7% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet62/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation85/100 · 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
TESGAS Spółka Akcyjna (TSG.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 128.8 m PLN in 2022; YoY growth 13.4%; net margin 2.1%; ROE 3.2%.
The estimated value range is 2.94–4.22 PLN per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 3.25 PLN, the price of 1.55 PLN leaves a potential of 109.8% (value / price − 1) and a margin of safety of 52.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 71/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 391.6%
- Current ratio: 2.0x
- P/E (TTM): 6.5x
- FCF yield: 60.6%
- Shareholder yield (distributions): 19.2%
- Payout ratio (FCF): 31.7%
- The price is below the estimated value range
What contradicts it
- ROIC: 4.4%
Not assessed (insufficient data or a ratio without meaning): 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% |
| 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% |
| TSG.WATESGAS Spółka Akcyjna | 17.7 m | 6.5 | 3.2% | 2.1% | +13.4% | −39% / −48% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for TSG.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 | 1.00 Total return -22% · Per year -22% | 1.76 Total return 31% · Per year 31% | 2.64 Total return 91% · Per year 91% |
| 3 years | 1.15 Total return 17% · Per year 5% | 2.26 Total return 106% · Per year 27% | 3.70 Total return 214% · Per year 46% |
| 5 years | 1.33 Total return 63% · Per year 10% | 2.91 Total return 202% · Per year 25% | 5.19 Total return 387% · Per year 37% |
- Exit P/E± 0.57
- Net margin± 0.40
- Annual revenue growth± 0.30
- Annual dilution± 0.03
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
TESGAS is a Polish group active in gas-network services, metal processing and, through piTERN, in large photovoltaic installations. Its 2022 annual report shows stable activity in gas-sector services, but flags contract delays and macroeconomic pressure.
SWOT
Strengths
- The group has a gas-sector services segment that management describes as stable, and holds full or majority stakes in its subsidiaries 1.
- Stal Warsztat benefits from its focus on large parts, a higher entry barrier and lower competition 1.
- piTERN is wholly owned and targets a market supported by energy policy 1.
Weaknesses
Opportunities
Risks
- Contract delayshigh
Extensions caused by external factors generate extra costs and may reduce profit 1.
- Liquidity under pressurehigh
Delayed collection of additional works could affect the group's liquidity 1.
- Metal material pricesmedium
Price volatility and the risk of supply interruption could reduce order profitability 1.
- Currency riskmedium
Large exchange-rate swings could amplify war effects and import costs 1.
- Labour shortagemedium
Lack of site workers and military mobilisation could raise wages and delay works 1.
Investment thesis
What would need to be true (bull case)
- If the gas-sector segment keeps revenue stable and contracts close on time, the group could strengthen profitability 1.
- Expanding piTERN into large photovoltaic installations could open a new revenue source, supported by Poland's energy goals 1.
- Stal Warsztat's focus on large parts, combined with machine investment, could improve margins and efficiency 1.
What would break the thesis
- If contract delays and unpaid works persist, profit and liquidity could remain under pressure 1.
- A difficult macro environment, with high rates and slower infrastructure investment, could limit construction demand 1.
- The renewables segment depends on large projects not yet started, which makes its near-term contribution uncertain 1.
What to watch
- Trend in gas-sector segment revenue and adherence to contract deadlinesnext 10-K
- Liquidity level and collection of additional works2027
- Start of solar farm construction by piTERN2027
- Stal Warsztat margin development after machine park investmentnext 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 TESGAS group, based in Poland, consolidates three companies: Segus, Stal Warsztat and piTERN, all fully consolidated 1. According to the 2022 annual report, the group executes contracts in gas-sector services that bring stable revenue, while management seeks stable margins and a larger order book 1. Consolidation depends on finishing contracts on the planned dates and collecting additional works, since extensions generate costs that reduce profit and weaken liquidity 1.
Stal Warsztat, in which the group holds 91.79% of capital, operates in the 'Obróbka metali' segment and stabilised financially in 2022 by specialising in large components, a higher-barrier niche 1. The document says investment in the machine park should support revenue growth and operational efficiency 1.
piTERN, wholly owned by the group, operates in the 'OZE' segment and is extending from retail customers into large photovoltaic installations for business clients, in line with Poland's emission and renewables goals 1. Management intends to start building solar farms for the group and external clients 1.
Segments
Gas-sector services
The gas-sector services segment is, per the 2022 annual report, the area with stable revenue, whose continuity depends on meeting contract deadlines and collecting additional works 1.
Metal processing
The metal processing segment, through Stal Warsztat, recovered in 2022 after a pandemic-era drop in orders, and its focus on large parts supports better margins 1.
Renewable energy
The renewable energy segment, through piTERN, aims to grow via large photovoltaic installations and own solar farms, but remains in a development phase compared with the group's core activity 1.
Market context
The 2022 annual report describes a difficult macroeconomic environment for construction, with economic slowdown, high inflation, high interest rates and a lack of EU funds under the National Recovery Plan, factors that could weigh on the sector 1.
Poland's energy policy, aimed at cutting CO2 emissions and raising the share of renewables, supports the outlook for the renewables segment, according to the group 1.
Trends
- Polish climate targetstailwind
Goals to cut emissions and raise renewable generation could support demand for photovoltaic installations, which may favour piTERN 1.
- Economic slowdown and high ratesheadwind
The slowdown, inflation and high interest rates could reduce infrastructure investment and pressure the construction sector 1.
- War in Ukraine and supply chainsheadwind
Disruption to metal supplies and price volatility could hit order profitability, while military mobilisation of Ukrainian workers may increase wage pressure 1.
Competitive position
The 2022 annual report does not explicitly name the group's competitors; it notes only that Stal Warsztat benefits from lower competition in large parts with a higher entry barrier 1.
In photovoltaics, piTERN competes with other developers and installers in Poland, and its edge could depend on winning contracts for large installations 1.
- Polish metal parts producers
Local competitors in metal processing, implied by the specialisation of Stal Warsztat 1.
- Gas network contractors in Poland
Service providers competing for the same gas-sector contracts, per sector context 1.
- Photovoltaic developers in Poland
Competitors in piTERN's renewables segment, especially for large business projects 1.
- General contractors in Poland
Indirect competitors or clients, affected by the same difficult construction environment 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202223 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / TESGAS 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.