olivLaw · European equity research
ENERGOINSTAL Spółka Akcyjna ENI.WA
Poland · GPW Warszawa · ISIN PLERGIN00015 · Vertical: Listed companies from Poland
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.
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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical 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 | — |
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 | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 94.1 m | 107.7 m | 75.2 m |
| Revenue YoY | unavailable | +14.5% | −30.2% |
| Net income | -684.0 k | -13.9 m | -29.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.04 | -0.77 | -1.61 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -0.7% | -12.9% | -38.6% |
| Free cash flow | 6.2 m | -14.1 m | 355.0 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
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 94.1 m | 107.7 m | 75.2 m | esef· 10 May 2023verified |
| Cost of revenue | 79.8 m | 110.0 m | 88.9 m | esef· 10 May 2023verified |
| Gross profit | 14.3 m | -2.3 m | -13.7 m | esef· 10 May 2023verified |
| Operating income | 1.9 m | -12.4 m | -26.6 m | esef· 10 May 2023verified |
| Interest expense | 1.7 m | 1.4 m | 3.7 m | esef· 10 May 2023verified |
| Pre-tax income | 928.0 k | -13.8 m | -30.3 m | esef· 10 May 2023verified |
| Income tax | 1.6 m | 88.0 k | -1.2 m | esef· 10 May 2023verified |
| Net income | -684.0 k | -13.9 m | -29.0 m | esef· 10 May 2023verified |
| Diluted EPS | -0.04 | -0.77 | -1.61 | esef· 10 May 2023verified |
| Dividend per share | 0.02 | 0.00 | 0.00 | esef· 10 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.8 m | 5.9 m | 7.7 m | esef· 10 May 2023verified |
| Receivables | 15.0 m | 15.6 m | 15.5 m | esef· 10 May 2023verified |
| Inventories | 504.0 k | 295.0 k | 760.0 k | esef· 10 May 2023verified |
| Current assets | 41.8 m | 54.4 m | 34.1 m | esef· 10 May 2023verified |
| Property, plant & equipment, net | 44.9 m | 85.9 m | 82.2 m | esef· 10 May 2023verified |
| Goodwill | 14.0 k | 0 | 0 | esef· 10 May 2023verified |
| Intangibles (excl. goodwill) | 35.0 k | 50.0 k | 23.0 k | esef· 10 May 2023verified |
| Total assets | 95.3 m | 149.2 m | 125.1 m | esef· 10 May 2023verified |
| Accounts payable | 22.1 m | 31.9 m | 25.0 m | esef· 10 May 2023verified |
| Current liabilities | 29.1 m | 57.5 m | 52.2 m | esef· 10 May 2023verified |
| Total liabilities | 47.2 m | 79.2 m | 82.1 m | esef· 10 May 2023verified |
| Equity | 48.1 m | 70.1 m | 43.0 m | esef· 10 May 2023verified |
| Shares outstanding at year end | 17.1 m | 18.1 m | 18.0 m | esef· 10 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 6.9 m | -13.2 m | 717.0 k | esef· 10 May 2023verified |
| Capex | 753.0 k | 854.0 k | 362.0 k | esef· 10 May 2023verified |
| Free cash flow | 6.2 m ≈ | -14.1 m ≈ | 355.0 k ≈ | esef· 10 May 2023derived |
| Investing cash flow | -65.0 k | -762.0 k | -53.0 k | esef· 10 May 2023verified |
| Financing cash flow | -821.0 k | 9.1 m | 1.2 m | esef· 10 May 2023verified |
| Dividends paid | 298.0 k | 0 | 0 | esef· 10 May 2023verified |
≈ 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
- 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
05 Nov 2026Source: olivLaw, closing series
Market cap: 28.1 m PLN
Key indicators
Coverage and freshness
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
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -38.6% | 8 (vs peers) | 18% |
| 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 | -7.2x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.3% | 16 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 0.0% | 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
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% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| ENI.WAEnergoinstal Spółka Akcyjna | 28.1 m | — | -52.6% | -38.6% | −30.2% | −40% / −65% |
| 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 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.
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
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
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)
- Annual report 202210 May 2023
- Annual report 202122 Jun 2022
Sources
- [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.