Dialogue with investors

Regular communications with the capital market and transparency are some of the key elements having impact on the Group's operational performance. In line with the overriding rule of equal access to reliable information for all stakeholders, including shareholders, investors, analysts and journalists, JSW's investor relations team undertakes a range of activities intended to ensure an on-going and transparent dialogue with all market participants.

JSW’s shares have been listed on the Warsaw Stock Exchange since 6 July 2011. Exchange transactions on securities are executed in PLN. In 2022, JSW’s shares were in the following indices: price-based indices (WIG20 Index, WIG30 Index) and income-based indices (WIG Index, WIG-Poland Index, WIG-Górnictwo Index, WIG-ESG Index).


Chart. JSW S.A. share price vs selected Polish mining-sector companies


Chart. JSW S.A. share price vs international markets (selected companies)


Recommendations for JSW shares

According to what JSW knows, twenty five recommendations were issued by nine brokerage houses concerning JSW’s shares in 2022. The majority of recommendations, i.e. fourteen, were “buy”, eight recommendations aimed at selling the stock of JSW and three recommendations were neutral.

The following chart presents a percentage structure for these recommendations:



In 2022, JSW’s share price grew by 67.0%, and JSW’s average share price at the closing session was PLN 53.29. For comparison, in the same period, other indices fell: WIG20 by 20.95%, WIG30 by 20.88%, and the WIG-Górnictwo index increased by 1.61%.

In 2022, JSW’s highest closing share price was PLN 79.00 on 30 March 2022, while the lowest closing share price was PLN 33.00 on 29 September 2022. In 2022, JSW’s average daily trading volume was 968.3 thousand shares.

INFORMATION ON SHARES 2022 2021 2020 2019 2018
Number of shares at year end (units) 117 411 596 117 411 596 117 411 596 117 411 596 117 411 596
Maximum price (PLN) 83,96 62,48 29,95 71,20 109,75
Minimum price (PLN) 32,32 25,44 9,13 17,20 61,20
Lowest closing price (PLN) 33,00 25,80 9,13 18,80 63,00
Highest closing price (PLN) 79,00 61,10 28,32 70,38 108,15
Closing price on the last day of quotation (PLN) 58,16 34,87 25,95 21,38 67,26
Value of shares traded (PLN million) 13 436 10 626 5 873 4 023 4 544
Capitalization at year-end (PLN m) 6 828,7 4 094,1 3 046,8 2 510,3 7 897,1
Average volume per session (units) 968 327 1 073 908 1 214 032 521 586 223 290

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MARKET RATIOS 2022 2021 2020 2019 2018
Earnings/loss per share (EPS) 64,40 7,70 (13,17) 5,36 14,79
Dividend per share (DPS) - - - 1,71 -
Price/Earnings 0,90 4,53 - 3,99 4,55
Price/Book value 0,43 0,49 0,42 0,28 0,94
EV/Adjusted EBITDA 0,34 1,77 (15,97) 1,67 2,09

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Proper reporting based on good practices, regular Management Board meetings with analysts, investors, as well as convenient and on-going contact with people in charge of investor relations constitute a pillar of our information policy and the key communications rules in place at our company.

All of the aforementioned activities contribute to the Company's credibility in the widely-understood market surrounding. Credibility results from caring about contacts with the market, which remains a priority for us.


The overriding objective of JSW’s information policy is to build the Group’s value through transparent, open and reliable communication with all the participants of the capital market. High communication standards, based on respecting the principles of common and equal access to information while ensuring compliance with the law, form the basis of investor trust.

In 2022, the communication with the market was conducted:

  • by publishing current and periodic reports whose publication dates were planned so as to make it possible for investors to familiarize themselves with the Company’s financial results as soon as possible after the end of the reporting period (through the ESPI system),
  • by publishing current reports including updates to the set of DPSN 2021 rules applied by JSW (through the EIB),
  • by organizing video-conferences transmitted online in real-time in Polish and English after the publication of periodic reports, at which the Management Board Members discussed achieved financial results and replied to questions asked by analysts as well as after the approval of the Strategy,
  • by meetings with professional investors held after result conferences, through Erste Securities, PKO BP, Ipopema, mBank brokerage houses,
  • by participating in investor conferences organized by brokerage houses (including WOOD’s Winter Wonderland EME conference), in conferences on financing and debates on the European Green Deal and ESG,
  • by participation of the Company’s representatives in chats with investors organized in cooperation with the Retail Investors Association,
  • by participating in the annual Wall Street conference in Zakopane, where the President of the Management Board for Economic Matters presented the Group’s activity to retail investors,
  • by participation of the Company’s Management Board Members and representatives in meetings, teleconferences and video-conferences with investors and analysts,
  • through interviews of Management Board members and publication of press articles,
  • through the Company’s website in Polish and English,
  • by ongoing activity in social media.

JSW communicated openly with the Shareholders during Shareholder Meetings by: providing Shareholders with replies and explanations by Members of the Company’s Corporate Authorities, online broadcast of Shareholder Meetings, whose recordings are available at JSW’s website, and allowing representatives of the media to participate in Shareholder Meetings.

Due to the dynamic nature of the capital market, investors’ interest and needs of different groups of stakeholders, Stock Exchange Relations Office is constantly at their disposal and can be contacted by writing to the email address: [email protected].

The Director of the Stock Exchange Relations Office is Aleksander Korsak.


We realise how important the website, and in particular the investor relations section, is as a source of information for capital market participants. The Company pays attention to the merit and timeliness of the content published there. The investor relations section contains plenty of useful information on JSW Group’s current events, financial results and strategy, and also includes presentations and video summaries from earnings conferences and shareholder meetings. JSW’s investor relations section is available at this link: https://www.jsw.pl/relacje-inwestorskie/


21 March 2023

Annual report for 2022

22 May 2023


6 September 2023


22 November 2023