olivLaw · European equity research
Korporacja Gospodarcza „efekt” S.A. EFK.WA
Poland · GPW Warszawa · ISIN PLEFEKT00018 · Vertical: Listed companies from Poland
Korporacja Gospodarcza 'efekt' S.A. is a Polish group that runs mainly hotels and leased real estate, with revenue tied to lease contracts. In 2023 the group reported a net profit of 39922 thousand PLN, but a dispute with the tenant of a Kraków hotel could affect the income that services its loans.
At the close of 04 Nov 2026, Korporacja Gospodarcza „efekt” S.A. (EFK.WA) stock was 6.60 PLN (+0.00% on the day), with market capitalisation 33.0 m PLN, P/E 0.8 on diluted EPS of 7.99 PLN over the last 12 months, dividend yield 0.00%, beta -0.27, 52-week range 5.15–7.35 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)
- 52.9
- neutral
- Bollinger (20, 2)
- 6.32 – 7.15
- in the lower half of the band · %B 0.33 · band width 12.3%
- SMA 50 / 200
- 6.29 / 5.74
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.07 / 0.11
- 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 | −5.0% | −0.6% | −4.4 pp | — |
| 3 months | +5.6% | −4.2% | +9.8 pp | — |
| 6 months | +5.6% | +4.3% | +1.3 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | +20.0% | +9.9% | +10.1 pp | +7.1% |
| 3 years | 0.0% | +49.8% | −49.8 pp | +3.3% |
| 5 years | 0.0% | +42.8% | −42.8 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 0 percentile of its own 2-quarter history (min 0.9, median 2.8, max 4.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 30.1 m | 34.7 m | 59.2 m |
| Revenue YoY | unavailable | +15.0% | +70.8% |
| Net income | 6.9 m | -7.1 m | 39.9 m |
| Net income YoY | unavailable | −201.5% | unavailable |
| Diluted EPS | 1.39 | -1.41 | 7.99 |
| Diluted EPS YoY | unavailable | −201.4% | unavailable |
| net % | 23.1% | -20.4% | 67.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 14.5 m PLN
- Financial debt
- 49.1 m PLN
- Net debt
- 34.6 m PLN
- Equity
- 115.9 m PLN
- Total assets
- 207.3 m PLN
- Debt / equity
- 0.42x
- Current ratio
- 1.01x
- ROE
- 41.6%
- ROA
- 21.6%
- 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 | 30.1 m | 34.7 m | 59.2 m | esef· 02 May 2024verified |
| Operating income | 11.3 m | -1.9 m | 55.5 m | esef· 02 May 2024verified |
| Depreciation & amortisation | 900.0 k | 846.0 k | 347.0 k | esef· 02 May 2024verified |
| EBITDA | 12.2 m ≈ | -1.1 m ≈ | 55.8 m ≈ | esef· 02 May 2024derived |
| Interest expense | 2.7 m | 6.2 m | 8.9 m | esef· 02 May 2024verified |
| Pre-tax income | 9.1 m | -7.5 m | 48.5 m | esef· 02 May 2024verified |
| Income tax | 2.2 m | -462.0 k | 8.6 m | esef· 02 May 2024verified |
| Net income | 6.9 m | -7.1 m | 39.9 m | esef· 02 May 2024verified |
| Diluted EPS | 1.39 | -1.41 | 7.99 | esef· 02 May 2024verified |
| Dividend per share | 0.05 | 0.00 | 0.00 | esef· 02 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 | 2.3 m | 13.5 m | 14.5 m | esef· 02 May 2024verified |
| Receivables | 6.4 m | 13.8 m | 9.9 m | esef· 02 May 2024verified |
| Inventories | 0 | 0 | 762.0 k | esef· 02 May 2024verified |
| Current assets | 20.8 m | 32.7 m | 29.7 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 10.3 m | 11.6 m | 12.3 m | esef· 02 May 2024verified |
| Goodwill | 0 | 0 | 0 | esef· 02 May 2024verified |
| Intangibles (excl. goodwill) | 26.0 k | 18.0 k | 11.0 k | esef· 02 May 2024verified |
| Total assets | 156.6 m | 162.6 m | 207.3 m | esef· 02 May 2024verified |
| Long-term debt | 40.9 m | 42.2 m | 49.1 m | esef· 02 May 2024verified |
| Current liabilities | 24.2 m | 38.4 m | 29.3 m | esef· 02 May 2024verified |
| Total liabilities | 73.5 m | 86.6 m | 91.4 m | esef· 02 May 2024verified |
| Equity | 83.1 m | 76.0 m | 115.9 m | esef· 02 May 2024verified |
| Shares outstanding at year end | 5.0 m | 5.0 m | 5.0 m | esef· 02 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.7 m | 10.8 m | 13.2 m | esef· 02 May 2024verified |
| Investing cash flow | -11.1 m | -4.3 m | -10.8 m | esef· 02 May 2024verified |
| Financing cash flow | -3.0 m | 4.7 m | -1.4 m | esef· 02 May 2024verified |
| Dividends paid | 251.0 k | 0 | 0 | esef· 02 May 2024verified |
| Share repurchases | 0 | 0 | 0 | esef· 02 May 2024verified |
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
Score: 78 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 33.0 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality90
- Returns0
- Balance sheet74
- Valuation97
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
Neutral profile · Score 78/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 35.7% | 87 (vs peers) | 16% |
| Net margin · Quality | 67.4% | 95 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.6x | 97 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | 6.2x | 73 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 0.8x | 95 (vs peers) | 16% |
| EV/EBITDA · Valuation | 1.2x | 100 (on a fixed band) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet74/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality90/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation97/100 · 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
Korporacja Gospodarcza "efekt" S.A. (EFK.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 59.2 m PLN in 2023; YoY growth 70.8%; net margin 67.4%; ROE 41.6%; net debt/EBITDA 0.6x.
The estimated value range is 50.91–140.51 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 88.39 PLN, the price of 6.60 PLN leaves a potential of 1,239.2% (value / price − 1) and a margin of safety of 92.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 78/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 35.7%
- Net margin: 67.4%
- Net debt / EBITDA: 0.6x
- Interest coverage: 6.2x
- P/E (TTM): 0.8x
- EV/EBITDA: 1.2x
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.0x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, 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% |
| 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% |
| EFK.WAKorporacja Gospodarcza "efekt" S.A. | 33.0 m | 0.8 | 41.6% | 67.4% | +70.8% | +21% / +6% |
| 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 EFK.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 | 4.31 Total return -35% · Per year -35% | 7.59 Total return 15% · Per year 15% | 11.38 Total return 72% · Per year 72% |
| 3 years | 5.12 Total return -22% · Per year -8% | 10.04 Total return 52% · Per year 15% | 16.39 Total return 148% · Per year 35% |
| 5 years | 6.07 Total return -8% · Per year -2% | 13.27 Total return 101% · Per year 15% | 23.61 Total return 258% · Per year 29% |
- Exit P/E± 2.51
- Net margin± 1.76
- Annual revenue growth± 1.31
- Annual dilution± 0.15
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
Korporacja Gospodarcza 'efekt' S.A. is a Polish group that runs mainly hotels and leased real estate, with revenue tied to lease contracts. In 2023 the group reported a net profit of 39922 thousand PLN, but a dispute with the tenant of a Kraków hotel could affect the income that services its loans.
SWOT
Strengths
- The group has a substantial asset base, dominated by investment property, and positive operating cash flow in the latest reported year 1.
- Debt is moderate relative to equity, and net profit returned to positive after the loss of the previous year 1.
- The portfolio of lease contracts offers predictable income when tenants meet their obligations.
Weaknesses
Opportunities
- A full return of business travel and events could raise hotel occupancy.
- Developing the property portfolio could diversify the group's income sources.
- If the dispute ends in a settlement, the lease contracts could become stable again.
Risks
- Dispute with the Kraków hotel tenanthigh
The tenant has challenged an amendment to the rent and invoked error, and the company is weighing legal action for significant sums. If the dispute is not resolved, it could affect the income that services a bank loan 1.
- Dependence on lease contractshigh
Income at some subsidiaries depends on a small number of lease contracts, and non-payment or termination of one contract could quickly affect cash flow.
- Interest rate riskmedium
Loans with variable interest expose the group to changes in financing costs, according to the sensitivity analysis in the report 1.
- Geopolitical and macroeconomic riskmedium
The conflict in Ukraine and international sanctions could disrupt supply chains and consumer demand, according to management's assessment 1.
- Tax risk in Polandlow
Tax authorities may review settlements over a long period, and the outcome of an audit could generate additional obligations 1.
Investment thesis
What would need to be true (bull case)
- If the dispute with the tenant concludes favourably and hotel revenue returns to pre-pandemic levels, the group could show solid profitability growth, supported by investment property.
- Moderate debt could give flexibility for new investment or for developing the property portfolio.
- Positive operating cash flow, if sustained, could support loan servicing and future value distribution to shareholders.
What would break the thesis
- If the tenant dispute led to loss of income from the Kraków hotel, loan servicing could become difficult.
- The 2023 profit was influenced by other operating income, so the ability to repeat the same result could be limited.
- Rising interest rates and inflation could reduce demand and raise costs, weighing on the group's margins.
What to watch
- Outcome of negotiations or legal action on the Kraków lease contract2024
- Trend in revenue from the hotel segment and from investment property2024
- Cost of bank financing and changes in interest on variable-rate loans2024
- Any changes in the shareholder structure and in management and supervisory bodiesnext 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 Efekt group operates through subsidiaries, including Efekt-Hotele S.A. and Lider Hotel Sp. z o.o., which hold or operate hotel properties. According to the 2023 annual report, revenue from sales of products, goods and materials was 59215 thousand PLN, against 34662 thousand PLN in 2022 1. Total assets rose to 207328 thousand PLN at 31 December 2023 1, mainly from investment property, and operating profit was significantly influenced by other operating income. The company's shares are listed on the regulated market of the Warsaw Stock Exchange under the symbol EFK.
The capital structure is relatively modest against assets: total liabilities were 91388 thousand PLN at the end of 2023 1, and bank loans carry variable interest, making financing costs sensitive to monetary policy. Net cash from operating activities was positive at 13177 thousand PLN in 2023 1.
The shareholder structure includes CFI HOLDING S.A., with about one third of capital, and a group of shareholders acting together with over 17 percent of shares at the date of publication 1. These concentrations may influence governance decisions.
Segments
Hotels and leasing
The main segment is hotels, operated directly or through lease contracts (dzierżawa) paying rent, which generated the group's core revenue. The business is sensitive to tourist flows and MICE events, a segment hit by the pandemic and the restrictions that followed 1.
Investment property
Investment property grew considerably in 2023, reaching 160346 thousand PLN 1. The increase was partly linked to investment gains reflected in cash flows, which makes the valuation and yield of these assets an element to monitor.
Market context
The group operates mainly in the Polish market, where the report notes that currency exposure is limited, with most receivables and liabilities in zloty 1. Demand for hotel services depends on business travel and events, and the report anticipates that online conferences and cancelled fairs could reduce MICE revenue 1.
The macroeconomic environment is marked by the war in Ukraine and inflationary pressures, which, according to management, could reduce demand for hotel services and raise financing costs 1.
Trends
- Return of business travel and eventsmixed
If conference and event activity fully recovers, the hotel segment could benefit, although the report stresses that the impact of the pandemic remains hard to estimate 1.
- Rising interest ratesheadwind
The group's bank loans carry variable interest, and management has signalled that a restrictive monetary policy could increase the cost of external financing 1.
- Inflation and operating costsheadwind
High inflation and rising costs could reduce consumer spending and travel expenditure, which would affect hotel demand 1.
- Monetising investment propertytailwind
Growth in the investment property portfolio could support long-term revenue, if rental yields stay in line with contracts 1.
Competitive position
The Efekt annual report does not explicitly name competitors. The Polish hotel market is nonetheless competitive, and management states that the competitive advantage will increasingly depend on service quality and safety 1.
Competition runs mainly on service quality and the ability to adapt to customer demand, according to the analysed sources, without these providing data on the company's market share 1.
- Other hotel operators in Poland
The report does not name competitors, and local operators are not listed in the US.
- Conference and event operators
Competition in the MICE segment comes from alternative venues and online formats, cited in the report as a risk factor.
- Online booking platforms
Digital booking channels can influence visibility and customer acquisition cost, though the source does not detail them.
- Real estate investors in the area
Competition for properties and tenants may affect the terms of lease contracts, a relevant topic for the group.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 May 2024
- Annual report 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Korporacja Gospodarcza „efekt” 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.