# Dino Polska (DNP.WAR)

Canonical: https://gigainvestors.com/s/DNP.WAR

Analysis as of: 2026-10-16T07:36:06.292Z. Financial observations: FY2014–FY2026.

Listing currency: PLN. Reporting currency: PLN.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: PLN 37.44 per share; close as of 2026-10-15.

Estimated value: low PLN 27.45 per share, central PLN 39.69 per share, high PLN 46.25 per share. Buy at or below the central value PLN 39.69 per share. Valuation as of 2026-10-16T07:36:06.292Z; scenarios are not confidence intervals.

Expected annual return: 10.8% at the stated quote. About 10.8% a year at today's price (required return 10.4%). required return 10.4% a year (PL 10-year bond 6.4% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.08×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.07×

- FY2024: 0.06×

- FY2025: 0.06×

- LTM to Jun 2026: 0.06×

### moat: pass

- ROIC, median of available years: 20.5%

- ROIC, second-lowest year: 18.4%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 23.7%

- Recent gross margin (lower of latest and 3-year median): 22.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.2%

- ROIC including acquisitions, ten-year median: 17.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.7%

- FY2017: 18.4%

- FY2018: 20.3%

- FY2019: 19.9%

- FY2020: 21.4%

- FY2021: 20.8%

- FY2022: 22.4%

- FY2023: 23.3%

- FY2024: 22.1%

- FY2025: 19.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: PLN 6.1B

- Net income, five-year total: PLN 6.4B

- Return on incremental invested capital: 14.9%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 9.3 pp

- Working capital / revenue, final three-year average: 3.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.98×

- FY2022: 0.99×

- FY2023: 0.99×

- FY2024: 0.99×

- FY2025: 0.83×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.4% vs 22.1%

- Per-share earnings: 0.15 to 1.54 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: PLN 33B

- Cumulative retained earnings: PLN 1.3B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 33.3%

- Per-share value change: PLN 1.38

- Per-share value, starting three-year median: PLN 0.15

- Per-share value, ending three-year median: PLN 1.54

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: PLN 114M

- Cumulative net income, 10 years: PLN 8.1B

- ROIC, first three-year median: 18.4%

- ROIC, last three-year median: 22.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: PLN 0.15

- FY2017: PLN 0.22

- FY2018: PLN 0.31

- FY2019: PLN 0.42

- FY2020: PLN 0.66

- FY2021: PLN 0.82

- FY2022: PLN 1.15

- FY2023: PLN 1.43

- FY2024: PLN 1.54

- FY2025: PLN 1.59

### accounting: pass

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.3%

- FY2017: -11.6%

- FY2018: -9.9%

- FY2019: -8.9%

- FY2020: -3.2%

- FY2021: -7.3%

- FY2022: -1.3%

- FY2023: -3.5%

- FY2024: -6.5%

- FY2025: -4.5%

## Holders

## Price story

Down 32% since May 2025 · sales +5.9%

Story as of 2026-10-16T10:00:06.814Z; price observation 2026-10-15.

Price needs cash profits to grow 6.7% a year for ten years

### Sales · FY2025–2026

sales +5.9%; source https://filings.xbrl.org/259400H4L81SMPRTW956/2022-12-31/ESEF/PL/0/ESEF_SSF_Dino_Polska_2022-12-31-PL/reports/259400H4L81SMPRTW956-2022-12-31.xhtml; observed 2023-05-02.

- FY2017: PLN 4.5B 

- FY2018: PLN 5.8B 

- FY2019: PLN 7.6B 

- FY2020: PLN 10B 

- FY2021: PLN 13B 

- FY2022: PLN 20B 

- FY2023: PLN 26B 

- FY2024: PLN 29B 

- FY2025: PLN 34B 

- FY2026: PLN 36B 

### Gross margin · FY2025

gross margin 22.1%; source https://filings.xbrl.org/259400H4L81SMPRTW956/2022-12-31/ESEF/PL/0/ESEF_SSF_Dino_Polska_2022-12-31-PL/reports/259400H4L81SMPRTW956-2022-12-31.xhtml; observed 2023-05-02.

- FY2016: 22.9% 

- FY2017: 23.0% 

- FY2018: 24.2% 

- FY2019: 24.3% 

- FY2020: 25.7% 

- FY2021: 24.9% 

- FY2022: 24.1% 

- FY2023: 23.1% 

- FY2024: 23.3% 

- FY2025: 22.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in grocery stores; annual sales are PLN 33.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: revenue 33634155000; grossProfit 7446551000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DNP.WAR: Dino Polska S.A., together with its subsidiaries, operates a network of medium-sized grocery supermarkets under the Dino brand in Poland. The company stores offer fresh food products, such as meat, poultry, cold cuts, fruits and vegetables, dairy products, and bread; other groceries, including children's food, breakfast products, ready to eat meals, beverages, candies, snacks, frozen goods, processed goods, oils, grain and bulk products, condiments, and alcohol and cigarettes; and non-grocery products comprising flowers, cleaning agents, sanitary articles, pet food, seasonal products, and small household appliances. It also produces meat products; rents and operates owned and leased real estate; purchases and sells real estate properties; and manufactures and processes refined petroleum products, as well as offers other financial services. In addition, it engages in the retail sale of automotive fuel in specialized stores; operation of warehousing and storage facilities; retail sales run by mail order houses or the internet; and advertising agency activities. The company was founded in 1999 and is based in Krotoszyn, Poland.

### Why customers stay

Margins ranged from 22.1% to 23.3% during 2023–25; it earns 20.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2023: grossProfit / revenue = 23.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2024: grossProfit / revenue = 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: grossProfit / revenue = 22.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); 10-year return on capital observations [[2016,0.15685925297444403],[2017,0.18377783205949172],[2018,0.20260303453184042],[2019,0.1992994848423311],[2020,0.2140914132727101],[2021,0.20756984729786918],[2022,0.22423081656644842],[2023,0.23344644073829482],[2024,0.22104353297005624],[2025,0.1968803968304529]]; median 0.20508644091485478. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 24% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/259400H4L81SMPRTW956/2022-12-31/ESEF/PL/0/ESEF_SSF_Dino_Polska_2022-12-31-PL/reports/259400H4L81SMPRTW956-2022-12-31.xhtml (filed 2023-05-02); Gross margin observations: [[2021,0.24874023462933575],[2022,0.24053544704570162],[2023,0.23083991022453412]]; range within 2 percentage points.

### Where the cash goes

Earns 14.9% on new investment; paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2016: growth capex 246530000; upkeep 65202000; owner earnings 151210000. Growth capex / owner earnings = 1.6303815885192778.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2017: growth capex 324744000; upkeep 85872000; owner earnings 213604000. Growth capex / owner earnings = 1.5203086084530253.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2018: growth capex 515620824.5449844; upkeep 120310175.4550156; owner earnings 299301824.5449844. Growth capex / owner earnings = 1.7227453435302655.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2019: growth capex 666251000; upkeep 163517000; owner earnings 379659400. Growth capex / owner earnings = 1.7548650184876233.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2020: growth capex 803879000; upkeep 198146000; owner earnings 621892000. Growth capex / owner earnings = 1.2926344124060125.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2021: growth capex 1088261000; upkeep 247343000; owner earnings 790434600. Growth capex / owner earnings = 1.3767881618542508.

- Source: https://filings.xbrl.org/259400H4L81SMPRTW956/2022-12-31/ESEF/PL/0/ESEF_SSF_Dino_Polska_2022-12-31-PL/reports/259400H4L81SMPRTW956-2022-12-31.xhtml (filed 2023-05-02); FY2022: growth capex 1145776000; upkeep 300129000; owner earnings 1121573800. Growth capex / owner earnings = 1.0215787850964422.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2023: growth capex 816035000; upkeep 356828000; owner earnings 1395291600. Growth capex / owner earnings = 0.5848490738423423.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2024: growth capex 1152735000; upkeep 409179000; owner earnings 1489236400. Growth capex / owner earnings = 0.7740443357414578.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: growth capex 1341503265.7350764; upkeep 745539734.2649236; owner earnings 1295718665.7350764. Growth capex / owner earnings = 1.0353352940038305.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Incremental return on capital 0.14918457862111992, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Dividend observations: [[2016,0],[2017,5662000],[2018,5662000],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 51.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DNP.WAR SharesStats.PercentInsiders = 51.163000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.7% yearly over ten years; actual growth was 27.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Ten-year compound average after fade. Initial solved rate 0.10525525054869933. Price 37.44; FX 1; discount 0.10372; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.11766935888157234 → FY2025 1.3216224660700493. Closing-price date 2026-10-15.

## Monthly share-price history (PLN per share)

- 2017-04: PLN 3.88 per share

- 2017-05: PLN 4.11 per share

- 2017-06: PLN 4.69 per share

- 2017-07: PLN 5.34 per share

- 2017-08: PLN 5.90 per share

- 2017-09: PLN 6.64 per share

- 2017-10: PLN 6.85 per share

- 2017-11: PLN 7.28 per share

- 2017-12: PLN 7.88 per share

- 2018-01: PLN 8.35 per share

- 2018-02: PLN 8.54 per share

- 2018-03: PLN 8.68 per share

- 2018-04: PLN 9.50 per share

- 2018-05: PLN 11.14 per share

- 2018-06: PLN 10.40 per share

- 2018-07: PLN 10.02 per share

- 2018-08: PLN 9.13 per share

- 2018-09: PLN 9.96 per share

- 2018-10: PLN 8.45 per share

- 2018-11: PLN 9.74 per share

- 2018-12: PLN 9.58 per share

- 2019-01: PLN 10.03 per share

- 2019-02: PLN 10.70 per share

- 2019-03: PLN 12.10 per share

- 2019-04: PLN 12.70 per share

- 2019-05: PLN 12.44 per share

- 2019-06: PLN 13.09 per share

- 2019-07: PLN 14.61 per share

- 2019-08: PLN 15.38 per share

- 2019-09: PLN 15.70 per share

- 2019-10: PLN 14.90 per share

- 2019-11: PLN 13.52 per share

- 2019-12: PLN 14.40 per share

- 2020-01: PLN 16.25 per share

- 2020-02: PLN 14.18 per share

- 2020-03: PLN 16.21 per share

- 2020-04: PLN 17.46 per share

- 2020-05: PLN 18.26 per share

- 2020-06: PLN 20.06 per share

- 2020-07: PLN 20.78 per share

- 2020-08: PLN 22.36 per share

- 2020-09: PLN 22.78 per share

- 2020-10: PLN 21.74 per share

- 2020-11: PLN 25.22 per share

- 2020-12: PLN 28.94 per share

- 2021-01: PLN 26.28 per share

- 2021-02: PLN 24.62 per share

- 2021-03: PLN 26.06 per share

- 2021-04: PLN 24.62 per share

- 2021-05: PLN 28.46 per share

- 2021-06: PLN 27.99 per share

- 2021-07: PLN 30.83 per share

- 2021-08: PLN 32.46 per share

- 2021-09: PLN 33.22 per share

- 2021-10: PLN 35.64 per share

- 2021-11: PLN 34.02 per share

- 2021-12: PLN 36.73 per share

- 2022-01: PLN 31.40 per share

- 2022-02: PLN 29.52 per share

- 2022-03: PLN 34.05 per share

- 2022-04: PLN 28.81 per share

- 2022-05: PLN 29.91 per share

- 2022-06: PLN 31.90 per share

- 2022-07: PLN 36.15 per share

- 2022-08: PLN 34.37 per share

- 2022-09: PLN 30.20 per share

- 2022-10: PLN 31.22 per share

- 2022-11: PLN 36.38 per share

- 2022-12: PLN 37.53 per share

- 2023-01: PLN 39.11 per share

- 2023-02: PLN 37.16 per share

- 2023-03: PLN 39.11 per share

- 2023-04: PLN 42.34 per share

- 2023-05: PLN 41.61 per share

- 2023-06: PLN 47.48 per share

- 2023-07: PLN 44.63 per share

- 2023-08: PLN 37.89 per share

- 2023-09: PLN 35.50 per share

- 2023-10: PLN 39.85 per share

- 2023-11: PLN 44.58 per share

- 2023-12: PLN 46.07 per share

- 2024-01: PLN 43.39 per share

- 2024-02: PLN 46.47 per share

- 2024-03: PLN 38.77 per share

- 2024-04: PLN 38.99 per share

- 2024-05: PLN 39.21 per share

- 2024-06: PLN 40.62 per share

- 2024-07: PLN 35.20 per share

- 2024-08: PLN 32.25 per share

- 2024-09: PLN 35.07 per share

- 2024-10: PLN 33.17 per share

- 2024-11: PLN 38.59 per share

- 2024-12: PLN 38.98 per share

- 2025-01: PLN 45.03 per share

- 2025-02: PLN 49.56 per share

- 2025-03: PLN 45.14 per share

- 2025-04: PLN 52.88 per share

- 2025-05: PLN 54.96 per share

- 2025-06: PLN 52.60 per share

- 2025-07: PLN 49.61 per share

- 2025-08: PLN 45.43 per share

- 2025-09: PLN 43.75 per share

- 2025-10: PLN 44.07 per share

- 2025-11: PLN 40.83 per share

- 2025-12: PLN 41.35 per share

- 2026-01: PLN 37.57 per share

- 2026-02: PLN 40.20 per share

- 2026-03: PLN 33.38 per share

- 2026-04: PLN 32.06 per share

- 2026-05: PLN 30.80 per share

- 2026-06: PLN 28.40 per share

- 2026-07: PLN 31.99 per share

- 2026-08: PLN 35.98 per share

- 2026-09: PLN 35.07 per share

- 2026-10: PLN 36.51 per share

## Annual estimated value (PLN per share)

- FY2018: low PLN 2.97 per share, central PLN 3.33 per share, high PLN 3.81 per share

- FY2019: low PLN 4.11 per share, central PLN 4.61 per share, high PLN 5.27 per share

- FY2020: low PLN 5.65 per share, central PLN 6.35 per share, high PLN 7.27 per share

- FY2021: low PLN 7.46 per share, central PLN 8.42 per share, high PLN 9.67 per share

- FY2022: low PLN 11.97 per share, central PLN 13.53 per share, high PLN 15.59 per share

- FY2023: low PLN 15.51 per share, central PLN 17.54 per share, high PLN 20.20 per share

- FY2024: low PLN 22.27 per share, central PLN 31.42 per share, high PLN 36.55 per share

- FY2025: low PLN 26.14 per share, central PLN 37.70 per share, high PLN 43.89 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:48.952Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/259400H4L81SMPRTW956/2022-12-31/ESEF/PL/0/ESEF_SSF_Dino_Polska_2022-12-31-PL/reports/259400H4L81SMPRTW956-2022-12-31.xhtml); period 2022-12-31, filed 2023-05-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.