olivLaw · European equity research
MONNARI TRADE S.A. MON.WA
Poland · GPW Warszawa · ISIN PLMNRTR00012 · Vertical: Listed companies from Poland
Monnari Trade S.A. is a Łódź-based group listed on the Warsaw Stock Exchange under the ticker MON, operating in women's apparel retail through its own store network and online channels. The group runs a structure of numerous wholly controlled subsidiaries, which makes its consolidated reporting relevant for investors in the Polish market. The available source is the annual report for the year ended 31 December 2023, which shows the structure of the group but does not contain complete figures on sales or profit.
At the close of 05 Nov 2026, MONNARI TRADE S.A. (MON.WA) stock was 4.85 PLN (−0.21% on the day), with market capitalisation 1.3 m PLN, P/E 0.1 on diluted EPS of 71.00 PLN over the last 12 months, beta 0.05, 52-week range 4.81–7.48 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)
- 35.5
- weak (30–45)
- Bollinger (20, 2)
- 4.74 – 5.41
- in the lower half of the band · %B 0.16 · band width 13.3%
- SMA 50 / 200
- 5.12 / 5.89
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.05
- 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 | −1.0% | −0.6% | −0.4 pp | — |
| 3 months | −10.8% | −4.2% | −6.7 pp | — |
| 6 months | −18.6% | +4.3% | −23.0 pp | — |
| Year to date | −28.5% | +7.5% | −36.0 pp | — |
| 1 year | −4.5% | +9.9% | −14.4 pp | +7.1% |
| 3 years | −9.2% | +49.8% | −59.0 pp | +3.3% |
| 5 years | +72.6% | +42.8% | +29.8 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 0.0, median 0.0, max 0.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 231.6 m | 287.7 m | 309.6 m |
| Revenue YoY | unavailable | +24.2% | +7.6% |
| Net income | 18.3 m | 57.4 m | 18.4 m |
| Net income YoY | unavailable | +214.2% | −68.0% |
| Diluted EPS | 71.00 | 221.00 | 71.00 |
| Diluted EPS YoY | unavailable | +211.3% | −67.9% |
| net % | 7.9% | 20.0% | 5.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 41.2 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 284.4 m PLN
- Total assets
- 352.8 m PLN
- Debt / equity
- unavailable
- Current ratio
- 4.25x
- ROE
- 6.7%
- ROA
- 5.2%
- 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 | 231.6 m | 287.7 m | 309.6 m | esef· 07 May 2024verified |
| Cost of revenue | 104.9 m | 123.0 m | 121.2 m | esef· 07 May 2024verified |
| Gross profit | 126.7 m | 164.7 m | 188.4 m | esef· 07 May 2024verified |
| Operating income | 17.6 m | 28.1 m | 19.3 m | esef· 07 May 2024verified |
| Interest expense | 2.1 m | 3.0 m | 991.0 k | esef· 07 May 2024verified |
| Pre-tax income | 19.6 m | 67.2 m | 22.7 m | esef· 07 May 2024verified |
| Income tax | 1.1 m | 9.7 m | 4.3 m | esef· 07 May 2024verified |
| Net income | 18.3 m | 57.4 m | 18.4 m | esef· 07 May 2024verified |
| Diluted EPS | 71.00 | 221.00 | 71.00 | esef· 07 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 74.8 m | 62.9 m | 41.2 m | esef· 07 May 2024verified |
| Receivables | 23.2 m | 19.4 m | 13.4 m | esef· 07 May 2024verified |
| Inventories | 62.9 m | 87.2 m | 79.9 m | esef· 07 May 2024verified |
| Current assets | 183.8 m | 205.3 m | 209.9 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 43.2 m | 42.7 m | 46.6 m | esef· 07 May 2024verified |
| Goodwill | 129.0 k | 129.0 k | 129.0 k | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 232.0 k | 548.0 k | 346.0 k | esef· 07 May 2024verified |
| Total assets | 336.1 m | 355.0 m | 352.8 m | esef· 07 May 2024verified |
| Accounts payable | 91.0 m | 61.5 m | 44.4 m | esef· 07 May 2024verified |
| Current liabilities | 106.1 m | 67.6 m | 49.4 m | esef· 07 May 2024verified |
| Total liabilities | 126.8 m | 88.4 m | 68.4 m | esef· 07 May 2024verified |
| Equity | 209.4 m | 266.5 m | 284.4 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 257.5 k | 259.9 k | 258.8 k | 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: 1.3 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 | 5.9% | 56 (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 | 19.5x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 4.2x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 0.1x | 100 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 40.5% | 100 (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· partial56/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial100/100 · 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
Monnari Trade S.A. (MON.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 309.6 m PLN in 2023; YoY growth 7.6%; net margin 5.9%; ROE 6.7%.
The estimated value range is 452.43–1,248.62 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 785.44 PLN, the price of 4.85 PLN leaves a potential of 16,094.6% (value / price − 1) and a margin of safety of 99.4% (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: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 19.5x
- Current ratio: 4.2x
- P/E (TTM): 0.1x
- Shareholder yield (distributions): 40.5%
- The price is below the estimated value range
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% |
| 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% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for MON.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 | 2.96 Total return -39% · Per year -39% | 5.22 Total return 8% · Per year 8% | 7.85 Total return 62% · Per year 62% |
| 3 years | 3.05 Total return -37% · Per year -14% | 6.04 Total return 25% · Per year 8% | 9.96 Total return 105% · Per year 27% |
| 5 years | 3.15 Total return -35% · Per year -8% | 7.00 Total return 44% · Per year 8% | 12.63 Total return 160% · Per year 21% |
- Exit P/E± 1.51
- Net margin± 1.06
- Annual revenue growth± 0.84
- 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
Monnari Trade S.A. is a Łódź-based group listed on the Warsaw Stock Exchange under the ticker MON, operating in women's apparel retail through its own store network and online channels. The group runs a structure of numerous wholly controlled subsidiaries, which makes its consolidated reporting relevant for investors in the Polish market. The available source is the annual report for the year ended 31 December 2023, which shows the structure of the group but does not contain complete figures on sales or profit.
SWOT
Strengths
- The group has an integrated structure with numerous wholly controlled subsidiaries, which could allow tight operational control over the value chain.
- Listing on the stock exchange under the ticker MON provides a basis of transparency and public reporting, useful for investors analysing the group's activity.
- The diversity of brands and product lines, reflected in subsidiary names, could reduce dependence on a single customer segment.
Weaknesses
- The source report offers no figures on sales, profit or market share, which limits the ability to assess financial performance from this document.
- A structure with a very large number of legal entities can increase administrative complexity and the risk of reporting errors.
- Frequent changes in the composition of the supervisory board may indicate governance instability, which could affect investor confidence.
Opportunities
- Consolidating or simplifying the subsidiary structure could reduce administrative costs, if the group decides on such a reorganisation.
- Developing online channels, suggested by the existence of commercial and logistics entities, could open new revenue sources.
- Leveraging several brands through a coherent strategy could strengthen the group's position in the women's apparel market.
Threats
- Pressure from local and international competitors could reduce margins, especially if consumer demand weakens.
- Logistics and transport costs could rise, affecting the profitability of a retail model based on integrated distribution.
- Regulatory or tax changes in Poland could affect the group's structure if applied at subsidiary level.
Risks
- Lack of financial data in the sourcehigh
The source document contains no figures on revenue, profit or cash flows, which makes it difficult to assess the group's financial position from this report.
- Complexity of the legal structuremedium
The very large number of wholly controlled subsidiaries can raise consolidation, compliance and internal control issues, especially if the structure changes frequently.
- Instability on the Supervisory Boardmedium
Changes in the Supervisory Board composition in 2023 may signal tensions or reorganisation, which could affect the continuity of strategic decisions.
- Dependence on the domestic Polish marketmedium
The group's activity appears concentrated on the Polish market, so a fall in domestic consumption could directly affect sales.
- Competitive pressure in retaillow
Competition from local chains and online platforms could reduce prices and margins if the group does not maintain its appeal to customers.
Investment thesis
What would need to be true (bull case)
- If the group's integrated structure allows effective control of costs and the supply chain, margins could remain stable even during periods of pressure on consumption.
- The diversity of brands and subsidiaries could give the group more levers to respond to changes in customer tastes.
- Its stock market listing could facilitate access to capital and could require the group to provide greater transparency in future reporting.
What would break the thesis
- If financial reporting is not detailed enough, investors could have difficulty assessing the group's real performance.
- A structure with a very large number of entities could generate hidden administrative costs and reduce operational efficiency.
- If demand for women's apparel falls or competition intensifies, the group could lose market share without a clear response strategy.
What to watch
- Publication of sales and profit figures by segment2024
- Evolution of the subsidiary structure and any consolidations or closures of entities2024
- Composition of the Supervisory Board and any management changes2024
- Strategy on online channels and brand developmentnext 10-K
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
According to the 2023 annual report, Monnari Trade S.A. is the parent company of a capital group that includes a large number of subsidiaries registered in Łódź, most with names such as MONNARI TRADE, FASHION, MODERN, MADAM, MISS or CENTRO. The report states that the company is listed on the Warsaw Stock Exchange under the short name MONNARI and the ticker MON. The group structure points to an organisation along product lines and brands, with each entity wholly controlled by the parent or by another subsidiary in the group 1.
The parent company's management consists of a President of the Management Board, and the Supervisory Board included six members at 31 December 2023, with changes during the year to the composition of the supervisory body 1. This information is relevant for assessing the group's governance, although the source report does not detail its commercial strategy or plans for the coming years.
Structurally, the group also includes entities that are not purely commercial, such as service and logistics companies, and one subsidiary, MODERN PROFIT S.A., is a joint-stock company with separate share capital 1. These details suggest the group is organised around an integrated model of sales and operational support.
Segments
Women's apparel retail
The names of many subsidiaries, such as FASHION, MODERN WOMAN, MADAM or MISS ELEGANCE, indicate that the group's core activity is in women's apparel, but the source report does not contain figures on the revenue of this segment 1.
Intra-group services and logistics
Several subsidiaries, such as MONNARI TRADE LOGISTIC or SERVICE OFFICE, appear to provide support services to the rest of the group, which could lower operating costs if the model is maintained 1.
Development-type subsidiaries
The series of companies named Centro or MRS, registered in 2020 and 2021, suggests entities dedicated to separate collections or projects, but the report does not specify their economic role 1.
Market context
The source report contains no data on the size of the women's apparel market in Poland or the group's market share. The group's activity appears oriented toward the Polish consumer, particularly through its subsidiaries registered in Łódź, but this is inferred from entity names and seat, not from a reported figure 1.
The apparel market in Central Europe is sensitive to the consumer cycle and to transport and logistics costs, factors the source document does not analyse but which could influence margins for a retail group of this type.
Trends
- Consolidation of the group structuremixed
The report shows the group has continued to organise its activity through a large number of wholly controlled subsidiaries, which could simplify administration but could also complicate reporting and internal control 1.
- Changes on the Supervisory Boardheadwind
In 2023 the composition of the supervisory body changed, and one member resigned effective from October, which could affect governance continuity if such changes recur 1.
- Expansion of the brand rangetailwind
The registration of new subsidiaries bearing brand names, especially in the 2018 to 2021 period, suggests a diversification of the product portfolio, which could support sales if these brands are accepted by customers 1.
- Pressure from operating costsheadwind
If the group has many entities with separate accounting and administrative structures, compliance costs could rise and reduce margins, but the source report does not quantify this effect 1.
Competitive position
The source report does not identify the group's competitors and offers no comparative data on market shares, prices or store networks. Competitive analysis would need to be completed with other sources describing the Polish apparel retail market.
Given that the group operates in women's apparel retail, competition could come both from local chains and from international retailers with a strong online presence, but the source document does not support these statements.
- Local apparel chains in Poland
The source report names no competitors; this category is mentioned only as a possible source of competitive pressure, without verified data.
- International fashion retailers
International groups with an online presence could compete for the same customer segments, but the source report contains no information about them.
- Online fashion platforms
Digital channels could compete on price and assortment, but the report does not describe this relationship.
- Private-label brands of other distributors
Competition from retailers' own-label lines could affect the group, but the source report does not address the subject.
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 202223 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / MONNARI TRADE S.A. · 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.