olivLaw · European equity research
Agora Spółka Akcyjna AGO.WA
Poland · GPW Warszawa · ISIN PLAGORA00067 · Vertical: Listed companies from Poland
Agora S.A. is a Polish media group active in print press, advertising, printing and internet platforms. The 2022 annual report points to dependence on the advertising market and on print revenue, while the group carries large foreign-currency obligations, mainly leases. The key figures for the profile are revenue of 131 914 thousand zł from a single customer and an available financing line of 48.5 mln zł at year-end 2022.
At the close of 05 Nov 2026, Agora Spółka Akcyjna (AGO.WA) stock was 12.90 PLN (+2.79% on the day), with market capitalisation 601.9 m PLN, beta 0.44, 52-week range 7.96–12.90 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.7
- strong (55–70)
- Bollinger (20, 2)
- 10.95 – 13.26
- in the upper half of the band · %B 0.84 · band width 19.1%
- SMA 50 / 200
- 11.00 / 9.35
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.49 / 0.51
- 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 | +15.2% | +0.4% | +14.8 pp | — |
| 3 months | +47.9% | −3.3% | +51.2 pp | — |
| 6 months | +51.8% | +4.0% | +47.8 pp | — |
| Year to date | +41.8% | +8.1% | +33.7 pp | — |
| 1 year | +35.8% | +10.7% | +25.1 pp | +7.1% |
| 3 years | +31.9% | +50.1% | −18.2 pp | +3.3% |
| 5 years | +58.9% | +43.6% | +15.3 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.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 836.5 k | 965.9 m | 1.1 bn |
| Revenue YoY | unavailable | +115,371.8% | +15.2% |
| Net income | -117.2 k | -44.6 m | -102.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.96 | -2.20 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -14.0% | -4.6% | -9.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 69.1 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 674.0 m PLN
- Total assets
- 1.8 bn PLN
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -14.1%
- ROA
- -5.5%
- 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 | 836.5 k | 965.9 m | 1.1 bn | esef· 02 May 2023verified |
| Cost of revenue | 648.5 k | 691.9 m | 783.7 m | esef· 02 May 2023verified |
| Gross profit | 187.9 k | 274.0 m | 329.4 m | esef· 02 May 2023verified |
| Operating income | -111.7 k | -41.9 m | -64.8 m | esef· 02 May 2023verified |
| Interest expense | 61.7 k | 22.2 m | 53.9 m | esef· 02 May 2023verified |
| Pre-tax income | -152.7 k | -50.0 m | -103.7 m | esef· 02 May 2023verified |
| Income tax | -22.5 k | -3.3 m | 2.0 m | esef· 02 May 2023verified |
| Net income | -117.2 k | -44.6 m | -102.7 m | esef· 02 May 2023verified |
| Diluted EPS | — | -0.96 | -2.20 | esef· 02 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 138.4 m | 134.9 m | 69.1 m | esef· 02 May 2023verified |
| Inventories | 15.2 k | 20.0 k | — | esef· 30 Mar 2022verified |
| Current assets | 334.7 k | 333.9 k | — | esef· 30 Mar 2022verified |
| Property, plant & equipment, net | 401.2 k | 366.7 m | 356.9 m | esef· 02 May 2023verified |
| Total assets | 2.0 m | 1.9 bn | 1.8 bn | esef· 02 May 2023verified |
| Current liabilities | 446.2 k | 446.7 m | 410.5 m | esef· 02 May 2023verified |
| Equity | 832.3 m | 780.3 m | 674.0 m | esef· 02 May 2023verified |
| Shares outstanding at year end | — | 46.4 m | 46.7 m | esef· 02 May 2023derived |
Cash flow · PLN
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
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 601.9 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
13% · 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: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -9.2% | 10 (vs peers) | 50% |
| 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 | -1.2x | 0 (on a fixed band) | 50% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial10/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Agora Spółka Akcyjna (AGO.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 15.2%; net margin -9.2%; ROE -14.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).
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
- Net margin: -9.2%
- Interest coverage: -1.2x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| 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% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for AGO.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Agora S.A. is a Polish media group active in print press, advertising, printing and internet platforms. The 2022 annual report points to dependence on the advertising market and on print revenue, while the group carries large foreign-currency obligations, mainly leases. The key figures for the profile are revenue of 131 914 thousand zł from a single customer and an available financing line of 48.5 mln zł at year-end 2022 1.
SWOT
Strengths
- The group has recognised media brands and a diversified structure across press, printing, advertising and internet, as described in the annual report 1.
- Available credit lines and a cash management system support the ability to meet current obligations 1.
- Operating cash flows are described as positive, providing a base for financing activity without sole reliance on credit 1.
Weaknesses
- Revenue is concentrated in a small number of large customers, which raises dependence on a few partners 1.
- Foreign-currency obligations, largely lease-related, expose the group to exchange-rate fluctuations 1.
- Part of the debt carries interest linked to WIBOR, which makes financing costs sensitive to rate changes 1.
Opportunities
- Growth in online advertising could support Internet segment revenue if the group strengthens its position on digital platforms 1.
- Diversifying into new digital products could reduce dependence on print and on a few large customers 1.
- Optimising the financing structure and lease arrangements could ease pressure on financial costs 1.
Threats
- A continued decline of print press and circulation could weigh on revenue from that segment 1.
- Pressure from large digital platforms on advertising budgets could limit revenue growth 1.
- An unfavourable exchange rate or higher interest rates could affect net result, according to the group's sensitivity analyses 1.
Risks
- Dependence on one customerhigh
A single customer, Google Ireland Ltd, exceeded the 10% threshold of total sales in 2022, which could affect results if the relationship changes 1.
- Currency exposurehigh
Foreign-currency obligations, especially in euro, are significant and could generate exchange losses if the złoty weakens 1.
- Interest rate riskmedium
Credits with interest linked to WIBOR could raise financing costs if rates increase 1.
- Liquidity riskmedium
If operating cash flows decline, the available financing line could become insufficient for current obligations 1.
- Financial covenants in loansmedium
Credits become due if the group does not meet financial indicators set in the agreements, which could force early repayment 1.
Investment thesis
What would need to be true (bull case)
- If digital advertising keeps growing and the group maintains its relationships with major partners, Internet segment revenue could support results 1.
- The available financing line and the cash pooling system could offer flexibility to get through periods of pressure 1.
- If lease and financing costs stabilise, operating margins could benefit from a more predictable structure 1.
What would break the thesis
- If print circulation keeps falling, revenue from that segment could erode group results 1.
- Dependence on one large customer could become a problem if it cuts budgets or changes its strategy 1.
- Exposure to currency and interest rates could raise financial costs if the macroeconomic environment worsens 1.
What to watch
- Evolution of Internet segment revenue and dependence on Google Ireland Ltd2023
- Level of available credit lines and compliance with financial covenantsnext 10-K
- Impact of the złoty exchange rate on euro and dollar obligations2023
- Trends in print circulation and print revenuenext 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 Agora group operates across several media segments including press, advertising, printing and internet, according to its 2022 consolidated financial statements 1. The report notes commercial relations with press distributors and advertisers, and revenue from one customer, Google Ireland Ltd, exceeded 10% of total sales in 2022 and was booked in the Internet segment 1. The financing structure includes bank credits, loans and lease obligations, and liquidity is managed through a cash pooling agreement 1.
Segments
Internet
The Internet segment generated revenue from large advertising platforms, and revenue from Google Ireland Ltd reached 131 914 thousand zł in 2022, which shows the concentration of this business line 1.
Market context
The Polish media market is shaped by the shift of advertising towards digital platforms and by pressure on print titles, as the group describes its market risks 1. The report shows the group remains exposed to variable interest rates linked to WIBOR and to the złoty against the euro and dollar 1.
The company's relevance depends on keeping its readership base and moving revenue towards digital channels, given that a large share of sales is concentrated in a small number of customers 1. This makes the evolution of the online advertising market directly important for results 1.
Trends
- Shift of advertising towards digitalmixed
If advertising budgets keep moving towards online platforms, revenue in the Internet segment could grow, but dependence on large partners would remain a vulnerability 1.
- Decline of print pressheadwind
Pressure on circulation and on sales through distributors could reduce print revenue over time, and paper costs contracted in euro add uncertainty 1.
- Interest rate developmentsheadwind
Credits and leases with interest linked to WIBOR expose the group to higher financing costs, and the effect of a 1 p.p. change is estimated in the report 1.
- Financing and liquiditytailwind
The available 48.5 mln zł line and the cash pooling system could support liquidity if operating cash flows stay positive, according to the group's statements 1.
Competitive position
The group competes with other publishers and advertising platforms for reader attention and agency budgets, and the report does not name specific competitors 1. The pressure comes especially from large digital platforms that attract online advertising 1.
Competitive position depends on audience, the strength of relations with advertisers and the ability to exploit digital channels, aspects the source describes only in general terms 1.
- Global digital advertising platforms
Compete for online advertising budgets, an area where the group depends on a few large partners 1.
- Polish publishing houses
Compete for readers and for print and online advertising 1.
- Advertising and media agencies
Influence how budgets are allocated across channels and can negotiate terms with publishers 1.
- Press distributors and networks
Partners and at the same time a source of pressure on print margins 1.
News & filings
In the press
- The Pnyx and the Agora (2016)Hacker News · 03 Nov 2026 · EN
- Agora Labs raises €4.3M to expand clinical data infrastructure for medical researchTech.eu · 27 Oct 2026 · EN
- Centrul AGORA pentru Democrație organizează un eveniment premergător Summitului NATO de la AnkaraMediafax · 29 Jun 2026 · RO
- Alesonor și Academia Fan Baschet dezvoltă facilități sportive în Amber Forest Agora, cu o investiție de aproximativ 2 milioane de euroEconomedia · 29 Jun 2026 · RO
- Institutul Național al Magistraturii a organizat prima întâlnire „Agora INM”Juridice.ro · 08 Jun 2026 · RO
- Agora-1: The Multi-Agent World ModelHacker News · 18 May 2026 · EN
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202130 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Agora 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.