olivlawolivlaw

olivLaw · European equity research

TORPOL Spółka Akcyjna TOR.WA

Poland · GPW Warszawa · ISIN PLTORPL00016 · Vertical: Listed companies from Poland

63.40PLN−3.21% · 1 dayClose 05 Nov 2026

TORPOL is a Polish group active in construction and infrastructure, with emphasis on roads and railways. This profile is based on its annual report for fiscal 2022, which shows a concentrated shareholder structure and projects executed through consortia.

At the close of 05 Nov 2026, TORPOL Spółka Akcyjna (TOR.WA) stock was 63.40 PLN (−3.21% on the day), with market capitalisation 1.5 bn PLN, P/E 7.9 on diluted EPS of 8.00 PLN over the last 12 months, dividend yield 4.73%, beta 0.59, 52-week range 53.60–73.50 PLN.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
1.5 bn PLN
shares as of 31 Dec 2022
P/E (TTM)
7.9
Diluted EPS TTM 8.00 · TTM to 31 Dec 2022
E/P (TTM)
12.62%
TTM to 31 Dec 2022
Dividend yield
4.73%
DPS 12m 3.00
Beta (2y)
0.59
Volatility (1y) 33%
52-week range
53.6073.50

Price history

Loading chart…

Technical reading

RSI (14)
34.7
weak (30–45)
Bollinger (20, 2)
63.93 – 69.64
below the lower band · %B -0.09 · band width 8.5%
SMA 50 / 200
68.23 / 67.45
mixed trend
MACD (12, 26, 9)
-0.83 / -0.57
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−6.6%−0.6%−6.0 pp—
3 months−11.0%−4.2%−6.8 pp—
6 months−11.8%+4.3%−16.2 pp—
Year to date+8.7%+7.5%+1.2 pp—
1 year+21.5%+9.9%+11.5 pp+7.1%
3 years+201.9%+49.8%+152.1 pp+3.3%
5 years+377.4%+42.8%+334.6 pp—
Max drawdown (1y)
−13.7%
20 Jul 2026 → 05 Nov 2026
Max drawdown (5y)
−34.2%
02 Mar 2023 → 25 May 2023
Compound annual growth (5y)
+36.7%
EURO STOXX 50 +7.4%

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 3-quarter history (min 2.3, median 3.8, max 6.1; quarters with earnings only).

Fiscal years

Fiscal year202020212022
Revenue1.4 bn1.1 bn1.1 bn
Revenue YoYunavailable−19.4%−3.3%
Net income48.5 m77.1 m183.8 m
Net income YoYunavailable+58.8%+138.5%
Diluted EPS2.113.368.00
Diluted EPS YoYunavailable+59.2%+138.1%
net %3.5%6.9%16.9%
Free cash flow283.4 m126.8 m156.6 m

Balance sheet & financial health

Fiscal year 2022 · 31 Dec 2022

Cash
492.8 m PLN
Financial debt
19.2 m PLN
Net debt
-473.6 m PLN
Equity
407.5 m PLN
Total assets
1.0 bn PLN
Debt / equity
0.05x
Current ratio
1.61x
ROE
52.5%
ROA
18.5%
FCF margin
14.4%

Financial statements (source on every figure)

Revenue and net income (PLN)

Margins

Income statement · PLN

Revenue
2020
1.4 bn
2021
1.1 bn
2022
1.1 bn

esef· 02 May 2023verified

Cost of revenue
2020
1.3 bn
2021
976.0 m
2022
825.5 m

esef· 02 May 2023verified

Gross profit
2020
99.9 m
2021
145.5 m
2022
259.3 m

esef· 02 May 2023verified

Operating income
2020
63.6 m
2021
105.1 m
2022
220.6 m

esef· 02 May 2023verified

Interest expense
2020
6.4 m
2021
5.4 m
2022
11.3 m

esef· 02 May 2023verified

Pre-tax income
2020
58.8 m
2021
101.3 m
2022
231.5 m

esef· 02 May 2023verified

Income tax
2020
10.2 m
2021
24.2 m
2022
47.7 m

esef· 02 May 2023verified

Net income
2020
48.5 m
2021
77.1 m
2022
183.8 m

esef· 02 May 2023verified

Diluted EPS
2020
2.11
2021
3.36
2022
8.00

esef· 02 May 2023verified

Dividend per share
2020
0.90
2021
1.53
2022
3.00

esef· 02 May 2023derived

Balance sheet · PLN

Cash
2020
404.9 m
2021
431.9 m
2022
492.8 m

esef· 02 May 2023verified

Inventories
2020
57.3 m
2021
47.5 m
2022
69.4 m

esef· 02 May 2023verified

Current assets
2020
815.5 m
2021
702.9 m
2022
807.9 m

esef· 02 May 2023verified

Property, plant & equipment, net
2020
83.2 m
2021
83.3 m
2022
98.6 m

esef· 02 May 2023verified

Goodwill
2020
9.0 m
2021
9.0 m
2022
9.0 m

esef· 02 May 2023verified

Intangibles (excl. goodwill)
2020
4.3 m
2021
4.1 m
2022
3.7 m

esef· 02 May 2023verified

Total assets
2020
1.0 bn
2021
959.0 m
2022
1.0 bn

esef· 02 May 2023verified

Long-term debt
2020
40.1 m
2021
26.1 m
2022
19.2 m

esef· 02 May 2023verified

Current liabilities
2020
690.0 m
2021
554.7 m
2022
501.5 m

esef· 02 May 2023verified

Total liabilities
2020
793.0 m
2021
666.8 m
2022
621.0 m

esef· 02 May 2023verified

Equity
2020
250.7 m
2021
292.2 m
2022
407.5 m

esef· 02 May 2023verified

Shares outstanding at year end
2020
23.0 m
2021
22.9 m
2022
23.0 m

esef· 02 May 2023derived

Cash flow · PLN

Operating cash flow
2020
289.3 m
2021
134.4 m
2022
171.9 m

esef· 02 May 2023verified

Capex
2020
6.0 m
2021
7.6 m
2022
15.3 m

esef· 02 May 2023verified

Free cash flow
2020
283.4 m ≈
2021
126.8 m ≈
2022
156.6 m ≈

esef· 02 May 2023derived

Investing cash flow
2020
-8.4 m
2021
-8.2 m
2022
-2.5 m

esef· 02 May 2023verified

Financing cash flow
2020
-76.9 m
2021
-99.2 m
2022
-108.4 m

esef· 02 May 2023verified

Dividends paid
2020
20.7 m
2021
35.1 m
2022
68.9 m

esef· 02 May 2023verified

Computed indicators

Growth

Revenue growth (YoY)
-3.3%
computed by olivLawFY 2022
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
109.8%
computed by olivLawFY 2022
Net income growth (YoY)
138.5%
computed by olivLawFY 2022
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
138.1%
computed by olivLawFY 2022
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
23.5%
computed by olivLawFY 2022

Profitability

Gross margin
23.9%
computed by olivLawFY 2022
EBITDA margin
unavailable
input data missing
EBIT margin
20.3%
computed by olivLawFY 2022
Net margin
16.9%
computed by olivLawFY 2022
FCF margin
14.4%
computed by olivLawFY 2022

Returns

ROE
52.4%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROA
18.5%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROIC
unavailable
insufficient data
ROCE
41.9%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Payout ratio (EPS)
37.5%
computed by olivLawFY 2022
Payout ratio (FCF)
44.0%
computed by olivLawFY 2022

Balance sheet

Net debt
-473.6 m PLN
computed by olivLawbalance sheet at 31 Dec 2022
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2022
Interest coverage
19.5x
computed by olivLawFY 2022

Liquidity

Current ratio
1.6x
computed by olivLawbalance sheet at 31 Dec 2022
Quick ratio
1.5x
computed by olivLawbalance sheet at 31 Dec 2022
Cash ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2022

Cash

Operating cash flow
171.9 m PLN
computed by olivLawFY 2022
Capital expenditure
15.3 m PLN
computed by olivLawFY 2022
Free cash flow
156.6 m PLN
computed by olivLawFY 2022
FCF conversion
85.2%
computed by olivLawFY 2022
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
26 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.5 bn PLN
computed by olivLawbalance sheet at 31 Dec 2022
Enterprise value
983.3 m PLN
computed by olivLawbalance sheet at 31 Dec 2022
Market cap / net income TTM
7.9x
computed by olivLawFY 2022
P/E (TTM)
7.9x
computed by olivLawFY 2022
Earnings yield
12.6%
computed by olivLawFY 2022
P/B
3.6x
computed by olivLawbalance sheet at 31 Dec 2022
P/S
1.3x
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
EV/EBITDA
unavailable
input data missing
EV/EBIT
4.5x
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
EV/Sales
0.9x
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
P/FCF
9.3x
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
FCF yield
10.7%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Dividend yield
4.7%
computed by olivLawFY 2022
Shareholder yield (distributions)
4.7%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 52.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

63.40 PLN

05 Nov 2026Source: olivLaw, closing series

Market cap: 1.5 bn PLN

Key indicators

Market capitalisation
1.5 bn PLN
computed by olivLawbalance sheet at 31 Dec 2022
P/E (TTM)
7.9x
computed by olivLawFY 2022
P/B
3.6x
computed by olivLawbalance sheet at 31 Dec 2022
EV/EBITDA
unavailable
input data missing
ROE
52.4%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Net margin
16.9%
computed by olivLawFY 2022
Revenue growth (YoY)
-3.3%
computed by olivLawFY 2022
Dividend yield
4.7%
computed by olivLawFY 2022

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2022
Latest reported period: 31 Dec 2022
Latest balance sheet date: 31 Dec 2022
Share count (cover of the latest filing), as of: 31 Dec 2022
Source: esefpublished 02 May 2023
verified 86derived 6

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%

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Quality16.9%85 (vs peers)12%
    FCF conversion · Quality85.2%79 (on a fixed band)12%
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet19.5x100 (on a fixed band)12%
    Current ratio · Balance sheet1.6x68 (on a fixed band)8%
    P/E (TTM) · Valuation7.9x68 (vs peers)20%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuation10.7%100 (on a fixed band)16%
    Shareholder yield (distributions) · Returns4.7%68 (on a fixed band)12%
    Payout ratio (FCF) · Returns44.0%100 (on a fixed band)8%

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet87/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality82/100 · 2/3 factors with a value
    • Returns81/100 · 2/2 factors with a value
    • Valuation82/100 · 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

    TORPOL Spółka Akcyjna (TOR.WA). Latest full fiscal year: 2022; data up to 2022-12-31.

    Figures computed from the financial statements: revenue 1.1 bn PLN in 2022; YoY growth -3.3%; net margin 16.9%; ROE 52.4%.

    The estimated value range is 50.98–100.41 PLN per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 88.50 PLN, the price of 63.40 PLN leaves a potential of 39.6% (value / price − 1) and a margin of safety of 28.4% (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

    • Net margin: 16.9%
    • FCF conversion: 85.2%
    • Interest coverage: 19.5x
    • FCF yield: 10.7%
    • Payout ratio (FCF): 44.0%

    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): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.

    Versus the vertical median

    Listed companies from Poland · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    7.9x
    vertical median 12.1x
    below median (−34.6%)
    EV/EBITDA
    —
    vertical median —
    P/S
    1.3x
    vertical median 1.3x
    at median
    P/B
    3.6x
    vertical median 1.0x
    above median (+264.3%)
    ROE
    52.4%
    vertical median 8.9%
    above median (+487.1%)
    Net margin
    16.9%
    vertical median 2.8%
    above median (+500.9%)
    EBIT margin
    20.3%
    vertical median 6.3%
    above median (+221.1%)
    Revenue YoY
    -3.3%
    vertical median 9.9%
    below median (−133.1%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    4.7%
    vertical median 3.6%
    above median (+31.3%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BDX.WABudimex Spółka Akcyjna19.3 bn36.141.5%6.2%+8.9%+21% / +36%
    ACP.WAAsseco Poland S.A.19.2 bn38.17.8%2.9%+19.8%+19% / +202%
    BFT.WABenefit Systems Spółka Akcyjna18.1 bn131.120.8%7.2%+99.9%+74% / +221%
    ASE.WAAsseco South Eastern Europe Spółka Akcyjna3.7 bn19.818.1%12.0%+36.5%+7% / +52%
    1AT.WAAtal Spółka Akcyjna2.3 bn6.429.8%22.2%−1.3%+7% / +8%
    ATT.WAGrupa Azoty Spółka Akcyjna1.7 bn—-37.9%-20.8%−45.1%−10% / −22%
    TOR.WATORPOL Spółka Akcyjna1.5 bn7.952.4%16.9%−3.3%+8% / +189%
    ARH.WAArchicom Spółka Akcyjna1.3 bn12.115.9%22.1%−21.6%+13% / +89%
    ACT.WAAction S.A.997.4 m27.18.3%1.5%+6.1%+70% / +170%
    BRS.WABoryszew Spółka Akcyjna889.2 m8.36.3%1.6%+8.4%−24% / −26%
    AGO.WAAgora Spółka Akcyjna601.9 m—-14.2%-9.2%+15.2%+40% / +21%
    AMB.WAAmbra S.A.468.0 m7.616.4%7.0%+12.9%+5% / −33%
    ATC.WAArctic Paper Spółka Akcyjna357.2 m1.416.3%7.0%−27.5%−38% / −75%
    ATG.WA"atm Grupa Spółka Akcyjna"299.3 m11.18.9%11.6%−22.0%−11% / +3%
    ART.WAArtifex Mundi S.A.226.6 m17.435.7%33.3%+51.9%+46% / +12%
    APN.WAAPLISENS Spółka Akcyjna194.6 m9.511.4%13.8%+21.8%−1% / −21%
    BMC.WABumech Spółka Akcyjna155.7 m—-3.4%-3.9%−40.0%−37% / −49%
    ALI.WAALTUS Spolka Akcyjna153.9 m16.87.9%16.9%+30.3%+34% / +48%
    BBT.WABoomBit Spółka Akcyjna71.4 m4.520.7%6.4%−16.5%−19% / −57%
    BBD.WABbi Development S.A.54.1 m1.136.0%208.3%+50.2%+1% / +9%
    ALG.WAAll in! Games Spółka Akcyjna39.8 m——-156.9%−72.2%−27% / −56%
    BMX.WABioMaxima Spółka Akcyjna37.0 m63.21.2%1.3%−67.5%−29% / −45%
    06N.WAMagna Polonia Spółka Akcyjna31.3 m0.5115.4%964.7%+13.0%−28% / −42%
    BCM.WABETACOM Spółka Akcyjna26.7 m17.68.0%0.9%+21.3%+8% / +4%
    AWM.WAAirway Medix Spółka Akcyjna14.3 m—-25.8%-117,400.0%−97.7%−23% / −43%

    1- and 3-year price returns: for TOR.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.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (PLN)

    Estimated priceBearBaseBull
    1 years
    34.55
    Total return -42% · Per year -42%
    61.33
    Total return 1% · Per year 1%
    92.72
    Total return 52% · Per year 52%
    3 years
    28.50
    Total return -46% · Per year -18%
    57.39
    Total return 4% · Per year 1%
    95.97
    Total return 68% · Per year 19%
    5 years
    23.51
    Total return -49% · Per year -12%
    53.71
    Total return 6% · Per year 1%
    99.33
    Total return 85% · Per year 13%
    What moves the 3-year price the most
    • Exit P/E± 14.35
    • Net margin± 10.04
    • Annual revenue growth± 8.91
    • Annual dilution± 0.84

    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

    TORPOL is a Polish group active in construction and infrastructure, with emphasis on roads and railways. This profile is based on its annual report for fiscal 2022, which shows a concentrated shareholder structure and projects executed through consortia.

    SWOT

    Strengths

    • The group has a concentrated shareholder structure with one majority holder, which may facilitate strategic decisions.
    • Work through consortia allows the group to take part in large projects without bearing the full financial risk alone.
    • Recognising revenue on a cost basis gives a detailed picture of project progress.

    Weaknesses

    • Reliance on budget estimates for long-term contracts can expose results to revisions.
    • The need to set aside provisions for warranties and additional costs points to existing operational risks.
    • The report mentions uncertainty over tax law interpretation, which can create unforeseen exposures.

    Opportunities

    • Railway and power infrastructure projects could offer growth opportunities if awarded to the group.
    • Existing consortia could open access to larger contracts in the future.
    • Diversification into the separately reported service segments could reduce reliance on a single area.

    Threats

    • Frequent changes in tax legislation could lead to disputes or penalties.
    • Rising execution costs could exceed budgets on fixed-price contracts.
    • Difficulties faced by consortium partners could affect the execution of joint projects.

    Risks

    • Contract budget estimateshigh

      Revisions to construction contract budgets can change recognised revenue and results, especially on projects with uncertain costs.

    • Warranty provisionsmedium

      If provisions for warranty repairs prove insufficient, unforeseen costs could weigh on profitability.

    • Tax uncertaintymedium

      Divergent interpretations of tax law can lead to additional obligations if authorities challenge the treatment applied.

    • Consortium riskmedium

      Difficulties at a consortium partner could affect execution and revenue recognition on joint projects.

    • Shareholder concentrationlow

      A majority holder with a large stake can influence company decisions, and minority interests may be harder to protect.

    Investment thesis

    What would need to be true (bull case)

    • If railway and power projects translate into new contracts, the group could benefit from sustained demand for its services.
    • Participation through consortia could allow access to large projects while spreading financial risk among partners.
    • Detailed segment reporting could make it easier for investors to assess the performance of each activity.

    What would break the thesis

    • If budget estimates prove optimistic, margins on long-term contracts could be compressed.
    • Tax uncertainty could create extra costs if authorities' interpretations differ from the company's.
    • Shareholder concentration may limit liquidity and influence strategic direction for minority shareholders.

    What to watch

    • Development of warranty and additional cost provisions on construction contractsnext annual report
    • Revisions to budget estimates on major construction contracts2027
    • Tax position and any disputes over VAT and corporate income taxnext annual report
    • Condition of partners in the NLF Torpol Webuild consortium and impact on joint projects2027

    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 annual report for the year ended 31 December 2022, the TORPOL Group includes the parent company Torpol S.A. and several subsidiaries, among them Torpol Oil&Gas Sp. z o.o. The group reports results by operating segments, the main ones being railway roads and other activities. The railway segment was treated as a cash-generating unit in impairment testing, as it shares economic characteristics with power infrastructure. According to the shareholder note, TF Silesia Sp. z o.o. holds the largest stake.

    Segments

    Railway roads

    The railway roads segment is the main reported segment of the TORPOL Group. According to the report, it includes power infrastructure linked to railway activity, which was associated with goodwill arising from the Elmont acquisition.

    Other activities

    The segment labelled 'pozostałe' covers the group's other services and products, reported separately from the railway segment. Details are given in note 12 of the consolidated financial statements.

    Market context

    The annual report does not provide data on the size of the Polish construction market or the company's market share. The source only notes that the group works within construction consortia, such as NLF Torpol Webuild, which is classified as a joint operation.

    Trends

    • Long-term contracts recognised on a cost basismixed

      The group recognises revenue from long-term construction contracts based on costs incurred relative to total estimated costs. Budget estimates can be revised, and changes could affect results if costs rise.

    • Work through consortiamixed

      Activity through consortia, such as NLF Torpol Webuild, is classified as a joint operation, and the group recognises only its share of revenue and costs. This structure may limit direct exposure but reduces control over joint decisions.

    • Tax uncertaintyheadwind

      The report notes that VAT and corporate income tax rules change frequently, producing divergent interpretations. This could create additional risk if authorities take different positions.

    • Warranty and additional project cost provisionsheadwind

      The group sets aside provisions for warranty repairs and additional costs of completed projects. If these provisions prove insufficient, results could be affected in later periods.

    Competitive position

    The analysed source does not identify direct competitors of TORPOL and does not compare the company's position with other sector players. This is a limitation of the annual report used as reference.

    • Webuild

      Partner in the NLF Torpol Webuild consortium, named in the annual report as a partner rather than a competitor.

    • Astaldi

      The consortium name changed from NLF Torpol Astaldi to NLF Torpol Webuild, with no further detail on its role in the source.

    • Other Polish infrastructure contractors

      The source names no specific competitors; a full profile would need data from other sources.

    • Power infrastructure suppliers

      The report links the railway segment to power infrastructure but does not name competing firms in this field.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / TORPOL Spółka Akcyjna · 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.