A Polish tool brand you’ve probably never heard of sells in 120+ countries and trades at ~8x earnings. Credits to @HolyFinance for this idea. $TOA TOYA distributes hand tools, power tools and kitchen and garden products from its own brands, led by YATO (86% of sales). It has 14,000 products, sells to 7,600 B2B customers in 120+ countries, and has its own sourcing companies in China. At PLN 11.44 per share: · Market cap: PLN 747M (excluding the 8.75M treasury shares bought in July; PLN 847M including them) · Net debt: ~PLN 88M (after the July buyback, before the warehouse payment) · EV: ~PLN 834M · EBITDA, last 12 months: ~PLN 134M · EV/EBITDA: ~6.2x · Net profit, last 12 months: PLN 89M · P/E: ~8.4x The numbers: – Revenue has grown from PLN 151M in H1 2016 to PLN 522M in H1 2026 (3.5x). – H1 2026: revenue +13%, gross margin 35.3% (vs 33.7%), net profit +4% to PLN 52M. Q2 net profit was +17%. – FY25: revenue +11%, net profit +27%. Capital allocation: – In July it bought 8.75M shares (11.7% of capital) at PLN 10.00 in a tender, for PLN 87.5M. – In August it cancelled another 1.0M shares from a 2025 buyback. – In October it completed the purchase of its own 57,800 m² warehouse for €41.6M, to cut rental costs. The risks: – Inventory-heavy: PLN 466M of stock, ~62% of the market cap. – The buyback and the warehouse take net debt from ~zero to roughly PLN 200M+. – Romania was -7% in H1, on a weak local economy. – The founders own ~50%, so the free float is limited. No position. NFA.