olivLaw · European equity research
GOBARTO Spółka Akcyjna GOB.WA
Poland · GPW Warszawa · ISIN PLDUDA000016 · Vertical: Listed companies from Poland
GOBARTO is a vertically integrated holding in the pork sector, active in hog farming, slaughter, cutting and distribution to traditional retail in Poland and to customers in Europe and Asia. Its 2022 annual report shows short-term liabilities above current assets, which the document attributes mainly to settlements with the majority shareholder, Cedrob S.A., which controls 88.84% of the capital.
At the close of 05 Nov 2026, GOBARTO Spółka Akcyjna (GOB.WA) stock was 19.30 PLN (+0.26% on the day), with market capitalisation 537.6 m PLN, P/E 12.0 on diluted EPS of 1.61 PLN over the last 12 months, beta -0.03, 52-week range 18.70–24.90 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)
- 38.5
- weak (30–45)
- Bollinger (20, 2)
- 19.17 – 21.36
- in the lower half of the band · %B 0.06 · band width 10.8%
- SMA 50 / 200
- 20.73 / 21.69
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.34 / -0.22
- 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 | −7.7% | −0.6% | −7.0 pp | — |
| 3 months | −10.6% | −4.2% | −6.5 pp | — |
| 6 months | −15.7% | +4.3% | −20.1 pp | — |
| Year to date | −3.5% | +7.5% | −11.0 pp | — |
| 1 year | −17.5% | +9.9% | −27.4 pp | +7.1% |
| 3 years | −29.8% | +49.8% | −79.7 pp | +3.3% |
| 5 years | +264.2% | +42.8% | +221.3 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.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 4.7, median 4.7, max 4.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 2.0 bn | 2.0 bn | 2.6 bn |
| Revenue YoY | unavailable | +3.4% | +30.6% |
| Net income | -31.6 m | -34.8 m | 44.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.14 | -1.25 | 1.61 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1.6% | -1.7% | 1.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 27.7 m PLN
- Financial debt
- 55.5 m PLN
- Net debt
- 27.8 m PLN
- Equity
- 455.8 m PLN
- Total assets
- 1.1 bn PLN
- Debt / equity
- 0.12x
- Current ratio
- 0.88x
- ROE
- 10.4%
- ROA
- 4.4%
- 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 | 2.0 bn | 2.0 bn | 2.6 bn | esef· 04 May 2023verified |
| Cost of revenue | 1.8 bn | 1.9 bn | 2.4 bn | esef· 04 May 2023verified |
| Gross profit | 177.5 m | 158.0 m | 271.9 m | esef· 04 May 2023verified |
| Operating income | -13.2 m | -17.4 m | 69.7 m | esef· 04 May 2023verified |
| Interest expense | 11.8 m | 12.0 m | 25.0 m | esef· 04 May 2023verified |
| Pre-tax income | -19.6 m | -28.1 m | 48.9 m | esef· 04 May 2023verified |
| Income tax | 2.6 m | 6.8 m | 4.1 m | esef· 04 May 2023verified |
| Net income | -31.6 m | -34.8 m | 44.8 m | esef· 04 May 2023verified |
| Diluted EPS | -1.14 | -1.25 | 1.61 | esef· 04 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 24.8 m | 25.6 m | 27.7 m | esef· 04 May 2023verified |
| Receivables | 149.3 m | 163.1 m | 268.3 m | esef· 04 May 2023verified |
| Inventories | 36.5 m | 45.7 m | 61.5 m | esef· 04 May 2023verified |
| Current assets | 268.9 m | 281.5 m | 423.2 m | esef· 04 May 2023verified |
| Property, plant & equipment, net | 456.6 m | 469.9 m | 491.7 m | esef· 04 May 2023verified |
| Goodwill | 80.9 m | 80.0 m | 80.0 m | esef· 04 May 2023verified |
| Intangibles (excl. goodwill) | 27.0 m | 22.8 m | 16.9 m | esef· 04 May 2023verified |
| Total assets | 908.3 m | 935.0 m | 1.1 bn | esef· 04 May 2023verified |
| Accounts payable | 225.7 m | 259.7 m | 363.7 m | esef· 04 May 2023verified |
| Long-term debt | 90.4 m | 97.3 m | 55.5 m | esef· 04 May 2023verified |
| Current liabilities | 322.2 m | 346.1 m | 479.4 m | esef· 04 May 2023verified |
| Total liabilities | 475.2 m | 526.8 m | 640.5 m | esef· 04 May 2023verified |
| Equity | 433.1 m | 408.2 m | 455.8 m | esef· 04 May 2023verified |
| Shares outstanding at year end | 27.7 m | 27.8 m | 27.9 m | esef· 04 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: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 537.6 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · 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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.3% | 40 (vs peers) | 28% |
| Net margin · Quality | 1.7% | 46 (vs peers) | 17% |
| 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 | 2.8x | 20 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 12.0x | 53 (vs peers) | 28% |
| 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 sheet15/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality42/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial53/100 · 1/3 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
GOBARTO SPÓŁKA AKCYJNA (GOB.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 2.6 bn PLN in 2022; YoY growth 30.6%; net margin 1.7%; ROE 10.4%.
The estimated value range is 10.26–28.31 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 17.81 PLN, the price of 19.30 PLN leaves a potential of -7.7% (value / price − 1) and a margin of safety of -8.4% (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 (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
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
- Interest coverage: 2.8x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| 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% |
| GOB.WAGobarto Spółka Akcyjna | 537.6 m | 12.0 | 10.4% | 1.7% | +30.6% | −11% / −32% |
| 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 GOB.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 | 12.61 Total return -35% · Per year -35% | 22.19 Total return 15% · Per year 15% | 33.29 Total return 72% · Per year 72% |
| 3 years | 14.96 Total return -22% · Per year -8% | 29.35 Total return 52% · Per year 15% | 47.94 Total return 148% · Per year 35% |
| 5 years | 17.74 Total return -8% · Per year -2% | 38.82 Total return 101% · Per year 15% | 69.04 Total return 258% · Per year 29% |
- Exit P/E± 7.34
- Net margin± 5.14
- Annual revenue growth± 3.83
- Annual dilution± 0.43
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
GOBARTO is a vertically integrated holding in the pork sector, active in hog farming, slaughter, cutting and distribution to traditional retail in Poland and to customers in Europe and Asia. Its 2022 annual report shows short-term liabilities above current assets, which the document attributes mainly to settlements with the majority shareholder, Cedrob S.A., which controls 88.84% of the capital 1.
SWOT
Strengths
- Vertical integration, from hog breeding to distribution, gives control over the production chain.
- The parent is a major supplier to traditional retail in Poland, with a network of distribution centres.
- The group has modernised slaughter capacity and diversified segments, from meat to grain.
Weaknesses
- Short-term liabilities exceed current assets, with the excess linked to settlements with the main shareholder.
- Ownership is concentrated in one majority shareholder, which limits free float.
- Frequent legal reorganisations can complicate reporting and internal control.
Opportunities
- Modernised slaughter capacity could increase processed volumes and efficiency.
- Customers in Europe and Asia offer a base for export growth if demand stays stable.
- Diversifying into game meat and poultry could widen the product range.
Threats
- Currency swings can affect the results of international transactions.
- Changes in demand for pork could affect volumes and selling prices.
- Veterinary rules and disease outbreaks in pig herds can interrupt production.
Risks
- Short-term debtmedium
The excess of short-term liabilities over current assets could pressure liquidity if settlements with the main shareholder are not adjusted.
- Ownership concentrationmedium
Majority control exercised by Cedrob S.A. may limit the independence of the parent's strategic decisions.
- Currency exposurelow
Foreign-currency assets and liabilities are revalued at the closing rate, and variations can affect the financial result.
- Veterinary and sanitary riskshigh
Disease outbreaks in pigs or sanitary restrictions could reduce production and interrupt deliveries to customers.
- Legal reorganisationslow
Mergers and name changes can create operational errors and delays in reporting.
Investment thesis
What would need to be true (bull case)
- Vertical integration and the distribution network could support stable margins if production stays efficient.
- Modernised slaughter capacity could raise volumes without disproportionate costs.
- Product diversification and access to export markets could reduce dependence on a single market.
What would break the thesis
- The excess of short-term liabilities could limit financial flexibility if it is not resolved.
- Majority control by the main shareholder may reduce the influence of minority holders.
- Sanitary risks in hog farming could interrupt production and weigh on results.
What to watch
- Development of the excess of short-term liabilities and settlements with the main shareholder2023
- Completion and use of the slaughter capacity modernisation2023
- Consolidated financial results in the next annual reportnext 10-K
- Development of USD and EUR exchange rates against PLN2023
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
Grupa GOBARTO S.A. is a vertically integrated holding in the meat industry, focused on hog breeding, purchase, slaughter and cutting of pork in many assortments. The production and trading activity is the core of the group, and in parallel the group distributes red meat, poultry and meat products 1. The parent company is dependent on Cedrob S.A., which holds the majority of shares 1.
In 2022 the company merged with its subsidiary Bekpol sp. z o.o. without a capital increase or change of articles, and several companies changed names, including Agro Net Holding, renamed Gobarto Serwis 1. These steps simplify the legal structure, which covers companies in the meat and cured products, pig farming, grain and other activity segments 1.
The 2022 consolidated statements are prepared in PLN under IFRS as adopted by the EU, on a going-concern basis over a foreseeable horizon. The document states that the excess of short-term liabilities is not a real threat to the group, as it arises mainly from settlements with the main shareholder 1.
Segments
Meat and cured products
The main segment, centred on purchase, slaughter and cutting of pork, with a production site at Grąbków and distribution centres in several Polish cities. The parent is one of the largest Polish suppliers of meat and cured products to traditional retail. The subsidiary GOBARTO Dziczyzna processes game, and NetBrokers acts as importer of fresh pork 1.
Pig farming
Covers the group's hog farms, some running a full production cycle, which supply piglets to other group companies. The segment also includes crop production for animal feed 1.
Grain
Companies in this segment produce cereals and rapeseed, and one operates a grain elevator. The segment supports the pig farms with the feed they need 1.
Market context
The reference market is Polish pork, where the group sells to traditional retail and to customers in the EU and Asia. The annual report gives no data on market share or market size, so the assessment of competitive position is limited to what the document contains 1.
Exchange rates used to value foreign-currency assets and liabilities, such as USD and EUR, affect the PLN value of the group's international transactions. Results from these transactions could be affected by currency moves 1.
Trends
- Vertical integration of productiontailwind
Control over the whole chain, from farms to distribution, may reduce reliance on external suppliers and support steadier margins if it stays efficient in practice.
- Modernisation of slaughter capacitytailwind
Works to raise slaughter capacity at Grąbków could increase processed volumes and lower unit costs if the project is completed and fully used.
- Dependence on the majority shareholderheadwind
Settlements with Cedrob S.A. created an excess of short-term liabilities, and the relationship with the majority shareholder can shape financing and structural decisions.
- Reorganisation of the legal structuremixed
Mergers, name changes and liquidations can simplify administration but may also create operational risks during the transition.
Competitive position
The annual report does not identify the group's competitors, so the list below contains only general references from the pork industry. Competition takes place on meat price, product quality and access to traditional retail and export customers.
The group's competitive position depends on vertical integration, slaughter capacity and its distribution network. Without market-share data in the source, direct comparison with other producers remains limited.
- Polish pork producers
Companies in the same industry in Poland competing on slaughter, cutting and retail distribution. The source does not name them.
- Meat importers and distributors
Firms supplying fresh meat and meat products to traditional retail and processors, as the group's distribution segment does.
- EU meat suppliers
Producers in other member states exporting pork to the Polish market, competing on price and volume.
- Asian processors and exporters
Players in Asian markets that could influence demand for pork exported by the group.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202204 May 2023
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / GOBARTO 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.