olivLaw · European equity research
RAWLPLUG S.A. RWL.WA
Poland · GPW Warszawa · ISIN PLKLNR000017 · Vertical: Listed companies from Poland
RAWLPLUG S.A. is the Polish group that makes and distributes construction fixings, hand tools, power tools and standard fasteners, with a network of trading subsidiaries across many countries. Its 2022 annual report shows an increasingly diversified structure, with new companies created in renewable energy and investment, which makes the group's development worth following.
At the close of 05 Nov 2026, RAWLPLUG S.A. (RWL.WA) stock was 15.80 PLN (+0.64% on the day), with market capitalisation 491.3 m PLN, P/E 4.5 on diluted EPS of 3.50 PLN over the last 12 months, dividend yield 3.80%, beta 0.28, 52-week range 12.05–16.50 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)
- 55.0
- neutral
- Bollinger (20, 2)
- 14.82 – 15.99
- in the upper half of the band · %B 0.84 · band width 7.6%
- SMA 50 / 200
- 15.43 / 14.42
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.01
- 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 | +0.6% | −0.6% | +1.3 pp | — |
| 3 months | +13.3% | −4.2% | +17.4 pp | — |
| 6 months | +5.0% | +4.3% | +0.6 pp | — |
| Year to date | +27.4% | +7.5% | +19.9 pp | — |
| 1 year | +16.2% | +9.9% | +6.3 pp | +7.1% |
| 3 years | +7.5% | +49.8% | −42.4 pp | +3.3% |
| 5 years | −21.0% | +42.8% | −63.8 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 33 percentile of its own 3-quarter history (min 4.0, median 5.0, max 5.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 787.6 m | 1.0 bn | 1.2 bn |
| Revenue YoY | unavailable | +28.5% | +20.4% |
| Net income | 50.1 m | 112.2 m | 108.8 m |
| Net income YoY | unavailable | +124.1% | −3.0% |
| Diluted EPS | 1.57 | 3.61 | 3.50 |
| Diluted EPS YoY | unavailable | +129.9% | −3.0% |
| net % | 6.4% | 11.1% | 8.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 52.5 m PLN
- Financial debt
- 269.3 m PLN
- Net debt
- 216.8 m PLN
- Equity
- 743.0 m PLN
- Total assets
- 1.4 bn PLN
- Debt / equity
- 0.36x
- Current ratio
- 2.22x
- ROE
- 15.7%
- ROA
- 8.3%
- 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 | 787.6 m | 1.0 bn | 1.2 bn | esef· 02 May 2023verified |
| Cost of revenue | 502.8 m | 604.9 m | 771.7 m | esef· 02 May 2023verified |
| Gross profit | 284.8 m | 407.0 m | 446.9 m | esef· 02 May 2023verified |
| Operating income | 80.0 m | 160.2 m | 159.0 m | esef· 02 May 2023verified |
| Interest expense | 12.7 m | 9.8 m | 25.7 m | esef· 02 May 2023verified |
| Pre-tax income | 68.6 m | 153.6 m | 153.9 m | esef· 02 May 2023verified |
| Income tax | 10.6 m | 27.9 m | 26.9 m | esef· 02 May 2023verified |
| Net income | 50.1 m | 112.2 m | 108.8 m | esef· 02 May 2023verified |
| Diluted EPS | 1.57 | 3.61 | 3.50 | esef· 02 May 2023verified |
| Dividend per share | 0.02 | 0.38 | 0.60 | esef· 02 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 47.4 m | 64.3 m | 52.5 m | esef· 02 May 2023verified |
| Receivables | 141.0 m | 175.4 m | 210.2 m | esef· 02 May 2023verified |
| Inventories | 257.2 m | 357.8 m | 461.8 m | esef· 02 May 2023verified |
| Current assets | 454.4 m | 643.2 m | 765.7 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 323.8 m | 356.6 m | 396.4 m | esef· 02 May 2023verified |
| Total assets | 996.7 m | 1.2 bn | 1.4 bn | esef· 02 May 2023verified |
| Accounts payable | 137.3 m | 182.6 m | 218.4 m | esef· 02 May 2023verified |
| Long-term debt | 157.6 m | 57.6 m | 269.3 m | esef· 02 May 2023verified |
| Current liabilities | 263.0 m | 464.9 m | 345.5 m | esef· 02 May 2023verified |
| Total liabilities | 469.6 m | 567.3 m | 668.8 m | esef· 02 May 2023verified |
| Equity | 527.1 m | 643.7 m | 743.0 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 31.9 m | 31.1 m | 31.1 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 106.3 m | 77.1 m | 84.8 m | esef· 02 May 2023verified |
| Investing cash flow | -47.2 m | -71.0 m | -78.8 m | esef· 02 May 2023verified |
| Financing cash flow | -59.7 m | 10.9 m | -15.5 m | esef· 02 May 2023verified |
| Dividends paid | 617.0 k | 12.4 m | 18.6 m | esef· 02 May 2023verified |
| Share repurchases | 12.5 m | 0 | — | esef· 30 Mar 2022verified |
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: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 491.3 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · 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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.4% | 53 (vs peers) | 24% |
| Net margin · Quality | 8.9% | 72 (vs peers) | 14% |
| 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 | 6.2x | 72 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 4.5x | 79 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.8% | 54 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet83/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 2/3 factors with a value
- Returns· partial54/100 · 1/2 factors with a value
- Valuation· partial79/100 · 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
RAWLPLUG S.A. (RWL.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 20.4%; net margin 8.9%; ROE 17.4%.
The estimated value range is 22.30–61.55 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 38.72 PLN, the price of 15.80 PLN leaves a potential of 145.1% (value / price − 1) and a margin of safety of 59.2% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.9%
- Interest coverage: 6.2x
- Current ratio: 2.2x
- P/E (TTM): 4.5x
- 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): 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% |
| RWL.WARawlplug S.A. | 491.3 m | 4.5 | 17.4% | 8.9% | +20.4% | +22% / +5% |
| 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 RWL.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 | 10.32 Total return -31% · Per year -31% | 18.17 Total return 19% · Per year 19% | 27.25 Total return 78% · Per year 78% |
| 3 years | 12.25 Total return -12% · Per year -4% | 24.03 Total return 67% · Per year 19% | 39.25 Total return 167% · Per year 39% |
| 5 years | 14.53 Total return 12% · Per year 2% | 31.78 Total return 131% · Per year 18% | 56.52 Total return 297% · Per year 32% |
- Exit P/E± 6.01
- Net margin± 4.21
- Annual revenue growth± 3.14
- Annual dilution± 0.35
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
RAWLPLUG S.A. is the Polish group that makes and distributes construction fixings, hand tools, power tools and standard fasteners, with a network of trading subsidiaries across many countries. Its 2022 annual report shows an increasingly diversified structure, with new companies created in renewable energy and investment, which makes the group's development worth following.
SWOT
Strengths
- The group has a network of distribution subsidiaries in many countries and a range of products across three complementary categories, which reduces dependence on a single line of activity.
- The presence of its own production units in Thailand and Vietnam supports control over costs and diversification of the supply base.
- Management has a long history within the company, which provides strategic continuity and deep knowledge of the construction market.
Weaknesses
- The group's structure is complex, with numerous companies and subsidiaries, which may make coordination and transparency of operations more difficult.
- Dependence on construction markets makes results sensitive to economic cycles in the regions where the group is present.
- Reporting in zloty and conversion into euro introduce a degree of volatility into the figures presented for foreign markets.
Opportunities
- Development of renewable energy activities could open a new source of revenue, if the projects set up in 2022 become operational.
- Expanding the network into new markets such as Turkey and Australia could increase sales volume if distribution proves effective.
- Demand for standardised fixing and fastening products could grow with infrastructure projects in the targeted regions.
Threats
- Exchange rate fluctuations can reduce the zloty value of revenue earned in other currencies.
- Competition from larger manufacturers and distributors in the sector could put pressure on margins in several markets.
- A slowdown in construction activity in Europe could reduce demand for the group's products.
Risks
- Currency riskmedium
Consolidation in zloty and operations in several currencies expose the group to exchange rate movements that can affect reported results.
- Cyclicality of constructionhigh
Demand for the group's products depends on construction activity, a sector sensitive to economic cycles and financing conditions.
- Structural complexitymedium
The large number of companies and subsidiaries can create difficulties in internal control and in coordinating common policies.
- New lines of activitymedium
Entry into renewable energy and energy distribution involves different technical and regulatory requirements, and the results of these projects are still uncertain.
Investment thesis
What would need to be true (bull case)
- If the international subsidiary network keeps growing and generating volumes, the group could benefit from a broader revenue base.
- Diversification across three product groups and new energy lines could reduce the group's sensitivity to a single market segment.
- A productive presence in Asia could support cost efficiency if production volumes grow steadily.
What would break the thesis
- If construction activity slows in the main European markets, demand for the group's products could decline.
- The complex structure and large number of subsidiaries could generate administrative costs that weigh on results.
- If the new energy investments do not reach the expected scale quickly, they could absorb capital without a clear return in the coming period.
What to watch
- Revenue development at the new subsidiaries in Turkey and Australia2023
- Operational status of the renewable energy generation company2023
- Development of the zloty against the euro and its effect on reporting2023
- Margins in the fixings and tools product groups in the next annual reportnext 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 Rawlplug group describes its business through three product groups: construction fixings, hand tools and power tools, and standard fastening elements. According to the 2022 annual report, the group comprises a Polish parent and numerous distribution subsidiaries in Europe, the Middle East, Asia and Africa, most of which are engaged in wholesale of building materials. The report also notes a manufacturing unit in Thailand and one in Vietnam.
In 2022 the group established or acquired several new companies based in Wrocław, including Rawlplug Energia Odnawialna, dedicated to generating electricity from renewable sources, Rawlplug Dystrybucja, for energy distribution, and Rawlplug Inwestycje, for investment activities within the group. These show an extension of activity beyond construction products.
Financial consolidation is presented in Polish zloty, and the report uses NBP rates to translate balance sheet and income items into euro. The executive board consists of a president, a vice-president and a board member responsible for finance, while the supervisory board has six members.
Segments
Construction fixings
Fixings are the first product group named in the report and form the historical basis of the business. They are used to fix elements into concrete, masonry and other building materials.
Hand tools and power tools
This group covers hand tools and power tools supplied to professional builders and users. The report presents it as the second product line of the group.
Standard fasteners
The third group includes standardised screws and fastening elements, produced in part at the Łańcut plant, where the subsidiary Koelner Łańcucka Fabryka Śrub operates.
Market context
The report describes the group as active in the building materials market, with distribution presence in more than twenty countries across Europe, Asia, the Middle East and Africa. Demand in this market depends largely on the overall pace of construction, which the analysed document does not quantify.
The structure of subsidiaries and the growth of the distribution network in 2022 point to a strategy of geographic expansion. The exact level of penetration in each market does not appear in the source used for this profile.
Trends
- Expansion into renewable energymixed
The creation in 2022 of Rawlplug Energia Odnawialna could indicate diversification towards renewable power generation, if this becomes a significant line of activity.
- Growth of the international networktailwind
The establishment of new subsidiaries in Turkey, Australia and Italy shows an ambition to widen geographic presence, which could support sales if these markets develop.
- Currency exposureheadwind
The report uses a functional currency of zloty, but a significant part of operations takes place in other currencies, and exchange rate movements can affect consolidated results.
- Investment in structureheadwind
A growing number of group companies dedicated to investment and energy distribution may increase administrative complexity and coordination costs.
Competitive position
The analysed source does not explicitly identify the group's competitors. By nature of the products, competition takes place with other makers of fixings, tools and fastening elements, both regionally and globally.
According to the report, the group's comparative advantage lies in its own network of distribution subsidiaries and in a brand recognised in several markets. The efficiency of this network compared with competitors cannot be measured from the document.
- Hilti
Maker of tools and fixing systems for construction that may compete directly in professional fixings and power tools.
- Fischer
Company with a long tradition in fixing systems and anchors, present in many of the European markets where the group distributes its products.
- Würth
Distributor and maker of fastening elements and tools, with an extensive commercial network that partly overlaps with the group's.
- Simpson Strong-TieSSTI
American maker of construction fastening products that could compete in structural connectors and anchors.
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 202130 Mar 2022
- Annual report 202030 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / RAWLPLUG S.A. · 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.