Stalexport Autostrady S.A.

STX.WA

Industrial - Infrastructure Operations · Industrials

Price

1.78 PLN

-0.00 (-0.22%)

Market Cap

440.1M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Data not available

Valuation

Strong

Dividends

Exceptional

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Share count rising — dilution

+9.7% over 4y

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

Diluted shares outstanding: 247.3M (2021) → 271.3M (2025)

Winston Score History

The full picture

Stalexport Autostrady is a Polish company that operates a toll motorway. Its main asset is a concession to run a section of the A4 motorway in southern Poland, connecting Katowice and Kraków. This road is one of the busiest freight and passenger corridors in the country, linking major industrial cities in the Silesia region.

The company makes money by collecting tolls from drivers and trucks that use the motorway. It operates almost entirely in Poland and generates steady, predictable cash flows because traffic on this route is relatively consistent. Its moat comes from the long-term government concession agreement, which gives it exclusive rights to operate this stretch of road — competitors cannot simply build a rival motorway nearby. The main risk is that the concession has a finite end date, and when it expires, the company loses its primary source of revenue unless it secures new infrastructure contracts.

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

+11.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+89.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

61.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

955M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Stalexport Autostrady S.A. is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

-36.8%

Losing money on operations — -36.8%

Return on the money invested

ROCE

6.3%

Weak — 6.3% 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

+7.2%

Steady sales growth (+7.2% YoY)

Profit growth

EPS YoY

-13.2%

Earnings shrinking (-13.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

187%

Turns 187% of profit into real cash

Spare cash per sale

FCF Margin

21.9%

Converts sales into free cash efficiently (21.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

4.2x

Attractive valuation — P/E 4.2

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

Cheaper or dearer next year

P/E vs Forward

+0.6

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

40.20%

Healthy income — 40.20% yield

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

Dividend record

Dividend Growth

+54.6%

Dividend growing fast (54.6% YoY)

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