Atal S.A.

1AT.WA

Real Estate - Development · Real Estate

Price

56.10 PLN

+0.10 (+0.18%)

Market Cap

2.43B PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Weak

Stability

Good

Valuation

Exceptional

Dividends

Exceptional

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Share count rising — dilution

+11.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 38.7M (2021) → 43.2M (2025)

Winston Score History

The full picture

Atal S.A. is a Polish residential real estate developer that builds and sells apartments to individual homebuyers. The company develops multi-unit housing projects across major Polish cities, including Warsaw, Kraków, Wrocław, Poznań, and the Tri-City region. It is one of the larger residential developers listed on the Warsaw Stock Exchange.

Atal earns money by selling completed or pre-sold apartments directly to buyers, a model common in Polish real estate where customers often pay in stages during construction. The company operates entirely within Poland and generates revenue across several regional markets, which spreads some geographic risk. Its scale and land bank give it a degree of competitive advantage over smaller local developers. The main risk the business faces is sensitivity to interest rates — when mortgage rates rise, fewer Poles can afford to buy apartments, which directly reduces demand for Atal's projects.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+131.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+228.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

76.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~7 years

277M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

277M PLN cash & investments at current burn rate

Revenue accelerating

Atal S.A. grew revenue 132% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

29.4%

Modest — 29.4% gross margin

Profit after running costs

Operating Margin

23.7%

Excellent — 23.7% operating margin

Return on the money invested

ROCE

9.8%

Below par — 9.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+17.2%

Fast-growing sales (+17.2% YoY)

Profit growth

EPS YoY

+20.8%

Earnings growing fast (+20.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-187%

Weak — only -187% of profit becomes cash

Spare cash per sale

FCF Margin

-33.7%

Burning cash (-33.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.12

Elevated debt (1.12)

Covers its interest

Interest Cover

5.90x

Adequate interest coverage (5.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.3x

Attractive valuation — P/E 9.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+3.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (9.3 → 5.7)

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Dividends

Dividend

Dividend Yield

8.02%

Healthy income — 8.02% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+21.6%

Dividend growing fast (21.6% YoY)

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