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Atal S.A.

1AT.WA
60
Real Estate - Development · Real Estate
Price
60.80 PLN
-0.20 (-0.33%)
Market Cap
2.63B PLN
Exchange
Warsaw Stock Exchange
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Good
13/20
Cash Flow
Weak
1/10
Stability
Good
6/10
Valuation
Strong
8/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

60 of 100 counted points = Winston Score 60.

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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

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

Revenue Growth

+76.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+165.6% 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 Position

Cash flow positive

693M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Atal S.A. grew revenue 77% 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
35.7%
Modest — 35.7% gross margin
Profit after running costs
Operating Margin
30.8%
Excellent — 30.8% operating margin
Return on the money invested
ROCE
11.3%
Below par — 11.3% 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
+39.4%
Fast-growing sales (+39.4% YoY)
Profit growth
EPS YoY
+65.1%
Earnings growing fast (+65.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
9%
Weak — only 9% of profit becomes cash
Spare cash per sale
FCF Margin
1.7%
Thin free cash flow (1.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.27
Elevated debt (1.27)
Covers its interest
Interest Cover
9.67x
Comfortably covers interest (9.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
8.0x
Attractive valuation — P/E 8.0

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

Cheaper or dearer next year
P/E vs Forward
+2.2
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
7.46%
Healthy income — 7.46% 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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