olivLaw · European equity research
Enter Air S.A. ENT.WA
Poland · GPW Warszawa · ISIN PLENTER00017 · Vertical: Listed companies from Poland
Enter Air is a Polish charter airline that operates flights for tour operators and bundles ground, technical and crew services. The group expanded in 2023-2024 through new subsidiaries and a joint venture for crewed aircraft leasing, which makes the evolution of its leasing-funded debt relevant.
At the close of 05 Nov 2026, Enter Air S.A. (ENT.WA) stock was 49.00 PLN (+3.05% on the day), with market capitalisation 859.4 m PLN, P/E 4.4 on diluted EPS of 11.20 PLN over the last 12 months, beta 0.47, 52-week range 46.30–66.10 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)
- 52.7
- neutral
- Bollinger (20, 2)
- 46.66 – 49.55
- in the upper half of the band · %B 0.81 · band width 6.0%
- SMA 50 / 200
- 49.43 / 54.08
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.36 / -0.47
- MACD above 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 | −1.0% | −0.6% | −0.4 pp | — |
| 3 months | −9.3% | −4.2% | −5.1 pp | — |
| 6 months | −8.2% | +4.3% | −12.6 pp | — |
| Year to date | −16.1% | +7.5% | −23.6 pp | — |
| 1 year | −7.4% | +9.9% | −17.3 pp | +7.1% |
| 3 years | +15.8% | +49.8% | −34.0 pp | +3.3% |
| 5 years | +53.1% | +42.8% | +10.3 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 4.6, median 5.3, max 6.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 1.1 bn | 2.3 bn | 2.6 bn |
| Revenue YoY | unavailable | +101.4% | +16.4% |
| Net income | -117.1 m | 72.3 m | 196.4 m |
| Net income YoY | unavailable | unavailable | +171.8% |
| Diluted EPS | -6.68 | 4.12 | 11.20 |
| Diluted EPS YoY | unavailable | unavailable | +171.8% |
| net % | -10.5% | 3.2% | 7.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 275.7 m PLN
- Financial debt
- 0 PLN
- Net debt
- -275.7 m PLN
- Equity
- 357.8 m PLN
- Total assets
- 2.1 bn PLN
- Debt / equity
- 0.00x
- Current ratio
- 0.69x
- ROE
- 75.7%
- ROA
- 9.9%
- 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 | 1.1 bn | 2.3 bn | 2.6 bn | esef· 02 May 2024verified |
| Cost of revenue | 1.1 bn | 2.0 bn | 2.4 bn | esef· 02 May 2024verified |
| Gross profit | 52.1 m | 216.1 m | 221.6 m | esef· 02 May 2024verified |
| Operating income | -14.7 m | 225.6 m | 166.2 m | esef· 02 May 2024verified |
| Pre-tax income | -141.1 m | 77.1 m | 240.5 m | esef· 02 May 2024verified |
| Income tax | -24.0 m | 4.9 m | 44.1 m | esef· 02 May 2024verified |
| Net income | -117.1 m | 72.3 m | 196.4 m | esef· 02 May 2024verified |
| Diluted EPS | -6.68 | 4.12 | 11.20 | esef· 02 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 268.7 m | 293.3 m | 275.7 m | esef· 02 May 2024verified |
| Receivables | 78.7 m | 125.0 m | 170.4 m | esef· 02 May 2024verified |
| Inventories | 4.2 m | 4.6 m | 6.8 m | esef· 02 May 2024verified |
| Current assets | 351.6 m | 422.9 m | 452.9 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 1.2 bn | 1.3 bn | 1.5 bn | esef· 02 May 2024verified |
| Intangibles (excl. goodwill) | 267.0 k | 256.0 k | 4.4 m | esef· 02 May 2024verified |
| Total assets | 1.7 bn | 1.8 bn | 2.1 bn | esef· 02 May 2024verified |
| Accounts payable | — | 139.1 m | 126.0 m | esef· 02 May 2024verified |
| Long-term debt | 197.1 m | 94.2 m | 0 | esef· 02 May 2024verified |
| Current liabilities | 556.7 m | 571.9 m | 653.8 m | esef· 02 May 2024verified |
| Total liabilities | 1.7 bn | 1.7 bn | 1.8 bn | esef· 02 May 2024verified |
| Equity | 89.0 m | 161.3 m | 357.8 m | esef· 02 May 2024verified |
| Shares outstanding at year end | 17.5 m | 17.5 m | 17.5 m | esef· 02 May 2024derived |
Cash flow · PLN
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: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 859.4 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · 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: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 613.5% | 100 (vs peers) | 33% |
| Net margin · Quality | 7.5% | 72 (vs peers) | 20% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 4.4x | 84 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality89/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial84/100 · 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
Enter Air Spółka Akcyjna (ENT.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 2.6 bn PLN in 2023; YoY growth 16.4%; net margin 7.5%; ROE 75.7%.
The estimated value range is 71.37–196.97 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 123.90 PLN, the price of 49.00 PLN leaves a potential of 152.9% (value / price − 1) and a margin of safety of 60.5% (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: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 613.5%
- Net margin: 7.5%
- P/E (TTM): 4.4x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, 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% |
| ENT.WAEnter Air Spółka Akcyjna | 859.4 m | 4.4 | 75.7% | 7.5% | +16.4% | −9% / +14% |
| 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 ENT.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 | 32.02 Total return -35% · Per year -35% | 56.35 Total return 15% · Per year 15% | 84.53 Total return 73% · Per year 73% |
| 3 years | 37.98 Total return -22% · Per year -8% | 74.52 Total return 52% · Per year 15% | 121.72 Total return 148% · Per year 35% |
| 5 years | 45.05 Total return -8% · Per year -2% | 98.56 Total return 101% · Per year 15% | 175.27 Total return 258% · Per year 29% |
- Exit P/E± 18.63
- Net margin± 13.04
- Annual revenue growth± 9.73
- Annual dilution± 1.10
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
Enter Air is a Polish charter airline that operates flights for tour operators and bundles ground, technical and crew services. The group expanded in 2023-2024 through new subsidiaries and a joint venture for crewed aircraft leasing, which makes the evolution of its leasing-funded debt relevant 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- High indebtednesshigh
Interest-bearing debt is far larger than equity, and debt service depends on continued leasing 1.
- Currency exposurehigh
Revenues are in foreign currency while costs are in PLN, so an unfavourable exchange rate could reduce margins 1.
- Seasonalitymedium
Revenues are concentrated in the summer season, making cash flows vulnerable in winter 1.
- Customer concentrationmedium
A small number of tour operators generate a significant part of revenue and create credit risk 1.
- Litigationmedium
The group is party to several cases, including an unfair competition damages claim that management considers weak 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Trend in the current liquidity ratio and interest-bearing debt2024
- Consolidation of the Fly4 Airlines Green joint venture and its results2024
- Decision on the Hungarian hangar2024
- Resolution of the Paris unfair competition case2025
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
In 2023 the group widened its structure: subsidiary SKY24 was registered for operational software for airlines, a Hungarian subsidiary was set up for possible hangar maintenance, and a joint venture with German tourism group TUI, Fly4 Airlines Green, obtained an air operator certificate from the Irish authority in March 2024 1. Enter Air holds 51% of this joint venture 1.
The group depends on strong tourism seasonality: in the summer season it uses the whole fleet, while in winter utilisation falls by no more than a third, making credit lines necessary to fund maintenance 1. Contracts with tour operators are an essential part of the business 1.
Segments
Charter air services (Enter Air sp. z o.o.)
The main segment runs international charter flights for tourism with leased aircraft and is the core of group revenue 1.
Ground, technical and crew services (subsidiaries)
Enter Air Services and Enter Air Executive Services provide onboard services, flight crew, technical maintenance and crew and parts transport, activities that directly support charter operations 1.
New projects (Fly4, SKY24, Hungarian hangar)
Fly4 Airlines Green (joint venture, crewed aircraft leasing), SKY24 (operational software) and the Hungarian subsidiary (possible maintenance) are early-stage initiatives whose consolidation is still under analysis 1.
Market context
The charter tourism market in Poland and Central Europe is seasonal and sensitive to fuel and currency costs, since revenues are in USD, EUR and GBP while costs are in PLN 1. Conflicts in Ukraine and the Middle East closed airspace and lengthened some routes, but up to the report no fall in holiday demand was recorded 1.
The route to the Persian Gulf and Turkey gets longer because of closed airspace, and traffic to Israel, though growing, is a small part of operations that can be replaced by other destinations 1.
Trends
- Holiday demand steady despite conflictstailwind
Up to the report no drop in holiday demand was seen, despite higher oil prices and currency swings 1.
- Fuel and currency costsheadwind
Higher oil prices and currency volatility could squeeze margins, especially if foreign-currency revenues are not matched with PLN costs 1.
- Expansion into crewed leasing and servicesmixed
The Fly4 joint venture and new subsidiaries could diversify revenue if consolidation and certification succeed 1.
- Seasonality and credit fundingheadwind
Winter seasonality requires credit lines for technical maintenance, and a current liquidity ratio below 1 signals pressure on working capital 1.
Competitive position
Enter Air competes with other charter operators and low-cost airlines that run tourist flights from Poland and Central Europe; the source does not name competitors, so market shares cannot be compared 1. The declared advantage is vertical integration of ground, technical and crew services 1.
Reliance on tour operators creates customer concentration, and the group acknowledges credit risk linked to a small number of counterparties 1.
- Other Central European charter operators
The source names no competitors, but charter tourism operators in the region compete directly for the same tour-operator contracts.
- Low-cost airlines running tourist flights
Competition for holiday passengers also comes from low-fare scheduled carriers flying similar routes.
- Integrated tour operators with own fleets
Tour operators that own their fleets can reduce the need for third-party airlines, though they are also Enter Air customers.
News & filings
In the press
- FOTO Vine în România. Cel mai mare operator de zboruri charter din Polonia, Enter Air, partener al noului acționar Paralela 45, deschide sucursală pe piața localăHotNews.ro · 26 Oct 2026 · RO
- FOTO Vine în România. Cel mai mare operator de zboruri charter din Polonia, Enter Air, partener al noului acționar Paralela 45, deschide sucursală pe piața localăProfit.ro · 25 Oct 2026 · RO
- Cu cine zbori, cât plătești acum și ce faci dacă se schimbă planurile. Ghidul complet al vacanței de vară 2027 cu Paralela45 și Enter AirLibertatea.ro · 21 Oct 2026 · RO
- Paralela45 lansează cea mai mare vară din istoria sa. Zboruri Enter Air din tot mai multe orașe și Albania în premieră pe curse charterAntena 3 CNN · 20 Oct 2026 · RO
- Dawid Manicki, Paralela45: Cu Enter Air, turiștii români au același standard ca turiștii grupului Rainbow din toată regiuneaAdevărul · 19 Oct 2026 · RO
Annual reports (ESEF)
- Annual report 202302 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Enter Air 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.