Added to YB: 2026-07-14
Pitch date: 2026-07-11
HOR.WA [neutral]
Hortico S.A.
Author Info
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Company Info
Hortico S.A. supplies horticulture products in Poland. It offers fertilizers for fertigation, sprinkling, foliar, organic, and biostimulants; organic and mineral horticulture substrates; cuttings, seedlings, and flower and vegetable seeds for cultivation; plant protection products, such as fungicides, insecticides, herbicides, and biostimulants for the cultivation of cereals, vegetables, ornamental plants, berries, and orchards; tunnel foils, energy screens, perforated and cucumbers foils, strawberries, and other crops in the ground, as well as for mulching; shading fabrics and meshes; and tools and elements of greenhouse equipment.
Market Cap
PLN 96.9M
Pitch Price
PLN 7.50
Price Target
N/A
Dividend
3.87%
EV/EBITDA
5.49
P/E
7.03
EV/Sales
0.54
Sector
Trading Companies and Distributors
Category
N/A
Hortico SA - Phase 1: Lie detection & ROIC
HOR.WA (overview): Polish consumer brand (garden products). Mgmt claims 10.2% sales/7.5% net margin - author's lie detection finds credible. ROIC declined on overspending as inventory grew faster than NOPAT. CEO Kolasa owns 40.5%, salary just 0.5-2% of net worth (aligned). Yellow flag: 647k PLN related-party txn w/ CEO's solo firm. Phase 2 next week.
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