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olivLaw · European equity research

ENERGOINSTAL Spółka Akcyjna ENI.WA

Poland · GPW Warszawa · ISIN PLERGIN00015 · Vertical: Listed companies from Poland

1.56PLN+4.00% · 1 dayClose 05 Nov 2026

ENERGOINSTAL is a Polish group that manufactures, assembles and overhauls boilers and pressure equipment, mainly for the energy and industrial sectors. In fiscal 2022 the group faced liquidity difficulties at its subsidiary ZEC ENERGOSERVICE, which applied for a rehabilitation procedure, while the order book of subsidiary ENITEC remains central to the group's outlook. The data come from the consolidated annual report for 2022.

At the close of 05 Nov 2026, ENERGOINSTAL Spółka Akcyjna (ENI.WA) stock was 1.56 PLN (+4.00% on the day), with market capitalisation 28.1 m PLN, dividend yield 0.00%, beta 0.54, 52-week range 1.50–3.06 PLN.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
28.1 m PLN
shares as of 31 Dec 2022
P/E (TTM)
unavailable
Diluted EPS TTM -1.61 · TTM to 31 Dec 2022
E/P (TTM)
-103.21%
TTM to 31 Dec 2022
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
0.54
Volatility (1y) 46%
52-week range
1.503.06

Price history

Loading chart…

Technical reading

RSI (14)
39.5
weak (30–45)
Bollinger (20, 2)
1.50 – 1.81
in the lower half of the band · %B 0.18 · band width 18.3%
SMA 50 / 200
1.71 / 2.06
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.05 / -0.04
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−3.7%−0.6%−3.1 pp—
3 months−17.9%−4.2%−13.7 pp—
6 months−30.0%+4.3%−34.4 pp—
Year to date−35.0%+7.5%−42.5 pp—
1 year−46.6%+9.9%−56.5 pp+7.1%
3 years−46.6%+49.8%−96.4 pp+3.3%
5 years−1.3%+42.8%−44.1 pp—
Max drawdown (1y)
−51.0%
06 Nov 2025 → 04 Nov 2026
Max drawdown (5y)
−81.7%
31 Aug 2023 → 17 Dec 2024
Compound annual growth (5y)
−0.3%
EURO STOXX 50 +7.4%

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 year202020212022
Revenue94.1 m107.7 m75.2 m
Revenue YoYunavailable+14.5%−30.2%
Net income-684.0 k-13.9 m-29.0 m
Net income YoYunavailableunavailableunavailable
Diluted EPS-0.04-0.77-1.61
Diluted EPS YoYunavailableunavailableunavailable
net %-0.7%-12.9%-38.6%
Free cash flow6.2 m-14.1 m355.0 k

Balance sheet & financial health

Fiscal year 2022 · 31 Dec 2022

Cash
7.7 m PLN
Financial debt
unavailable PLN
Net debt
unavailable PLN
Equity
43.0 m PLN
Total assets
125.1 m PLN
Debt / equity
unavailable
Current ratio
0.65x
ROE
-51.4%
ROA
-21.2%
FCF margin
0.5%

Financial statements (source on every figure)

Revenue and net income (PLN)

Margins

Income statement · PLN

Revenue
2020
94.1 m
2021
107.7 m
2022
75.2 m

esef· 10 May 2023verified

Cost of revenue
2020
79.8 m
2021
110.0 m
2022
88.9 m

esef· 10 May 2023verified

Gross profit
2020
14.3 m
2021
-2.3 m
2022
-13.7 m

esef· 10 May 2023verified

Operating income
2020
1.9 m
2021
-12.4 m
2022
-26.6 m

esef· 10 May 2023verified

Interest expense
2020
1.7 m
2021
1.4 m
2022
3.7 m

esef· 10 May 2023verified

Pre-tax income
2020
928.0 k
2021
-13.8 m
2022
-30.3 m

esef· 10 May 2023verified

Income tax
2020
1.6 m
2021
88.0 k
2022
-1.2 m

esef· 10 May 2023verified

Net income
2020
-684.0 k
2021
-13.9 m
2022
-29.0 m

esef· 10 May 2023verified

Diluted EPS
2020
-0.04
2021
-0.77
2022
-1.61

esef· 10 May 2023verified

Dividend per share
2020
0.02
2021
0.00
2022
0.00

esef· 10 May 2023derived

Balance sheet · PLN

Cash
2020
10.8 m
2021
5.9 m
2022
7.7 m

esef· 10 May 2023verified

Receivables
2020
15.0 m
2021
15.6 m
2022
15.5 m

esef· 10 May 2023verified

Inventories
2020
504.0 k
2021
295.0 k
2022
760.0 k

esef· 10 May 2023verified

Current assets
2020
41.8 m
2021
54.4 m
2022
34.1 m

esef· 10 May 2023verified

Property, plant & equipment, net
2020
44.9 m
2021
85.9 m
2022
82.2 m

esef· 10 May 2023verified

Goodwill
2020
14.0 k
2021
0
2022
0

esef· 10 May 2023verified

Intangibles (excl. goodwill)
2020
35.0 k
2021
50.0 k
2022
23.0 k

esef· 10 May 2023verified

Total assets
2020
95.3 m
2021
149.2 m
2022
125.1 m

esef· 10 May 2023verified

Accounts payable
2020
22.1 m
2021
31.9 m
2022
25.0 m

esef· 10 May 2023verified

Current liabilities
2020
29.1 m
2021
57.5 m
2022
52.2 m

esef· 10 May 2023verified

Total liabilities
2020
47.2 m
2021
79.2 m
2022
82.1 m

esef· 10 May 2023verified

Equity
2020
48.1 m
2021
70.1 m
2022
43.0 m

esef· 10 May 2023verified

Shares outstanding at year end
2020
17.1 m
2021
18.1 m
2022
18.0 m

esef· 10 May 2023derived

Cash flow · PLN

Operating cash flow
2020
6.9 m
2021
-13.2 m
2022
717.0 k

esef· 10 May 2023verified

Capex
2020
753.0 k
2021
854.0 k
2022
362.0 k

esef· 10 May 2023verified

Free cash flow
2020
6.2 m ≈
2021
-14.1 m ≈
2022
355.0 k ≈

esef· 10 May 2023derived

Investing cash flow
2020
-65.0 k
2021
-762.0 k
2022
-53.0 k

esef· 10 May 2023verified

Financing cash flow
2020
-821.0 k
2021
9.1 m
2022
1.2 m

esef· 10 May 2023verified

Dividends paid
2020
298.0 k
2021
0
2022
0

esef· 10 May 2023verified

Computed indicators

Growth

Revenue growth (YoY)
-30.2%
computed by olivLawFY 2022
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
-18.2%
computed by olivLawFY 2022
EBITDA margin
unavailable
input data missing
EBIT margin
-35.4%
computed by olivLawFY 2022
Net margin
-38.6%
computed by olivLawFY 2022
FCF margin
0.5%
computed by olivLawFY 2022

Returns

ROE
-52.6%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROA
-21.2%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROIC
unavailable
input data missing
ROCE
-36.5%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
0.0%
computed by olivLawFY 2022

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-7.2x
computed by olivLawFY 2022

Liquidity

Current ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2022
Quick ratio
0.6x
computed by olivLawbalance sheet at 31 Dec 2022
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2022

Cash

Operating cash flow
717.0 k PLN
computed by olivLawFY 2022
Capital expenditure
362.0 k PLN
computed by olivLawFY 2022
Free cash flow
355.0 k PLN
computed by olivLawFY 2022
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
75 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Days inventory outstanding
2 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Days payables outstanding
117 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Cash conversion cycle
-39 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022

Market and valuation

Market capitalisation
28.1 m PLN
computed by olivLawbalance sheet at 31 Dec 2022
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-103.2%
computed by olivLawFY 2022
P/B
0.7x
computed by olivLawbalance sheet at 31 Dec 2022
P/S
0.4x
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
79.2x
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
FCF yield
1.3%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Dividend yield
0.0%
computed by olivLawFY 2022
Shareholder yield (distributions)
0.0%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 35.4% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.56 PLN

05 Nov 2026Source: olivLaw, closing series

Market cap: 28.1 m PLN

Key indicators

Market capitalisation
28.1 m PLN
computed by olivLawbalance sheet at 31 Dec 2022
P/E (TTM)
unavailable
insufficient data
P/B
0.7x
computed by olivLawbalance sheet at 31 Dec 2022
EV/EBITDA
unavailable
input data missing
ROE
-52.6%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Net margin
-38.6%
computed by olivLawFY 2022
Revenue growth (YoY)
-30.2%
computed by olivLawFY 2022
Dividend yield
0.0%
computed by olivLawFY 2022

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2022
Latest reported period: 31 Dec 2022
Latest balance sheet date: 31 Dec 2022
Share count (cover of the latest filing), as of: 31 Dec 2022
Source: esefpublished 10 May 2023
verified 102derived 6

The data is older than the freshness threshold.

Score by group

35% · 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: score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Quality-38.6%8 (vs peers)18%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet-7.2x0 (on a fixed band)18%
    Current ratio · Balance sheet0.7x0 (on a fixed band)12%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuation1.3%16 (on a fixed band)24%
    Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)18%
    Payout ratio (FCF) · Returns0.0%100 (on a fixed band)12%

    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
    • Returns40/100 · 2/2 factors with a value
    • Valuation· partial16/100 · 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

    ENERGOINSTAL SPÓŁKA AKCYJNA (ENI.WA). Latest full fiscal year: 2022; data up to 2022-12-31.

    Figures computed from the financial statements: revenue 75.2 m PLN in 2022; YoY growth -30.2%; net margin -38.6%; ROE -52.6%.

    Valuation cannot be computed from the available data.

    Insufficient data for a verdict (score weight coverage: 35.4% 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

    • Payout ratio (FCF): 0.0%

    What contradicts it

    • Net margin: -38.6%
    • Interest coverage: -7.2x
    • Current ratio: 0.7x
    • FCF yield: 1.3%
    • Shareholder yield (distributions): 0.0%

    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.

    Versus the vertical median

    Listed companies from Poland · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 12.1x
    EV/EBITDA
    —
    vertical median —
    P/S
    0.4x
    vertical median 1.3x
    below median (−70.8%)
    P/B
    0.7x
    vertical median 1.0x
    below median (−33.2%)
    ROE
    -52.6%
    vertical median 8.9%
    below median (−689.0%)
    Net margin
    -38.6%
    vertical median 2.8%
    below median (−1,469.2%)
    EBIT margin
    -35.4%
    vertical median 6.3%
    below median (−658.6%)
    Revenue YoY
    -30.2%
    vertical median 9.9%
    below median (−406.4%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    0.0%
    vertical median 3.6%
    below median (−100.0%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BDX.WABudimex Spółka Akcyjna19.3 bn36.141.5%6.2%+8.9%+21% / +36%
    ACP.WAAsseco Poland S.A.19.2 bn38.17.8%2.9%+19.8%+19% / +202%
    BFT.WABenefit Systems Spółka Akcyjna18.1 bn131.120.8%7.2%+99.9%+74% / +221%
    ASE.WAAsseco South Eastern Europe Spółka Akcyjna3.7 bn19.818.1%12.0%+36.5%+7% / +52%
    1AT.WAAtal Spółka Akcyjna2.3 bn6.429.8%22.2%−1.3%+7% / +8%
    ATT.WAGrupa Azoty Spółka Akcyjna1.7 bn—-37.9%-20.8%−45.1%−10% / −22%
    ARH.WAArchicom Spółka Akcyjna1.3 bn12.115.9%22.1%−21.6%+13% / +89%
    ACT.WAAction S.A.997.4 m27.18.3%1.5%+6.1%+70% / +170%
    BRS.WABoryszew Spółka Akcyjna889.2 m8.36.3%1.6%+8.4%−24% / −26%
    AGO.WAAgora Spółka Akcyjna601.9 m—-14.2%-9.2%+15.2%+40% / +21%
    AMB.WAAmbra S.A.468.0 m7.616.4%7.0%+12.9%+5% / −33%
    ATC.WAArctic Paper Spółka Akcyjna357.2 m1.416.3%7.0%−27.5%−38% / −75%
    ATG.WA"atm Grupa Spółka Akcyjna"299.3 m11.18.9%11.6%−22.0%−11% / +3%
    ART.WAArtifex Mundi S.A.226.6 m17.435.7%33.3%+51.9%+46% / +12%
    APN.WAAPLISENS Spółka Akcyjna194.6 m9.511.4%13.8%+21.8%−1% / −21%
    BMC.WABumech Spółka Akcyjna155.7 m—-3.4%-3.9%−40.0%−37% / −49%
    ALI.WAALTUS Spolka Akcyjna153.9 m16.87.9%16.9%+30.3%+34% / +48%
    BBT.WABoomBit Spółka Akcyjna71.4 m4.520.7%6.4%−16.5%−19% / −57%
    BBD.WABbi Development S.A.54.1 m1.136.0%208.3%+50.2%+1% / +9%
    ALG.WAAll in! Games Spółka Akcyjna39.8 m——-156.9%−72.2%−27% / −56%
    BMX.WABioMaxima Spółka Akcyjna37.0 m63.21.2%1.3%−67.5%−29% / −45%
    06N.WAMagna Polonia Spółka Akcyjna31.3 m0.5115.4%964.7%+13.0%−28% / −42%
    ENI.WAEnergoinstal Spółka Akcyjna28.1 m—-52.6%-38.6%−30.2%−40% / −65%
    BCM.WABETACOM Spółka Akcyjna26.7 m17.68.0%0.9%+21.3%+8% / +4%
    AWM.WAAirway Medix Spółka Akcyjna14.3 m—-25.8%-117,400.0%−97.7%−23% / −43%

    1- and 3-year price returns: for ENI.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.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (PLN)

    Estimated priceBearBaseBull
    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
    What moves the 3-year price the most

      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

      ENERGOINSTAL is a Polish group that manufactures, assembles and overhauls boilers and pressure equipment, mainly for the energy and industrial sectors. In fiscal 2022 the group faced liquidity difficulties at its subsidiary ZEC ENERGOSERVICE, which applied for a rehabilitation procedure, while the order book of subsidiary ENITEC remains central to the group's outlook. The data come from the consolidated annual report for 2022 1.

      SWOT

      Strengths

      • The group holds fully consolidated, wholly owned subsidiaries, which allows it to coordinate fabrication and assembly 1.
      • ENITEC's backlog covers activity until January 2024 and framework contracts for 2023 in the Netherlands and Belgium 1.
      • Experience with boilers, pressure elements and process pipelines gives a technical niche recognised by existing clients 1.

      Weaknesses

      • The subsidiary ZEC ENERGOSERVICE is in a rehabilitation procedure after liquidity problems linked to German contracts 1.
      • Management indicates the number of potential investments is limited, reducing the volume of available contracts 1.
      • The sources contain no consolidated group revenue or profit figures, which makes a full assessment of performance difficult 1.

      Opportunities

      • If ENITEC can extend its client base as with the P&P Industries AG order, dependence on a small number of partners could decline 1.
      • Assembly and service contracts in the Netherlands and Belgium could become a stable source of activity for 2023 1.
      • If Polish energy prices remain competitive, the group could attract manufacturing projects in the region 1.

      Threats

      • Pressure on energy, gas and steel prices, linked to the Ukraine conflict, could reduce contract margins 1.
      • The rehabilitation procedure at ZEC ENERGOSERVICE could affect the group's reputation and relations with creditors 1.
      • Supply chain interruptions can extend contract deadlines and raise costs 1.

      Risks

      • Insolvency of ZEC ENERGOSERVICEhigh

        Opening the rehabilitation procedure may affect the subsidiary's ability to meet its contracts and could generate further losses for the group 1.

      • Group going-concern exposurehigh

        The source shows management and the board weigh the risk of an adverse outcome in ongoing litigation, which could affect financial position and the ability to continue operating 1.

      • Cost pressuremedium

        Rising energy, gas, steel and wage costs could reduce margins on existing and future contracts 1.

      • Concentration on few contractsmedium

        Dependence on a few clients and on ENITEC contracts could amplify the impact of delays or project cancellations 1.

      • Ukraine conflict uncertaintymedium

        The report says the long-term impact of the conflict is hard to estimate and could affect energy markets and supply chains 1.

      Investment thesis

      What would need to be true (bull case)

      • If the rehabilitation procedure ends with a viable plan, ZEC ENERGOSERVICE could return to stable operations and the group could recover losses from Germany.
      • ENITEC's order book and the framework contracts in the Benelux countries could provide predictable activity for 2023 and early 2024 1.
      • If the group succeeds in diversifying clients, it could reduce concentration risk and win better-paid projects.

      What would break the thesis

      • Liquidity difficulties at the main subsidiary may persist if overseas projects do not generate enough funds for restructuring 1.
      • Limited domestic investment could keep margins low and contract volume small for several years.
      • Litigation with an adverse outcome, which management acknowledges cannot be excluded, could worsen the group's financial position 1.

      What to watch

      • Progress of the ZEC ENERGOSERVICE rehabilitation procedure and restructuring plan2023
      • Execution of the ENITEC backlog and delivery against the 2023 revenue forecast2023
      • Outcome of material court cases in which the parent is a partynext 10-K
      • Trend in margins as energy and material costs change2023

      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

      ENERGOINSTAL S.A. mainly produces, assembles and overhauls water and steam boilers, lifting equipment, stationary pressure vessels, heat exchangers, process pipelines, and provides water treatment and wastewater purification 1. The parent controls three subsidiaries directly, each held at 100% and fully consolidated: ZEC ENERGOSERVICE Sp. z o.o. in restructuring, EL-GOR Sp. z o.o. and ENITEC Sp. z o.o., together with ENITECH Techniki Laserowe Sp. z o.o. 1. The financial year is the calendar year and reporting is in PLN 1. The group closed 2022 with tight liquidity at ZEC ENERGOSERVICE, which applied for a rehabilitation procedure in January 2023 1.

      Two subsidiaries generate the largest turnover and influence group results most: ZEC ENERGOSERVICE and ENITEC 1. Management stated that the parent will not bid directly for general contracting of investment processes and will only take part as a nominated subcontractor for boiler or pressure-element execution and assembly 1. The sources do not give consolidated group revenue or profit, so the analysis is centred on the contracts and order book reported 1.

      Geographically the group combines the Polish market with projects in Germany, the Netherlands and Belgium, through subsidiaries or service and assembly work 1. The report states the group has no direct sales exposure to Eastern markets (Ukraine, Russia, Belarus) and no investments there, and a contract for delivery to Russia was not shipped because of an embargo, with no loss recorded 1.

      Segments

      ZEC ENERGOSERVICE (in restructuring)

      The subsidiary performs assembly and construction work in Poland and abroad, including German projects that produced the group's largest losses, mainly from pandemic-related costs 1. Since 30 January 2023 it has been in a rehabilitation procedure, with management remaining with the debtor under a supervisor 1. The backlog outside Germany is 13 mln PLN, with the last signed contract ending in November 2023 1.

      ENITEC

      ENITEC runs workshop production and assembly and service for boilers and pressure elements, with clients including the Standardkessel group, Balcke Dürr, Valmet and Arvos 1. Its backlog at 31.12.2022 covers activity to January 2024, and forecast 2023 revenue is above 65 mln PLN 1. In the fourth quarter of 2022 the subsidiary sought to diversify clients and won an order from P&P Industries AG 1.

      Market context

      The group operates mainly in the energy and industrial market, especially for power equipment and pressure components, a field management describes as well known 1. The sources indicate a limited number of potential investments in the domestic and foreign markets, which reduces both the number of available contracts and their margins 1. Rising energy, gas and wage costs, driven by high inflation, affect cost calculations for new offers 1.

      According to the report, the Ukraine conflict has pressured raw material prices, especially steel, and energy costs, which may lead to revised tender budgets in the energy-industrial sector 1. Supply chain disruptions may extend contract durations 1. The report also notes that Polish electricity prices are among the lowest in Europe, which could partly mitigate cost pressure 1.

      Trends

      • Limited domestic investmentheadwind

        The source mentions a limited number of potential investments, which narrows both contract volume and margins 1. Management decided not to compete directly for general contracting, limiting access to larger projects 1.

      • Energy and materials cost pressureheadwind

        Rising energy, gas, steel and wage costs, linked to the Ukraine conflict and inflation, affect margins and offer pricing 1. The report notes Polish energy prices remain relatively low in Europe, which could partly cushion the effect 1.

      • ENITEC order bookmixed

        A backlog of 43 mln PLN and forecast revenue above 65 mln PLN for 2023 suggest the subsidiary's activity may stay supported if existing contracts hold 1. Client diversification begun in 2022 could reduce dependence on a few partners 1.

      • ZEC ENERGOSERVICE liquidityheadwind

        Liquidity problems and the rehabilitation procedure could weigh on client confidence and execution capacity if work does not stabilise 1. Management argues that projects in Poland and those won abroad cover current costs 1.

      Competitive position

      The source does not identify competitors and contains no comparative data on market share or positioning 1. From the text, competition seems to play out mainly through access to tenders and offer pricing, especially in boiler and pressure-element assembly projects 1.

      The group appears to choose a specialised subcontractor role rather than a general contractor, placing it against other assembly and fabrication suppliers, though the report does not name them 1. Client diversification, such as the order from P&P Industries AG, is presented as a way to reduce dependence 1.

      • Unnamed competitors in Poland and Europe

        The report does not name competitors, so their identity cannot be established from the source.

      • Boiler and pressure-element suppliers

        Clients named in the report, such as Balcke Dürr, Valmet and Arvos, are partners rather than competitors according to the source.

      • Industrial assembly firms

        The source gives no information about firms competing for the same assembly contracts.

      • German energy service providers

        The report describes difficulties on German projects but does not identify competitors in that market.

      News & filings

      In the press

      No news in our archive over the last 180 days.

      Annual reports (ESEF)

      Sources

      1. [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / ENERGOINSTAL Spółka Akcyjna · 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.

      ENERGOINSTAL Spółka Akcyjna (ENI.WA): stock, results, valuation and forecast · olivLaw