AD Plastik stock (ADPL): revenue, EBITDA margin, P/E and the fair-value zone

AD Plastik (ADPL) is one of the rarer stocks on the Zagreb Stock Exchange where the past three years brought a visible change in the business numbers themselves, not only in the price. This text walks through the data we hold on ADPL in the Burzovni list database and explains how such data is read — without a conclusion on whether the stock is a good or bad buy. That conclusion is not our job.

What the company does

AD PLASTIK d.d. develops and manufactures plastic components for the automotive industry: interior and exterior solutions, from development and engineering to serial production. The core of the technology portfolio is injection moulding, along with surface treatment and painting, extrusion and blow-moulding technology (annual report, pp. 11 and 25).

Beyond the core business, the report also mentions entry into the commercial vehicles segment with project activities aimed at the logistics sector (p. 8).

The company operates in markets across Europe (Belgium, Czechia, France, Italy, Hungary, Germany, Poland, Romania, Russia, Slovakia, Slovenia, Serbia, Spain, Sweden, United Kingdom) and overseas (Argentina, Brazil, Mexico, Turkey, USA, Morocco, Egypt, India, Vietnam, Taiwan, South Korea) — p. 22. Key customers listed are Ford, Mercedes, Renault Group, Stellantis, Suzuki, Togg, Vaz and Volkswagen Group (p. 23).

This matters more for reading the numbers than it first appears: ADPL is a second-tier supplier to the industry. Revenue does not depend on its own sales to end customers but on the production plans of large automotive groups. That is the frame in which everything else is read.

Three years of revenue and margin

The report data as it stands in our database:

Over the whole period revenue grew 21.9%.

What is worth noticing here is not the revenue growth but its shape: a jump of almost 18% in 2024, then a slowdown to 3.6% in 2025. At the same time the EBITDA margin kept rising even in the slowdown year — from 8.8% to 12.2%.

Those are two different stories in the same table. Revenue growth comes from outside (customer orders). Margin growth with stagnating revenue comes from inside — from the cost structure, the product mix or prices. When the two lines diverge, it is useful to watch how much of the margin held in the following period, because a one-off improvement is something entirely different from a lasting change in profitability. The full set of line items is on the ADPL financials page.

Indicators: P/E 7.5 and P/B 0.94

On 31 July 2026 ADPL closed at €25.70 (−1.15%), with a market capitalisation of about €107M, a 52-week range of €13.30–31.30 and average daily turnover of €137,964 (20 traded days, actual turnover).

Indicators from the database: P/E 7.5 and P/B 0.94.

A P/B below 1 means the market capitalisation is lower than the book value of equity. That is often read as "cheap", but by itself the number says only one thing: the market values the company's equity below its book amount. The reasons can differ and be mutually exclusive — from scepticism about the sustainability of earnings, through assets the market considers overvalued on the books, to a simple lack of liquidity and interest. Here the last item is relevant: with average daily turnover below €140 thousand, ADPL is not a stock where positions change quickly.

A P/E of 7.5 is read in the same key — it is low relative to the broader European context, but for a cyclical automotive supplier a low P/E often reflects an expectation that earnings are not at a sustainable level. We explained how P/E is interpreted in more detail in How to read the P/E ratio. You can compare how ADPL's indicators look against the rest of the exchange in the screener.

The fair-value zone and the gap

Our estimated fair-value zone for ADPL is €59.4–96.3, which puts the market price of €25.70 56.7% below the lower edge of the zone.

Care is needed in reading this, and explicitly so. The fair-value zone is a range derived from publicly published reports using a public methodology — it is not a price target, not a forecast and not a recommendation. When the gap is this large, it usually means one of two things: either the market is pricing in something the historical reports do not show, or the model rests on assumptions that do not hold as well for this business profile as they do for more stable issuers. For a cyclical supplier with a concentrated customer base, the latter is entirely possible.

That is why the fair-value zone should never be read as a standalone number. It is a starting point for a question, not an answer. How it is constructed is described in the methodology, and a broader explanation of the concept itself in What the fair-value zone is.

Dividend

For fiscal 2025 a dividend of €0.80 per share was paid, with an ex-date of 22 July 2026 and payment on 28 July 2026. It is the only payout in the last five fiscal years we have in the database, so the average equals that single payout and dividend growth is not computable (fewer than three years of data).

One payout does not make a dividend policy. Unlike issuers with a long payout record, no expectation can be derived from the data here — it can only be recorded that a payout happened. No upcoming payout is currently announced. An overview of all announced payouts on the ZSE is on the dividends page.

What you can actually use from all of this

Three things ADPL illustrates well as a general reading pattern:

1. Revenue growth and margin growth are not the same information. When they diverge, the question is which of the two lines carries the change.
2. A low P/B and a low P/E are the beginning of an analysis, not a conclusion. For a company exposed to other companies' production cycles, a low valuation often has an explanation that is not visible in the ratios themselves.
3. Liquidity is part of the picture. Average daily turnover below €140 thousand changes the practical meaning of every other number on the page.

Complete and regularly updated data — price, indicators, financials, reports and shareholder structure — is on the ADPL stock page.

An informational presentation of data from publicly published reports and official Zagreb Stock Exchange end-of-day data. Not investment advice or a recommendation to buy or sell. Prices are official ZSE closes, with a delay. Data as of 31 July 2026.