olivLaw · European equity research
Budimex Spółka Akcyjna BDX.WA
Poland · GPW Warszawa · ISIN PLBUDMX00013 · Vertical: Listed companies from Poland
At the close of 03 Nov 2026, Budimex Spółka Akcyjna (BDX.WA) stock was 734.60 PLN (+2.86% on the day), with market capitalisation 18.8 bn PLN, P/E 35.1 on diluted EPS of 20.93 PLN over the last 12 months, dividend yield 5.22%, beta 0.88, 52-week range 565.00–807.00 PLN.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.5
- strong (55–70)
- Bollinger (20, 2)
- 672.04 – 738.76
- in the upper half of the band · %B 0.94 · band width 9.5%
- SMA 50 / 200
- 703.09 / 708.63
- mixed trend
- MACD (12, 26, 9)
- 5.78 / 3.62
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.1% | −1.0% | +10.1 pp | — |
| 3 months | −0.9% | −3.9% | +3.0 pp | — |
| 6 months | +10.6% | +7.2% | +3.4 pp | — |
| Year to date | +15.2% | +6.6% | +8.6 pp | — |
| 1 year | +23.4% | +9.1% | +14.3 pp | +5.5% |
| 3 years | +54.0% | +47.9% | +6.1 pp | +2.8% |
| 5 years | +204.2% | +43.3% | +160.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 6.0, median 9.8, max 13.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 7.7 bn | 7.9 bn | 8.6 bn |
| Revenue YoY | unavailable | +2.6% | +8.9% |
| Net income | 459.5 m | 971.6 m | 534.4 m |
| Net income YoY | unavailable | +111.5% | −45.0% |
| Diluted EPS | unavailable | 38.06 | 20.93 |
| Diluted EPS YoY | unavailable | unavailable | −45.0% |
| net % | 6.0% | 12.3% | 6.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 3.2 bn PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 1.3 bn PLN
- Total assets
- 7.4 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 1.10x
- ROE
- 40.2%
- ROA
- 7.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.7 bn | 7.9 bn | 8.6 bn | esef· 09 May 2023verified |
| Cost of revenue | 7.0 bn | 7.1 bn | 7.7 bn | esef· 09 May 2023verified |
| Gross profit | 701.9 m | 833.8 m | 872.4 m | esef· 09 May 2023verified |
| Operating income | 447.4 m | 587.1 m | 562.4 m | esef· 09 May 2023verified |
| Interest expense | 49.5 m | 46.2 m | 45.6 m | esef· 09 May 2023verified |
| Pre-tax income | 427.1 m | 554.5 m | 648.9 m | esef· 09 May 2023verified |
| Income tax | 113.4 m | 88.6 m | 100.8 m | esef· 09 May 2023verified |
| Net income | 459.5 m | 971.6 m | 534.4 m | esef· 09 May 2023verified |
| Diluted EPS | — | 38.06 | 20.93 | esef· 09 May 2023verified |
| Dividend per share | — | — | 38.37 | esef· 09 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.4 bn | 2.7 bn | 3.2 bn | esef· 09 May 2023verified |
| Receivables | 918.0 m | 1.2 bn | 952.5 m | esef· 09 May 2023verified |
| Inventories | 2.0 bn | 429.0 m | — | esef· 30 Mar 2022verified |
| Current assets | 5.9 bn | 5.2 bn | 5.6 bn | esef· 09 May 2023verified |
| Property, plant & equipment, net | 548.8 m | 538.6 m | 640.7 m | esef· 09 May 2023verified |
| Goodwill | 168.5 m | 168.5 m | 178.2 m | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 162.0 m | 150.6 m | 145.1 m | esef· 09 May 2023verified |
| Total assets | 7.5 bn | 6.9 bn | 7.4 bn | esef· 09 May 2023verified |
| Current liabilities | 5.1 bn | 4.5 bn | 5.1 bn | esef· 09 May 2023verified |
| Total liabilities | 6.3 bn | 5.5 bn | 6.1 bn | esef· 09 May 2023verified |
| Equity | 1.2 bn | 1.4 bn | 1.3 bn | esef· 09 May 2023verified |
| Shares outstanding at year end | — | 25.5 m | 25.5 m | esef· 09 May 2023derived |
Cash flow · PLN
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 18.8 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.2% | 59 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 12.3x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 35.1x | 16 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial59/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial16/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Budimex Spółka Akcyjna (BDX.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 8.6 bn PLN in 2022; YoY growth 8.9%; net margin 6.2%; ROE 41.5%.
The estimated value range is 254.66–416.24 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 324.76 PLN, the price of 734.60 PLN leaves a potential of -55.8% (value / price − 1) and a margin of safety of -126.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 12.3x
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 35.1x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.6 bn | 39.0 | 7.8% | 2.9% | +19.8% | +22% / +210% |
| BDX.WABudimex Spółka Akcyjna | 18.8 bn | 35.1 | 41.5% | 6.2% | +8.9% | +18% / +32% |
| BFT.WABenefit Systems Spółka Akcyjna | 17.3 bn | 125.3 | 20.8% | 7.2% | +99.9% | +67% / +207% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.1 | 17.0% | 3.9% | +18.0% | +85% / +79% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 4.0 bn | 21.2 | 18.1% | 12.0% | +36.5% | +15% / +62% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −12% / −23% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 11.4 | 15.9% | 22.1% | −21.6% | +7% / +78% |
| ACT.WAAction S.A. | 991.6 m | 27.0 | 8.3% | 1.5% | +6.1% | +69% / +169% |
| BRS.WABoryszew Spółka Akcyjna | 880.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −25% / −27% |
| AGO.WAAgora Spółka Akcyjna | 574.0 m | — | -14.2% | -9.2% | +15.2% | +34% / +15% |
| AMB.WAAmbra S.A. | 463.4 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 380.0 m | 1.5 | 16.3% | 7.0% | −27.5% | −34% / −73% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 301.9 m | 11.2 | 8.9% | 11.6% | −22.0% | −10% / +3% |
| ART.WAArtifex Mundi S.A. | 228.3 m | 17.6 | 35.7% | 33.3% | +51.9% | +47% / +13% |
| APN.WAAPLISENS Spółka Akcyjna | 196.8 m | 9.6 | 11.4% | 13.8% | +21.8% | +0% / −20% |
| BMC.WABumech Spółka Akcyjna | 158.9 m | — | -3.4% | -3.9% | −40.0% | −35% / −48% |
| ALI.WAALTUS Spolka Akcyjna | 156.8 m | 17.1 | 7.9% | 16.9% | +30.3% | +37% / +51% |
| BBT.WABoomBit Spółka Akcyjna | 72.4 m | 4.6 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 52.1 m | 1.0 | 36.0% | 208.3% | +50.2% | −3% / +5% |
| BMX.WABioMaxima Spółka Akcyjna | 38.9 m | 66.4 | 1.2% | 1.3% | −67.5% | −26% / −42% |
| ALG.WAAll in! Games Spółka Akcyjna | 38.1 m | — | — | -156.9% | −72.2% | −30% / −58% |
| 06N.WAMagna Polonia Spółka Akcyjna | 32.5 m | 0.5 | 115.4% | 964.7% | +13.0% | −25% / −40% |
| BCM.WABETACOM Spółka Akcyjna | 26.2 m | 17.2 | 8.0% | 0.9% | +21.3% | +5% / +2% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.4 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −42% |
1- and 3-year price returns: for BDX.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 453.62 Total return -36% · Per year -36% | 800.33 Total return 12% · Per year 12% | 1,203.27 Total return 68% · Per year 68% |
| 3 years | 480.49 Total return -27% · Per year -10% | 949.96 Total return 39% · Per year 12% | 1,562.34 Total return 126% · Per year 31% |
| 5 years | 508.94 Total return -18% · Per year -4% | 1,127.56 Total return 72% · Per year 11% | 2,028.55 Total return 201% · Per year 25% |
- Exit P/E± 237.49
- Net margin± 166.24
- Annual revenue growth± 130.88
- Annual dilution± 13.97
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202209 May 2023
- Annual report 202130 Mar 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.