olivLaw · European equity research
Boryszew Spółka Akcyjna BRS.WA
Poland · GPW Warszawa · ISIN PLBRSZW00011 · Vertical: Listed companies from Poland
Boryszew is a Polish industrial group active in non-ferrous metals processing and automotive plastic components, structured around the parent company Boryszew S.A. For the reader, the key points are the high level of short-term financing and the contested tax obligations, both visible in the 2022 annual report.
At the close of 05 Nov 2026, Boryszew Spółka Akcyjna (BRS.WA) stock was 4.42 PLN (+0.23% on the day), with market capitalisation 889.2 m PLN, P/E 8.3 on diluted EPS of 0.53 PLN over the last 12 months, dividend yield 20.81%, beta 0.25, 52-week range 4.38–6.38 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)
- 32.2
- weak (30–45)
- Bollinger (20, 2)
- 4.34 – 4.75
- in the lower half of the band · %B 0.19 · band width 9.0%
- SMA 50 / 200
- 4.75 / 4.96
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.10
- 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 | −6.9% | +0.4% | −7.3 pp | — |
| 3 months | −11.3% | −3.3% | −8.1 pp | — |
| 6 months | −9.3% | +4.0% | −13.3 pp | — |
| Year to date | −30.7% | +8.1% | −38.8 pp | — |
| 1 year | −26.8% | +10.7% | −37.5 pp | +7.5% |
| 3 years | −26.0% | +50.1% | −76.1 pp | +4.2% |
| 5 years | +27.2% | +43.6% | −16.4 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 33 percentile of its own 3-quarter history (min 2.3, median 10.2, max 10.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 5.6 bn | 6.3 bn | 6.8 bn |
| Revenue YoY | unavailable | +12.8% | +8.4% |
| Net income | 279.1 m | 72.8 m | 106.6 m |
| Net income YoY | unavailable | −73.9% | +46.5% |
| Diluted EPS | 1.38 | 0.36 | 0.53 |
| Diluted EPS YoY | unavailable | −73.9% | +47.2% |
| net % | 5.0% | 1.2% | 1.6% |
| Free cash flow | -186.0 m | -9.0 m | 27.4 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 164.4 m PLN
- Financial debt
- 182.6 m PLN
- Net debt
- 18.2 m PLN
- Equity
- 1.7 bn PLN
- Total assets
- 4.0 bn PLN
- Debt / equity
- 0.11x
- Current ratio
- 1.23x
- ROE
- 6.2%
- ROA
- 2.6%
- FCF margin
- 0.4%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.6 bn | 6.3 bn | 6.8 bn | esef· 10 May 2023verified |
| Cost of revenue | 5.0 bn | 5.7 bn | 6.2 bn | esef· 10 May 2023verified |
| Gross profit | 512.3 m | 565.8 m | 600.5 m | esef· 10 May 2023verified |
| Operating income | 4.1 m | 170.2 m | 216.7 m | esef· 10 May 2023verified |
| Interest expense | 86.4 m | 58.8 m | 83.6 m | esef· 10 May 2023verified |
| Pre-tax income | 336.1 m | 152.2 m | 184.5 m | esef· 10 May 2023verified |
| Income tax | 53.4 m | 73.3 m | 72.8 m | esef· 10 May 2023verified |
| Net income | 279.1 m | 72.8 m | 106.6 m | esef· 10 May 2023verified |
| Diluted EPS | 1.38 | 0.36 | 0.53 | esef· 10 May 2023verified |
| Dividend per share | 0.00 | 0.02 | 0.92 | esef· 10 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 185.2 m | 187.7 m | 164.4 m | esef· 10 May 2023verified |
| Receivables | 783.1 m | 977.2 m | 756.1 m | esef· 10 May 2023verified |
| Inventories | 981.0 m | 991.8 m | 1.0 bn | esef· 10 May 2023verified |
| Current assets | 2.2 bn | 2.4 bn | 2.1 bn | esef· 10 May 2023verified |
| Property, plant & equipment, net | 1.3 bn | 1.3 bn | 1.4 bn | esef· 10 May 2023verified |
| Goodwill | 6.4 m | 6.4 m | 6.4 m | esef· 10 May 2023verified |
| Intangibles (excl. goodwill) | 48.1 m | 46.2 m | 43.2 m | esef· 10 May 2023verified |
| Total assets | 4.1 bn | 4.2 bn | 4.0 bn | esef· 10 May 2023verified |
| Long-term debt | 168.2 m | 108.0 m | 182.6 m | esef· 10 May 2023verified |
| Current liabilities | 1.8 bn | 1.9 bn | 1.7 bn | esef· 10 May 2023verified |
| Total liabilities | 2.5 bn | 2.5 bn | 2.3 bn | esef· 10 May 2023verified |
| Equity | 1.6 bn | 1.7 bn | 1.7 bn | esef· 10 May 2023verified |
| Shares outstanding at year end | 202.3 m | 202.2 m | 201.2 m | esef· 10 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -10.9 m | 152.8 m | 286.1 m | esef· 10 May 2023verified |
| Capex | 175.1 m | 161.8 m | 258.8 m | esef· 10 May 2023verified |
| Free cash flow | -186.0 m ≈ | -9.0 m ≈ | 27.4 m ≈ | esef· 10 May 2023derived |
| Investing cash flow | 113.6 m | 104.6 m | -30.3 m | esef· 10 May 2023verified |
| Financing cash flow | -115.3 m | -222.5 m | -280.8 m | esef· 10 May 2023verified |
| Dividends paid | 27.0 k | 3.9 m | 190.4 m | esef· 10 May 2023verified |
| Share repurchases | 0 | 0 | — | esef· 03 May 2022verified |
≈ 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: 39 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 889.2 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Balance sheet24
- Valuation55
- Quality22
- Returns60
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
Unattractive profile · Score 39/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.8% | 21 (vs peers) | 17% |
| Net margin · Quality | 1.6% | 44 (vs peers) | 10% |
| FCF conversion · Quality | 25.7% | 0 (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 | 2.6x | 17 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 8.3x | 68 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.1% | 38 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 21.4% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 696.1% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality22/100 · 3/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation55/100 · 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
Boryszew Spółka Akcyjna (BRS.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 6.8 bn PLN in 2022; YoY growth 8.4%; net margin 1.6%; ROE 6.3%.
The estimated value range is 4.62–10.51 PLN per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 6.42 PLN, the price of 4.42 PLN leaves a potential of 45.3% (value / price − 1) and a margin of safety of 31.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 39/100, methodological classification: unattractive 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
- Shareholder yield (distributions): 21.4%
- The price is below the estimated value range
What contradicts it
- ROIC: 7.8%
- FCF conversion: 25.7%
- Interest coverage: 2.6x
- Payout ratio (FCF): 696.1%
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% |
| 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 BRS.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 | 2.72 Total return -29% · Per year -29% | 4.79 Total return 21% · Per year 21% | 7.21 Total return 79% · Per year 79% |
| 3 years | 2.85 Total return -5% · Per year -2% | 5.63 Total return 70% · Per year 19% | 9.27 Total return 163% · Per year 38% |
| 5 years | 2.98 Total return 19% · Per year 4% | 6.62 Total return 127% · Per year 18% | 11.92 Total return 272% · Per year 30% |
- Exit P/E± 1.41
- Net margin± 0.99
- Annual revenue growth± 0.78
- Annual dilution± 0.08
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
Boryszew is a Polish industrial group active in non-ferrous metals processing and automotive plastic components, structured around the parent company Boryszew S.A. For the reader, the key points are the high level of short-term financing and the contested tax obligations, both visible in the 2022 annual report 1.
SWOT
Strengths
- The group has a holding structure with subsidiaries specialised in metals and processing, providing operational diversification.
- Metal and currency hedging mechanisms are applied across several subsidiaries.
- The group has access to bank financing and periodically extends its credit lines.
Weaknesses
- A high share of short-term debt increases refinancing exposure.
- There are moderate-sized tax disputes, with assets blocked as security.
- The annual report offers little detail on product lines and segment revenues.
Opportunities
- The legal reorganisation could simplify the structure and reduce administrative costs.
- If metal prices stabilise, subsidiary margins could benefit.
- Selling unused assets, as in the case of the liquidated companies, could generate resources.
Threats
- Volatility in metal prices and exchange rates could affect results.
- Changes in Polish tax legislation and tax authority interpretations remain a risk.
- Higher bank financing costs could reduce investment capacity.
Risks
- Refinancinghigh
Short-term credit obligations are significant, and extending credit lines depends on bank conditions.
- Metal priceshigh
Exposure to copper, aluminium, lead and zinc prices could affect operating results.
- Currency riskmedium
Revenues and costs in euro and dollar create a net exposure that could affect profitability.
- Tax disputesmedium
Challenging VAT decisions at ZM Silesia could lead to additional payments.
- Legislative changeslow
Instability in Polish tax legislation could influence costs and the interpretation of obligations.
Investment thesis
What would need to be true (bull case)
- If metal prices stabilise and financing remains accessible, the group could benefit from more predictable margins.
- The 2022 legal reorganisation could lead to a more efficient structure and lower administrative costs.
- Hedging of metal and currency risks applied across several subsidiaries could limit the impact of volatility.
What would break the thesis
- Reliance on short-term credit could expose the group to difficulties if banks reduce financing lines.
- Tax disputes and blocked accounts could generate additional costs for subsidiaries.
- Metal and currency volatility could continue to affect the group's results.
What to watch
- Evolution of credit lines and short-term debt2023
- Outcome of ZM Silesia's tax appeal2023
- Effect of metal prices on operating marginsnext 10-K
- Completion of legal reorganisations and liquidations2023
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 Boryszew Capital Group, led by Boryszew S.A., operates in Poland through several subsidiaries. The analysed source describes the group structure, including the 2022 legal reorganisations, such as the merger of several companies into Boryszew Holding Sp. z o.o. on 23 March 2022 and the full takeover of Maflow Plastics Poland Sp. z o.o. 1. The report does not describe product lines in detail, so the business profile needs supplementing from other documents.
The group works as a holding structure with operating subsidiaries, some of them in various stages of restructuring. The liquidation of Huta Metali Nieżelaznych Szopienice S.A. was completed after the sale of all its assets, and the company remains in the KRS register until the report is published 1. These events point to a portfolio of assets being rationalised.
Financing is a central element of the group model: bank debt, leases and loans are largely short-term. The report notes that the group relies on current account credit lines and working capital loans, which it periodically extends 1.
Segments
Non-ferrous metals and processing
Subsidiaries in the metals area, including Walcownia Metali Dziedzice S.A., ZM Silesia S.A., Alchemia S.A. and Baterpol S.A., are exposed to metal prices quoted on the London Metal Exchange, particularly copper, aluminium, lead and zinc 1. Price risk is mitigated through hedging contracts but remains a central operational factor.
Automotive and plastic components
Maflow Plastics Poland Sp. z o.o., formerly Boryszew Tensho Poland, was renamed in October 2022 after Boryszew S.A. bought the 6.32% minority stake 1. The segment is described in the report only through legal aspects, without sales figures.
Market context
The market the group serves depends on demand from the manufacturing industry and on non-ferrous metal prices quoted on exchanges. The 2022 report points to exchange-rate volatility for EUR and USD, with a significant net exposure to the dollar and euro 1. The local market is also affected by frequent changes in Polish tax legislation 1.
The financing environment remains an important factor: the group depends on short-term bank financing, and extending credit lines is essential for operational continuity 1. The report confirms the conditions of business continuity, without reservations about the group's functioning.
Trends
- Metal price volatilitymixed
Prices of copper, aluminium, lead and zinc directly influence revenues and margins of the metals subsidiaries. If volatility persists, operating results could keep fluctuating 1.
- Short-term financingheadwind
Reliance on bank loans and short-term credit lines exposes the group to refinancing risk. If bank conditions deteriorate, the cost of financing could rise 1.
- Ongoing tax disputesheadwind
ZM Silesia S.A. is contesting VAT assessments in court, and part of the liabilities is already secured by mortgages and blocked accounts. The final outcome could affect the subsidiary's liquidity 1.
- Legal reorganisation and simplificationmixed
The 2022 mergers and the liquidation of some subsidiaries could simplify the group structure and reduce administrative costs, although they involve transition costs 1.
Competitive position
The analysed source does not provide a list of direct competitors or market shares. Competition in non-ferrous metals and plastic components markets is determined by prices, production costs and the ability to manage metal risk. The report does not explicitly identify competitors, so comparisons are limited to the general sector scope.
A comparative analysis would require an external source identifying producers in the same segments. From the available documents, the group's competitive position or market share cannot be deduced.
- European non-ferrous metals producers
Not identified in the source; mentioned only as a general sector category.
- Automotive plastic component manufacturers
General category, with no company names in the documents analysed.
- Aluminium and processed copper suppliers
General category that cannot be verified with the available source.
- Regional industrial groups in Poland
Potential competitors in the same geographic area, not identified in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202210 May 2023
- Annual report 202103 May 2022
- Annual report 202110 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Boryszew 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.