olivLaw · European equity research
Columbus Energy S.A. CLC.WA
Poland · GPW Warszawa · ISIN PLSTIGR00012 · Vertical: Listed companies from Poland
Columbus Energy is a Polish group active in photovoltaic installations and renewable energy, whose annual report for 2023 shows significant dependence on financing provided by a related party. Its exposure to variable interest rates and the euro makes the evolution of financing costs an important factor to monitor.
At the close of 05 Nov 2026, Columbus Energy S.A. (CLC.WA) stock was 2.75 PLN (+2.43% on the day), with market capitalisation 187.9 m PLN, beta 0.39, 52-week range 2.39–6.71 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.9
- weak (30–45)
- Bollinger (20, 2)
- 2.56 – 3.19
- in the lower half of the band · %B 0.29 · band width 21.9%
- SMA 50 / 200
- 2.90 / 3.58
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.05
- 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 | −3.3% | −0.6% | −2.7 pp | — |
| 3 months | +14.9% | −4.2% | +19.0 pp | — |
| 6 months | −26.0% | +4.3% | −30.3 pp | — |
| Year to date | −46.6% | +7.5% | −54.1 pp | — |
| 1 year | −59.4% | +9.9% | −69.3 pp | +7.1% |
| 3 years | −57.4% | +49.8% | −107.3 pp | +3.3% |
| 5 years | −89.0% | +42.8% | −131.8 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.
Fiscal years
| Fiscal year | 2022 | 2023 |
|---|---|---|
| Revenue | 603.4 m | 459.3 m |
| Revenue YoY | unavailable | −23.9% |
| Net income | -111.9 m | -63.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -1.63 | -0.92 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -18.5% | -13.7% |
| Free cash flow | -226.7 m | -54.2 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 3.7 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- -38.1 m PLN
- Total assets
- 644.6 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.69x
- ROE
- unavailable
- ROA
- -8.8%
- FCF margin
- -11.8%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 603.4 m | 459.3 m | esef· 01 May 2024verified |
| Operating income | -74.7 m | -29.1 m | esef· 01 May 2024verified |
| Depreciation & amortisation | 21.5 m | 13.8 m | esef· 01 May 2024verified |
| EBITDA | -53.1 m ≈ | -15.4 m ≈ | esef· 01 May 2024derived |
| Interest expense | 48.6 m | 41.2 m | esef· 01 May 2024verified |
| Pre-tax income | -123.4 m | -65.9 m | esef· 01 May 2024verified |
| Income tax | -10.5 m | -699.0 k | esef· 01 May 2024verified |
| Net income | -111.9 m | -63.0 m | esef· 01 May 2024verified |
| Diluted EPS | -1.63 | -0.92 | esef· 01 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 21.3 m | 3.7 m | esef· 01 May 2024verified |
| Receivables | 85.7 m | 59.6 m | esef· 01 May 2024verified |
| Inventories | 96.6 m | 48.4 m | esef· 01 May 2024verified |
| Current assets | 507.2 m | 460.2 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 158.7 m | 73.6 m | esef· 01 May 2024verified |
| Goodwill | 6.2 m | 6.1 m | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 11.5 m | 16.8 m | esef· 01 May 2024verified |
| Total assets | 783.0 m | 644.6 m | esef· 01 May 2024verified |
| Current liabilities | 547.2 m | 668.2 m | esef· 01 May 2024verified |
| Total liabilities | 756.6 m | 682.7 m | esef· 01 May 2024verified |
| Equity | 26.4 m | -38.1 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 68.6 m | 68.4 m | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -60.0 m | 16.9 m | esef· 01 May 2024verified |
| Capex | 166.7 m | 71.1 m | esef· 01 May 2024verified |
| Free cash flow | -226.7 m ≈ | -54.2 m ≈ | esef· 01 May 2024derived |
| Investing cash flow | 9.6 m | 66.6 m | esef· 01 May 2024verified |
| Financing cash flow | 16.6 m | -103.9 m | esef· 01 May 2024verified |
≈ 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: 4 of at least 6
- score weight coverage: 25.0% 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: 187.9 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: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -13.7% | 10 (vs peers) | 25% |
| 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 | -0.7x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -28.9% | 0 (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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial10/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
COLUMBUS ENERGY SPÓŁKA AKCYJNA (CLC.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 459.3 m PLN in 2023; YoY growth -23.9%; net margin -13.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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
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.
What contradicts it
- Net margin: -13.7%
- Interest coverage: -0.7x
- Current ratio: 0.7x
- FCF yield: -28.9%
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, 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% |
| 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% |
| CLC.WAColumbus Energy Spółka Akcyjna | 187.9 m | — | — | -13.7% | −23.9% | −50% / −54% |
| 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 CLC.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Columbus Energy is a Polish group active in photovoltaic installations and renewable energy, whose annual report for 2023 shows significant dependence on financing provided by a related party. Its exposure to variable interest rates and the euro makes the evolution of financing costs an important factor to monitor.
SWOT
Strengths
- The group has a portfolio of operating installations and projects that generate revenue from sales and services. Its integrated structure, covering sales, installation and client financing, gives it commercial flexibility.
- There is declared support from an affiliated lender, which has expressed willingness to extend maturities. This may help stabilise short-term liquidity.
- The group has experience in construction projects for institutional clients, which may allow it to access larger contracts.
Weaknesses
- Debt is concentrated with entities linked to an important shareholder, and some loans were overdue at the report date. This limits the group's financial independence.
- The report shows significant errors in comparative data and important accounting corrections, which indicates weaknesses in reporting processes.
- Equity is thin, and the group currently cannot obtain long-term bank credit, which limits its growth.
Opportunities
- If the legislative framework becomes more favourable, demand for new installations could recover. Such a change could support business volume.
- If equipment prices fall, the group could improve margins, especially on fixed-price projects.
- Refinancing debt on better terms could reduce pressure on cash flows, if the banking market becomes accessible.
Threats
- Rising interest rates could increase the financial burden, since a significant part of the loans carries variable interest.
- Exchange rate fluctuations could affect the cost of equipment, which depends largely on the euro.
- If the principal lender changes its position, the group could face difficulties in repaying debt, and this risk could affect its operating assets.
Risks
- Dependence on an affiliated lenderhigh
The group relies on financing from an entity linked to an important shareholder. If this support changed, liquidity could be affected quickly.
- Exposure to variable interest rateshigh
A significant part of the loans carries variable interest linked to WIBOR or EURIBOR. A rise in rates could increase financial costs.
- Currency riskmedium
Equipment purchases depend largely on the euro, and part of the debt is denominated in foreign currency. Changes in the exchange rate could affect project profitability.
- Late debt repaymentshigh
The report mentions loans overdue at the report date, for which extension of maturities had not yet been formalised. If these arrangements do not materialise, liquidity pressure could arise.
- Legislative riskmedium
Changes to the energy billing regime could reduce demand for new installations if returns for clients decline.
Investment thesis
What would need to be true (bull case)
- If the support from the affiliated lender turns into concrete extension agreements, the group could stabilise liquidity and continue projects under way.
- The integrated structure covering sales, installation and client financing could support business volume if demand recovers.
- A possible reduction in equipment prices could improve margins, especially on institutional contracts.
What would break the thesis
- Dependence on a single affiliated lender could become a serious vulnerability if it changes its financing policy.
- Debt at variable interest could become even harder to service if rates rise again.
- Accounting errors in comparative data and overdue repayments could reflect internal control problems that might affect investor confidence.
What to watch
- Formalisation of maturity extension agreements with the affiliated lender2024
- Evolution of WIBOR and EURIBOR rates and their impact on financial costs2024
- Legislative changes to the energy billing regime2024
- Any new accounting corrections in subsequent reportsnext 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 Columbus Energy group conducts its activity through parent and subsidiary companies that design, build and operate photovoltaic installations, both for individual and institutional clients. The annual report also covers project companies and associated entities, consolidated using full consolidation or the equity method. The company reports in Polish zloty, and the functional currency of its main subsidiary is the Czech koruna.
In 2022 significant errors in comparative data were corrected, relating to the recognition of revenue and costs from panel assembly and construction contracts. These corrections show that the group's accounting processes were previously subject to important adjustments. The report also notes that the change to net-billing from April 2022 reduced the volume of new installations.
The financing structure is concentrated: a significant part of the debt comes from loans from entities linked to an important shareholder, and the group states that, at the time of the report, it could not easily obtain short- or long-term bank credit. A support letter received in April 2024 could support business continuity over the following twelve months.
Segments
Installations for individual clients
The individual clients segment includes the sale and installation of photovoltaic systems, as well as financing of their purchase through Columbus Energy Finanse. The report notes that management considers the risk of non-payment in this segment to be very low.
Market context
The group operates in the photovoltaic energy market in Poland and the Czech Republic, where the energy billing regime directly affects the profitability of new installations. The report describes the 2022 legislative changes as unfavourable, with an effect on the volume of installations completed in the second half of the year.
Equipment costs depend largely on the euro exchange rate, and financing costs on the level of WIBOR and EURIBOR rates. These two variables can change project margins if they are not offset through purchase prices.
Trends
- Shift to net-billingheadwind
The introduction of the net-billing regime from April 2022 reduced the profitability of new installations for clients, which led to lower volume in the second quarter of 2022. The effect on future demand remains uncertain and depends on the evolution of legislation.
- Lower equipment pricesmixed
The report notes that a possible fall in the euro exchange rate could be offset by lower purchase prices for installations, which could support margins. The benefit, however, depends on how prices are passed on to clients.
- Cost of financingheadwind
The rise in interest rates observed in 2022 can increase the group's financial costs, especially for debt at variable interest. For variable-rate loans, a rise in rates could significantly reduce profitability.
- Support from the principal lendermixed
The support letter received in April 2024 from an affiliated lender may help extend maturities, if this is formalised in agreements. Continuity, however, depends on the capacity of that lender.
Competitive position
The annual report does not explicitly identify the group's competitors. The Polish and Czech photovoltaic markets include local installers, project developers and energy companies offering similar services.
The competitive position depends on the ability to finance projects and to maintain competitive equipment prices. The report does not provide comparisons with other market players.
- Local photovoltaic installers in Poland
Private companies that sell and install systems for individual clients, competing on price and installation quality.
- Solar park developers
Investors that build solar parks for institutional clients, competing with the group's institutional segment.
- Energy companies in the Czech Republic
Suppliers and developers active in the Czech market, where the main subsidiary has its functional currency.
- Financiers of photovoltaic installations
Banks and financing institutions offering loans to clients for installation purchases, sometimes competing with the group's internal financing.
News & filings
In the press
- Olivia Rodrigo gives Amy Acton flowers at Columbus concertThe Hill · 31 Oct 2026 · EN
- Why Lufthansa Is Risking A 287-Seat Boeing 787-9 On Columbus' 1st-Ever Nonstop To EuropeSimple Flying · 30 Oct 2026 · EN
- America West's Columbus Hub Fell From 46-49 Daily Departures To Just 4 After Doug Parker Cut 90% Of FlyingSimple Flying · 26 Oct 2026 · EN
- Columbus students explore Fort Madison historySurge — GDELT DOC · 21 Oct 2026 · RO
- Guten Tag: Lufthansa’s 787 To Bring Columbus Its 1st-Ever Nonstop Flight To EuropeSimple Flying · 19 Oct 2026 · EN
- US Federal authorities responding to shooting at mosque in Columbus, OhioAl Jazeera — World · 19 Oct 2026 · EN
- Lufthansa gives Columbus, Ohio, its first-ever nonstop route to EuropeThe Points Guy · 19 Oct 2026 · EN
- Watch live: Trump touts Columbus Day at White HouseThe Hill · 09 Oct 2026 · EN
- Columbus' own writings reveal how tightly religion and conquest were intertwined from the startPhys.org · 06 Oct 2026 · EN
- Federico Higuain, fratele lui Gonzalo Higuain, a fost concediat de Columbus Crew după un incident cu o arbitră - StiripesurseSurge — Google News · 23 Sept 2026 · RO
- What Columbus used instead of the North StarHacker News · 04 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Columbus Energy S.A. · 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.