olivLaw · European equity research
POLYTEC Holding AG PYT.VI
Austria · Wiener Börse · ISIN AT0000A00XX9 · Vertical: Listed companies from Austria
POLYTEC Holding AG, based in Hörsching in Austria, produces plastic components for the automotive industry and increasingly for non-automotive applications. For fiscal 2026 management expects group revenue of 560 to 590 mn EUR, against a backdrop of falling European car production and plant closures.
At the close of 05 Nov 2026, POLYTEC Holding AG (PYT.VI) stock was 4.05 EUR (+0.75% on the day), with market capitalisation 88.4 m EUR, P/E 8.8 on diluted EPS of 0.46 EUR over the last 12 months, dividend yield 0.27%, beta 0.36, 52-week range 2.93–6.40 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 25.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 3.97 – 7.06
- in the lower half of the band · %B 0.03 · band width 56.2%
- SMA 50 / 200
- 5.34 / 4.51
- mixed trend
- MACD (12, 26, 9)
- -0.33 / -0.07
- 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 | −31.4% | −0.6% | −30.7 pp | — |
| 3 months | −18.0% | −4.2% | −13.8 pp | — |
| 6 months | −6.9% | +4.3% | −11.2 pp | — |
| Year to date | +22.7% | +7.5% | +15.2 pp | — |
| 1 year | +38.2% | +9.9% | +28.3 pp | +5.3% |
| 3 years | +2.4% | +49.8% | −47.4 pp | +3.6% |
| 5 years | −52.4% | +42.8% | −95.2 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 7.2, median 7.2, max 7.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 636.0 m | 677.8 m | 666.8 m |
| Revenue YoY | unavailable | +6.6% | −1.6% |
| Net income | -14.1 m | -7.3 m | 10.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.64 | -0.33 | 0.46 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.2% | -1.1% | 1.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 66.9 m EUR
- Financial debt
- 117.8 m EUR
- Net debt
- 50.8 m EUR
- Equity
- 219.8 m EUR
- Total assets
- 476.0 m EUR
- Debt / equity
- 0.54x
- Current ratio
- unavailable
- ROE
- 4.7%
- ROA
- 2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 636.0 m | 677.8 m | 666.8 m | esef· 12 May 2026verified |
| Operating income | -6.7 m | 3.5 m | 19.8 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 33.4 m | 31.8 m | 31.6 m | esef· 12 May 2026verified |
| EBITDA | 26.6 m ≈ | 35.3 m ≈ | 51.4 m ≈ | esef· 12 May 2026derived |
| Pre-tax income | -15.8 m | -8.9 m | 11.8 m | esef· 12 May 2026verified |
| Income tax | -1.7 m | -1.6 m | 1.7 m | esef· 12 May 2026verified |
| Net income | -14.1 m | -7.3 m | 10.0 m | esef· 12 May 2026verified |
| Diluted EPS | -0.64 | -0.33 | 0.46 | esef· 12 May 2026verified |
| Dividend per share | 0.10 | 0.02 | 0.01 | esef· 12 May 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 49.6 m | 66.0 m | 66.9 m | esef· 12 May 2026verified |
| Inventories | 41.3 m | 39.1 m | 29.2 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 242.2 m | 225.9 m | — | esef· 29 Apr 2025verified |
| Goodwill | 0 | 0 | 0 | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 6.3 m | 6.1 m | 6.4 m | esef· 12 May 2026verified |
| Total assets | 533.0 m | 507.5 m | 476.0 m | esef· 12 May 2026verified |
| Accounts payable | — | 63.4 m | 59.5 m | esef· 12 May 2026verified |
| Short-term debt | — | 55.4 m | 51.9 m | esef· 12 May 2026verified |
| Long-term debt | — | 91.3 m | 65.8 m | esef· 12 May 2026verified |
| Current liabilities | — | 182.0 m | 170.9 m | esef· 12 May 2026verified |
| Equity | 217.9 m | 211.7 m | 219.8 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 22.0 m | 22.2 m | 21.8 m | esef· 12 May 2026derived |
Cash flow · EUR
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: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 88.4 m EUR
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.44 – 12.10 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA7.74 – 12.10 (Mid 10.08)4 companies used · median multiple 5.3x · quartiles 4.3x – 6.1xETS.VI, FAA.VI, FKA.VI, SEM.VI
- Peers: P/E5.44 – 10.23 (Mid 7.86)24 companies used · median multiple 17.1x · quartiles 11.8x – 22.2x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)outside the aggregate0.15 – 0.20 (Mid 0.17)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.0% | 40 (vs peers) | 19% |
| Net margin · Quality | 1.5% | 28 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.0x | 33 (vs peers) | 19% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 8.8x | 88 (vs peers) | 19% |
| EV/EBITDA · Valuation | 2.7x | 100 (vs peers) | 19% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial33/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality36/100 · 2/3 factors with a value
- Returns· partial4/100 · 1/2 factors with a value
- Valuation94/100 · 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
POLYTEC Holding AG (PYT.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 666.8 m EUR in 2025; YoY growth -1.6%; net margin 1.5%; ROE 4.7%; net debt/EBITDA 1.0x.
The estimated value range is 6.59–11.16 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 8.97 EUR, the price of 4.05 EUR leaves a potential of 121.4% (value / price − 1) and a margin of safety of 54.8% (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: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 8.8x
- EV/EBITDA: 2.7x
- The price is below the estimated value range
What contradicts it
- Net margin: 1.5%
- Shareholder yield (distributions): 0.3%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, Current ratio, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · 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 | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for PYT.VI 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 (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.25 Total return -44% · Per year -44% | 3.98 Total return -1% · Per year -1% | 6.02 Total return 49% · Per year 49% |
| 3 years | 1.92 Total return -52% · Per year -22% | 3.86 Total return -4% · Per year -1% | 6.43 Total return 60% · Per year 17% |
| 5 years | 1.64 Total return -59% · Per year -16% | 3.73 Total return -7% · Per year -1% | 6.87 Total return 71% · Per year 11% |
- Exit P/E± 0.96
- Net margin± 0.67
- Annual revenue growth± 0.59
- Annual dilution± 0.06
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
POLYTEC Holding AG, based in Hörsching in Austria, produces plastic components for the automotive industry and increasingly for non-automotive applications. For fiscal 2026 management expects group revenue of 560 to 590 mn EUR, against a backdrop of falling European car production and plant closures 1.
SWOT
Strengths
- Solid balance sheet with a high equity ratio and low net debt, providing flexibility in difficult periods.
- Long experience in logistics and reusable systems, an advantage in the non-automotive segment.
- Cost base reorganised after the closure and sale of plants, which can support margins.
Weaknesses
- High dependence on European car manufacturers, which are going through a period of falling volumes.
- Restructuring and staff reduction costs weigh on the result in a given year.
- Limited bargaining power against large customers, especially when prices are under pressure.
Opportunities
- Rising demand for sustainable transport and reusable packaging solutions could open new markets.
- Renewed support programmes for electric vehicles could revive demand in the automotive industry.
- Expansion into non-automotive areas could reduce dependence on a single sector.
Threats
- Falling European car production and overcapacity could push prices down.
- Competition from Chinese manufacturers moving production into Europe.
- Geopolitical tensions and fragile supply chains, especially for semiconductors and rare earths.
Risks
- Dependence on the automotive industryhigh
Most revenue depends on car manufacturers, and a further fall in production could quickly affect volumes.
- Plant closures and associated costsmedium
Restructuring brings one-off costs and can strain short-term results, particularly with the closure of the Weierbach plant.
- Supply chains and geopoliticshigh
Conflicts in Eastern Europe and the Middle East could disrupt deliveries of raw materials and components.
- Competitive pressuremedium
Overcapacity and new Asian competitors could force price cuts and reduce margins.
- Concentrated shareholdinglow
A shareholder with a significant stake can influence strategic decisions, and the free float remains limited.
Investment thesis
What would need to be true (bull case)
- If the shift to electric mobility and support programmes accelerate, demand for the group's components could recover faster than expected.
- If the non-automotive segment grows as planned, dependence on automotive could fall and margins could benefit.
- A solid balance sheet and lower costs could allow the group to resume dividends without major pressure.
What would break the thesis
- If European car production keeps falling, revenue could stay below the outlook for 2026.
- If price pressure and Chinese competition intensify, the targeted EBIT margin of around 3% could be hard to reach.
- Restructuring costs and the loss of volumes from closed plants could weigh on short-term results.
What to watch
- Achievement of consolidated revenue within the 560 to 590 mn EUR range2026
- EBIT margin against the target of around 3%2026
- Effects of the Weierbach plant closure and the sale of the UK operations2026
- Share of non-automotive revenue against the 30% goalnext 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
The POLYTEC GROUP develops and manufactures plastic parts and systems, focused on automotive customers but also on logistics and reusable packaging. According to the 2025 annual report, the group reduced capacity, closed or sold plants and significantly cut headcount, reaching 2,876 FTE excluding leased staff at 31.12.2025 1. The company is listed on the Vienna Stock Exchange prime market.
The shareholder structure is concentrated: MH Beteiligungs GmbH held 25.61% of the capital, and share capital consisted of 22,329,585 shares at 31.12.2025 1. The company sold its UK operations on 31.12.2025 and is closing the Weierbach plant on 30.04.2026, which explains the lower revenue outlook 1.
Management states that the balance sheet remains solid, with an equity ratio above 40% and low net financial debt 1. Dividends are expected to be resumed annually, provided the result after taxes allows it 1.
Segments
Automotive
The automotive segment remains the core of the business, but for 2026 the company only expects low organic growth, due to overcapacity in European production and intensified competition 1.
Non-automotive
Management aims for around 30% of revenue to come from outside automotive, through innovative plastic applications and reusable logistics systems, an area where the group has long experience 1.
Market context
Experts cited in the report expect European car production to decline again in 2026, by about 1.9% year on year to roughly 15.2 mn units 1. Geopolitical pressures, fragile supply chains and weak affordability limit demand, while the entry of Chinese manufacturers into Europe adds competition 1.
The report notes that EBITDA margins of European OEMs could bottom out in the first half of 2026, followed by stabilisation at a low level 1. Sentiment is recovering gradually, but none of the three largest car markets is expected to show significant momentum 1.
Trends
- Decline in European car productionheadwind
European production could fall again in 2026, reducing volumes for tier-two suppliers such as POLYTEC 1.
- Investment in electric mobilitymixed
The shift to electric vehicles requires large investment, and governments are reintroducing subsidies and tax relief, which could revive demand 1.
- Chinese competition in Europeheadwind
Chinese manufacturers are expanding plants in Europe and offering electric cars at attractive prices, increasing pressure on local suppliers 1.
- Sustainable transport solutionstailwind
The global trend toward reusable packaging and logistics systems opens new growth opportunities for the group outside automotive 1.
Competitive position
The company operates in a market dominated by plastic component makers and vertically integrated car manufacturers, and the report describes overcapacity and intense competition in which weaker suppliers are hit first 1. The sources provided do not name specific direct competitors, so no named firms are listed.
The group's stated advantages are its solid balance sheet, logistics experience and ability to adapt to customer requirements, but industry price pressure limits margins 1.
- European plastic component suppliers
Direct competitors in Europe for plastic automotive parts, against which the group faces overcapacity pressure, according to the report.
- Chinese car manufacturers with European plants
Not suppliers to the group, but they are expanding production in Europe and intensifying competition for existing customers.
- Reusable packaging and logistics system providers
Competitors in the non-automotive segment that management wants to develop toward a share of about 30%.
- Plastic system providers for non-automotive industries
Competition in markets such as logistics and industrial applications, where the group aims to grow.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202512 May 2026
- Annual report 202429 Apr 2025
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / POLYTEC Holding AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.