olivLaw · European equity research
Trans Polonia S.A. TRN.WA
Poland · GPW Warszawa · ISIN PLTRNSP00013 · Vertical: Listed companies from Poland
Trans Polonia S.A. is a Polish liquid-cargo transport and logistics group that moves chemicals, asphalts, liquid food products, cements and LPG, with operations in Poland and Western Europe. The group reported results for the year ended December 2023.
At the close of 05 Nov 2026, Trans Polonia S.A. (TRN.WA) stock was 13.50 PLN (−1.46% on the day), with market capitalisation 253.9 m PLN, P/E 40.9 on diluted EPS of 0.33 PLN over the last 12 months, dividend yield 3.70%, beta 0.10, 52-week range 3.54–25.50 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)
- 48.3
- neutral
- Bollinger (20, 2)
- 13.13 – 14.27
- in the lower half of the band · %B 0.33 · band width 8.3%
- SMA 50 / 200
- 13.63 / 12.29
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.03
- 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 | +0.7% | +0.4% | +0.4 pp | — |
| 3 months | +1.5% | −3.3% | +4.8 pp | — |
| 6 months | −22.2% | +4.0% | −26.1 pp | — |
| Year to date | +271.9% | +8.1% | +263.8 pp | — |
| 1 year | +247.0% | +10.7% | +236.3 pp | +7.1% |
| 3 years | +235.8% | +50.1% | +185.7 pp | +3.3% |
| 5 years | +259.0% | +43.6% | +215.4 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 3-quarter history (min 2.6, median 8.2, max 10.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 120.3 m | 195.6 m | 205.5 m |
| Revenue YoY | unavailable | +62.6% | +5.1% |
| Net income | 27.4 m | 6.5 m | 6.2 m |
| Net income YoY | unavailable | −76.2% | −4.9% |
| Diluted EPS | 1.46 | 0.35 | 0.33 |
| Diluted EPS YoY | unavailable | −76.0% | −5.7% |
| net % | 22.8% | 3.3% | 3.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 38.4 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 140.7 m PLN
- Total assets
- 245.4 m PLN
- Debt / equity
- unavailable
- Current ratio
- 2.06x
- ROE
- 4.3%
- ROA
- 2.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 120.3 m | 195.6 m | 205.5 m | esef· 01 May 2024verified |
| Cost of revenue | 108.5 m | 176.2 m | 190.2 m | esef· 01 May 2024verified |
| Gross profit | 11.8 m | 19.4 m | 15.3 m | esef· 01 May 2024verified |
| Operating income | 1.6 m | 7.2 m | 4.0 m | esef· 01 May 2024verified |
| Interest expense | 2.3 m | 2.6 m | 4.5 m | esef· 01 May 2024verified |
| Pre-tax income | -259.0 k | 8.3 m | 8.6 m | esef· 01 May 2024verified |
| Income tax | 726.0 k | 1.8 m | 2.4 m | esef· 01 May 2024verified |
| Net income | 27.4 m | 6.5 m | 6.2 m | esef· 01 May 2024verified |
| Diluted EPS | 1.46 | 0.35 | 0.33 | esef· 01 May 2024verified |
| Dividend per share | 0.27 | 0.13 | 0.50 | esef· 01 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 69.6 m | 53.0 m | 38.4 m | esef· 01 May 2024verified |
| Receivables | 35.0 m | 40.7 m | 33.8 m | esef· 01 May 2024verified |
| Inventories | 5.5 m | 7.4 m | 9.0 m | esef· 01 May 2024verified |
| Current assets | 113.9 m | 113.2 m | 101.4 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 25.6 m | 36.0 m | 32.8 m | esef· 01 May 2024verified |
| Total assets | 215.0 m | 237.4 m | 245.4 m | esef· 01 May 2024verified |
| Current liabilities | 36.9 m | 45.2 m | 49.1 m | esef· 01 May 2024verified |
| Equity | 140.5 m | 144.8 m | 140.7 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 18.8 m | 18.6 m | 18.8 m | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 12.5 m | 16.5 m | 19.6 m | esef· 01 May 2024verified |
| Investing cash flow | 35.2 m | -13.1 m | 629.0 k | esef· 01 May 2024verified |
| Financing cash flow | -38.6 m | -20.1 m | -34.4 m | esef· 01 May 2024verified |
| Dividends paid | 5.1 m | 2.4 m | 9.4 m | esef· 01 May 2024verified |
| Share repurchases | 15.0 m | 0 | 0 | esef· 01 May 2024verified |
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: 253.9 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 | 3.0% | 54 (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 | 0.9x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 40.9x | 11 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.7% | 53 (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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial54/100 · 1/3 factors with a value
- Returns· partial53/100 · 1/2 factors with a value
- Valuation· partial11/100 · 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
TRANS POLONIA S.A. (TRN.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 205.5 m PLN in 2023; YoY growth 5.1%; net margin 3.0%; ROE 4.3%.
The estimated value range is 3.50–5.93 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 4.54 PLN, the price of 13.50 PLN leaves a potential of -66.4% (value / price − 1) and a margin of safety of -197.6% (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
- Current ratio: 2.1x
What contradicts it
- Interest coverage: 0.9x
- P/E (TTM): 40.9x
- The price is above the estimated value range
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% |
| TRN.WATrans Polonia S.A. | 253.9 m | 40.9 | 4.3% | 3.0% | +5.1% | +249% / +263% |
| 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 TRN.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 | 8.03 Total return -39% · Per year -39% | 14.18 Total return 8% · Per year 8% | 21.36 Total return 61% · Per year 61% |
| 3 years | 7.88 Total return -36% · Per year -14% | 15.66 Total return 24% · Per year 7% | 25.88 Total return 102% · Per year 26% |
| 5 years | 7.73 Total return -33% · Per year -8% | 17.28 Total return 42% · Per year 7% | 31.35 Total return 151% · Per year 20% |
- Exit P/E± 3.91
- Net margin± 2.74
- Annual revenue growth± 2.24
- Annual dilution± 0.23
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
Trans Polonia S.A. is a Polish liquid-cargo transport and logistics group that moves chemicals, asphalts, liquid food products, cements and LPG, with operations in Poland and Western Europe. The group reported results for the year ended December 2023 1.
SWOT
Strengths
- The group has a clear specialisation in liquid transport, with dedicated subsidiaries for each product segment and a separate legal structure for each activity 1.
- Presence in several countries, including Belgium and Germany, diversifies the geographic base of the business and reduces reliance on a single market 1.
- The parent company provides centralised administration, accounting and fleet leasing services to subsidiaries, which can make operational coordination more efficient 1.
Weaknesses
- The activity is concentrated on liquid transport, which exposes the group to dependence on a few cyclical industries 1.
- The specialised transport fleet entails capital investment and maintenance costs that can weigh on margins 1.
- The group structure, with many companies and mixed legal forms, can complicate management and reporting 1.
Opportunities
- Rising demand for construction materials transport could support volumes at the Inter and Quick subsidiaries if infrastructure investment advances 1.
- Expansion in Western European markets, where the group already operates, could bring new contracts for liquid transport 1.
- Property development through TRN Estate and associated projects could diversify the group's income sources 1.
Threats
- A decline in chemical or construction activity could reduce transported volumes and pressure revenues 1.
- Rising fuel, personnel and maintenance costs could reduce the profitability of transport activity 1.
- Competition from local and international specialised operators could limit the ability to maintain tariffs 1.
Risks
- Dependence on a few industriesmedium
The group's activity depends on demand from the chemical, construction and food industries, and a decline in these could affect transport volumes 1.
- Operating costsmedium
Fleet maintenance and personnel costs could rise faster than tariffs, which could reduce operating margins 1.
- Currency riskmedium
Activity in Belgium and Germany exposes the group to exchange rate fluctuations, while reporting is in złoty, which could influence consolidated results 1.
- Complexity of group structurelow
The large number of subsidiaries and different legal forms may raise internal control and compliance risks, especially in cross-border operations 1.
- Competition in transport segmentsmedium
Competitive pressure from local and international operators could limit the group's ability to keep its market share and tariff levels 1.
Investment thesis
What would need to be true (bull case)
- Specialisation in liquid transport and presence in several countries could support a solid position in segments with technical entry barriers 1.
- If infrastructure investment grows, demand for asphalt and cement transport could generate additional volumes for the Inter and Quick subsidiaries 1.
- The group structure, with centralised services and property assets, could offer operational flexibility and additional income sources 1.
What would break the thesis
- Dependence on a few cyclical industries could affect transported volumes during an economic slowdown 1.
- Rising operating and fleet maintenance costs could compress margins if tariffs cannot be adjusted at the same pace 1.
- Currency exposure and the complexity of the group structure could add volatility to results and governance risks 1.
What to watch
- Revenue trends in the liquid, asphalt and cement segments2024
- Trend in operating costs and operating margins2024
- Contribution of Western Europe to group activity2024
- Results of Baltica Development and TRN Estate property projects2024
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 core business of the Trans Polonia group is transport and logistics of liquid cargo. The group operates through subsidiaries: Tempo transports chemicals and liquid food products, Inter transports asphalts, Quick transports cements, and Trans Polonia S.A. handles LPG transport 1. The company is listed on the regulated market of the Warsaw Stock Exchange 1.
Trans Polonia S.A. acts as the parent company, coordinating common strategy and operational management, and providing transport fleet leasing, technical analysis, accounting and administrative services to group companies 1.
The group also includes companies with complementary activities: TRN Estate S.A. leases and manages its own real estate and develops property, while Baltica Development S.A., an associate, carries out building construction projects 1.
Segments
Chemical and liquid food transport
This activity is carried out by Tempo TP Sp. z o.o. S.K.A. and, in Belgium, by J. Deckers & Zn NV, which transport liquid chemicals and liquid food products by tanker 1.
Asphalt and cement transport
Asphalt transport is provided by Inter TP Sp. z o.o. S.K.A., and cement transport by Quick TP Sp. z o.o. S.K.A. in Plock, both operating subsidiaries of the group 1.
LPG transport and group services
LPG transport is performed directly by Trans Polonia S.A., which also provides fleet leasing services to other group companies, making the parent an internal service provider as well 1.
Market context
The group's activity targets the domestic Polish market and foreign markets, especially Western Europe, where the Belgian and German subsidiaries provide liquid transport services 1. The company operates in a liquid cargo transport and logistics sector whose demand depends on the chemical, construction and food industries 1.
The group structure suggests a focus on specialised liquid transport segments, which could limit exposure to a single segment's cycle but also exposes the company to demand swings in chemical, construction and food industries 1.
Trends
- Demand linked to constructionmixed
Asphalt and cement transport depends on construction activity, so infrastructure investment could support volumes carried by the Inter and Quick subsidiaries 1.
- Expansion in Western European marketstailwind
The presence in Belgium and Germany through J. Deckers, Geerts and TPG International could offer growth opportunities in Western European markets if demand for liquid transport holds 1.
- Consolidation of group structuretailwind
The purchase option exercised over Geerts BV in October 2023 points to a trend of consolidating the property and operating assets used by the group 1.
- Pressure on operating costsheadwind
Transport and maintenance costs for specialised vehicles could rise and reduce margins, especially if demand does not offset these costs 1.
Competitive position
The company competes with other specialised liquid transport operators in Poland and Western Europe. The source provided does not explicitly name competitors, so the competitive analysis remains limited to the group's activity structure 1.
Its competitive edge could come from specialisation in liquids and presence in several countries, while pressures come from operating costs and the need to maintain a specialised fleet 1.
- Polish liquid transport operators
Local competitors in chemical and liquid food transport; the source does not name them.
- Western European liquid transport operators
Competitors in the Belgian and German markets where the group has active subsidiaries.
- Cement and asphalt transport operators
Competitors in construction materials transport where the group is present through the Inter and Quick subsidiaries.
- LPG transport operators
Competitors in the liquefied petroleum gas segment managed directly by the parent company.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202223 May 2023
- Annual report 202123 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Trans Polonia 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.