olivLaw · European equity research
INPRO SA INP.WA
Poland · GPW Warszawa · ISIN PLINPRO00015 · Vertical: Listed companies from Poland
INPRO SA is a Gdańsk-based property developer that builds and sells residential and commercial premises, supported by subsidiaries producing precast concrete, renting property and supplying plumbing and heating installations. The group operates only in Poland, and the 2023 annual report shows how its subsidiary shareholding changed during the year.
At the close of 05 Nov 2026, INPRO SA (INP.WA) stock was 6.75 PLN (−1.46% on the day), with market capitalisation 270.2 m PLN, P/E 7.7 on diluted EPS of 0.88 PLN over the last 12 months, dividend yield 3.70%, beta 0.29, 52-week range 6.75–9.05 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)
- 40.4
- weak (30–45)
- Bollinger (20, 2)
- 6.62 – 7.57
- in the lower half of the band · %B 0.14 · band width 13.5%
- SMA 50 / 200
- 7.23 / 7.78
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -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 | −8.2% | −0.6% | −7.5 pp | — |
| 3 months | −8.8% | −4.2% | −4.6 pp | — |
| 6 months | −11.8% | +4.3% | −16.1 pp | — |
| Year to date | −21.1% | +7.5% | −28.6 pp | — |
| 1 year | −17.2% | +9.9% | −27.1 pp | +7.1% |
| 3 years | −13.5% | +49.8% | −63.3 pp | +3.3% |
| 5 years | −17.2% | +42.8% | −60.0 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 3.6, median 7.7, max 8.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 321.4 m | 357.7 m | 308.6 m |
| Revenue YoY | unavailable | +11.3% | −13.7% |
| Net income | 40.6 m | 54.7 m | 35.2 m |
| Net income YoY | unavailable | +34.6% | −35.6% |
| Diluted EPS | 1.01 | 1.37 | 0.88 |
| Diluted EPS YoY | unavailable | +35.6% | −35.8% |
| net % | 12.6% | 15.3% | 11.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 47.2 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 494.4 m PLN
- Total assets
- 799.3 m PLN
- Debt / equity
- unavailable
- Current ratio
- 3.18x
- ROE
- 7.3%
- ROA
- 4.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 321.4 m | 357.7 m | 308.6 m | esef· 07 May 2024verified |
| Cost of revenue | 219.7 m | 225.4 m | 204.4 m | esef· 07 May 2024verified |
| Gross profit | 101.7 m | 132.3 m | 104.2 m | esef· 07 May 2024verified |
| Operating income | 61.9 m | 88.7 m | 58.5 m | esef· 07 May 2024verified |
| Interest expense | 4.0 m | 10.0 m | 7.2 m | esef· 07 May 2024verified |
| Pre-tax income | 58.2 m | 79.4 m | 52.9 m | esef· 07 May 2024verified |
| Income tax | 11.3 m | 15.2 m | 10.0 m | esef· 07 May 2024verified |
| Net income | 40.6 m | 54.7 m | 35.2 m | esef· 07 May 2024verified |
| Diluted EPS | 1.01 | 1.37 | 0.88 | esef· 07 May 2024verified |
| Dividend per share | 0.50 | 0.25 | 0.25 | esef· 07 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 63.3 m | 54.7 m | 47.2 m | esef· 07 May 2024verified |
| Receivables | 22.2 m | 18.8 m | 22.2 m | esef· 07 May 2024verified |
| Inventories | 454.7 m | 507.7 m | 538.4 m | esef· 07 May 2024verified |
| Current assets | 567.5 m | 590.8 m | 637.1 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 62.7 m | 70.4 m | 61.1 m | esef· 07 May 2024verified |
| Goodwill | 6.7 m | 6.7 m | 6.7 m | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 225.0 k | 184.0 k | 178.0 k | esef· 07 May 2024verified |
| Total assets | 722.9 m | 750.2 m | 799.3 m | esef· 07 May 2024verified |
| Accounts payable | 156.5 m | 99.4 m | 116.5 m | esef· 07 May 2024verified |
| Current liabilities | 207.2 m | 163.4 m | 200.1 m | esef· 07 May 2024verified |
| Total liabilities | 309.6 m | 285.8 m | 304.9 m | esef· 07 May 2024verified |
| Equity | 413.3 m | 464.4 m | 494.4 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 40.2 m | 39.9 m | 40.0 m | esef· 07 May 2024derived |
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: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 270.2 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 11.4% | 72 (vs peers) | 19% |
| 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 | 8.1x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 7.7x | 68 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.9% | 69 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial72/100 · 1/3 factors with a value
- Returns· partial69/100 · 1/2 factors with a value
- Valuation· partial68/100 · 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
INPRO Spółka Akcyjna (INP.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 308.6 m PLN in 2023; YoY growth -13.7%; net margin 11.4%; ROE 8.0%.
The estimated value range is 4.03–9.25 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 6.22 PLN, the price of 6.75 PLN leaves a potential of -7.8% (value / price − 1) and a margin of safety of -8.5% (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: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.4%
- Interest coverage: 8.1x
- Current ratio: 3.2x
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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% |
| 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% |
| INP.WAINPRO Spółka Akcyjna | 270.2 m | 7.7 | 8.0% | 11.4% | −13.7% | −17% / −13% |
| 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 INP.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 | 3.61 Total return -44% · Per year -44% | 6.41 Total return -1% · Per year -1% | 9.70 Total return 48% · Per year 48% |
| 3 years | 2.87 Total return -50% · Per year -21% | 5.79 Total return -4% · Per year -1% | 9.70 Total return 57% · Per year 16% |
| 5 years | 2.28 Total return -56% · Per year -15% | 5.22 Total return -7% · Per year -1% | 9.70 Total return 65% · Per year 11% |
- Exit P/E± 1.45
- Net margin± 1.01
- Annual revenue growth± 0.91
- Annual dilution± 0.09
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
INPRO SA is a Gdańsk-based property developer that builds and sells residential and commercial premises, supported by subsidiaries producing precast concrete, renting property and supplying plumbing and heating installations. The group operates only in Poland, and the 2023 annual report shows how its subsidiary shareholding changed during the year.
SWOT
Strengths
- Vertical integration, with in-house production of precast elements and installation and finishing services within the group.
- Recurring income from renting and operating its own properties, complementary to development.
- The group concluded in its report that there are no indications of a going-concern risk.
Weaknesses
- Activity is geographically concentrated, entirely in Poland, exposing the group to a single market.
- The stake in Domesta has fallen, and a significant part of that subsidiary's profit goes to minority shareholders.
- The development business depends on the pace of apartment sales, which can be uneven between periods.
Opportunities
- Expanding the rental segment could reduce dependence on residential sales.
- If in-house precast production grows, it could reduce reliance on external suppliers.
- Restructuring subsidiary stakes could simplify the group structure and improve control over profit.
Threats
- Changes in financing costs could slow development projects.
- Construction regulation and changes in accounting standards could raise compliance costs.
- Declining subsidiary profitability could reduce profit attributable to shareholders, including the dominant one.
Risks
- Geographic concentrationmedium
The whole group operates in Poland, so any change in local market conditions affects all segments.
- Dependence on apartment saleshigh
The main income comes from selling finished units, and the timing of recognition depends on handing properties over to buyers.
- Accounting estimatesmedium
The value of inventory and receivables depends on estimates, which may be revised if the market changes.
- Dilution of the Domesta stakemedium
The capital increase reduced the group's stake, which may reduce its share of profit and control over the subsidiary.
- Deferred tax assetslow
Deferred tax assets depend on sufficient future taxable profits, and a deterioration in results could make this assumption unjustified.
Investment thesis
What would need to be true (bull case)
- If sales of homes and rental income stay stable, the group could keep a more diversified income profile than a pure developer.
- Vertical integration may reduce dependence on external suppliers, which could support margins if construction costs rise.
- Management's going-concern assessment shows no concerns, which supports the operational stability it reports.
What would break the thesis
- The business stays concentrated in one country, and a slowdown in local demand could affect all segments at once.
- The share of profit attributed to minority shareholders has risen relative to total profit, which could limit the benefit to the dominant shareholder.
- Revenue recognition depends on the buyer paying the full price, which can delay cash receipts and increase financing needs.
What to watch
- Trend in home sales revenue and number of handovers2024
- Results of the Domesta subsidiary and the share attributed to minority shareholders2024
- Effect of IFRS changes taking effect after 2024 on the financial statements2025
- Management's going-concern assessment and project financing risknext annual report
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 INPRO SA group's main activity is property development, meaning construction and sale of residential and commercial premises, carried out by INPRO SA and its subsidiary Domesta Sp. z o.o. The group states that its activity is conducted entirely within Poland.
The other group companies cover the supply chain and property operation: Inbet Sp. z o.o. makes reinforced concrete precast elements, Dom Zdrojowy and Hotel Mikołajki rent and manage their own properties, Przedsiębiorstwo Instalacyjne ISA provides sanitary and heating installations, and SML handles interior fit-out and finishing. The legal structure was stable in 2023, except for a reduced stake in Domesta.
In 2023 the group's stake in Domesta fell after the shareholders' meeting increased its share capital, leaving the group with 58.33% of the company's capital. Domesta has minority shareholders who held 41.67% of its capital at year end, so part of its profit is attributed to them.
Segments
Property development
The main segment, carried out through INPRO SA and Domesta, covers construction and sale of multi-family residential and commercial premises. According to the financial statements, Domesta's sales revenue was 121,521 thousand PLN in 2023, against 121,119 thousand PLN in 2022.
Manufacturing and construction services
Inbet produces reinforced concrete and steel elements, while SML and PI ISA provide interior fit-out and heating installations. These activities support the development projects but were not reported separately in the annual report.
Property rental
Dom Zdrojowy and Hotel Mikołajki own and operate their own properties, which gives recurring income complementary to development sales.
Market context
The relevant market is residential property development in Poland, where the group carries out all of its activity. The document analysed contains no data on market size or market share, so these cannot be estimated from the source.
Demand and financing costs influence the pace of projects, and leverage and working capital needs are relevant for a developer. The financial statements confirm that the group continues to operate on a going-concern basis, with no going-concern risk identified at the approval date.
Trends
- Domesta share capital increasemixed
The increase in Domesta's share capital, registered on 7 July 2023, reduced the group's stake to 58.33%. The effect on the group structure is clear, but it reduces the share of profit attributable to the dominant shareholder.
- Profit attributable to minority shareholdersheadwind
Profit attributable to non-controlling shareholders was 7,658 thousand PLN in 2023, down from 2022. If subsidiary profitability continues to decline, the share attributed to minorities could fall.
- New accounting standardsmixed
The group applied several IFRS amendments from 2023 without significant impact, and is analysing the effects of amendments that take effect later. This may change how financial information is presented in later years.
- Going concern assessmenttailwind
Management concluded that there are no circumstances indicating a risk to the group's ability to continue as a going concern. If this assessment changes, pressure on project financing could increase.
Competitive position
The document analysed does not name competitors. The Polish residential developer market is fragmented, but the source contains no information on the group's position relative to other players.
The advantage the group reports comes from vertical integration: concrete elements, installations and interior fit-out are produced within the group. A competitor that relies on external suppliers could have different costs, but no data in the source confirms this comparison.
- No competitors identified in the source
The annual report does not name direct competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202307 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / INPRO SA · 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.