olivLaw · European equity research
EC BĘDZIN Spółka Akcyjna ECB.WA
Poland · GPW Warszawa · ISIN PLECBDZ00013 · Vertical: Listed companies from Poland
EC BĘDZIN S.A. is an energy group that generates electricity and heat from conventional sources and also runs a financial-trading business. In 2023 it reported a net loss of 198 895 thousand zł, and its equity is negative, so the restructuring of associate ETFL ENUT and the CO2 provision are central to the company's continuity.
At the close of 05 Nov 2026, EC BĘDZIN Spółka Akcyjna (ECB.WA) stock was 19.24 PLN (−2.83% on the day), with market capitalisation 60.5 m PLN, beta 0.13, 52-week range 18.50–26.95 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)
- 37.5
- weak (30–45)
- Bollinger (20, 2)
- 19.24 – 21.03
- below the lower band · %B -0.00 · band width 8.8%
- SMA 50 / 200
- 20.12 / 21.19
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -0.12
- 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 | −5.7% | +0.4% | −6.1 pp | — |
| 3 months | −7.9% | −3.3% | −4.7 pp | — |
| 6 months | −12.5% | +4.0% | −16.5 pp | — |
| Year to date | −0.7% | +8.1% | −8.8 pp | — |
| 1 year | −28.6% | +10.7% | −39.3 pp | +7.1% |
| 3 years | −51.9% | +50.1% | −102.0 pp | +3.3% |
| 5 years | +178.8% | +43.6% | +135.2 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 | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 244.3 m | 322.1 m | 244.1 m |
| Revenue YoY | unavailable | +31.8% | −24.2% |
| Net income | -210.6 m | -205.8 m | -198.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -66.90 | -65.30 | -63.20 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -86.2% | -63.9% | -81.5% |
| Free cash flow | 55.7 m | -40.5 m | 17.5 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 1.9 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- -619.5 m PLN
- Total assets
- 199.8 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.08x
- ROE
- unavailable
- ROA
- -96.0%
- FCF margin
- 7.2%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 244.3 m | 322.1 m | 244.1 m | esef· 08 May 2024verified |
| Operating income | -191.1 m | -200.3 m | -198.4 m | esef· 08 May 2024verified |
| Depreciation & amortisation | 11.8 m | 11.9 m | 12.2 m | esef· 08 May 2024verified |
| EBITDA | -179.3 m ≈ | -188.4 m ≈ | -186.2 m ≈ | esef· 08 May 2024derived |
| Interest expense | 8.9 m | 5.6 m | 6.1 m | esef· 08 May 2024verified |
| Pre-tax income | -199.0 m | -205.8 m | -197.0 m | esef· 08 May 2024verified |
| Income tax | 11.6 m | -20.0 k | 1.9 m | esef· 08 May 2024verified |
| Net income | -210.6 m | -205.8 m | -198.9 m | esef· 08 May 2024verified |
| Diluted EPS | -66.90 | -65.30 | -63.20 | 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 | 43.3 m | 336.0 k | 1.9 m | esef· 08 May 2024verified |
| Receivables | 15.4 m | 57.0 m | 47.6 m | esef· 08 May 2024verified |
| Inventories | 7.6 m | 37.8 m | 15.8 m | esef· 08 May 2024verified |
| Current assets | 73.7 m | 99.3 m | 67.1 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 120.8 m | 113.1 m | 118.0 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 526.0 k | 352.0 k | 296.0 k | esef· 08 May 2024verified |
| Total assets | 197.1 m | 214.6 m | 199.8 m | esef· 08 May 2024verified |
| Current liabilities | 388.7 m | 622.5 m | 812.3 m | esef· 08 May 2024verified |
| Total liabilities | 411.6 m | 635.2 m | 819.3 m | esef· 08 May 2024verified |
| Equity | -214.5 m | -420.6 m | -619.5 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 3.1 m | 3.2 m | 3.1 m | esef· 08 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 57.0 m | -36.2 m | 36.4 m | esef· 08 May 2024verified |
| Capex | 1.3 m | 4.3 m | 18.9 m | esef· 08 May 2024verified |
| Free cash flow | 55.7 m ≈ | -40.5 m ≈ | 17.5 m ≈ | esef· 08 May 2024derived |
| Investing cash flow | -432.0 k | -4.3 m | -10.8 m | esef· 08 May 2024verified |
| Financing cash flow | -55.0 m | -2.7 m | -24.1 m | esef· 08 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: 60.5 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 | -81.5% | 8 (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 | -32.3x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.1x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 28.9% | 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
EC BĘDZIN SPÓŁKA AKCYJNA (ECB.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 244.1 m PLN in 2023; YoY growth -24.2%; net margin -81.5%.
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
- FCF yield: 28.9%
What contradicts it
- Net margin: -81.5%
- Interest coverage: -32.3x
- Current ratio: 0.1x
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% |
| 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% |
| ECB.WAEc Będzin Spółka Akcyjna | 60.5 m | — | — | -81.5% | −24.2% | −25% / −51% |
| 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 ECB.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
EC BĘDZIN S.A. is an energy group that generates electricity and heat from conventional sources and also runs a financial-trading business. In 2023 it reported a net loss of 198 895 thousand zł, and its equity is negative, so the restructuring of associate ETFL ENUT and the CO2 provision are central to the company's continuity.
SWOT
Strengths
- The group has long-term sales contracts with major customers and a base of conventional generation assets.
- Operations are concentrated in one geographic market, which simplifies operational and regulatory management.
- The two-segment structure separates production risks from commercial risks.
Weaknesses
- Equity is negative, and total liabilities significantly exceed total assets.
- The net result has been negative for several years, under pressure from emission certificate costs.
- The Supervisory Board and Management Board have changed frequently, which may affect management continuity.
Opportunities
- If energy and CO2 certificate prices stabilise, operating results could return to a more predictable level.
- A new group development strategy announced by management could redefine the asset portfolio.
- Completing the associate's restructuring could clarify the value of the group's holdings.
Threats
- Costs linked to emission certificates and administrative penalties could continue to weigh on results.
- Dependence on a few large customers could become a vulnerability if commercial relationships change.
- Insolvency proceedings at associated companies could create additional obligations or losses in value.
Risks
- Going concernhigh
The annual report is prepared on a going-concern basis, and negative equity and repeated losses could call this assumption into question if the financial position does not improve.
- CO2 certificate provisionhigh
The result is highly sensitive to the emission provision and to possible penalties, which depend on coal prices and exchange rates.
- Associate in restructuringmedium
The court ruling on the ETFL ENUT restructuring plan was not final at the report date, which could affect the value of the holding and related guarantees.
- Customer concentrationmedium
Revenue is concentrated in a few customers, and a change in commercial relationships with the Tauron group or intermediaries could have a significant effect.
- Changes in governing bodiesmedium
Frequent changes on the Management Board and Supervisory Board could delay strategic decisions and the implementation of restructuring plans.
Investment thesis
What would need to be true (bull case)
- If stabilisation of energy and CO2 certificate prices is confirmed, results could improve noticeably from the negative level of 2023.
- A customer base with major buyers and long-term contracts gives the energy segment a relatively predictable revenue base.
- A new development strategy announced by management could bring new investment and rebalance the balance sheet.
What would break the thesis
- Negative equity and large liabilities could limit access to financing and flexibility in negotiations.
- CO2 emission costs could keep exceeding revenue if prices and regulations remain unfavourable.
- If courts do not fully confirm the restructuring plans of associated companies, additional losses could arise.
What to watch
- Trend in net result and equity in the next report2024
- Final court ruling on the ETFL ENUT restructuring plan2024
- Level of the CO2 certificate provision and any penalties2024
- Publication of the group's new development strategy2024
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 EC BĘDZIN group generates electricity and heat from conventional sources and mainly trades energy commodities through the parent company. Operations are carried out entirely in Poland, and the group reports two segments: energy and financial-trading 1. The current shareholder structure includes the State Treasury, and in 2023 the composition of the Supervisory Board and the Management Board changed 1.
Segments
Energy segment
The energy segment generated 2023 external revenue of 243 481 thousand zł, including electricity of 116 945 thousand zł and heat of 126 434 thousand zł, compared with 321 845 thousand zł in 2022 1. Heat sales are seasonal, with lower asset returns in the summer when heat demand falls 1.
Financial-trading segment
The financial-trading segment, which mainly covers energy commodity trading, reported modest external revenue in 2023 and a segment loss of 3 616 thousand zł, and depends on transactions with the group and with energy market intermediaries 1.
Market context
The group sells electricity on the Towarowa Giełda Energii at spot prices for short-term deliveries and sells heat at regulated tariffs to the Tauron Polska Energia group 1. Two customers, the Tauron group and the intermediary Noble Securities, each generated more than 10% of group revenue in 2023 1.
Trends
- Lower electricity revenueheadwind
Electricity sales revenue fell sharply compared with 2022, which could continue if wholesale prices stay lower on the spot market 1.
- CO2 certificate costsmixed
Amortisation of emission rights and adjustments to the CO2 provision strongly influenced the result, and changes in coal prices and exchange rates could alter the level of this provision 1.
- Restructuring of the associatemixed
The court approved the restructuring arrangement of associate ETFL ENUT in April 2024, but the ruling was not final at the report date, leaving uncertainty over the value of the holding 1.
- Changes in governing bodiesheadwind
The Supervisory Board and Management Board had multiple changes in 2023 and early 2024, which could affect strategy continuity and the pace of implementing new plans 1.
Competitive position
The group competes in the Polish electricity and heat markets with other producers and traders, while in its trading segment it relies on intermediaries such as Noble Securities. The annual report does not explicitly name competitors, so the competitive analysis is limited to the customers and counterparties mentioned 1.
- Tauron Polska Energia group
Major customer and part of the group to which electricity and heat are sold, rather than a direct competitor.
- Noble Securities
Intermediary in electricity trading, with a significant share of group revenue in 2023.
- Towarowa Giełda Energii
Platform on which the group sells electricity at spot prices for short-term deliveries.
- Energo-Utech
Associate in restructuring proceedings, which affects the value of the group's holding.
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 / EC BĘDZIN 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.