olivLaw · European equity research
Bank Ochrony Środowiska S.A. BOS.WA
Poland · GPW Warszawa · ISIN PLBOS0000019 · Vertical: Listed companies from Poland
Bank Ochrony Środowiska S.A. is the bank that leads the BOŚ Group, and its 2022 financial statements show the group operating under a restructuring plan approved by the Polish Financial Supervision Authority. Attention centres on accounting adjustments tied to foreign-currency mortgages and on a shifting regulatory framework.
At the close of 05 Nov 2026, Bank Ochrony Środowiska S.A. (BOS.WA) stock was 10.18 PLN (−1.17% on the day), with market capitalisation 946.0 m PLN, P/E 7.4 on diluted EPS of 1.38 PLN over the last 12 months, beta 0.55, 52-week range 9.61–12.30 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.7
- weak (30–45)
- Bollinger (20, 2)
- 10.07 – 10.63
- in the lower half of the band · %B 0.20 · band width 5.4%
- SMA 50 / 200
- 10.28 / 10.26
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.04
- MACD below 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 | −0.4% | +0.4% | −0.8 pp | — |
| 3 months | −1.5% | −3.3% | +1.7 pp | — |
| 6 months | −1.4% | +4.0% | −5.3 pp | — |
| Year to date | +2.2% | +8.1% | −5.9 pp | — |
| 1 year | −14.3% | +10.7% | −25.0 pp | +7.3% |
| 3 years | +7.2% | +50.1% | −42.9 pp | +4.1% |
| 5 years | −16.2% | +43.6% | −59.8 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 50 percentile of its own 2-quarter history (min 6.1, median 12.0, max 17.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -306.9 m | 47.5 m | 128.2 m |
| Net income YoY | unavailable | unavailable | +170.2% |
| Diluted EPS | -3.30 | 0.51 | 1.38 |
| Diluted EPS YoY | unavailable | unavailable | +170.6% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 946.9 m | 1.2 bn | 2.0 bn |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 5.3 bn PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 2.0 bn PLN
- Total assets
- 22.0 bn PLN
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 6.7%
- ROA
- 0.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Income statement · PLN
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.5 bn | 3.6 bn | 5.3 bn | esef· 02 May 2023verified |
| Property, plant & equipment, net | 84.7 m | 84.1 m | 91.7 m | esef· 02 May 2023verified |
| Total assets | 20.5 bn | 20.2 bn | 22.0 bn | esef· 02 May 2023verified |
| Total liabilities | 18.6 bn | 18.4 bn | 20.0 bn | esef· 02 May 2023verified |
| Equity | 1.9 bn | 1.9 bn | 2.0 bn | esef· 02 May 2023verified |
| Shares outstanding at year end | 93.0 m | 93.1 m | 92.9 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 967.0 m | 1.2 bn | 2.0 bn | esef· 02 May 2023verified |
| Capex | 20.1 m | 13.2 m | 23.2 m | esef· 02 May 2023verified |
| Free cash flow | 946.9 m ≈ | 1.2 bn ≈ | 2.0 bn ≈ | esef· 02 May 2023derived |
| Investing cash flow | -141.3 m | -39.8 m | -281.6 m | esef· 02 May 2023verified |
| Financing cash flow | -33.8 m | -32.0 m | -68.6 m | esef· 02 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 3 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 946.0 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · 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: 3 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 1,540.7% | 100 (on a fixed band) | 25% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 7.4x | 75 (vs peers) | 42% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 208.9% | 100 (on a fixed band) | 33% |
| 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 sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation86/100 · 2/3 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
Bank Ochrony Środowiska S.A. (BOS.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: ROE 6.7%.
The estimated value range is 9.22–26.60 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 16.00 PLN, the price of 10.18 PLN leaves a potential of 57.1% (value / price − 1) and a margin of safety of 36.4% (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: 3 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,540.7%
- P/E (TTM): 7.4x
- FCF yield: 208.9%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for BOS.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
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Bank Ochrony Środowiska S.A. is the bank that leads the BOŚ Group, and its 2022 financial statements show the group operating under a restructuring plan approved by the Polish Financial Supervision Authority. Attention centres on accounting adjustments tied to foreign-currency mortgages and on a shifting regulatory framework.
SWOT
Strengths
- The group has a restructuring plan approved by its regulator, and the main indicators reached a safe level at the end of 2022 1.
- The group structure includes several complementary entities, from banking to leasing and brokerage 1.
- The bank kept liquidity and capital adequacy without significant effects from the pandemic or the conflict in Ukraine 1.
Weaknesses
Opportunities
- Financing environmental projects could become an advantage if the bank keeps developing that strategy 1.
- The strategy update and the stabilised restructuring plan could open room for controlled portfolio growth 1.
- The leasing segment, through its dedicated subsidiary, could add revenue if demand recovers 1.
Risks
- Foreign-currency mortgage litigationhigh
Lawsuits and unfavourable rulings could trigger further loan revaluations and additional provisions 1.
- Mortgage payment holidaysmedium
Suspended mortgage repayments could temporarily reduce the bank's cash flows 1.
- Regulation and the restructuring planmedium
If plan indicators deteriorate, the supervisor could impose further measures 1.
- Contributions to the support fundlow
Payment obligations to the Borrower Support Fund could weigh on profitability 1.
- Interest rate volatilitymedium
Abrupt changes in interest rates could squeeze margins and loan quality 1.
Investment thesis
What would need to be true (bull case)
- If the restructuring plan continues to be met, the group could gradually regain durable profitability 1.
- Diversification into leasing and brokerage could support revenue even if mortgage lending stays under pressure 1.
- Liquidity and capital adequacy held through the crisis could provide a stable base for the updated strategy 1.
What would break the thesis
What to watch
- Development of provisions for foreign-currency mortgages and court rulings2023
- Restructuring plan indicators reported to the supervisor2023
- Impact of payment holidays on mortgage repayment collections2023
- Updated 2021-2023 strategy and its direction for the following periodnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The BOŚ Group includes Bank Ochrony Środowiska S.A. and consolidated entities, among them Dom Maklerski BOŚ S.A., BOŚ Leasing - EKO Profit S.A. and MS Wind Sp. z o.o. 1. The statements are presented in Polish zloty and prepared under IFRS as adopted by the European Union 1. The declared business model remains unchanged, and the strategy for 2021-2023 was updated in November 2022 1.
Segments
Banking and loans
Core banking covers lending to customers, and on the asset side appear mortgages, including foreign-currency ones, which have driven revaluations 1.
Leasing
BOŚ Leasing - EKO Profit S.A. is part of the group and is shown separately in the consolidated statements, with leasing instalments and lease interest presented distinctly 1.
Brokerage
Dom Maklerski BOŚ S.A. is a consolidated entity of the group, included in the same accounting scope and in the restructuring plan 1.
Market context
The group operates in the Polish banking market, supervised by the Polish Financial Supervision Authority, which approved the group's restructuring plan in February 2023 1. The legal framework for mortgages changed in 2022 through the act on social crowdfunding and support for borrowers 1.
Banks in the sector were required to contribute to the Borrower Support Fund, so regulatory pressure on banks remains high 1.
Trends
- Foreign-currency mortgagesheadwind
A growing number of lawsuits and unfavourable court rulings led the bank to adjust the gross carrying value of loans and to set up provisions; the situation could affect future results 1.
- Mortgage payment holidaysheadwind
The July 2022 law allows borrowers to suspend mortgage repayments in zloty, which could reduce the bank's collections over that period 1.
- Approved restructuring plantailwind
Approval of the restructuring plan by the supervisor in February 2023, and key indicators at safe levels at the end of 2022, suggest stabilisation if performance stays within the plan 1.
- Interest rate volatilitymixed
The same source notes that the strategy update considered interest rate volatility, which affects both margins and portfolio quality 1.
Competitive position
Competition includes other Polish banks active in mortgages and leasing, and the supplied sources do not detail their market positions 1.
The bank's stated differentiator is its funding profile and focus on the environment, but the sources offer no quantitative comparison with competitors 1.
- Other Polish banks with mortgage books
Competitors in mortgages, not named in the source.
- Leasing companies in Poland
Competition in leasing, where BOŚ Leasing - EKO Profit is active.
- European banks with Polish subsidiaries
Competition through access to funding and corporate products.
- Brokerage houses active in Poland
Competition for brokerage clients through Dom Maklerski BOŚ.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Bank Ochrony Środowiska S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.