# Grupa KĘTY (KTY.WAR)

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

Analysis as of: 2026-10-16T07:39:02.184Z. Financial observations: FY2004–FY2025.

Listing currency: PLN. Reporting currency: PLN.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: PLN 1,254.00 per share; close as of 2026-10-15.

Estimated value: low PLN 631.37 per share, central PLN 713.95 per share, high PLN 822.27 per share. Buy at or below the central value PLN 713.95 per share. Valuation as of 2026-10-16T07:39:02.184Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.11×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: 0.15×

- FY2021: 0.16×

- FY2022: 0.15×

- FY2023: 0.13×

- FY2024: 0.14×

- FY2025: 0.14×

### moat: fail

- Recent gross margin fell 19.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 18.4%

- ROIC, second-lowest year: 13.3%

- Typical minus recent gross margin: 19.7 pp

- Typical gross margin (annual median): 35.0%

- Recent gross margin (lower of latest and 3-year median): 15.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.7%

- ROIC including acquisitions, ten-year median: 13.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.8%

- FY2017: 12.5%

- FY2018: 13.3%

- FY2019: 14.3%

- FY2020: 20.8%

- FY2021: 23.0%

- FY2022: 24.6%

- FY2023: 21.3%

- FY2024: 18.2%

- FY2025: 18.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: PLN 2.7B

- Net income, five-year total: PLN 2.9B

- Return on incremental invested capital: 27.3%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -6.2 pp

- Working capital / revenue, final three-year average: 22.0%

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

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 0.72×

- FY2024: 0.86×

- FY2025: 1.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.3% vs 18.5%

- Per-share earnings: 24.96 to 56.30 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: 0.9%

- Market cap gain: PLN 5.5B

- Cumulative retained earnings: PLN 465M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.7%

- Per-share value change: PLN 31.34

- Per-share value, starting three-year median: PLN 24.96

- Per-share value, ending three-year median: PLN 56.30

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: PLN 134M

- Cumulative net income, 10 years: PLN 4.4B

- ROIC, first three-year median: 13.3%

- ROIC, last three-year median: 18.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: PLN 29.39

- FY2017: PLN 24.96

- FY2018: PLN 28.09

- FY2019: PLN 30.82

- FY2020: PLN 44.70

- FY2021: PLN 61.51

- FY2022: PLN 70.29

- FY2023: PLN 55.86

- FY2024: PLN 56.87

- FY2025: PLN 56.30

### accounting: pass

- Sloan accruals: -6.9%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.52×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.6%

- FY2017: -1.6%

- FY2018: -0.9%

- FY2019: -9.6%

- FY2020: -7.1%

- FY2021: 6.4%

- FY2022: -1.4%

- FY2023: -15.1%

- FY2024: -3.5%

- FY2025: -6.9%

## Holders

## Price story

Price needs cash profits to grow 8% a year for ten years · sales +6.8%

Story as of 2026-10-16T10:00:10.393Z; price observation 2026-10-15.

Price needs cash profits to grow 8% a year for ten years

### Sales · FY2024–2025

sales +6.8%; source https://filings.xbrl.org/2594007JKYYF3WGI0129/2022-12-31/ESEF/PL/0/esef_grupakety_2022-12-31_pl/reports/esef_grupakety_2022-12-31_pl.xhtml; observed 2023-05-02.

- FY2016: PLN 2.3B 

- FY2017: PLN 2.6B 

- FY2018: PLN 3.0B 

- FY2019: PLN 3.2B 

- FY2020: PLN 3.5B 

- FY2021: PLN 4.6B 

- FY2022: PLN 5.9B 

- FY2023: PLN 5.2B 

- FY2024: PLN 5.1B 

- FY2025: PLN 5.5B 

### Gross margin · FY2025

gross margin 15.3%; source https://filings.xbrl.org/2594007JKYYF3WGI0129/2022-12-31/ESEF/PL/0/esef_grupakety_2022-12-31_pl/reports/esef_grupakety_2022-12-31_pl.xhtml; observed 2023-05-02.

- FY2016: 37.2% 

- FY2017: 34.2% 

- FY2018: 34.2% 

- FY2019: 35.2% 

- FY2020: 42.0% 

- FY2021: 40.3% 

- FY2022: 34.7% 

- FY2023: 13.6% 

- FY2024: 40.8% 

- FY2025: 15.3% 

## Owner memo

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

### How it makes money

Operates in aluminum; annual sales are PLN 5.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: revenue 5494000000; grossProfit 840000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KTY.WAR: Grupa Kety S.A. produces and sells aluminum profiles and components in Poland and internationally. It operates through three segments: Extruded Products, Aluminum Systems, and Flexible Packaging. The company produces and sells aluminum profiles and components. It also engages in the production, trading, and sale of aluminum facades systems, doors and windows, internal structures, external aluminum roller shutters, and roller gates for the construction business. In addition, the company produces and sells pergolas, external blinds, awnings, reflex screens, and sunbreakers. Further, it is involved in the production and sale of printed flexible packaging and BOPP films for food manufacturers and other sectors. It sells its products under the Grupa Kety, Aluprof, Alupol Packaging, and Selt Sp. z o.o. brands. The company serves construction, automotive, transport, electrical engineering, household equipment, advertising, tourism, food concentrates, confectionery, fats, dairy, meat, cold meat, pharmaceutical, and chemical industries. The company was formerly known as Zaklady Metali Lekkich "Kety' and changed its name to Grupa Kety S.A. in 2000. The company was founded in 1953 and is headquartered in Kety, Poland.

### Why customers stay

Margins ranged from 13.6% to 40.8% during 2023–25; it earns 18.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2023: grossProfit / revenue = 13.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2024: grossProfit / revenue = 40.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: grossProfit / revenue = 15.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); 10-year return on capital observations [[2016,0.1583552595785113],[2017,0.12539986697261304],[2018,0.1330956140325017],[2019,0.14301685784906903],[2020,0.20816480656862116],[2021,0.2299877325236822],[2022,0.24611624981171756],[2023,0.2129850862281936],[2024,0.1819670914264506],[2025,0.18524106305895469]]; median 0.18360407724270264. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2016: growth capex 120485342.87139606; upkeep 140821657.12860394; owner earnings 248901342.87139606. Growth capex / owner earnings = 0.48406867348099925.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2017: growth capex 69997000; upkeep 119995000; owner earnings 236872000. Growth capex / owner earnings = 0.29550558951670103.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2018: growth capex 105237000; upkeep 125810000; owner earnings 268233000. Growth capex / owner earnings = 0.39233427654315467.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2019: growth capex 100126202.80848545; upkeep 145463797.19151455; owner earnings 281993402.80848545. Growth capex / owner earnings = 0.35506576328129813.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2020: growth capex 0; upkeep 145555000; owner earnings 426309600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2021: growth capex 64875000; upkeep 153646000; owner earnings 590249200. Growth capex / owner earnings = 0.10991120360688333.

- Source: https://filings.xbrl.org/2594007JKYYF3WGI0129/2022-12-31/ESEF/PL/0/esef_grupakety_2022-12-31_pl/reports/esef_grupakety_2022-12-31_pl.xhtml (filed 2023-05-02); FY2022: growth capex 143291000; upkeep 166252000; owner earnings 669099400. Growth capex / owner earnings = 0.2141550268913707.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2023: growth capex 0; upkeep 315788000; owner earnings 389992200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2024: growth capex 0; upkeep 274000000; owner earnings 482238000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: growth capex 0; upkeep 220000000; owner earnings 571000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Dividend observations: [[2016,170167000],[2017,284699000],[2018,228540000],[2019,229009000],[2020,336654000],[2021,430073000],[2022,505378000],[2023,603135000],[2024,539000000],[2025,545000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KTY.WAR SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8% yearly over ten years; actual growth was 9.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Ten-year compound average after fade. Initial solved rate 0.10234952782736062. Price 1254; FX 1; discount 0.10372; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 21.96879744515994 → FY2025 56.59965901431347. Closing-price date 2026-10-15.

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

- 2016-10: PLN 390.60 per share

- 2016-11: PLN 363.50 per share

- 2016-12: PLN 388.00 per share

- 2017-01: PLN 430.00 per share

- 2017-02: PLN 410.80 per share

- 2017-03: PLN 395.95 per share

- 2017-04: PLN 426.50 per share

- 2017-05: PLN 430.00 per share

- 2017-06: PLN 435.00 per share

- 2017-07: PLN 418.55 per share

- 2017-08: PLN 402.10 per share

- 2017-09: PLN 402.55 per share

- 2017-10: PLN 394.50 per share

- 2017-11: PLN 387.00 per share

- 2017-12: PLN 409.50 per share

- 2018-01: PLN 404.00 per share

- 2018-02: PLN 363.50 per share

- 2018-03: PLN 343.00 per share

- 2018-04: PLN 358.00 per share

- 2018-05: PLN 365.00 per share

- 2018-06: PLN 320.00 per share

- 2018-07: PLN 320.50 per share

- 2018-08: PLN 387.50 per share

- 2018-09: PLN 384.50 per share

- 2018-10: PLN 341.00 per share

- 2018-11: PLN 338.50 per share

- 2018-12: PLN 329.00 per share

- 2019-01: PLN 341.50 per share

- 2019-02: PLN 345.50 per share

- 2019-03: PLN 322.50 per share

- 2019-04: PLN 346.00 per share

- 2019-05: PLN 347.50 per share

- 2019-06: PLN 338.00 per share

- 2019-07: PLN 339.00 per share

- 2019-08: PLN 305.00 per share

- 2019-09: PLN 297.00 per share

- 2019-10: PLN 307.00 per share

- 2019-11: PLN 318.00 per share

- 2019-12: PLN 346.00 per share

- 2020-01: PLN 362.00 per share

- 2020-02: PLN 364.00 per share

- 2020-03: PLN 317.00 per share

- 2020-04: PLN 364.50 per share

- 2020-05: PLN 339.00 per share

- 2020-06: PLN 438.00 per share

- 2020-07: PLN 434.50 per share

- 2020-08: PLN 477.50 per share

- 2020-09: PLN 460.00 per share

- 2020-10: PLN 410.00 per share

- 2020-11: PLN 462.50 per share

- 2020-12: PLN 491.50 per share

- 2021-01: PLN 479.00 per share

- 2021-02: PLN 523.00 per share

- 2021-03: PLN 560.00 per share

- 2021-04: PLN 615.00 per share

- 2021-05: PLN 624.00 per share

- 2021-06: PLN 649.00 per share

- 2021-07: PLN 695.00 per share

- 2021-08: PLN 664.00 per share

- 2021-09: PLN 637.00 per share

- 2021-10: PLN 626.00 per share

- 2021-11: PLN 580.00 per share

- 2021-12: PLN 610.00 per share

- 2022-01: PLN 607.00 per share

- 2022-02: PLN 575.00 per share

- 2022-03: PLN 606.00 per share

- 2022-04: PLN 642.00 per share

- 2022-05: PLN 618.00 per share

- 2022-06: PLN 606.00 per share

- 2022-07: PLN 550.00 per share

- 2022-08: PLN 553.00 per share

- 2022-09: PLN 483.50 per share

- 2022-10: PLN 493.00 per share

- 2022-11: PLN 591.00 per share

- 2022-12: PLN 457.00 per share

- 2023-01: PLN 499.00 per share

- 2023-02: PLN 497.50 per share

- 2023-03: PLN 530.00 per share

- 2023-04: PLN 567.00 per share

- 2023-05: PLN 568.50 per share

- 2023-06: PLN 616.00 per share

- 2023-07: PLN 693.00 per share

- 2023-08: PLN 642.00 per share

- 2023-09: PLN 659.50 per share

- 2023-10: PLN 710.00 per share

- 2023-11: PLN 723.50 per share

- 2023-12: PLN 745.00 per share

- 2024-01: PLN 682.00 per share

- 2024-02: PLN 705.00 per share

- 2024-03: PLN 760.00 per share

- 2024-04: PLN 843.50 per share

- 2024-05: PLN 863.00 per share

- 2024-06: PLN 895.00 per share

- 2024-07: PLN 822.50 per share

- 2024-08: PLN 776.00 per share

- 2024-09: PLN 824.50 per share

- 2024-10: PLN 680.50 per share

- 2024-11: PLN 724.50 per share

- 2024-12: PLN 682.50 per share

- 2025-01: PLN 763.00 per share

- 2025-02: PLN 802.00 per share

- 2025-03: PLN 827.00 per share

- 2025-04: PLN 864.00 per share

- 2025-05: PLN 866.50 per share

- 2025-06: PLN 895.00 per share

- 2025-07: PLN 874.00 per share

- 2025-08: PLN 922.00 per share

- 2025-09: PLN 923.00 per share

- 2025-10: PLN 929.50 per share

- 2025-11: PLN 962.00 per share

- 2025-12: PLN 913.50 per share

- 2026-01: PLN 1,020.00 per share

- 2026-02: PLN 1,082.00 per share

- 2026-03: PLN 985.00 per share

- 2026-04: PLN 1,107.00 per share

- 2026-05: PLN 1,208.00 per share

- 2026-06: PLN 1,206.00 per share

- 2026-07: PLN 1,250.00 per share

- 2026-08: PLN 1,259.00 per share

- 2026-09: PLN 1,264.00 per share

- 2026-10: PLN 1,290.00 per share

## Annual estimated value (PLN per share)

- FY2016: low PLN 292.39 per share, central PLN 412.93 per share, high PLN 480.44 per share

- FY2017: low PLN 338.60 per share, central PLN 478.56 per share, high PLN 556.95 per share

- FY2018: low PLN 382.41 per share, central PLN 539.98 per share, high PLN 628.24 per share

- FY2019: low PLN 393.87 per share, central PLN 556.28 per share, high PLN 647.24 per share

- FY2020: low PLN 435.69 per share, central PLN 613.77 per share, high PLN 713.51 per share

- FY2021: low PLN 553.54 per share, central PLN 784.21 per share, high PLN 913.40 per share

- FY2022: low PLN 901.03 per share, central PLN 1,276.18 per share, high PLN 1,486.29 per share

- FY2023: low PLN 792.16 per share, central PLN 1,122.27 per share, high PLN 1,307.17 per share

- FY2024: low PLN 764.67 per share, central PLN 1,083.33 per share, high PLN 1,261.81 per share

- FY2025: low PLN 592.09 per share, central PLN 669.53 per share, high PLN 771.11 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 2026-10-15T06:44:42.687Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2594007JKYYF3WGI0129/2022-12-31/ESEF/PL/0/esef_grupakety_2022-12-31_pl/reports/esef_grupakety_2022-12-31_pl.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.