olivLaw · European equity research
Relpol S.A. RLP.WA
Poland · GPW Warszawa · ISIN PLRELPL00014 · Vertical: Listed companies from Poland
Relpol is a Polish group producing industrial relays and automation components, with more than 70% of sales coming from exports. Sales grew 5.6% in 2023 to 159.5 million PLN, and net profit reached 8.6 million PLN, in a context where industrial and critical infrastructure demand remains important.
At the close of 05 Nov 2026, Relpol S.A. (RLP.WA) stock was 5.80 PLN (+0.00% on the day), with market capitalisation 55.9 m PLN, P/E 6.5 on diluted EPS of 0.89 PLN over the last 12 months, dividend yield 0.00%, beta 0.19, 52-week range 4.92–6.26 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)
- 48.4
- neutral
- Bollinger (20, 2)
- 5.70 – 5.96
- in the lower half of the band · %B 0.38 · band width 4.6%
- SMA 50 / 200
- 5.83 / 5.76
- mixed trend
- MACD (12, 26, 9)
- 0.00 / 0.01
- 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 | +2.8% | −0.6% | +3.5 pp | — |
| 3 months | −3.3% | −4.2% | +0.8 pp | — |
| 6 months | +6.2% | +4.3% | +1.9 pp | — |
| Year to date | +5.1% | +7.5% | −2.4 pp | — |
| 1 year | +12.8% | +9.9% | +2.9 pp | +7.1% |
| 3 years | −22.7% | +49.8% | −72.5 pp | +3.3% |
| 5 years | −26.8% | +42.8% | −69.6 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 0 percentile of its own 3-quarter history (min 8.1, median 11.5, max 46.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 133.6 m | 151.0 m | 159.5 m |
| Revenue YoY | unavailable | +13.0% | +5.6% |
| Net income | 6.6 m | 1.2 m | 8.6 m |
| Net income YoY | unavailable | −81.0% | +586.5% |
| Diluted EPS | 0.68 | 0.13 | 0.89 |
| Diluted EPS YoY | unavailable | −80.9% | +584.6% |
| net % | 4.9% | 0.8% | 5.4% |
| Free cash flow | -4.0 m | -8.0 m | -6.6 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 1.4 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 104.5 m PLN
- Total assets
- 144.3 m PLN
- Debt / equity
- unavailable
- Current ratio
- 3.34x
- ROE
- 8.5%
- ROA
- 6.0%
- FCF margin
- -4.1%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 133.6 m | 151.0 m | 159.5 m | esef· 02 May 2024verified |
| Cost of revenue | 105.9 m | 126.8 m | 127.1 m | esef· 02 May 2024verified |
| Gross profit | 27.7 m | 24.2 m | 32.4 m | esef· 02 May 2024verified |
| Operating income | 9.2 m | 6.0 m | 11.1 m | esef· 02 May 2024verified |
| Interest expense | 796.0 k | 3.3 m | 1.2 m | esef· 02 May 2024verified |
| Pre-tax income | 8.4 m | 2.8 m | 10.0 m | esef· 02 May 2024verified |
| Income tax | 1.8 m | 1.5 m | 1.4 m | esef· 02 May 2024verified |
| Net income | 6.6 m | 1.2 m | 8.6 m | esef· 02 May 2024verified |
| Diluted EPS | 0.68 | 0.13 | 0.89 | esef· 02 May 2024verified |
| Dividend per share | 0.01 | 0.00 | 0.00 | esef· 02 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.7 m | 2.6 m | 1.4 m | esef· 02 May 2024verified |
| Receivables | 31.8 m | 33.1 m | 27.2 m | esef· 02 May 2024verified |
| Inventories | 39.6 m | 45.1 m | 44.7 m | esef· 02 May 2024verified |
| Current assets | 76.3 m | 81.1 m | 74.1 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 42.7 m | 47.5 m | 47.4 m | esef· 02 May 2024verified |
| Intangibles (excl. goodwill) | 5.5 m | 9.4 m | 18.2 m | esef· 02 May 2024verified |
| Total assets | 127.2 m | 140.6 m | 144.3 m | esef· 02 May 2024verified |
| Accounts payable | 17.4 m | 23.3 m | 10.8 m | esef· 02 May 2024verified |
| Current liabilities | 27.2 m | 36.4 m | 22.2 m | esef· 02 May 2024verified |
| Total liabilities | 31.4 m | 44.2 m | 39.9 m | esef· 02 May 2024verified |
| Equity | 95.8 m | 96.5 m | 104.5 m | esef· 02 May 2024verified |
| Shares outstanding at year end | 9.7 m | 9.6 m | 9.6 m | esef· 02 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 8.3 m | -1.8 m | 10.0 k | esef· 02 May 2024verified |
| Capex | 12.3 m | 6.2 m | 6.6 m | esef· 02 May 2024verified |
| Free cash flow | -4.0 m ≈ | -8.0 m ≈ | -6.6 m ≈ | esef· 02 May 2024derived |
| Investing cash flow | -14.1 m | -12.2 m | -14.0 m | esef· 02 May 2024verified |
| Financing cash flow | 7.4 m | 11.8 m | 12.8 m | esef· 02 May 2024verified |
| Dividends paid | 91.0 k | 0 | 0 | esef· 02 May 2024verified |
| Share repurchases | 0 | 0 | 0 | esef· 02 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 55.9 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · 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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.4% | 56 (vs peers) | 13% |
| FCF conversion · Quality | -76.5% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.6x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 6.5x | 74 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -11.7% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| 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
- Quality28/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation41/100 · 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
RELPOL SPÓŁKA AKCYJNA (RLP.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 159.5 m PLN in 2023; YoY growth 5.6%; net margin 5.4%; ROE 8.5%.
The estimated value range is 5.67–15.65 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.85 PLN, the price of 5.80 PLN leaves a potential of 69.8% (value / price − 1) and a margin of safety of 41.1% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 9.6x
- Current ratio: 3.3x
- P/E (TTM): 6.5x
What contradicts it
- FCF conversion: -76.5%
- FCF yield: -11.7%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| RLP.WARelpol Spółka Akcyjna | 55.9 m | 6.5 | 8.5% | 5.4% | +5.6% | +15% / −17% |
| 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 RLP.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 | 3.47 Total return -40% · Per year -40% | 6.13 Total return 6% · Per year 6% | 9.23 Total return 59% · Per year 59% |
| 3 years | 3.44 Total return -41% · Per year -16% | 6.84 Total return 18% · Per year 6% | 11.29 Total return 95% · Per year 25% |
| 5 years | 3.42 Total return -41% · Per year -10% | 7.63 Total return 32% · Per year 6% | 13.83 Total return 138% · Per year 19% |
- Exit P/E± 1.71
- Net margin± 1.20
- Annual revenue growth± 0.97
- 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
Relpol is a Polish group producing industrial relays and automation components, with more than 70% of sales coming from exports. Sales grew 5.6% in 2023 to 159.5 million PLN 1, and net profit reached 8.6 million PLN 1, in a context where industrial and critical infrastructure demand remains important.
SWOT
Strengths
- Broad geographic diversification, with customers in many countries and a high share of exports.
- The main components segment generates high operating margins relative to revenue.
- Products serve specialised industrial uses, which can create stable relationships with customers.
Weaknesses
- Heavy dependence on a few markets, especially Germany, which exposes the company to local demand swings.
- Declining revenue from trading goods points to a more fragile sales base on that line.
- Personnel and material costs are high relative to revenue, limiting flexibility.
Opportunities
- Rising investment in automation and energy infrastructure could create new demand for the group's products.
- Expansion into North and South American markets, where sales have grown, could diversify revenue sources.
- Developing high-reliability products for critical infrastructure could open new segments.
Threats
- Geopolitical tensions can restrict access to certain markets, as happened with Russia.
- Competition from lower-cost producers could put pressure on prices.
- Exchange rate fluctuations can affect results given the high share of exports.
Risks
- Concentration on Germanyhigh
A large part of sales depends on a single country, which makes results sensitive to German demand.
- Currency exposuremedium
The high share of exports exposes the company to exchange rate movements, which can affect revenue and margins.
- Exit from Russiamedium
The loss of the Russian market, which was active until the war began, reduced the revenue base in Eastern Europe.
- High personnel costsmedium
Staff expenses are a major cost component, and their growth can compress profitability.
- Asset impairmentlow
The liquidation of assets from an unfinished development project generated losses, illustrating the risk of investment without a result.
Investment thesis
What would need to be true (bull case)
- If demand from Germany and other export markets stays solid, revenue growth in components could continue.
- The high margins of the main segment could support investment in capacity and new products.
- A presence in many countries could cushion local shocks in particular markets.
What would break the thesis
- If the Polish market keeps declining, overall sales growth could be slowed.
- The drop in trading sales points to a weakening revenue line, which could affect the top line.
- Pressure from lower-cost competitors could squeeze margins over the longer term.
What to watch
- Sales trends in Germany and Poland2024
- Margin levels in the industrial components segment2024
- Effect of exchange rate movements on results2024
- Continuation of investment in fixed assets and development2024
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 Relpol group operates in the industrial automation components market, where the main segment covers its own manufactured products, such as relays and sockets 1. Besides manufacturing, the group also trades goods and materials, which form a smaller part of sales 1. The company exports extensively, with products reaching customers in more than 50 countries 1.
Segments
Industrial automation components
This is the main segment, with revenue of 141.4 million PLN in 2023 and an operating result of 24.3 million PLN 1. Its products account for around 89% of total group sales 1.
Other segments
Other segments played a secondary role in revenue and results and are reported separately in the annual report 1.
Market context
Germany is the main market, with 44.46% of sales in 2023, followed by Poland at 27.95% 1. Exports made up 72.05% of the total 1, so demand developments in Western Europe matter a great deal for results.
Demand for industrial components depends on investment in manufacturing and infrastructure projects, and the annual report shows growing geographic diversification, including towards North and South America 1.
Trends
- Sales growth in Germanytailwind
Sales to Germany rose considerably in 2023, supporting the group's revenue 1.
- Lower sales in the Polish marketheadwind
Domestic sales declined in 2023, which limited overall growth 1.
- Exit from Russiaheadwind
Sales to Russia ceased after the war began, reducing the revenue base in Eastern Europe 1.
- Investment in technology and capacitymixed
The company invested in fixed assets and development projects, which could support long-term competitiveness but weighs on short-term margins 1.
Competitive position
Relpol competes in the industrial components market with European and Asian producers of relays and sockets. The annual report does not detail competitors, so its exact market position remains unclear from the available sources 1.
The company's edge appears to lie in its production footprint and a broad product range aimed at industry and critical infrastructure, though a direct comparison with competitors would require additional data 1.
- European industrial relay makers
Regional competitors in Europe, mentioned generically; not identified in the source document.
- Asian electrical component producers
Competition on cost in export markets, without detail in the analysed report.
- Automation component distributors
Distribution channels that can influence pricing and access to export markets.
- Critical infrastructure solution providers
Competitors in products for energy networks, not identified in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 May 2024
- Annual report 202217 May 2023
- Annual report 202117 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Relpol 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.