olivLaw · European equity research
Zakłady Przemysłu Cukierniczego OTMUCHÓW S.A. OTM.WA
Poland · GPW Warszawa · ISIN PLZPCOT00018 · Vertical: Listed companies from Poland
Zakłady Przemysłu Cukierniczego Otmuchów S.A. makes confectionery, chocolate and cereal products, and its group includes the subsidiary PWC Odra. In 2023 the company invested heavily in production capacity while net debt rose, which makes financing and covenant compliance the key issues to watch.
At the close of 05 Nov 2026, Zakłady Przemysłu Cukierniczego OTMUCHÓW S.A. (OTM.WA) stock was 4.53 PLN (−0.22% on the day), with market capitalisation 126.7 m PLN, P/E 10.1 on diluted EPS of 0.45 PLN over the last 12 months, beta 0.31, 52-week range 4.38–5.86 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)
- 44.9
- weak (30–45)
- Bollinger (20, 2)
- 4.45 – 4.67
- in the lower half of the band · %B 0.37 · band width 4.8%
- SMA 50 / 200
- 4.67 / 4.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.04
- MACD above 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 | +0.4% | −0.6% | +1.1 pp | — |
| 3 months | −7.4% | −4.2% | −3.2 pp | — |
| 6 months | −20.0% | +4.3% | −24.3 pp | — |
| Year to date | −3.6% | +7.5% | −11.1 pp | — |
| 1 year | −7.2% | +9.9% | −17.1 pp | +7.1% |
| 3 years | +24.5% | +49.8% | −25.4 pp | +3.3% |
| 5 years | −7.6% | +42.8% | −50.4 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 1-quarter history (min 8.7, median 8.7, max 8.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 248.6 m | 252.2 m | 284.7 m |
| Revenue YoY | unavailable | +1.5% | +12.9% |
| Net income | -4.5 m | -8.7 m | 12.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.19 | -0.36 | 0.45 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1.8% | -3.4% | 4.4% |
| Free cash flow | 16.3 m | -4.8 m | -19.7 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 14.3 m PLN
- Financial debt
- 2.0 m PLN
- Net debt
- -12.3 m PLN
- Equity
- 121.5 m PLN
- Total assets
- 224.4 m PLN
- Debt / equity
- 0.02x
- Current ratio
- 0.86x
- ROE
- 11.0%
- ROA
- 5.8%
- FCF margin
- -6.9%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 248.6 m | 252.2 m | 284.7 m | esef· 08 May 2024verified |
| Cost of revenue | 199.8 m | 215.4 m | 225.4 m | esef· 08 May 2024verified |
| Gross profit | 48.8 m | 36.9 m | 59.3 m | esef· 08 May 2024verified |
| Operating income | -3.9 m | -4.5 m | 20.4 m | esef· 08 May 2024verified |
| Interest expense | 1.9 m | 4.4 m | 5.4 m | esef· 08 May 2024verified |
| Pre-tax income | -5.6 m | -8.9 m | 15.3 m | esef· 08 May 2024verified |
| Income tax | -826.0 k | 335.0 k | 1.6 m | esef· 08 May 2024verified |
| Net income | -4.5 m | -8.7 m | 12.6 m | esef· 08 May 2024verified |
| Diluted EPS | -0.19 | -0.36 | 0.45 | esef· 08 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 18.1 m | 16.6 m | 14.3 m | esef· 08 May 2024verified |
| Inventories | 29.8 m | 41.8 m | 37.1 m | esef· 08 May 2024verified |
| Current assets | 80.1 m | 90.1 m | 84.1 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 90.0 m | 114.7 m | 136.7 m | esef· 08 May 2024verified |
| Goodwill | 0 | 0 | 0 | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 1.5 m | 1.2 m | 745.0 k | esef· 08 May 2024verified |
| Total assets | 171.6 m | 208.4 m | 224.4 m | esef· 08 May 2024verified |
| Long-term debt | 4.1 m | 1.5 m | 2.0 m | esef· 08 May 2024verified |
| Current liabilities | 71.1 m | 96.3 m | 97.4 m | esef· 08 May 2024verified |
| Total liabilities | 80.4 m | 100.7 m | 102.9 m | esef· 08 May 2024verified |
| Equity | 91.2 m | 107.7 m | 121.5 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 23.7 m | 24.1 m | 28.0 m | esef· 08 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 23.0 m | 10.9 m | 11.3 m | esef· 08 May 2024verified |
| Capex | 6.7 m | 15.7 m | 31.0 m | esef· 08 May 2024verified |
| Free cash flow | 16.3 m ≈ | -4.8 m ≈ | -19.7 m ≈ | esef· 08 May 2024derived |
| Investing cash flow | -9.9 m | -15.3 m | -27.3 m | esef· 08 May 2024verified |
| Financing cash flow | -2.6 m | 2.9 m | 13.7 m | esef· 08 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 126.7 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.1% | 67 (vs peers) | 20% |
| Net margin · Quality | 4.4% | 56 (vs peers) | 12% |
| FCF conversion · Quality | -156.3% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.8x | 35 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.9x | 5 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 10.1x | 58 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -15.5% | 0 (on a fixed band) | 16% |
| 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 sheet23/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality46/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation32/100 · 2/3 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
ZAKŁADY PRZEMYSŁU CUKIERNICZEGO OTMUCHÓW SPÓŁKA AKCYJNA (OTM.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 284.7 m PLN in 2023; YoY growth 12.9%; net margin 4.4%; ROE 11.7%.
The estimated value range is 2.87–7.91 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.98 PLN, the price of 4.53 PLN leaves a potential of 9.9% (value / price − 1) and a margin of safety of 9.0% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- FCF conversion: -156.3%
- Current ratio: 0.9x
- FCF yield: -15.5%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| 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% |
| OTM.WAZakłady Przemysłu Cukierniczego Otmuchów Spółka Akcyjna | 126.7 m | 10.1 | 11.7% | 4.4% | +12.9% | −4% / +24% |
| 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 OTM.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 | 2.90 Total return -36% · Per year -36% | 5.11 Total return 13% · Per year 13% | 7.68 Total return 69% · Per year 69% |
| 3 years | 3.31 Total return -27% · Per year -10% | 6.52 Total return 44% · Per year 13% | 10.67 Total return 135% · Per year 33% |
| 5 years | 3.78 Total return -17% · Per year -4% | 8.30 Total return 83% · Per year 13% | 14.82 Total return 227% · Per year 27% |
- Exit P/E± 1.63
- Net margin± 1.14
- Annual revenue growth± 0.87
- Annual dilution± 0.10
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
Zakłady Przemysłu Cukierniczego Otmuchów S.A. makes confectionery, chocolate and cereal products, and its group includes the subsidiary PWC Odra. In 2023 the company invested heavily in production capacity while net debt rose, which makes financing and covenant compliance the key issues to watch 1.
SWOT
Strengths
- The product range covers both confectionery and cereal processing, diversifying the statutory activity 1.
- The majority shareholder within an international group structure provides continuity in management and strategic decisions 1.
- The policy of using two suppliers for strategic materials reduces the risk of raw material shortage 1.
Weaknesses
- Net debt has increased and the leverage ratio remains high, which limits financial flexibility 1.
- The company acknowledged breaching certain bank covenants, a situation that could affect financing terms 1.
- Reliance on loans with variable interest rates exposes results to increases in reference rates 1.
Opportunities
- Investment in assets under construction could increase production capacity and sales volumes over the medium term 1.
- Simplifying the group structure through the buyout of minority holders in the subsidiary could speed up operational decisions 1.
- Using or selling properties reclassified as investment property could generate additional income 1.
Risks
- Refinancing riskhigh
High net debt and near-term maturities could make refinancing difficult if banks refuse to adjust covenants 1.
- Covenant breachhigh
The company acknowledged not meeting certain contractual covenants, which could trigger early repayment clauses 1.
- Interest rate riskmedium
Loans with variable rates linked to WIBOR and EURIBOR expose costs to rate moves, as shown in the sensitivity analysis 1.
- Currency riskmedium
Purchases in euro and dollars could amplify losses if exchange rates move unfavourably, although part of the exposure was hedged with options 1.
- Supply risklow
Dependence on strategic raw materials and foreign suppliers could affect production in the event of disruptions 1.
Investment thesis
What would need to be true (bull case)
- If investment in production capacity translates into higher volumes, the company could recover the spending made in 2023 relatively quickly 1.
- A group structure with a strong majority shareholder could help provide financial support in difficult periods 1.
- Reducing the minority stake in the subsidiary could simplify financial flows and speed up operational decisions 1.
What would break the thesis
What to watch
- Outcome of covenant negotiations with banks2024
- Execution of the investment budget planned for the coming year2024
- Development of net debt and the leverage rationext annual report
- Completion of the minority squeeze-out at PWC Odra2024
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 its articles, the core activity covers grain milling, production of cocoa, chocolate and confectionery, and other food products 1. At 31 December 2023 the Otmuchów group consisted of the parent company and PWC Odra S.A., and the structure did not change during the year 1. The registered office is in Otmuchów, Poland, and the shares are listed on the Warsaw Stock Exchange 1.
The company's capital is majority-controlled by Tornellon Investments sp. z o.o., holding 66,99% of the share capital at 31 December 2023, and the ultimate group parent is Kervan International AB 1. The parent launched squeeze-out procedures for minority shareholders of PWC Odra in 2023 and again in January 2024, with the stated aim of tidying up the group 1.
Management consists of the president of the management board and one board member, and the supervisory board has five members 1. The 2023 financial position shows net debt of 78 453 thousand PLN and a leverage ratio of 39,2% 1.
Segments
Market context
Trends
- Rising financing costsheadwind
Higher WIBOR and EURIBOR rates could increase interest expense, since the loans carry a margin over these rates 1. A one percentage point shock would affect pre-tax result by about 320 thousand PLN 1.
- Investment in productive capacitytailwind
Investment in assets under construction reached 33 881 thousand PLN in 2023, and further spending is planned for 2024 1. If these projects add capacity, they could support volume growth over the medium term 1.
- Covenant pressureheadwind
The company acknowledged that it has not met certain contractual covenants and has been talking to banks about the calculation methodology, normalising the result for one-off events 1. This could limit access to financing if the negotiations do not succeed 1.
- Group restructuringmixed
The forced buyout of minority shareholders in PWC Odra could simplify the group structure and increase direct participation in the subsidiary 1. The effect on results is unclear from the source 1.
Competitive position
The annual report does not explicitly identify the company's competitors and gives no comparative market share data 1. Based on the description of its activity, competition would come from makers of sweets and chocolate operating in the same product categories 1.
A full analysis would require external industry data, which is not part of the sources provided for this profile 1. According to the statutory description, the company differentiates itself by combining cereal processing with confectionery production 1.
- Polish confectionery producers listed in Warsaw
Potential competitors in the Polish sweets market, identified only as a category, with no names given in the source.
- International chocolate and confectionery producers
Companies selling in the same product categories, with no share data in the source.
- Regional cereal and bakery product producers
Possible competition in grain processing, not specified in the annual report.
- Importers of foreign sweets
Imported products that could compete on shelves in Poland, with no quantitative data in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202223 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Zakłady Przemysłu Cukierniczego OTMUCHÓW 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.