olivLaw · European equity research
CAPITEA SPÓŁKA AKCYJNA CAP.WA
Poland · GPW Warszawa · ISIN PLGTBCK00297 · Vertical: Listed companies from Poland
Capitea is a Polish financial group that manages debt-recovery portfolios and closed-end investment funds, and its 2023 annual report shows that the whole operation is tied to executing a restructuring arrangement approved in 2019. Claims filed under the arrangement totalled 2.9 bn PLN, and the current question is whether the group can keep paying instalments through 2028.
At the close of 05 Nov 2026, CAPITEA SPÓŁKA AKCYJNA (CAP.WA) stock was 0.44 PLN (−0.89% on the day), with beta 0.12, 52-week range 0.31–0.85 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)
- 36.7
- weak (30–45)
- Bollinger (20, 2)
- 0.44 – 0.50
- in the lower half of the band · %B 0.13 · band width 13.2%
- SMA 50 / 200
- 0.48 / 0.47
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −11.2% | −0.6% | −10.6 pp | — |
| 3 months | 0.0% | −4.2% | +4.2 pp | — |
| 6 months | −16.1% | +4.3% | −20.4 pp | — |
| Year to date | +37.6% | +7.5% | +30.1 pp | — |
| 1 year | +4.2% | +9.9% | −5.7 pp | +7.1% |
| 3 years | −15.6% | +49.8% | −65.5 pp | +4.2% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 37.4 m | 164.4 m | 193.8 m |
| Revenue YoY | unavailable | +339.1% | +17.9% |
| Net income | 188.3 m | 176.2 m | 60.5 m |
| Net income YoY | unavailable | −6.4% | −65.7% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 502.9% | 107.2% | 31.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 135.1 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 115.6 m PLN
- Total assets
- 577.8 m PLN
- Debt / equity
- unavailable
- Current ratio
- 3.67x
- ROE
- 70.4%
- ROA
- 10.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 37.4 m | 164.4 m | 193.8 m | esef· 08 May 2024verified |
| Operating income | -51.8 m | 163.6 m | 98.9 m | esef· 08 May 2024verified |
| Depreciation & amortisation | 3.2 m | 3.1 m | 3.5 m | esef· 08 May 2024verified |
| EBITDA | -48.6 m ≈ | 166.7 m ≈ | 102.4 m ≈ | esef· 08 May 2024derived |
| Interest expense | 7.2 m | 1.3 m | 48.8 m | esef· 08 May 2024verified |
| Pre-tax income | 189.0 m | 176.4 m | 61.0 m | esef· 08 May 2024verified |
| Income tax | 796.0 k | 123.0 k | 519.0 k | esef· 08 May 2024verified |
| Net income | 188.3 m | 176.2 m | 60.5 m | esef· 08 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 111.5 m | 122.8 m | 135.1 m | esef· 08 May 2024verified |
| Current assets | 612.1 m | 517.2 m | 517.5 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 3.4 m | 4.6 m | 6.7 m | esef· 08 May 2024verified |
| Goodwill | 2.5 m | 0 | 0 | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 1.5 m | 955.0 k | 326.0 k | esef· 08 May 2024verified |
| Total assets | 625.6 m | 564.2 m | 577.8 m | esef· 08 May 2024verified |
| Current liabilities | 89.8 m | 136.6 m | 141.0 m | esef· 08 May 2024verified |
| Equity | -61.8 m | 56.3 m | 115.6 m | esef· 08 May 2024verified |
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: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 31.2% | 92 (vs peers) | 38% |
| 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 | 2.0x | 8 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 3.7x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet45/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial92/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
CAPITEA SPÓŁKA AKCYJNA (CAP.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 193.8 m PLN in 2023; YoY growth 17.9%; net margin 31.2%; ROE 70.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 31.2%
- Current ratio: 3.7x
What contradicts it
- Interest coverage: 2.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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 | |
|---|---|---|---|---|---|---|
| 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 CAP.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
Capitea is a Polish financial group that manages debt-recovery portfolios and closed-end investment funds, and its 2023 annual report shows that the whole operation is tied to executing a restructuring arrangement approved in 2019. Claims filed under the arrangement totalled 2.9 bn PLN, and the current question is whether the group can keep paying instalments through 2028 1.
SWOT
Strengths
- Instalment payments are reported as made on schedule, which points to operational discipline in executing the arrangement 1.
- The group has several sources of cash inflow, from its own portfolios to damages actions and asset sales 1.
- The restructuring arrangement was approved with broad creditor support, giving a stable legal framework 1.
Weaknesses
- All activity depends on executing a restructuring arrangement, and any deviation from the schedule could strain relations with creditors 1.
- The report explicitly states that loss of liquidity could mean losing the ability to execute the arrangement 1.
- Several funds were placed in liquidation in 2023, which reduces the base of assets generating receipts 1.
Opportunities
- If ongoing proceedings bring in more than the amounts planned, additional payment mechanisms for creditors could be triggered 1.
- An amended arrangement with an extended term could allow the remaining portfolios to be fully realised 1.
- Full sale of the portfolios could bring extra liquidity before the final deadline of the arrangement 1.
Threats
- Cancellation of the arrangement could follow if the group cannot meet current or scheduled obligations 1.
- Unmanaged court actions or unfavourable rulings could reduce the funds available to creditors 1.
- Claims not covered by the arrangement, some considered unfounded, could consume resources meant for payments 1.
Risks
- Loss of liquidityhigh
The report warns that a lack of liquidity could mean losing the ability to execute the arrangement and its cancellation 1.
- Amendment of the arrangementmedium
If the group's situation changes, the arrangement could be amended, which would alter the terms for creditors and the payment timetable 1.
- Court proceedingshigh
Outcomes of civil and criminal proceedings are uncertain and could affect the funds available for instalment payments 1.
- Claims outside the arrangementmedium
Some payment claims are not covered by the arrangement and could be brought against the group, reducing available resources 1.
- Fund liquidationmedium
Funds placed in liquidation could reduce the assets that generate receipts for instalment payments 1.
Investment thesis
What would need to be true (bull case)
- Payments kept up to date and the practice of making early payments may show that the group manages liquidity and the arrangement schedule well 1.
- If ongoing proceedings bring in more than expected, additional payments to creditors could be triggered 1.
- Approval of the arrangement by a very large majority of creditors suggests a level of confidence in the restructuring framework 1.
What would break the thesis
- Full dependence on executing an arrangement and on uncertain recoveries leaves little room for timing or collection errors 1.
- The report shows that loss of liquidity could lead to cancellation of the arrangement, a risk that remains open 1.
- Liquidation of several funds reduces the asset base used for payments, and court proceedings could delay collections 1.
What to watch
- Application to amend the arrangement and any extension of the termQ1 2027
- Evolution of liquidity and payment of instalments falling due2027
- Outcomes of civil and criminal proceedings on the group's claimsby 31 March 2028
- Timing of fund liquidations and sale of remaining portfoliosnext annual report
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
Capitea Group, based in Warsaw, operates as a group of companies that manage closed-end non-standardised receivables funds, some of which entered liquidation in 2023 1. Its core activity is recovering receivables from portfolios held by its own funds or transferred to external servicers 1. The whole financial structure was reorganised through the arrangement approved by the Wrocław court, so the report is built around its execution 1.
Capitea entered restructuring in 2018, when management filed for an accelerated arrangement procedure because it could no longer pay debts as they fell due 1. The arrangement was approved in June 2019 and became final in February 2020 1. Payment is staggered by creditor group, and for Group 1 creditors, the largest group, the company pays 25% of the principal, with the rest written off 1.
According to the report, by the publication date the company had paid all instalments due under the schedule and roughly 10% of the ninth instalment 1. Payment sources include recovery of portfolios managed by Asseta S.A., damages claims against former counterparties and former board members, asset sales and settlements with third parties 1.
Segments
Debt portfolio recovery
This is the main economic activity, based on collecting receivables from the company's own funds and from portfolios serviced by external servicers, and it is the central source of payments under the arrangement 1.
Closed-end funds in liquidation
Several receivables funds entered liquidation in 2023, and their redemption certificates are a key source for instalment payments, so the timing of liquidation directly affects execution of the arrangement 1.
Damages claims and judicial recovery
Claims against former counterparties, insurers and former management could bring additional funds, but the outcome depends on ongoing civil and criminal proceedings 1.
Market context
Capitea operates in the market for buying and recovering non-performing receivables in Poland, a sector sensitive to the economic cycle and to the quality of available portfolios 1. The report gives no external market data, and the risk profile is dominated by the fact that revenue depends on recoveries from debtors and on portfolio sales 1.
For creditors and investors, the relevant comparison is between cash collected from recoveries and the obligations still outstanding until the final deadline, set in the arrangement for 31 March 2028 1.
Trends
- Possible amendment of the arrangement in creditors' favourmixed
The arrangement supervisor has said it will seek to amend the arrangement if the group is in a position to increase payments to creditors, with an application filed no later than Q1 2027 1. If recoveries from ongoing proceedings are delayed, the schedule could be extended.
- Fund liquidations limit payment sourcesheadwind
Several funds placed in liquidation in 2023 may reduce the asset base available for instalment payments, which could increase liquidity pressure 1.
- Keeping liquidity at a sufficient leveltailwind
Management aims to hold cash in group accounts comparable to instalments falling due over the next 12 months and makes early payments when funds allow 1. If this practice continues, it reduces the risk of late payment.
- Court proceedings as an uncertain source of receiptsmixed
Recoveries from civil and criminal actions depend on court timetables and enforcement of judgments, which makes the timing of cash inflows uncertain 1.
Competitive position
The annual report does not explicitly name competitors, and Capitea acts mainly as a manager of its own portfolios and of those transferred to external servicers 1. Competition plays out in acquiring receivables portfolios and in the ability to recover them at lower cost.
Without data from the source, the assessment of competitive position remains limited, and a comparison with other recovery firms would need information not contained in this document 1.
- Asseta S.A.
Company that manages recovery of Capitea's portfolios, named in the report as the windykacja servicer 1.
- Kaczmarek i Skonieczna Doradcy Restrukturyzacyjni sp. j.
Arrangement supervisor that oversees execution of the arrangement and announced a possible amendment 1.
- External servicers
Third parties to which portfolios are transferred for servicing, according to the report 1.
- Other Polish receivables fund managers
Players competing for the acquisition and recovery of portfolios, not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202231 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / CAPITEA SPÓŁKA AKCYJNA · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.