olivLaw · European equity research
STALPRODUKT SPÓŁKA AKCYJNA STP.WA
Poland · GPW Warszawa · ISIN PLSTLPD00017 · Vertical: Listed companies from Poland
Stalprodukt is a Polish producer of highly processed steel products, including electrical transformer steel sheet and strip, cold-formed profiles, road safety barriers and toroidal cores, with plants in Bochnia, Krakow and Tarnow. In 2021 the company reported net sales revenue of 4674.169 mln zł and a net profit of 528.73 mln zł, a strong rise from the prior year.
At the close of 05 Nov 2026, STALPRODUKT SPÓŁKA AKCYJNA (STP.WA) stock was 242.00 PLN (−0.41% on the day), with market capitalisation 1.3 m PLN, P/E 2.5 on diluted EPS of 95.00 PLN over the last 12 months, dividend yield 2,727.17%, beta 0.39, 52-week range 202.00–266.00 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)
- 65.1
- strong (55–70)
- Bollinger (20, 2)
- 226.48 – 243.02
- in the upper half of the band · %B 0.94 · band width 7.0%
- SMA 50 / 200
- 229.56 / 232.80
- mixed trend
- MACD (12, 26, 9)
- 3.02 / 2.22
- 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 | +3.9% | −0.6% | +4.5 pp | — |
| 3 months | +11.0% | −4.2% | +15.2 pp | — |
| 6 months | −0.8% | +4.3% | −5.2 pp | — |
| Year to date | +3.4% | +7.5% | −4.1 pp | — |
| 1 year | −8.3% | +9.9% | −18.3 pp | +7.1% |
| 3 years | +12.6% | +49.8% | −37.3 pp | +3.3% |
| 5 years | −23.4% | +42.8% | −66.2 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 0 percentile of its own 2-quarter history (min 2.8, median 5.9, max 9.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | 3.3 bn | 4.7 bn |
| Revenue YoY | unavailable | +40.7% |
| Net income | 172.8 m | 519.5 m |
| Net income YoY | unavailable | +200.7% |
| Diluted EPS | 33.00 | 95.00 |
| Diluted EPS YoY | unavailable | +187.9% |
| net % | 5.2% | 11.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 492.3 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 3.4 bn PLN
- Total assets
- 4.8 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 2.72x
- ROE
- 16.5%
- ROA
- 11.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 3.3 bn | 4.7 bn | esef· 17 May 2022verified |
| Cost of revenue | 2.9 bn | 3.9 bn | esef· 17 May 2022verified |
| Gross profit | 422.0 m | 819.7 m | esef· 17 May 2022verified |
| Operating income | 196.1 m | 633.2 m | esef· 17 May 2022verified |
| Interest expense | 18.3 m | 31.0 m | esef· 17 May 2022verified |
| Pre-tax income | 223.5 m | 617.1 m | esef· 17 May 2022verified |
| Income tax | 39.7 m | 88.4 m | esef· 17 May 2022verified |
| Net income | 172.8 m | 519.5 m | esef· 17 May 2022verified |
| Diluted EPS | 33.00 | 95.00 | esef· 17 May 2022verified |
| Dividend per share | 530.47 | 6,599.74 | esef· 17 May 2022derived |
Balance sheet · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 436.4 m | 492.3 m | esef· 17 May 2022verified |
| Receivables | 575.3 m | 844.6 m | esef· 17 May 2022verified |
| Inventories | 809.9 m | 995.5 m | esef· 17 May 2022verified |
| Current assets | 1.9 bn | 2.4 bn | esef· 17 May 2022verified |
| Property, plant & equipment, net | 2.1 bn | 2.1 bn | esef· 17 May 2022verified |
| Goodwill | 18.0 m | 0 | esef· 17 May 2022verified |
| Intangibles (excl. goodwill) | 68.4 m | 72.4 m | esef· 17 May 2022verified |
| Total assets | 4.4 bn | 4.8 bn | esef· 17 May 2022verified |
| Current liabilities | 775.6 m | 899.0 m | esef· 17 May 2022verified |
| Total liabilities | 1.4 bn | 1.5 bn | esef· 17 May 2022verified |
| Equity | 2.9 bn | 3.4 bn | esef· 17 May 2022verified |
| Shares outstanding at year end | 5.2 k | 5.5 k | esef· 17 May 2022derived |
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: 1.3 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 | 11.1% | 72 (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 | 20.4x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 2.5x | 84 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2,727.2% | 100 (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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial72/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial84/100 · 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
STALPRODUKT SPÓŁKA AKCYJNA (STP.WA). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 4.7 bn PLN in 2021; YoY growth 40.7%; net margin 11.1%; ROE 17.1%.
The estimated value range is 32,672.85–40,822.03 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 36,303.03 PLN, the price of 242.00 PLN leaves a potential of 14,901.3% (value / price − 1) and a margin of safety of 99.3% (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
- Net margin: 11.1%
- Interest coverage: 20.4x
- Current ratio: 2.7x
- P/E (TTM): 2.5x
- Shareholder yield (distributions): 2,727.2%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
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% |
| 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% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for STP.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 | 158,128.57 Total return 99,444% · Per year 99,444% | 278,282.32 Total return 160,034% · Per year 160,034% | 417,423.49 Total return 226,559% · Per year 226,559% |
| 3 years | 187,565.50 Total return 189,425% · Per year 1,138% | 368,028.37 Total return 308,733% · Per year 1,356% | 601,089.82 Total return 445,463% · Per year 1,546% |
| 5 years | 222,482.36 Total return 296,156% · Per year 395% | 486,717.52 Total return 505,386% · Per year 450% | 865,569.34 Total return 760,686% · Per year 497% |
- Exit P/E± 92,007.09
- Net margin± 64,404.97
- Annual revenue growth± 48,033.95
- Annual dilution± 5,411.83
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
Stalprodukt is a Polish producer of highly processed steel products, including electrical transformer steel sheet and strip, cold-formed profiles, road safety barriers and toroidal cores, with plants in Bochnia, Krakow and Tarnow. In 2021 the company reported net sales revenue of 4674.169 mln zł and a net profit of 528.73 mln zł 1, a strong rise from the prior year.
SWOT
Strengths
- The company has a solid financial structure, funded mainly by equity, with substantial liquidity 1.
- Vertical integration into zinc and a diversified processed steel production base provide a stable industrial foundation 1.
- Customers with good ratings make up the dominant share of receivables, which lowers the risk of non-payment 1.
Weaknesses
- The company depends on metal prices and currency movements, with only partial hedging 1.
- Short-term liabilities and provisions for closure and environmental costs represent significant obligations 1.
- The reorganisation of distribution and the liquidation of the Centrostal subsidiary bring transition costs and execution risk 1.
Opportunities
Risks
- Metal price exposurehigh
Lack of hedging on zinc and lead prices could lead to large losses if prices fall 1.
- Currency riskmedium
Open currency positions are closed within only a few weeks, but exchange rate differences can arise in the meantime 1.
- Credit riskmedium
Receivables from customers with weaker ratings could generate losses if their financial position deteriorates 1.
- Environmental obligationsmedium
Provisions for the costs of closure and environmental remediation could rise if regulations change 1.
- Execution of the reorganisationlow
Integrating commercial teams and liquidating the distribution subsidiary could disrupt sales if the transition does not succeed 1.
Investment thesis
What would need to be true (bull case)
- If the 2021 profitability is sustained, the company could turn its higher margins into solid cash flow 1.
- An equity-dominated capital structure could give flexibility for investment or dividends, if management chooses so 1.
- Vertical integration into zinc could cushion price shocks in the steel products.
What to watch
- Evolution of the gross margin in the profiles segment after the distribution reorganisation2022
- Results of the ZGH Bolesław subsidiary relative to zinc prices2022
- Occupancy and revenue of the Ferreus hotel after opening2022
- Trend in overdue receivables and customers in medium risk groupsnext 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
According to the 2021 annual report 1, Stalprodukt S.A. was founded in 1991 during the restructuring of the Tadeusz Sendzimir Steelworks and has been listed on the Warsaw Stock Exchange since 1997. Its main activity, classified under PKD 2432Z, is the production of cold-rolled flat products. The company sells directly and through a nationwide distribution network, and a significant part of production goes to export, mainly to the European Union.
The consolidated group includes several subsidiaries, among them Stalprodukt-Wamech, Cynk-Mal S.A., Go Steel a.s. in the Czech Republic and ZGH Bolesław S.A., which produces zinc and lead 1. Through this structure the company combines processed steel production with galvanizing and non-ferrous metal production.
In 2021 the company completed the construction of the Ferreus hotel in Krakow, with 71 accommodation units, and placed its distribution subsidiary Stalprodukt-Centrostal into liquidation to optimise its sales channel 1. These changes point to a focus on core industrial activities.
Segments
Electrical steel
The electrical transformer steel sheet and strip segment is one of the three operating segments reported 1. The customer receivables distribution in this segment shows a large share in the low credit risk groups.
Profiles
The cold-formed profiles and road barrier segment was reorganised in 2021, with the sales agent Centrostal wound down and its commercial teams moved into the company's own structure 1. The stated aim is lower warehousing and sales network costs.
Zinc
The zinc segment, through ZGH Bolesław S.A., is consolidated and exposed to zinc, lead and silver prices, and the company uses hedging instruments to limit this exposure 1.
Market context
Stalprodukt operates in the market for processed steel in Central and Eastern Europe, with a significant part of sales going abroad 1. The source does not describe the size of the total market.
The report notes that transactions with customers in risk groups I and II made up the dominant share of receivables balances, suggesting a customer base with good ratings 1.
Trends
- Rising steel product pricesmixed
Revenue of 4674.169 mln zł 1 shows that demand and prices rose in 2021; if this trend reverses, gross margin could come under pressure.
- Higher interest ratesmixed
The company showed that a rise in interest rates would increase interest income but also external financing costs, which are variable-rate 1.
- Exposure to zinc pricesheadwind
Prices of zinc, lead and silver affect the earnings of the ZGH Bolesław subsidiary; without hedging, falling prices could cause large losses 1.
- Distribution optimisationtailwind
Bringing the sales network into the company's own structure may reduce distribution costs and improve sales efficiency, if the report's goals are achieved 1.
Competitive position
The supplied source does not explicitly name competitors. From the product description, Stalprodukt competes with other producers of electrical steel, cold-formed profiles and zinc in Central Europe 1.
The competitive advantage stated in the report rests on vertical integration into zinc and over three decades of production experience, but the annual report does not directly compare its market position with other players 1.
- ArcelorMittal Poland
The company was formerly part of the Sendzimir Steelworks, now operated by ArcelorMittal Poland; ArcelorMittal Sourcing is also a significant shareholder of Stalprodukt 1.
- Other electrical steel producers
The source does not name direct competitors, but the transformer steel segment implies competition with European producers.
- Cold-formed profile producers
The profiles segment competes with other companies selling through the same distribution channels.
- European zinc producers
ZGH Bolesław S.A. competes with other zinc and lead producers in the region; the source gives no market share data.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202117 May 2022
- Annual report 202117 May 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / STALPRODUKT SPÓŁKA AKCYJNA · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.