olivLaw · European equity research
Lubawa Spółka Akcyjna LBW.WA
Poland · GPW Warszawa · ISIN PLLUBAW00013 · Vertical: Listed companies from Poland
Lubawa is a Polish industrial group producing advertising materials, specialist equipment for the army and police, and fabrics. In 2023 the group reported revenue of 377613 thousand PLN and a net profit of 45352 thousand PLN, in a context where activity in Armenia and the US was reduced.
At the close of 05 Nov 2026, Lubawa Spółka Akcyjna (LBW.WA) stock was 9.90 PLN (−2.27% on the day), with market capitalisation 1.5 bn PLN, P/E 33.0 on diluted EPS of 0.30 PLN over the last 12 months, beta 0.61, 52-week range 7.35–14.65 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)
- 30.6
- weak (30–45)
- Bollinger (20, 2)
- 9.65 – 11.81
- in the lower half of the band · %B 0.11 · band width 20.1%
- SMA 50 / 200
- 11.29 / 10.52
- mixed trend
- MACD (12, 26, 9)
- -0.39 / -0.32
- 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 | −15.4% | −0.6% | −14.7 pp | — |
| 3 months | −14.5% | −4.2% | −10.3 pp | — |
| 6 months | +6.7% | +4.3% | +2.4 pp | — |
| Year to date | +23.4% | +7.5% | +15.9 pp | — |
| 1 year | −3.0% | +9.9% | −13.0 pp | +7.1% |
| 3 years | +328.6% | +49.8% | +278.7 pp | +3.3% |
| 5 years | +678.3% | +42.8% | +635.5 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 6.8, median 8.2, max 16.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 265.4 m | 332.0 m | 377.6 m |
| Revenue YoY | unavailable | +25.1% | +13.7% |
| Net income | 24.2 m | 20.6 m | 45.6 m |
| Net income YoY | unavailable | −15.0% | +121.3% |
| Diluted EPS | 0.16 | 0.14 | 0.30 |
| Diluted EPS YoY | unavailable | −12.5% | +114.3% |
| net % | 9.1% | 6.2% | 12.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 96.8 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 362.9 m PLN
- Total assets
- 560.3 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.95x
- ROE
- 13.4%
- ROA
- 9.3%
- 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 | 265.4 m | 332.0 m | 377.6 m | esef· 02 May 2024verified |
| Cost of revenue | 186.8 m | 238.8 m | 260.3 m | esef· 02 May 2024verified |
| Gross profit | 78.6 m | 93.2 m | 117.3 m | esef· 02 May 2024verified |
| Operating income | 30.4 m | 28.9 m | 53.1 m | esef· 02 May 2024verified |
| Interest expense | 1.8 m | 4.0 m | 3.2 m | esef· 02 May 2024verified |
| Pre-tax income | 29.4 m | 24.9 m | 53.7 m | esef· 02 May 2024verified |
| Income tax | 5.4 m | 4.5 m | 8.3 m | esef· 02 May 2024verified |
| Net income | 24.2 m | 20.6 m | 45.6 m | esef· 02 May 2024verified |
| Diluted EPS | 0.16 | 0.14 | 0.30 | esef· 02 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.1 m | 10.2 m | 96.8 m | esef· 02 May 2024verified |
| Receivables | 97.9 m | 79.1 m | 105.1 m | esef· 02 May 2024verified |
| Inventories | 91.6 m | 92.0 m | 103.6 m | esef· 02 May 2024verified |
| Current assets | 199.8 m | 183.3 m | 310.2 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 169.8 m | 176.3 m | 178.4 m | esef· 02 May 2024verified |
| Intangibles (excl. goodwill) | 58.8 m | 60.5 m | 62.2 m | esef· 02 May 2024verified |
| Total assets | 432.3 m | 424.4 m | 560.3 m | esef· 02 May 2024verified |
| Accounts payable | 75.6 m | 38.6 m | 137.7 m | esef· 02 May 2024verified |
| Current liabilities | 95.4 m | 68.5 m | 158.9 m | esef· 02 May 2024verified |
| Total liabilities | 137.3 m | 107.5 m | 197.4 m | esef· 02 May 2024verified |
| Equity | 295.1 m | 316.9 m | 362.9 m | esef· 02 May 2024verified |
| Shares outstanding at year end | 151.5 m | 147.2 m | 152.0 m | esef· 02 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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.1% | 77 (vs peers) | 23% |
| 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 | 16.6x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.0x | 96 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 33.0x | 21 (vs peers) | 38% |
| 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 sheet98/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial77/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial21/100 · 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
Lubawa Spółka Akcyjna (LBW.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 377.6 m PLN in 2023; YoY growth 13.7%; net margin 12.1%; ROE 13.5%.
The estimated value range is 1.91–5.28 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.32 PLN, the price of 9.90 PLN leaves a potential of -66.5% (value / price − 1) and a margin of safety of -198.3% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.1%
- Interest coverage: 16.6x
- Current ratio: 2.0x
What contradicts it
- P/E (TTM): 33.0x
- The price is above the estimated value range
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, 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% |
| LBW.WALubawa Spółka Akcyjna | 1.5 bn | 33.0 | 13.5% | 12.1% | +13.7% | +5% / +357% |
| 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 LBW.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 | 6.40 Total return -35% · Per year -35% | 11.26 Total return 14% · Per year 14% | 16.90 Total return 71% · Per year 71% |
| 3 years | 7.41 Total return -25% · Per year -9% | 14.57 Total return 47% · Per year 14% | 23.82 Total return 141% · Per year 34% |
| 5 years | 8.59 Total return -13% · Per year -3% | 18.84 Total return 90% · Per year 14% | 33.59 Total return 239% · Per year 28% |
- Exit P/E± 3.64
- Net margin± 2.55
- Annual revenue growth± 1.92
- Annual dilution± 0.21
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
Lubawa is a Polish industrial group producing advertising materials, specialist equipment for the army and police, and fabrics. In 2023 the group reported revenue of 377613 thousand PLN and a net profit of 45352 thousand PLN, in a context where activity in Armenia and the US was reduced.
SWOT
Strengths
- The group has a specialist equipment segment with good results, which represents a large part of segment profit.
- The multi-segment structure, from advertising to textiles and protective equipment, reduces dependence on a single type of customer.
- The group reported growth in revenue and net profit in 2023 compared with 2022.
Weaknesses
- Revenue is seasonal, with sales concentrated in the last quarter for products aimed at central budgets.
- Foreign activity is reduced in two subsidiaries, which limits their contribution to results.
- The group recorded impairment adjustments for an investment in China, which shows the risk of not recovering invested capital.
Opportunities
- If new contracts are obtained in the US or Armenia, foreign activity could return to a higher level.
- Demand for protective equipment and military logistics could grow, depending on public budgets.
- Developing the technical textiles segment could diversify the group's sources of income.
Threats
- Changes in central budgets could reduce orders in the equipment and tent segments.
- The risk of not recovering investments in international projects remains, after the impairment already recorded.
- Exchange rate fluctuations against the euro and dollar could affect results, since part of receivables and liabilities is in foreign currency.
Risks
- Dependence on public ordershigh
Equipment sales are linked to tenders and central budgets, which makes revenue hard to forecast.
- International investment riskhigh
The Chinese company was fully impaired, and the Armenian and US subsidiaries have reduced their activity.
- Currency riskmedium
Receivables and liabilities in euro and dollar can generate exchange differences that affect gross profit.
- Interest rate riskmedium
Part of the financial liabilities carry a variable rate linked to WIBOR, which could increase financing costs.
- Seasonal concentration of saleslow
Many sales are concentrated in a single quarter, which can create large swings in results from one period to another.
Investment thesis
What would need to be true (bull case)
- If the specialist equipment segment sustains its 2023 results, the group could continue to improve profitability.
- Diversification across several segments could cushion declines in one of the markets.
- Revenue growth in 2023 shows an ability to win new orders, which could support medium-term development.
What would break the thesis
- If public budgets shrink, demand for the group's equipment could fall significantly.
- Risks linked to foreign investments could lead to new impairments if projects do not develop.
- Exposure to currency and variable interest rates could affect results if markets move unfavourably.
What to watch
- Revenue trend in the specialist equipment segment2024
- Resumption of activity at the Armenian subsidiary or new contracts in the US2024
- Status of public tenders for military and police equipmentnext annual report
- Any new impairment adjustments on international investmentsnext 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 Lubawa group operates through Lubawa SA and several subsidiaries, most based in Poland, including Miranda (production of fabrics and knitwear), Litex Promo and Effect System (promotional articles). The Armenian subsidiary CTF Group, 51% owned, produces and imports military equipment, but the annual report notes that it reduced activity after completing a contract. The subsidiary Lubawa USA, 76% owned, has focused mainly on obtaining commercial contracts for the group in the United States.
The consolidated financial statements are presented in Polish zloty, the functional currency of the parent company. Management states that the group is run on a going-concern basis for at least 12 months, but mentions reduced activity in two foreign subsidiaries.
The group serves two customer groups: institutional customers in the public sector, mainly for products sold through tenders, and commercial customers for advertising and industrial products. Equipment sales tend to be concentrated in the last quarter of the year.
Segments
Specialist equipment
This segment produces specialised logistics equipment for the army and police, as well as personal fall-protection equipment. In 2023 the segment generated revenue of 142339 thousand PLN and a segment result of 35694 thousand PLN, the largest among the segments.
Advertising materials
The segment includes banners, flags, umbrellas and advertising tents. Sales are generally concentrated in the first half of the year. In 2023 it achieved 120831 thousand PLN of external sales.
Fabrics and knitwear
This segment produces fabrics and knitwear, including coated fabrics, and also includes processing for export. In 2023 it had external revenue of 97716 thousand PLN.
Market context
The market Lubawa operates in includes public procurement for military and police equipment, as well as the advertising market. In 2023 the group's external sales amounted to 377613 thousand PLN, up from 332005 thousand PLN in 2022. Demand from central budgets can vary from year to year depending on tender cycles.
In the advertising market, demand depends on promotional spending by corporate customers, and segment sales are concentrated in the first half of the year. The geographic concentration of the market is not detailed in the source.
Trends
- Revenue growth in 2023tailwind
Consolidated revenue rose in 2023 compared with 2022, and net profit increased significantly. This development could continue if demand for equipment remains high.
- Reduced foreign activityheadwind
The Armenian subsidiary cut staff after a successfully completed contract, and the US subsidiary limited operations to looking for contracts. This trend could reduce foreign revenue if no new orders are obtained.
- Dependence on public budgetsmixed
Products sold through public tenders depend on central budgets and the procurement calendar, which can make revenue harder to forecast from year to year.
- Reassessment of China investmentheadwind
The group fully impaired part of its investment in the Chinese company, due to the high risk of not recovering the capital invested. This shows the risk of international projects.
Competitive position
The analysed source does not present a list of competitors or an analysis of market share. In specialist protective equipment and technical textiles, Lubawa probably competes with local and European producers, but this cannot be verified from the annual report.
In advertising, competition comes from producers of promotional materials, and in knitwear from industrial textile producers. Exact competitive positions are not indicated in the source.
- European military and police equipment producers
Competitors in military and police equipment are not identified in the source; a comparison cannot be verified from the report.
- Advertising materials producers
Competition in the banner and advertising tent segment is not detailed in the report.
- Technical textile and knitwear producers
The source names no competitors in the fabrics and knitwear segment.
- Fall-protection equipment producers
No named competitors for protective equipment are mentioned in the annual report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Lubawa Spółka Akcyjna · 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.