olivLaw · European equity research
Makarony Polskie Spółka Akcyjna MAK.WA
Poland · GPW Warszawa · ISIN PLMKRNP00015 · Vertical: Listed companies from Poland
Makarony Polskie SA is a Polish producer of pasta and ready meals, selling under the Makarony Polskie, SoFood and Novelle brands, and the group closed fiscal 2023 with net revenues of 354844 thousand zł and a net profit of 32891 thousand zł. Amid stagnating consumption and price pressure on standard products, the company is steering its strategy toward innovation, automation and diversification.
At the close of 05 Nov 2026, Makarony Polskie Spółka Akcyjna (MAK.WA) stock was 23.00 PLN (+0.00% on the day), with market capitalisation 253.9 m PLN, P/E 7.7 on diluted EPS of 2.98 PLN over the last 12 months, dividend yield 2.61%, beta 0.27, 52-week range 20.20–27.30 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)
- 22.59 – 24.82
- in the lower half of the band · %B 0.18 · band width 9.4%
- SMA 50 / 200
- 24.22 / 23.30
- mixed trend
- MACD (12, 26, 9)
- -0.36 / -0.31
- 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 | −5.3% | −0.6% | −4.7 pp | — |
| 3 months | −9.1% | −4.2% | −4.9 pp | — |
| 6 months | +8.2% | +4.3% | +3.9 pp | — |
| Year to date | +2.0% | +7.5% | −5.5 pp | — |
| 1 year | −1.9% | +9.9% | −11.8 pp | +7.1% |
| 3 years | +60.8% | +49.8% | +11.0 pp | +3.3% |
| 5 years | +232.4% | +42.8% | +189.5 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 67 percentile of its own 3-quarter history (min 4.0, median 7.2, max 10.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 169.7 m | 328.9 m | 354.8 m |
| Revenue YoY | unavailable | +93.9% | +7.9% |
| Net income | 6.4 m | 24.5 m | 32.9 m |
| Net income YoY | unavailable | +282.8% | +34.5% |
| Diluted EPS | 0.68 | 2.22 | 2.98 |
| Diluted EPS YoY | unavailable | +226.5% | +34.2% |
| net % | 3.8% | 7.4% | 9.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 29.0 m PLN
- Financial debt
- 8.7 m PLN
- Net debt
- -20.3 m PLN
- Equity
- 149.3 m PLN
- Total assets
- 238.1 m PLN
- Debt / equity
- 0.06x
- Current ratio
- 1.92x
- ROE
- 24.2%
- ROA
- 13.8%
- 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 | 169.7 m | 328.9 m | 354.8 m | esef· 01 May 2024verified |
| Cost of revenue | 138.5 m | 255.7 m | 256.9 m | esef· 01 May 2024verified |
| Gross profit | 31.2 m | 73.2 m | 97.9 m | esef· 01 May 2024verified |
| Operating income | 8.5 m | 33.2 m | 43.7 m | esef· 01 May 2024verified |
| Interest expense | 855.0 k | 2.9 m | 2.1 m | esef· 01 May 2024verified |
| Pre-tax income | 7.8 m | 30.3 m | 42.2 m | esef· 01 May 2024verified |
| Income tax | 1.4 m | 5.9 m | 9.3 m | esef· 01 May 2024verified |
| Net income | 6.4 m | 24.5 m | 32.9 m | esef· 01 May 2024verified |
| Diluted EPS | 0.68 | 2.22 | 2.98 | esef· 01 May 2024verified |
| Dividend per share | 0.30 | 0.60 | 0.60 | esef· 01 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 26.2 m | 7.8 m | 29.0 m | esef· 01 May 2024verified |
| Receivables | 23.9 m | 42.4 m | 44.3 m | esef· 01 May 2024verified |
| Inventories | 21.4 m | 44.5 m | 28.7 m | esef· 01 May 2024verified |
| Current assets | 72.3 m | 95.2 m | 102.4 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 116.3 m | 131.5 m | 126.7 m | esef· 01 May 2024verified |
| Goodwill | 5.9 m | 2.9 m | 188.0 k | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 6.6 m | 5.5 m | 2.0 m | esef· 01 May 2024verified |
| Total assets | 205.0 m | 239.3 m | 238.1 m | esef· 01 May 2024verified |
| Accounts payable | 33.4 m | 52.9 m | 33.5 m | esef· 01 May 2024verified |
| Long-term debt | 20.5 m | 13.1 m | 8.7 m | esef· 01 May 2024verified |
| Current liabilities | 54.0 m | 74.7 m | 53.4 m | esef· 01 May 2024verified |
| Total liabilities | 103.4 m | 116.4 m | 88.8 m | esef· 01 May 2024verified |
| Equity | 101.7 m | 122.9 m | 149.3 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 9.4 m | 11.0 m | 11.0 m | esef· 01 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 253.9 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · 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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 26.5% | 80 (vs peers) | 24% |
| Net margin · Quality | 9.3% | 72 (vs peers) | 14% |
| 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 | 20.8x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.9x | 93 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 7.7x | 68 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.6% | 37 (on a fixed band) | 14% |
| 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
- Quality77/100 · 2/3 factors with a value
- Returns· partial37/100 · 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
Makarony Polskie Spółka Akcyjna (MAK.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 354.8 m PLN in 2023; YoY growth 7.9%; net margin 9.3%; ROE 24.2%.
The estimated value range is 18.99–52.41 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 32.97 PLN, the price of 23.00 PLN leaves a potential of 43.3% (value / price − 1) and a margin of safety of 30.2% (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 (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 26.5%
- Net margin: 9.3%
- Interest coverage: 20.8x
- Current ratio: 1.9x
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): 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% |
| MAK.WAMakarony Polskie Spółka Akcyjna | 253.9 m | 7.7 | 24.2% | 9.3% | +7.9% | +3% / +33% |
| 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 MAK.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 | 14.06 Total return -37% · Per year -37% | 24.81 Total return 11% · Per year 11% | 37.32 Total return 66% · Per year 66% |
| 3 years | 14.59 Total return -30% · Per year -11% | 28.88 Total return 35% · Per year 10% | 47.56 Total return 118% · Per year 30% |
| 5 years | 15.13 Total return -23% · Per year -5% | 33.61 Total return 63% · Per year 10% | 60.60 Total return 185% · Per year 23% |
- Exit P/E± 7.22
- Net margin± 5.05
- Annual revenue growth± 4.02
- Annual dilution± 0.42
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
Makarony Polskie SA is a Polish producer of pasta and ready meals, selling under the Makarony Polskie, SoFood and Novelle brands, and the group closed fiscal 2023 with net revenues of 354844 thousand zł and a net profit of 32891 thousand zł. Amid stagnating consumption and price pressure on standard products, the company is steering its strategy toward innovation, automation and diversification.
SWOT
Strengths
- The group has a broad range of pasta and ready meals, recognised brands and a diversified production base across several plants 1.
- Operating cash flow rose in 2023 compared with 2022, giving more room for investment 1.
- Investment in automation, production software and photovoltaics could support cost control over the medium term 1.
Weaknesses
Opportunities
- Expansion into European markets and growth in ready meals could add new volumes if the export strategy takes hold 1.
- Functional and healthy products could gain market share as consumer habits change 1.
- The B2B channel and collaborations with other producers could diversify revenues and reduce reliance on retail 1.
Threats
Risks
- Market trend riskmedium
Changing eating habits and stagnating consumption could reduce demand for traditional products 1.
- Raw material price riskhigh
Costs of cereals, eggs, meat and packaging are volatile, and suppliers prefer short contracts 1.
- Competitive riskhigh
Price pressure in the standard segment could affect profitability and revenues in the period ahead 1.
- Regulatory riskmedium
Legislative changes on food, taxation and packaging could create unplanned costs 1.
- Asset impairment risklow
The value losses recorded for the ABAK brand and goodwill could recur if the performance of some lines weakens 1.
Investment thesis
What would need to be true (bull case)
- If investment in automation and software lowers operating costs, margins could recover even in a difficult pricing environment 1.
- Growth in ready meals and functional products could give the group a growth driver beyond standard pasta 1.
- Strong operating cash flow provides flexibility for investment and debt reduction 1.
What would break the thesis
- If the price war in the standard segment continues, revenues and profits could remain under pressure 1.
- Raw material and energy costs could rise again and weigh on margins if price increases cannot be passed on 1.
- The impairments already booked show some investments did not deliver the expected results, and further write-downs cannot be ruled out 1.
What to watch
- Revenue and margin trends in the standard pasta segment2024
- Completion of the photovoltaic and MES, WMS, CMMS software investmentsmid 2024
- Movements in wheat, egg, meat and energy prices and the terms of new contracts2024
- Results of the export strategy and the B2B channelnext 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 group makes pasta and develops a ready-meal range under the SoFood brand, in trays and soft packaging, an activity that brought net revenues of 354844 thousand zł in fiscal 2023 1. In 2023 the parent absorbed its subsidiary SAS Sp. z o.o., and the group also includes Stoczek Natura Sp. z o.o., a wholly owned maker of fruit and vegetable preserves and ready meals 1. The company sells mainly through centralised retail chains, and also through B2B and institutional channels and exports to European markets 1.
The stated strategy aims at investment in new production lines and an R&D centre, the introduction of MES, WMS and CMMS software and automation of packaging, all directed at cost control and capacity 1. The group also completed a photovoltaic project for its plants, meant to lower energy costs and carbon footprint 1.
For 2023 the company recorded impairments on the ABAK brand and on goodwill tied to Stoczek Natura, justified by changing consumer preferences and rising costs, which shows that some product lines no longer match demand as well as before 1.
Segments
Pasta
Pasta remains the core activity, with standard and functional lines (for example Fit, Cardio, Diabetic or legume-based variants) sold under own brands and in private label 1.
Ready meals
The SoFood and Novelle brands cover ready meals in trays and mini bowls, a segment management sees growing and wants to extend into export markets 1.
Fruit and vegetable preserves
Stoczek Natura makes jams and preserved fruit and vegetables, with seasonal sourcing and own warehouses, an activity sensitive to weather and meat prices 1.
Market context
The pasta market entered 2023 in a phase of stagnation and even falling consumption in some segments, and producers pushing to balance capacity with demand drove prices down especially for standard products 1. Wheat, egg, packaging and energy costs stayed volatile and inflation is easing, but a return to annual contracts is still distant 1.
At the same time demand is shifting toward higher-priced, higher-value products, while retail chains step up promotions to attract shoppers, so margins increasingly depend on innovation and operational efficiency 1.
Trends
- Shifting food preferencesmixed
Consumers are asking for healthy, functional products with less processed ingredients, which could favour the functional pasta and balanced ready-meal range but weighs on traditional products 1.
- Raw material and energy pricesheadwind
Volatility in cereals, eggs, meat and energy squeezes margins in a low-profitability sector, and suppliers are reluctant to sign long-term contracts 1.
- Digitalisation and production automationtailwind
Introducing MES, WMS and CMMS software and robotising packaging could lower costs and raise processing capacity if the projects are finished on time 1.
- Regulatory and tax pressureheadwind
Changes in labelling, VAT rates on food and EU directives on plastic packaging could raise costs or limit sales, and legal uncertainty is flagged as a risk factor 1.
Competitive position
All of the group's activities are described as highly competitive, and management says pressure from producers seeking volume and the aggressive conduct of retail chains could erode profitability and revenues 1. The company responds with diversification, innovative products and continuous monitoring of competitor actions 1.
- Other Central European pasta producers
Regional competitors selling standard and functional pasta in the same retail chains, cited by the company as a source of price pressure 1.
- Polish ready-meal producers
Companies offering tray-based ready meals that compete directly with SoFood on retail shelves 1.
- Large retail chains and private-label brands
Retail networks that impose aggressive purchasing terms and promotions and develop their own brands, reducing supplier bargaining power 1.
- Importers and producers from outside the European Union
Foreign suppliers that can bring products at lower prices and intensify competition in the standard segment 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Makarony Polskie 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.