olivLaw · European equity research
Dom Development S.A. DOM.WA
Poland · GPW Warszawa · ISIN PLDMDVL00012 · Vertical: Listed companies from Poland
Dom Development is a Polish property developer that builds and sells residential and commercial units, mainly in Warsaw, with operations also in the Tricity, Wroclaw and Krakow markets. In 2022 it expanded in Krakow through the acquisition of the BUMA companies for a price of 204.2 mln zl. The company reported a rising profit and a return on equity of 30.8%.
At the close of 05 Nov 2026, Dom Development S.A. (DOM.WA) stock was 242.00 PLN (+1.68% on the day), with market capitalisation 6.2 bn PLN, P/E 15.1 on diluted EPS of 16.04 PLN over the last 12 months, dividend yield 4.34%, beta 0.35, 52-week range 222.00–280.00 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)
- 54.8
- neutral
- Bollinger (20, 2)
- 233.82 – 246.93
- in the upper half of the band · %B 0.62 · band width 5.5%
- SMA 50 / 200
- 236.22 / 249.02
- mixed trend
- MACD (12, 26, 9)
- 1.67 / 1.80
- 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 | +9.0% | +0.4% | +8.6 pp | — |
| 3 months | −3.0% | −3.3% | +0.3 pp | — |
| 6 months | −7.8% | +4.0% | −11.8 pp | — |
| Year to date | −5.1% | +8.1% | −13.2 pp | — |
| 1 year | −4.3% | +10.7% | −15.0 pp | +7.1% |
| 3 years | +53.2% | +50.1% | +3.1 pp | +3.3% |
| 5 years | +86.2% | +43.6% | +42.5 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 3-quarter history (min 5.9, median 9.4, max 9.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 1.8 bn | 1.9 bn | 2.4 bn |
| Revenue YoY | unavailable | +4.5% | +27.5% |
| Net income | 302.2 m | 327.1 m | 410.3 m |
| Net income YoY | unavailable | +8.2% | +25.4% |
| Diluted EPS | 11.91 | 12.81 | 16.04 |
| Diluted EPS YoY | unavailable | +7.6% | +25.2% |
| net % | 16.7% | 17.2% | 17.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 304.2 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 1.4 bn PLN
- Total assets
- 4.1 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 1.74x
- ROE
- 30.8%
- ROA
- 10.3%
- 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 | 1.8 bn | 1.9 bn | 2.4 bn | esef· 02 May 2023verified |
| Cost of revenue | 1.2 bn | 1.3 bn | 1.7 bn | esef· 02 May 2023verified |
| Gross profit | 578.8 m | 625.2 m | 755.8 m | esef· 02 May 2023verified |
| Operating income | 386.3 m | 413.1 m | 501.5 m | esef· 02 May 2023verified |
| Interest expense | 10.9 m | 13.7 m | 12.2 m | esef· 02 May 2023verified |
| Pre-tax income | 378.6 m | 405.5 m | 512.6 m | esef· 02 May 2023verified |
| Income tax | 76.4 m | 80.2 m | 102.3 m | esef· 02 May 2023verified |
| Net income | 302.2 m | 327.1 m | 410.3 m | esef· 02 May 2023verified |
| Diluted EPS | 11.91 | 12.81 | 16.04 | esef· 02 May 2023verified |
| Dividend per share | 9.51 | 10.00 | 10.50 | esef· 02 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 585.7 m | 607.0 m | 304.2 m | esef· 02 May 2023verified |
| Receivables | 89.7 m | 66.7 m | 87.7 m | esef· 02 May 2023verified |
| Inventories | 2.4 bn | 3.0 bn | 3.4 bn | esef· 02 May 2023verified |
| Current assets | 3.2 bn | 3.8 bn | 3.9 bn | esef· 02 May 2023verified |
| Property, plant & equipment, net | 38.1 m | 35.3 m | 47.1 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 17.8 m | 20.2 m | 20.5 m | esef· 02 May 2023verified |
| Total assets | 3.3 bn | 3.9 bn | 4.1 bn | esef· 02 May 2023verified |
| Current liabilities | 1.7 bn | 2.1 bn | 2.3 bn | esef· 02 May 2023verified |
| Total liabilities | 2.1 bn | 2.6 bn | 2.7 bn | esef· 02 May 2023verified |
| Equity | 1.2 bn | 1.2 bn | 1.4 bn | esef· 02 May 2023verified |
| Shares outstanding at year end | 25.2 m | 25.4 m | 25.5 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 679.3 m | 393.7 m | 203.6 m | esef· 02 May 2023verified |
| Investing cash flow | -38.1 m | -66.5 m | -215.8 m | esef· 02 May 2023verified |
| Financing cash flow | -308.8 m | -305.9 m | -290.6 m | esef· 02 May 2023verified |
| Dividends paid | 239.6 m | 254.0 m | 268.3 m | esef· 02 May 2023verified |
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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.2 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 17.0% | 85 (vs peers) | 19% |
| 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 | 41.1x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.7x | 79 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 15.1x | 47 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.3% | 62 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet91/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial85/100 · 1/3 factors with a value
- Returns· partial62/100 · 1/2 factors with a value
- Valuation· partial47/100 · 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
"DOM DEVELOPMENT" SPÓŁKA AKCYJNA (DOM.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 2.4 bn PLN in 2022; YoY growth 27.5%; net margin 17.0%; ROE 30.9%.
The estimated value range is 102.61–204.66 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 145.64 PLN, the price of 242.00 PLN leaves a potential of -39.8% (value / price − 1) and a margin of safety of -66.2% (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: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.0%
- Interest coverage: 41.1x
- Current ratio: 1.7x
What contradicts it
- The price is above the estimated value range
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, 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% |
| DOM.WA"dom Development" Spółka Akcyjna | 6.2 bn | 15.1 | 30.9% | 17.0% | +27.5% | −11% / +50% |
| 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 DOM.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 | 158.43 Total return -31% · Per year -31% | 278.82 Total return 20% · Per year 20% | 418.23 Total return 79% · Per year 79% |
| 3 years | 187.93 Total return -10% · Per year -3% | 368.74 Total return 70% · Per year 19% | 602.25 Total return 171% · Per year 39% |
| 5 years | 222.91 Total return 15% · Per year 3% | 487.66 Total return 135% · Per year 19% | 867.24 Total return 303% · Per year 32% |
- Exit P/E± 92.19
- Net margin± 64.53
- Annual revenue growth± 48.13
- Annual dilution± 5.42
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
Dom Development is a Polish property developer that builds and sells residential and commercial units, mainly in Warsaw, with operations also in the Tricity, Wroclaw and Krakow markets. In 2022 it expanded in Krakow through the acquisition of the BUMA companies for a price of 204.2 mln zl 1. The company reported a rising profit and a return on equity of 30.8% 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Regional geopolitical riskhigh
The war in Ukraine is regarded as a destabilising factor, with possible effects on demand and costs 1.
- Interest rate riskmedium
Debt with variable interest exposes the group to rising financing costs 1.
- Tax riskmedium
Interpretations of Polish tax rules can differ, and audits may lead to additional payments 1.
- Integration riskmedium
Merging the BUMA and Sento companies into Dom Development Krakow is a complex process that may delay the expected benefits 1.
- Shareholder concentration risklow
The majority shareholder exercises decisive control, which may affect protection of minority shareholders 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Progress in integrating the BUMA and Sento companies into Dom Development Krakow2023
- Cost of financing and interest rate developments relative to variable-rate debt2023
- Impact of the war in Ukraine on demand and construction costs2023
- Consolidated financial results in the next annual reportnext 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
The Dom Development group's main business is the construction and sale of residential and commercial premises, with the parent company operating mainly in the Warsaw market 1. The group includes many fully consolidated subsidiaries, among them the Krakow companies and Dom Development Krakow sp. z o.o. 1. According to the 2022 annual report, customer payments are protected because title passes only after the buyer pays the full price 1.
In 2022 the group set up Dom Development Krakow sp. z o.o. to concentrate its Krakow development activity and began merging the BUMA and Sento companies into it 1. The BUMA acquisition included investment land in Krakow with potential for 1,370 units, as well as projects under construction with 224 units 1.
The shareholder structure is dominated by Groupe Belleforet S.a r.l., which controls the company through a majority of shares, a position that can influence strategy and financing 1. The company reports in Polish zloty and operates exclusively in Poland 1.
Segments
Residential development
The main segment consists of building and selling apartments, where revenue is recognised as projects are delivered and customers pay in full before handover 1. The report notes that the group's activity is largely uniform across projects and regions 1.
Commercial premises and services
A second segment covers construction and sale of commercial premises and garages, activities that complement the residential offer 1. The report states that performance by market is assessed on the basis of sales and gross margin 1.
Land acquisition and subsidiaries
The subsidiary Dom Development Grunty buys land for development, and the consolidation of the Krakow acquisitions added investment assets to the group's portfolio 1.
Market context
The Polish housing market, especially in Warsaw, the Tricity, Wroclaw and Krakow, is the group's operating environment 1. The annual report notes that the war in Ukraine could affect housing demand, construction costs and the availability of subcontractors 1.
The group operated with a negative net debt ratio at the end of 2022, indicating a relatively strong cash position against equity 1. The weighted average cost of debt rose in 2022 compared with 2021, suggesting pressure from higher interest rates 1.
Trends
- War in Ukraineheadwind
Management identified the war as a factor that may destabilise the regional economic environment, with possible effects on demand, costs and subcontractors 1. As of the report date, projects were proceeding in line with budgets and schedules 1.
- Expansion in Krakowtailwind
The acquisition of the BUMA companies and their integration into Dom Development Krakow could bring long-term growth in revenue and profit, if the projects in the portfolio are delivered 1.
- Cost of financingheadwind
The average cost of debt rose in 2022, and exposure to variable rates makes financing sensitive to changes in reference rates 1. If interest rates keep rising, project costs could become higher 1.
- Solid profitabilitymixed
The growth in earnings per share and return on equity in 2022 points to a good ability to convert activity into profit 1. Continuation of this trend depends on project execution and market conditions 1.
Competitive position
The 2022 annual report does not explicitly name the group's competitors, so relative market positions cannot be assessed from this source 1. The local developer market, especially in Warsaw and Krakow, is competitive, and the group's advantage rests on project scale and the land it holds 1.
- Polish property developers in Warsaw and Krakow
Local competitors not named in the source, operating in the same housing markets.
- Developers in the Tricity and Wroclaw
Companies active in regional markets where the group has its own subsidiaries.
- Residential builders in Krakow
Competitors in the local market from which the group acquired assets in 2022.
- Developers with external financing
Competitors that may be affected differently by the cost of financing than the group.
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 202123 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Dom Development 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.