olivLaw · European equity research
Eurotel S.A. ETL.WA
Poland · GPW Warszawa · ISIN PLERTEL00011 · Vertical: Listed companies from Poland
Eurotel S.A. is a Polish group that runs a network of retail sales outlets and sells electronic devices and related services through its two fully consolidated subsidiaries, Viamind and 2Way. The 2022 annual report shows that a significant part of its sales premises and lease contracts is tied to the euro, which keeps currency exposure a central topic for investors.
At the close of 05 Nov 2026, Eurotel S.A. (ETL.WA) stock was 30.30 PLN (−0.49% on the day), with market capitalisation 113.6 m PLN, P/E 2.8 on diluted EPS of 10.81 PLN over the last 12 months, dividend yield 16.50%, beta 0.34, 52-week range 22.20–32.90 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)
- 58.0
- strong (55–70)
- Bollinger (20, 2)
- 27.62 – 30.64
- in the upper half of the band · %B 0.89 · band width 10.4%
- SMA 50 / 200
- 29.79 / 29.24
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / -0.22
- 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 | +3.4% | −0.6% | +4.1 pp | — |
| 3 months | −7.5% | −4.2% | −3.3 pp | — |
| 6 months | +27.8% | +4.3% | +23.5 pp | — |
| Year to date | +3.4% | +7.5% | −4.1 pp | — |
| 1 year | +4.1% | +9.9% | −5.8 pp | +7.1% |
| 3 years | −28.2% | +49.8% | −78.0 pp | +3.3% |
| 5 years | −22.9% | +42.8% | −65.7 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 3-quarter history (min 5.4, median 5.7, max 6.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 427.4 m | 490.2 m | 620.7 m |
| Revenue YoY | unavailable | +14.7% | +26.6% |
| Net income | 19.6 m | 24.3 m | 40.5 m |
| Net income YoY | unavailable | +23.9% | +67.0% |
| Diluted EPS | 5.23 | 6.47 | 10.81 |
| Diluted EPS YoY | unavailable | +23.7% | +67.1% |
| net % | 4.6% | 4.9% | 6.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 67.6 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 103.7 m PLN
- Total assets
- 211.2 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.82x
- ROE
- 43.2%
- ROA
- 20.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 427.4 m | 490.2 m | 620.7 m | esef· 04 May 2023verified |
| Cost of revenue | 349.8 m | 402.4 m | 516.8 m | esef· 04 May 2023verified |
| Gross profit | 77.6 m | 87.8 m | 103.9 m | esef· 04 May 2023verified |
| Operating income | 24.6 m | 29.8 m | 39.3 m | esef· 04 May 2023verified |
| Interest expense | 1.5 m | 996.0 k | 984.0 k | esef· 04 May 2023verified |
| Pre-tax income | 23.9 m | 30.0 m | 50.2 m | esef· 04 May 2023verified |
| Income tax | 4.4 m | 5.7 m | 9.6 m | esef· 04 May 2023verified |
| Net income | 19.6 m | 24.3 m | 40.5 m | esef· 04 May 2023verified |
| Diluted EPS | 5.23 | 6.47 | 10.81 | esef· 04 May 2023verified |
| Dividend per share | 0.00 | 6.20 | 5.00 | esef· 04 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 39.7 m | 44.1 m | 67.6 m | esef· 04 May 2023verified |
| Receivables | 39.4 m | 44.8 m | 46.7 m | esef· 04 May 2023verified |
| Inventories | 21.6 m | 22.4 m | 31.7 m | esef· 04 May 2023verified |
| Current assets | 101.5 m | 115.6 m | 146.1 m | esef· 04 May 2023verified |
| Property, plant & equipment, net | 7.3 m | 6.5 m | 5.0 m | esef· 04 May 2023verified |
| Goodwill | 23.9 m | 23.9 m | 23.9 m | esef· 04 May 2023verified |
| Intangibles (excl. goodwill) | 327.0 k | 269.0 k | 230.0 k | esef· 04 May 2023verified |
| Total assets | 173.2 m | 184.6 m | 211.2 m | esef· 04 May 2023verified |
| Accounts payable | 43.1 m | 56.7 m | 65.0 m | esef· 04 May 2023verified |
| Current liabilities | 59.1 m | 73.0 m | 80.5 m | esef· 04 May 2023verified |
| Total liabilities | 90.5 m | 100.9 m | 107.5 m | esef· 04 May 2023verified |
| Equity | 82.7 m | 83.7 m | 103.7 m | esef· 04 May 2023verified |
| Shares outstanding at year end | 3.7 m | 3.7 m | 3.7 m | esef· 04 May 2023derived |
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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 113.6 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.5% | 62 (vs peers) | 19% |
| 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 | 39.9x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.8x | 85 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 2.8x | 84 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 16.5% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet94/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial62/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 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
Eurotel S.A. (ETL.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 620.7 m PLN in 2022; YoY growth 26.6%; net margin 6.5%; ROE 43.2%.
The estimated value range is 58.97–125.35 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 86.90 PLN, the price of 30.30 PLN leaves a potential of 186.8% (value / price − 1) and a margin of safety of 65.1% (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: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 39.9x
- Current ratio: 1.8x
- P/E (TTM): 2.8x
- Shareholder yield (distributions): 16.5%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| ETL.WAEurotel S.A. | 113.6 m | 2.8 | 43.2% | 6.5% | +26.6% | +10% / −20% |
| 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 ETL.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 | 19.80 Total return -20% · Per year -20% | 34.85 Total return 34% · Per year 34% | 52.27 Total return 95% · Per year 95% |
| 3 years | 23.49 Total return 25% · Per year 8% | 46.08 Total return 118% · Per year 30% | 75.27 Total return 231% · Per year 49% |
| 5 years | 27.86 Total return 78% · Per year 12% | 60.94 Total return 229% · Per year 27% | 108.38 Total return 427% · Per year 39% |
- Exit P/E± 11.52
- Net margin± 8.06
- Annual revenue growth± 6.01
- Annual dilution± 0.68
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
Eurotel S.A. is a Polish group that runs a network of retail sales outlets and sells electronic devices and related services through its two fully consolidated subsidiaries, Viamind and 2Way 1. The 2022 annual report shows that a significant part of its sales premises and lease contracts is tied to the euro, which keeps currency exposure a central topic for investors 1.
SWOT
Strengths
- The group relies largely on its own funds and uses bank loans only occasionally, which reduces dependence on external financing 1.
- The group structure is clear, with two fully consolidated subsidiaries, which simplifies reporting 1.
- The store network and relationships with distribution partners give a stable operating base in Poland 1.
Weaknesses
- Many lease contracts are tied to the euro, which exposes the group's costs to exchange rate movements 1.
- Purchase and recommended retail prices change quickly, which can lead to losses in inventory value 1.
- Activity depends on promotions by network operators, over which the group has limited influence 1.
Opportunities
Threats
- Inflation and rising interest rates can reduce consumption and make financing more expensive, affecting margins 1.
- Disputes with tax authorities can lead to penalties, especially because of differing interpretations of the law 1.
- Supply chain disruptions and cyber attacks can affect operations and customer data 1.
Risks
- Currency riskmedium
Euro-denominated lease contracts and purchase prices influenced by exchange rates could raise the group's costs 1.
- Tax riskhigh
Tax authorities could challenge the group's or its partners' settlements, and penalties could be imposed 1.
- Inventory riskmedium
Rapid price changes in consumer electronics can leave stock that is hard to sell 1.
- Credit riskmedium
Network partners may delay payments, and settlements depend on differences in phone prices 1.
- Cyber riskmedium
Attacks on IT systems could affect operations and the personal data of customers 1.
Investment thesis
What would need to be true (bull case)
- If the group keeps funding itself from its own resources and maintains its store network, it may be better placed to weather economic uncertainty 1.
- Demand for communication equipment, supported by remote work, could support sales over the medium term 1.
- A move to the euro, if it happens, could reduce the currency exposure tied to lease contracts 1.
What would break the thesis
- If inflation and interest rates remain high, consumption could fall and margins could be squeezed 1.
- A successful tax challenge by the authorities could have a significant negative impact on results 1.
- Dependence on network operator promotions and manufacturer pricing limits the group's control over margins 1.
What to watch
- Development of the euro exchange rate and its effect on lease contracts2023
- Status of any tax audits and disputes with the authoritiesnext 10-K
- Development of inflation and financing costs for consumers and the group2023
- Promotional policy of network operators and its effect on sales2023
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 Eurotel group consists of the parent company Eurotel S.A. and two wholly owned subsidiaries, Viamind Spółka z o.o. and 2Way Spółka z o.o., both consolidated under the full method 1. Its core activity is selling consumer electronics, especially phones, through its own stores and a partner network, mainly in the Polish market 1. The group funds itself largely from its own working capital and supplier credit, using bank loans only occasionally 1.
The business model relies on two channels: retail stores, some of them owned directly by the group, and the relationship with network partners, where settlements depend on price differences for phones 1. Equipment is mostly sourced from manufacturers outside Poland, and purchase prices are influenced by exchange rates 1.
The group manages risk through credit limits for customers, bank guarantees and a credit line used for payment guarantees and a cash limit 1. Results are sensitive to promotional policies of network operators, to inflation and to currency movements 1.
Segments
Goods trading and settlements with partners
For goods trading, currency risk is low because products are usually bought already converted into zloty by Polish distributors, while settlements with partners depend on phone price differences 1.
Subsidiaries
The two subsidiaries, Viamind and 2Way, are fully consolidated and complement the group's activity, though the source does not break out their individual contribution to results 1.
Market context
Eurotel operates mainly in the Polish market for consumer electronics and communication services 1. Demand for communication products depends on mobile operator promotions and consumer spending, factors that have shifted under the influence of inflation and the war in Ukraine 1.
The annual report notes that the sector is sensitive to economic restrictions and supply chain disruptions, particularly those linked to production in China, which could affect product availability and prices 1.
Trends
- Currency exposure of lease contractsmixed
A significant part of commercial premises leases is denominated in euro, and Poland's move to the euro would remove this factor if it takes place 1.
- Inflation and rising financing costsheadwind
Management expects that inflation and higher interest rates could reduce consumer preferences and raise financing costs, although the group funds itself mostly from own resources 1.
- War in Ukrainemixed
The direct effect on the group is considered limited, because its main suppliers and customers do not come from Ukraine or Russia, but the indirect effect through inflation and demand from Ukrainian refugees could matter 1.
- Demand for communication equipmenttailwind
The sector becomes essential during economic restrictions, because it enables remote work and communication, which may support sales 1.
Competitive position
The annual report does not explicitly name competitors, but it states that the retail electronics market is competitive and that margins can be squeezed by network operators and manufacturer prices 1.
The group's advantage rests on its store network and its distribution partner relationships, but the source does not compare it with other players, so its competitive position is only partly documented 1.
- Mobile network operators and partner networks
The report refers to mobile operators whose promotions and offers influence prices and sales volumes, without naming them 1.
- Polish electronics distributors
Local distributors supply goods already converted into zloty, making them part of the group's supply chain 1.
- International phone manufacturers
Manufacturers outside Poland, particularly those producing in Asia, determine the purchase prices and availability of the products the group sells 1.
- Other retail electronics store chains
The source describes price pressure in the retail electronics market without identifying specific competing chains 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202204 May 2023
- Annual report 202119 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Eurotel S.A. · 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.