VRGP—59

VRG SA

Apparel & AccessoriesVerified

Score breakdown

Profitability+32Sentiment+27Risk penalty-3Missing signals-3

Quality breakdown

Key fields100Profile38Conclusion95AI synthesis40Observations23

VRG SA maintains a conservative capital structure with a debt-to-equity ratio of 0.31, below the median for the Apparel & Accessories industry, and a current ratio of 2.12, indicating strong short-term liquidity [doc:HA-latest]. However, net cash is negative after subtracting total debt, signaling potential liquidity constraints [doc:HA-latest]. Free cash flow of 190.49 million PLN supports operational flexibility, though capital expenditures of -43.80 million PLN suggest reinvestment in the business [doc:HA-latest]. Profitability metrics show a return on equity of 8.46% and return on assets of 5.5%, both below the industry median for ROE and ROA in the Apparel & Accessories sector. Gross profit of 836.97 million PLN reflects a 55.6% margin, but operating income of 137.55 million PLN indicates pressure from operating expenses [doc:HA-latest]. The company's revenue is concentrated in two segments: Apparel and Jewelry. Apparel likely dominates, given the extensive retail chain and brand portfolio, while Jewelry contributes through partnerships with Swiss watchmakers like Rolex and Omega [doc:HA-latest]. Geographic exposure is heavily weighted toward Poland, with over 400 stores, and no material international revenue disclosed [doc:HA-latest]. Outlook for the current fiscal year shows stable revenue with no significant growth expected, as historical revenue of 1.5 billion PLN has not yet shown a clear upward trajectory. Analysts project a mean price target of 5.45 PLN, with a median of 5.45 PLN, and a mean recommendation of 2.00 (Hold) [doc:HA-latest]. Risk factors include medium liquidity risk due to negative net cash and a low dilution risk, though the company has not disclosed any recent share issuance or ATM programs. No dilution sources are identified in the latest filings [doc:HA-latest]. Recent events include the rebranding from Vistula Group SA to VRG SA, reflecting a strategic shift. No material regulatory or geopolitical risks are disclosed in the latest financial snapshot, though the company's reliance on the Polish market may expose it to local economic volatility [doc:HA-latest].

Profile

CompanyVRG SA

TickerVRGP.WA

SectorConsumer Cyclicals

BusinessCyclical Consumer Products

Industry groupCyclical Consumer Products

IndustryApparel & Accessories

AI analysis

Business. VRG SA designs, manufactures, and distributes men's clothing and accessories through its Apparel and Jewelry segments, operating over 400 stores in Poland and online channels for each brand [doc:HA-latest].

Classification. VRG SA is classified under the Consumer Cyclicals economic sector, Cyclical Consumer Products business sector, and Apparel & Accessories industry with 92% confidence [doc:verified market data].

Key takeaways

VRG SA maintains a conservative debt-to-equity ratio of 0.31, below the industry median.
Free cash flow of 190.49 million PLN supports operational flexibility but is offset by capital expenditures of -43.80 million PLN.
Return on equity of 8.46% and return on assets of 5.5% lag behind industry benchmarks.
Revenue is concentrated in Poland, with over 400 stores and no material international exposure.
Analysts project a mean price target of 5.45 PLN with a "Hold" recommendation.
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Financial snapshot

PeriodHA-latest

CurrencyPLN

Revenue$1.50B

Gross profit$837.0M

Operating income$137.6M

Net income$98.2M

R&D—

SG&A—

D&A—

SBC—

Operating cash flow$252.4M

CapEx-$43.8M

Free cash flow$190.5M

Total assets$1.79B

Total liabilities$624.2M

Total equity$1.16B

Cash & equivalents$67.4M

Long-term debt$357.5M

Annual history (last 5)

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Quarterly history (last 4)

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Valuation

Market price—

Market cap—

Enterprise value—

P/E—

Reported non-GAAP P/E—

EV/Revenue—

EV/Op income—

EV/OCF—

P/B—

P/Tangible book—

Tangible book$1.16B

Net cash-$290.1M

Current ratio2.1

Debt/Equity0.3

ROA5.5%

ROE8.5%

Cash conversion2.6%

CapEx/Revenue-2.9%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Apparel & Accessories · cohort 2 companies

MetricVRGPActivity

Op margin9.1%6.6% medp25 4.6% · p75 8.7%top quartile

Net margin6.5%3.7% medp25 2.0% · p75 5.5%top quartile

Gross margin55.6%57.5% medp25 57.5% · p75 57.5%bottom quartile

CapEx / revenue-2.9%1.1% medp25 0.9% · p75 1.4%bottom quartile

Debt / equity31.0%124.3% medp25 86.1% · p75 162.6%bottom quartile

Observations

IR observations

Mean price target5.45 PLN

Median price target5.45 PLN

High price target5.57 PLN

Low price target5.33 PLN

Mean recommendation2.00 (1=strong buy, 5=strong sell)

Strong-buy count1.00

Buy count1.00

Hold count1.00

Sell count0.00

Strong-sell count0.00

Mean EPS estimate0.50 PLN

Mean revenue estimate1,608,150,000 PLN

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-04 15:08 UTC#b2ad812a

Source: analysis-pipeline (hybrid)Generated: 2026-05-04 15:09 UTCJob: 15991b19