Added to YB: 2026-08-26
Pitch date: 2026-08-24
STX.WA [bullish]
Stalexport Autostrady S.A.
+1.91%
current return
Author Info
No bio for this author
Company Info
Stalexport Autostrady S.A., together with its subsidiaries, constructs and operates motorways in Poland.
Market Cap
PLN 440.1M
Pitch Price
PLN 1.78
Price Target
2.40 (+33%)
Dividend
41.01%
EV/EBITDA
-1.09
P/E
4.21
EV/Sales
-0.37
Sector
Transportation Infrastructure
Category
special_situation
A Cash-Rich Toll Road Trading Below Liquidation Value - Stalexport Autostrady S.A.
STX.WA: Trades at PLN1.77 vs PLN591m book equity (PLN2.39/sh, ~0.74x) and PLN688m cash—market prices in ~PLN153m of value destruction. A4 toll concession (98% of revenue, PLN129m H1'26 EBITDA) expires Mar-2027; company already on non-going-concern accounting after shareholders rejected diversification. Sophisticated majority owner Mundys (61.2%) backing wind-down: approved PLN0.74/sh capital return (~42% of price) plus recurring dividends. Conservative liquidation ~PLN2.20, upside case ~PLN2.40. Key risk: Mundys could retain capital and pursue a new business rather than formally liquidate; wind-down/handback costs may exceed provisions. Polish small-cap, illiquid.
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