olivLaw · European equity research
Unimot S.A. UNT.WA
Poland · GPW Warszawa · ISIN PLUNMOT00013 · Vertical: Listed companies from Poland
Unimot is a Polish energy and fuels group active in fuel distribution, LPG, gas, electricity and bitumen, which also runs the AVIA station network. In 2023 the group extended its portfolio through acquisitions in bitumen and logistics, and liquid fuels remain the main source of revenue.
At the close of 05 Nov 2026, Unimot S.A. (UNT.WA) stock was 147.20 PLN (−2.00% on the day), with market capitalisation 1.2 bn PLN, P/E 2.5 on diluted EPS of 59.43 PLN over the last 12 months, dividend yield 9.30%, beta 0.08, 52-week range 125.00–200.00 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)
- 35.8
- weak (30–45)
- Bollinger (20, 2)
- 148.01 – 163.11
- below the lower band · %B -0.05 · band width 9.7%
- SMA 50 / 200
- 164.62 / 157.40
- mixed trend
- MACD (12, 26, 9)
- -2.78 / -2.43
- 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 | +0.8% | −0.6% | +1.5 pp | — |
| 3 months | −11.0% | −4.2% | −6.8 pp | — |
| 6 months | −9.9% | +4.3% | −14.2 pp | — |
| Year to date | +13.2% | +7.5% | +5.7 pp | — |
| 1 year | +16.1% | +9.9% | +6.2 pp | +7.1% |
| 3 years | +47.2% | +49.8% | −2.6 pp | +3.3% |
| 5 years | +194.4% | +42.8% | +151.6 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 67 percentile of its own 3-quarter history (min 2.0, median 2.1, max 4.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 8.2 bn | 13.4 bn | 12.9 bn |
| Revenue YoY | unavailable | +63.2% | −3.4% |
| Net income | 76.3 m | 374.0 m | 487.2 m |
| Net income YoY | unavailable | +390.4% | +30.3% |
| Diluted EPS | 9.30 | 45.62 | 59.43 |
| Diluted EPS YoY | unavailable | +390.5% | +30.3% |
| net % | 0.9% | 2.8% | 3.8% |
| Free cash flow | -154.1 m | 440.5 m | -158.7 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 410.2 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 1.1 bn PLN
- Total assets
- 3.1 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 1.38x
- ROE
- 54.7%
- ROA
- 20.3%
- FCF margin
- -1.2%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 8.2 bn | 13.4 bn | 12.9 bn | esef· 01 May 2024verified |
| Cost of revenue | 7.8 bn | 12.4 bn | 12.2 bn | esef· 01 May 2024verified |
| Gross profit | 366.2 m | 954.2 m | 723.6 m | esef· 01 May 2024verified |
| Operating income | 104.4 m | 485.4 m | 574.9 m | esef· 01 May 2024verified |
| Interest expense | 8.8 m | 22.0 m | 82.3 m | esef· 01 May 2024verified |
| Pre-tax income | 96.4 m | 464.2 m | 508.7 m | esef· 01 May 2024verified |
| Income tax | 20.4 m | 90.3 m | 20.2 m | esef· 01 May 2024verified |
| Net income | 76.3 m | 374.0 m | 487.2 m | esef· 01 May 2024verified |
| Diluted EPS | 9.30 | 45.62 | 59.43 | esef· 01 May 2024verified |
| Dividend per share | 1.97 | 13.69 | 13.69 | esef· 01 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 79.1 m | 312.5 m | 410.2 m | esef· 01 May 2024verified |
| Receivables | 513.3 m | 728.8 m | 840.5 m | esef· 01 May 2024verified |
| Inventories | 325.2 m | 257.2 m | 382.6 m | esef· 01 May 2024verified |
| Current assets | 1.0 bn | 1.4 bn | 1.7 bn | esef· 01 May 2024verified |
| Property, plant & equipment, net | 46.0 m | 101.8 m | 792.0 m | esef· 01 May 2024verified |
| Goodwill | — | 17.9 m | 39.5 m | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | — | 1.4 m | 324.7 m | esef· 01 May 2024verified |
| Total assets | 1.2 bn | 1.7 bn | 3.1 bn | esef· 01 May 2024verified |
| Accounts payable | 398.8 m | 532.6 m | 586.0 m | esef· 01 May 2024verified |
| Current liabilities | 813.1 m | 864.9 m | 1.2 bn | esef· 01 May 2024verified |
| Total liabilities | 905.4 m | 961.5 m | 2.1 bn | esef· 01 May 2024verified |
| Equity | 325.9 m | 703.8 m | 1.1 bn | esef· 01 May 2024verified |
| Shares outstanding at year end | 8.2 m | 8.2 m | 8.2 m | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -140.0 m | 502.3 m | -29.9 m | esef· 01 May 2024verified |
| Capex | 14.1 m | 61.8 m | 128.8 m | esef· 01 May 2024verified |
| Free cash flow | -154.1 m ≈ | 440.5 m ≈ | -158.7 m ≈ | esef· 01 May 2024derived |
| Investing cash flow | -19.0 m | -105.7 m | -155.1 m | esef· 01 May 2024verified |
| Financing cash flow | -36.1 m | -38.3 m | 187.5 m | esef· 01 May 2024verified |
| Dividends paid | 16.1 m | 0 | 112.2 m | esef· 01 May 2024verified |
≈ 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: 1.2 bn 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 | 3.8% | 54 (vs peers) | 13% |
| FCF conversion · Quality | -32.6% | 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 | 7.0x | 84 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.4x | 48 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 2.5x | 84 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -13.2% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 9.3% | 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 sheet70/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality27/100 · 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
Unimot S.A. (UNT.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 12.9 bn PLN in 2023; YoY growth -3.4%; net margin 3.8%; ROE 54.7%.
The estimated value range is 378.70–1,045.15 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 657.44 PLN, the price of 147.20 PLN leaves a potential of 346.6% (value / price − 1) and a margin of safety of 77.6% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 7.0x
- P/E (TTM): 2.5x
- Shareholder yield (distributions): 9.3%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -32.6%
- FCF yield: -13.2%
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% |
| UNT.WAUnimot S.A. | 1.2 bn | 2.5 | 54.7% | 3.8% | −3.4% | +17% / +40% |
| 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 UNT.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 | 80.09 Total return -39% · Per year -39% | 142.18 Total return 6% · Per year 6% | 214.96 Total return 57% · Per year 57% |
| 3 years | 65.86 Total return -37% · Per year -14% | 132.64 Total return 16% · Per year 5% | 221.84 Total return 84% · Per year 22% |
| 5 years | 54.16 Total return -35% · Per year -8% | 123.75 Total return 26% · Per year 5% | 228.95 Total return 112% · Per year 16% |
- Exit P/E± 33.16
- Net margin± 23.21
- Annual revenue growth± 20.62
- Annual dilution± 1.95
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
Unimot is a Polish energy and fuels group active in fuel distribution, LPG, gas, electricity and bitumen, which also runs the AVIA station network. In 2023 the group extended its portfolio through acquisitions in bitumen and logistics, and liquid fuels remain the main source of revenue 1.
SWOT
Strengths
- A diversified portfolio across several energy and fuel types reduces dependence on any single segment.
- Vertical integration through acquisitions in terminals and logistics gives control over the supply chain.
- The AVIA station network plays an important role in retail sales and customer retention.
Weaknesses
- Results are sensitive to commodity price volatility and to fair-value inventory measurement.
- The renewables segment posted a negative result in 2023, showing that new activities are not yet profitable.
- Recent acquisitions may complicate management and cost reduction during integration.
Opportunities
- Growth in photovoltaics and logistics infrastructure could generate new long-term revenue.
- Expanding the station network could raise the share of retail sales if backed by efficient investment.
- The bitumen and solid fuels markets offer growth potential through the newly reported segments.
Threats
- Mandatory stock regulations and energy policy changes could shift margins and compliance costs.
- Pressure from integrated competitors in Poland may limit margins in the fuels segment.
- A long-term decline in demand for fossil fuels could erode the group's traditional volumes.
Risks
- Fuel price volatilityhigh
Rapid price changes can affect inventory values and margins, with a direct impact on reported results.
- Acquisition integration riskmedium
If the integration of Lotos Terminale and other entities does not deliver the expected synergies, returns in the new segments could stay below expectations.
- Fair-value financial instrumentsmedium
Valuations of derivative instruments can generate non-recurring losses that affect reported profit.
- Unprofitable renewables segmentmedium
Renewable energy activities still posted a negative result, and the lack of profitability could require additional investment.
- Energy sector regulationlow
Legislative changes on stock obligations and fuel taxation can influence the group's costs and margins.
Investment thesis
What would need to be true (bull case)
- The group has broadened its diversification into bitumen, logistics and energy, which could reduce dependence on the liquid fuels segment.
- Vertical integration through acquisitions can improve control over costs and access to infrastructure.
- Positive net profit in 2023 shows the group's ability to generate results even in volatile market conditions.
What would break the thesis
- Margins in the core fuels segment are sensitive to prices and to integrated competition in Poland.
- The renewables segment is not yet profitable, and expanding it could require additional capital.
- Results include non-recurring gains from acquisitions and valuations, which can make profit harder to extrapolate.
What to watch
- Performance of the bitumen segment after integrating Lotos Terminale2024
- Result of the renewables segment and its investment plan2024
- Group guidance on fuel volumes and station marginsnext annual report
- Impact of mandatory stock regulations on costs2025
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 Unimot group organises its activity into operating segments defined by product and service type, with performance assessed mainly on adjusted EBITDA. In fiscal 2023 revenue from external customers totalled 12.9 bn PLN and net profit was 0.49 bn PLN 1. The structure includes wholesale and retail trading, energy production and distribution, and infrastructure and logistics 1.
Segment changes introduced in 2023 separate service stations, bitumen, solid fuels and infrastructure from the two traditional segments, so 2022 data were restated for comparability 1. The acquisition of the Lotos Terminale group, completed in April 2023, produced a bargain purchase gain of 0.25 bn PLN allocated to the bitumen and logistics segments 1.
Management uses adjusted EBITDA as the main criterion for allocating resources, and intersegment transactions are made at market prices and eliminated on consolidation 1. Financing and income tax are monitored at group level rather than by segment 1.
Segments
LPG
Wholesale and retail trade in liquefied petroleum gas, with external revenue of 0.97 bn PLN in 2023 and a segment result of 0.11 bn PLN 1.
Market context
The group operates in Poland across fuels, LPG, natural gas, electricity and bitumen markets, where revenue depends on trading volumes and commodity prices. The fuels segment dominates consolidated revenue, while the bitumen segment grew significantly through 2023 acquisitions 1.
Reported results depend on energy market conditions and on regulations on mandatory fuel stocks, which affect the fair-value measurement of inventories during periods of volatility 1.
Trends
- Consolidation through acquisitionstailwind
The 2023 acquisitions in bitumen and logistics extended the group's portfolio, which could support revenue if integration proceeds as planned 1.
- Energy price volatilitymixed
Inventory valuations and derivatives at fair value can create non-recurring losses or gains, especially when fuel prices move quickly 1.
- Expansion of the station networkmixed
Rapid growth of fuel stations raises the share of retail sales but requires higher investment and operating costs 1.
- Energy transitionmixed
Growth in photovoltaics and biofuels opens new opportunities, although the renewables segment still posted a negative result in 2023 1.
Competitive position
The group competes in the Polish fuel and energy market with integrated companies and specialised traders, and competitive pressure shows up in margins and control of distribution networks 1.
In logistics and bitumen, competition depends on access to terminals and storage capacity, where the group's recent acquisitions play an important role 1.
- Orlen
Leading integrated player in Poland, active in fuels, petrochemicals and retail, with which it competes directly in the domestic market.
- Lotos
Polish oil company, now part of the Orlen group, whose terminal business was partly taken over by Unimot.
- PGNiG Obrót Detaliczny
Polish retail gas and energy trader competing in the gas and electricity segments.
- Independent regional station operators
Regional fuel station networks competing with the AVIA network in retail sales.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202301 May 2024
- Annual report 202210 May 2023
- Annual report 202110 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Unimot S.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.