olivLaw · European equity research
Kino Polska TV S.A. KPL.WA
Poland · GPW Warszawa · ISIN PLKNOPL00014 · Vertical: Listed companies from Poland
Kino Polska TV S.A. is a media group that broadcasts film and thematic channels in Poland and several markets in Central, Eastern and Balkan Europe, earning revenue from broadcasting, advertising and licences. The 2022 annual report shows higher profitability but pressure in some segments amid changing television viewing habits.
At the close of 05 Nov 2026, Kino Polska TV S.A. (KPL.WA) stock was 17.25 PLN (−1.15% on the day), with market capitalisation 342.6 m PLN, P/E 7.2 on diluted EPS of 2.40 PLN over the last 12 months, dividend yield 2.89%, beta 0.31, 52-week range 16.95–26.00 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)
- 28.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 17.32 – 18.37
- below the lower band · %B -0.07 · band width 5.9%
- SMA 50 / 200
- 18.20 / 20.05
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.20 / -0.14
- 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 | −4.7% | −0.6% | −4.0 pp | — |
| 3 months | −12.0% | −4.2% | −7.8 pp | — |
| 6 months | −13.7% | +4.3% | −18.1 pp | — |
| Year to date | −24.0% | +7.5% | −31.5 pp | — |
| 1 year | −5.5% | +9.9% | −15.4 pp | +7.1% |
| 3 years | +22.8% | +49.8% | −27.1 pp | +3.3% |
| 5 years | +17.3% | +42.8% | −25.5 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 3-quarter history (min 5.0, median 5.7, max 6.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 211.8 m | 257.2 m | 284.8 m |
| Revenue YoY | unavailable | +21.4% | +10.8% |
| Net income | 27.8 m | 48.6 m | 47.7 m |
| Net income YoY | unavailable | +75.3% | −2.0% |
| Diluted EPS | 1.37 | 2.45 | 2.40 |
| Diluted EPS YoY | unavailable | +78.8% | −2.0% |
| net % | 13.1% | 18.9% | 16.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 40.9 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 204.1 m PLN
- Total assets
- 296.4 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.92x
- ROE
- 25.6%
- ROA
- 17.1%
- 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 | 211.8 m | 257.2 m | 284.8 m | esef· 16 May 2023verified |
| Operating income | 35.1 m | 59.8 m | 60.7 m | esef· 16 May 2023verified |
| Interest expense | 2.2 m | 1.3 m | 1.3 m | esef· 16 May 2023verified |
| Pre-tax income | 33.1 m | 59.3 m | 60.2 m | esef· 16 May 2023verified |
| Income tax | 5.8 m | 10.7 m | 12.5 m | esef· 16 May 2023verified |
| Net income | 27.8 m | 48.6 m | 47.7 m | esef· 16 May 2023verified |
| Diluted EPS | 1.37 | 2.45 | 2.40 | esef· 16 May 2023verified |
| Weighted average diluted shares | 19.8 m | 19.8 m | 19.8 m | esef· 16 May 2023verified |
| Dividend per share | — | 0.50 | 0.50 | esef· 16 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.1 m | 30.5 m | 40.9 m | esef· 16 May 2023verified |
| Inventories | 41.0 k | 40.0 k | 39.0 k | esef· 16 May 2023verified |
| Current assets | 81.2 m | 115.1 m | 151.0 m | esef· 16 May 2023verified |
| Property, plant & equipment, net | 2.1 m | 2.9 m | 3.9 m | esef· 16 May 2023verified |
| Goodwill | 55.7 m | 55.7 m | 55.7 m | esef· 16 May 2023verified |
| Intangibles (excl. goodwill) | 30.5 m | 26.0 m | — | esef· 05 Apr 2022verified |
| Total assets | 230.4 m | 261.8 m | 296.4 m | esef· 16 May 2023verified |
| Accounts payable | 42.8 m | 49.3 m | 49.3 m | esef· 16 May 2023verified |
| Current liabilities | 58.1 m | 67.0 m | 78.7 m | esef· 16 May 2023verified |
| Equity | 117.1 m | 168.2 m | 204.1 m | esef· 16 May 2023verified |
| Shares outstanding at year end | 20.3 m | 19.9 m | 19.9 m | esef· 16 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: 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: 342.6 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 | 16.7% | 82 (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 | 46.5x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.9x | 93 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 7.2x | 74 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.9% | 41 (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 sheet97/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial82/100 · 1/3 factors with a value
- Returns· partial41/100 · 1/2 factors with a value
- Valuation· partial74/100 · 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
KINO POLSKA TV S.A. (KPL.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 284.8 m PLN in 2022; YoY growth 10.8%; net margin 16.7%; ROE 25.6%.
The estimated value range is 15.29–42.21 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 26.55 PLN, the price of 17.25 PLN leaves a potential of 53.9% (value / price − 1) and a margin of safety of 35.0% (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: 16.7%
- Interest coverage: 46.5x
- Current ratio: 1.9x
- P/E (TTM): 7.2x
What contradicts it
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.
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% |
| KPL.WAKino Polska Tv S.A. | 342.6 m | 7.2 | 25.6% | 16.7% | +10.8% | −9% / +23% |
| 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 KPL.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 | 10.84 Total return -35% · Per year -35% | 19.11 Total return 14% · Per year 14% | 28.70 Total return 70% · Per year 70% |
| 3 years | 11.88 Total return -24% · Per year -9% | 23.44 Total return 47% · Per year 14% | 38.46 Total return 136% · Per year 33% |
| 5 years | 13.03 Total return -11% · Per year -2% | 28.75 Total return 87% · Per year 13% | 51.53 Total return 225% · Per year 27% |
- Exit P/E± 5.86
- Net margin± 4.10
- Annual revenue growth± 3.18
- Annual dilution± 0.34
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
Kino Polska TV S.A. is a media group that broadcasts film and thematic channels in Poland and several markets in Central, Eastern and Balkan Europe, earning revenue from broadcasting, advertising and licences. The 2022 annual report shows higher profitability but pressure in some segments amid changing television viewing habits.
SWOT
Strengths
- A diversified portfolio of film and thematic channels with presence in several regional markets.
- A proven ability to grow broadcasting and advertising revenue in certain segments.
- Experience in own production and in managing licence rights.
Weaknesses
- Dependence on advertising and on linear channel audiences, which may decline.
- High costs for own content have reduced margins at some channels.
- Licence revenue is harder to forecast because it relies on individual transactions.
Opportunities
- Expanding the channel portfolio and content offering for regional markets.
- Monetising content on digital platforms and on-demand services.
- Growing audiences on channels that have already made progress, such as Zoom TV.
Threats
- Audience migration to streaming, which could reduce revenue from linear channels.
- Competition for advertising from digital platforms and other media groups.
- Changes in broadcasting regulation and distribution rights.
Risks
- Declining linear audiencehigh
If the downward trend in audience continues, advertising and broadcasting revenue could be affected.
- Content costsmedium
Higher investment in own productions and rights could compress segment margins.
- Advertising seasonalitymedium
Concentration of advertising revenue in certain quarters could make quarterly results volatile.
- Licence revenuemedium
Individual licence transactions make the revenue stream hard to anticipate and can vary from year to year.
- Currency differenceslow
Operations in several countries expose the group to fluctuations of local currencies against the zloty.
Investment thesis
What would need to be true (bull case)
- If the segments that grew sustain their trend, group profitability could remain solid.
- The regional channel portfolio offers geographic and content diversification.
- Improving audience on channels such as Zoom TV could support revenue over the longer term.
What would break the thesis
- If linear audience keeps falling, advertising revenue could come under pressure.
- Investment in own content could limit margin growth in some segments.
- Licence and other transaction revenue could be more volatile than recurring streams.
What to watch
- Audience trend for Stopklatka and Kino Polska channelsQ1 2027
- Advertising revenue in the Polish market2027
- Level of costs for own productions and rights2027
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 group operates mainly through broadcasting the Kino Polska, Kino Polska Muzyka, Zoom TV, Stopklatka, Kino TV, FilmBox and other thematic channels, selling advertising time on selected channels and selling licence rights. Core markets are Poland, Hungary, Czechia, Slovakia, Romania, the Balkan Peninsula states and the Baltic countries. Total revenue from contracts with customers was 284.819 mln PLN in fiscal 2022 1, and operating profit was 60.738 mln PLN 1.
Revenue combines broadcasting, the largest stream at 146.088 mln PLN 1, and advertising at 106.813 mln PLN 1. Licence sales and other sources make up the rest. The group reports in Polish zloty, while several subsidiaries keep their books in GBP, HUF, CZK and EUR.
According to the report, most services show no material seasonality, but advertising revenue in Poland is usually lowest in the third quarter and highest in the fourth quarter 1. Quarterly results can therefore vary with the advertising calendar.
Segments
FilmBox film channels and thematic channels
The largest segment, with revenue from broadcasting, advertising and other sources of 148.495 mln PLN in 2022 1 and a segment result of 45.623 mln PLN 1. Revenue grew 15% versus 2021 1, supported by markets in Poland, Bulgaria, Romania, Czechia and the Balkans.
Market context
The group operates in pay and free-to-air television markets across Central, Eastern and Balkan Europe, where revenue depends on subscribers, audience and the local advertising market. Advertising in Poland follows a clear seasonal pattern, peaking in the last quarter of the year 1. Results can differ considerably by market.
Licence sales depend on individual transactions with different margins and timing, which makes this stream harder to forecast 1. Licence revenue from the Polish market declined in 2022 1.
Trends
- Audience migration to digital platformsheadwind
Changing viewing habits and falling audiences on linear channels, as seen at Stopklatka, could weigh on advertising and broadcasting revenue over the longer term.
- Demand for film contenttailwind
Demand for film and thematic channels in several countries of the region supported broadcasting revenue and the growth of the FilmBox segment.
- Higher costs for own contentmixed
Investment in productions and programming rights raised costs and reduced margins at some channels despite higher revenue.
- Advertising seasonalitymixed
Advertising revenue in Poland tends to be lower in the third quarter and higher in the fourth, shaping how results are spread across the year.
Competitive position
The group competes with other linear television channels and with streaming platforms for audience attention and advertising budgets. The report does not list a full set of competitors, but pressure comes from broadcasters and digital platforms.
The group's edge lies in its portfolio of film and thematic channels across several countries, along with production and licensing experience. These could support its competitive position if audiences stay large enough.
- Linear television broadcasters in Poland
General and thematic channels competing for audience and advertising in the same segments.
- Video streaming platforms
On-demand services competing for viewing time and digital advertising budgets.
- Central European media groups
Regional companies with their own channels competing in the same advertising and rights markets.
- International content distributors
Suppliers of film and series licences that influence the cost of acquiring content.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202216 May 2023
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Kino Polska TV S.A. · 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.