olivLaw · European equity research
MOSTOSTAL ZABRZE Spółka Akcyjna MSZ.WA
Poland · GPW Warszawa · ISIN PLMSTZB00018 · Vertical: Listed companies from Poland
MOSTOSTAL ZABRZE is a Polish industrial group that designs, builds and assembles industrial plants, steel structures and infrastructure, with a significant share of exports. In fiscal 2022, export contracts accounted for a portion of group revenue.
At the close of 05 Nov 2026, MOSTOSTAL ZABRZE Spółka Akcyjna (MSZ.WA) stock was 6.64 PLN (+0.00% on the day), with market capitalisation 493.7 m PLN, P/E 15.4 on diluted EPS of 0.43 PLN over the last 12 months, dividend yield 0.09%, beta 0.49, 52-week range 5.64–7.02 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)
- 52.5
- neutral
- Bollinger (20, 2)
- 6.47 – 6.82
- in the lower half of the band · %B 0.49 · band width 5.3%
- SMA 50 / 200
- 6.52 / 6.37
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.03
- 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 | −5.4% | −0.6% | −4.8 pp | — |
| 3 months | +3.4% | −4.2% | +7.6 pp | — |
| 6 months | +2.2% | +4.3% | −2.2 pp | — |
| Year to date | +5.4% | +7.5% | −2.1 pp | — |
| 1 year | −2.1% | +9.9% | −12.0 pp | +7.1% |
| 3 years | +57.2% | +49.8% | +7.3 pp | +3.3% |
| 5 years | +242.3% | +42.8% | +199.4 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 9.5, max 9.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 616.9 m | 768.2 m | 1.2 bn |
| Revenue YoY | unavailable | +24.5% | +52.6% |
| Net income | 10.2 m | 14.7 m | 32.0 m |
| Net income YoY | unavailable | +43.8% | +118.1% |
| Diluted EPS | 0.14 | 0.20 | 0.43 |
| Diluted EPS YoY | unavailable | +42.9% | +115.0% |
| net % | 1.7% | 1.9% | 2.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 85.7 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 229.6 m PLN
- Total assets
- 678.1 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.26x
- ROE
- 15.1%
- ROA
- 5.5%
- 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 | 616.9 m | 768.2 m | 1.2 bn | esef· 02 May 2023verified |
| Cost of revenue | 544.8 m | 690.9 m | 1.1 bn | esef· 02 May 2023verified |
| Gross profit | 72.1 m | 77.3 m | 112.5 m | esef· 02 May 2023verified |
| Operating income | 26.4 m | 32.1 m | 58.3 m | esef· 02 May 2023verified |
| Interest expense | 10.0 m | 9.1 m | 7.7 m | esef· 02 May 2023verified |
| Pre-tax income | 16.8 m | 23.1 m | 55.6 m | esef· 02 May 2023verified |
| Income tax | 6.2 m | 7.8 m | 22.3 m | esef· 02 May 2023verified |
| Net income | 10.2 m | 14.7 m | 32.0 m | esef· 02 May 2023verified |
| Diluted EPS | 0.14 | 0.20 | 0.43 | esef· 02 May 2023verified |
| Dividend per share | 0.00 | 0.00 | 0.01 | esef· 02 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 28.5 m | 48.1 m | 85.7 m | esef· 02 May 2023verified |
| Receivables | 175.8 m | 190.6 m | 332.4 m | esef· 02 May 2023verified |
| Inventories | 19.8 m | 27.6 m | 29.8 m | esef· 02 May 2023verified |
| Current assets | 324.8 m | 340.1 m | 506.2 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 72.4 m | 69.2 m | 78.9 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 3.9 m | 3.9 m | 4.0 m | esef· 02 May 2023verified |
| Total assets | 478.3 m | 494.0 m | 678.1 m | esef· 02 May 2023verified |
| Accounts payable | 166.4 m | 167.3 m | 266.9 m | esef· 02 May 2023verified |
| Current liabilities | 246.7 m | 247.9 m | 402.2 m | esef· 02 May 2023verified |
| Total liabilities | 303.5 m | 301.1 m | 448.5 m | esef· 02 May 2023verified |
| Equity | 174.8 m | 192.9 m | 229.6 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 72.8 m | 73.3 m | 74.4 m | esef· 02 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: 493.7 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 | 2.7% | 46 (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 | 7.6x | 94 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.3x | 38 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 15.4x | 47 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (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 sheet72/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial46/100 · 1/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial47/100 · 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
MOSTOSTAL ZABRZE SPÓŁKA AKCYJNA (MSZ.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.2 bn PLN in 2022; YoY growth 52.6%; net margin 2.7%; ROE 15.3%.
The estimated value range is 2.74–7.56 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.76 PLN, the price of 6.64 PLN leaves a potential of -28.4% (value / price − 1) and a margin of safety of -39.6% (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: 7.6x
What contradicts it
- Shareholder yield (distributions): 0.1%
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% |
| MSZ.WAMostostal Zabrze Spółka Akcyjna | 493.7 m | 15.4 | 15.3% | 2.7% | +52.6% | +0% / +61% |
| 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 MSZ.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 | 4.34 Total return -35% · Per year -35% | 7.64 Total return 15% · Per year 15% | 11.45 Total return 73% · Per year 73% |
| 3 years | 5.15 Total return -22% · Per year -8% | 10.10 Total return 52% · Per year 15% | 16.49 Total return 149% · Per year 36% |
| 5 years | 6.10 Total return -8% · Per year -2% | 13.36 Total return 102% · Per year 15% | 23.75 Total return 259% · Per year 29% |
- Exit P/E± 2.52
- Net margin± 1.77
- Annual revenue growth± 1.32
- Annual dilution± 0.15
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
MOSTOSTAL ZABRZE is a Polish industrial group that designs, builds and assembles industrial plants, steel structures and infrastructure, with a significant share of exports. In fiscal 2022, export contracts accounted for a portion of group revenue 1.
SWOT
Strengths
- A group with experience in complex industrial projects and a broad range of services, from design to maintenance 1.
- A solid presence in foreign markets, with a significant part of revenue from exports 1.
- Operating continuity confirmed by management, with no going-concern doubts stated in the report consulted 1.
Weaknesses
Opportunities
- Expanding exports could offset weaker domestic demand.
- Infrastructure and industrial modernisation projects could generate new contracts.
- Maintenance and modernisation services could bring recurring revenue.
Threats
- Rising energy and material costs could compress margins on fixed-price contracts.
- Currency fluctuations could affect results if hedging is incomplete.
- Higher reference interest rates could weigh on financing costs.
Risks
- Currency riskmedium
Contracts denominated in euro could generate losses if the exchange rate moves against the group, and the sensitivity is analysed in the report 1.
- Material price riskhigh
Rising prices of steel, concrete and petroleum-based products could affect margins, especially where contracts are fixed-price 1.
- Interest rate risklow
If reference rates rise, borrowing costs could increase, although the reported impact was considered small 1.
- Project execution riskmedium
Complex projects can face delays or cost overruns, which could affect the financial result.
- Counterparty riskmedium
Dependence on subcontractors and client payments could create liquidity pressure in certain periods.
Investment thesis
What would need to be true (bull case)
- If exports keep growing and industrial projects stay active, the group could benefit from more stable turnover.
- Experience in complex projects and a broad service range could attract new infrastructure and industrial contracts.
- Currency hedging and material price management could limit the impact of cost shocks.
What would break the thesis
- Thin margins on fixed-price contracts could be eroded by rising material and energy costs.
- Currency exposure and interest rate sensitivity could reduce financial results in volatile periods.
- Reliance on large projects and subcontractors could create delay and liquidity risks.
What to watch
- Evolution of the export share in total revenue2023
- Trend in steel, concrete and energy costs on ongoing contracts2023
- Net result and margin on fixed-price contractsnext annual report
- Level of financing costs and currency exposure in the next reportnext 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 MOSTOSTAL ZABRZE group is an industrial group carrying out manufacturing, design, construction and assembly activities, with a significant export share 1. The parent company, listed on the Warsaw Stock Exchange since 1994, is based in Gliwice 1. The annual report consulted does not provide other business figures beyond those cited.
Segments
Construction and assembly services
Covers industrial works (plants, process lines, modernisation in metallurgy, energy, chemicals), general construction, bridges, environmental facilities, as well as roads and specialised structures 1.
Design and electrical installation services
Covers technical design, electrical installations at all voltage levels, testing, commissioning and maintenance services 1.
Steel structure manufacturing
Covers fabrication of building steel structures, machinery structures, rail rolling stock and support structures for cableways and ski lifts 1.
Market context
The group's activity is tied to industrial and infrastructure investment, and a significant part of its contracts is carried out in foreign markets, mainly in euro 1. The report does not give the total size of the market.
The export share rose from fiscal 2021 to fiscal 2022, which points to a broader geographic spread of activity 1.
Trends
- Rising export sharetailwind
The share of export contracts in total revenue increased in fiscal 2022 compared with fiscal 2021, which could reduce reliance on the domestic market.
- Currency exposuremixed
Contracts in euro and sterling expose the group to exchange rate movements, managed through forward contracts and natural hedging 1.
- Rising material pricesheadwind
Prices of steel, concrete and petroleum-based products could rise, while contracts with investors carry fixed prices for the whole project duration 1.
- Cost of financingheadwind
Higher WIBOR reference rates could raise financing costs, although the reported sensitivity was considered low 1.
Competitive position
The annual report consulted does not name the group's competitors, so a comparative analysis cannot be detailed from this document.
Market position depends on the ability to execute complex long-term projects, the level of material prices and access to export contracts 1.
- Competitors named in the source
The consulted source names no competitors; to be checked in later reports.
- Polish industrial construction firms
General category, not named individually in the reference document.
- International industrial plant contractors
General category, not named individually in the reference document.
- Producers of steel construction structures
General category, not named individually in the reference document.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202115 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / MOSTOSTAL ZABRZE Spółka Akcyjna · 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.