olivLaw · European equity research
INTERBUD-LUBLIN Spółka Akcyjna ITB.WA
Poland · GPW Warszawa · ISIN PLINTBD00014 · Vertical: Listed companies from Poland
INTERBUD-LUBLIN is a real estate development group based in Lublin, focused on residential development through its subsidiaries after temporarily withdrawing from construction works. Its financial position remains fragile, with negative equity at the end of 2022, so the pace at which it restarts projects matters a great deal.
At the close of 05 Nov 2026, INTERBUD-LUBLIN Spółka Akcyjna (ITB.WA) stock was 1.28 PLN (−2.29% on the day), with market capitalisation 8.9 m PLN, P/E 1.7 on diluted EPS of 0.76 PLN over the last 12 months, beta 0.21, 52-week range 1.24–2.23 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)
- 41.0
- weak (30–45)
- Bollinger (20, 2)
- 1.22 – 1.45
- in the lower half of the band · %B 0.26 · band width 17.5%
- SMA 50 / 200
- 1.43 / 1.74
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.04
- 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 | −12.0% | −0.6% | −11.4 pp | — |
| 3 months | −14.1% | −4.2% | −9.9 pp | — |
| 6 months | −34.7% | +4.3% | −39.0 pp | — |
| Year to date | −32.6% | +7.5% | −40.1 pp | — |
| 1 year | −42.1% | +9.9% | −52.0 pp | +7.1% |
| 3 years | −29.3% | +49.8% | −79.1 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 50 percentile of its own 2-quarter history (min 1.2, median 1.9, max 2.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 2.4 m | 23.0 m | 48.7 m |
| Revenue YoY | unavailable | +872.1% | +111.5% |
| Net income | -1.8 m | 3.4 m | 5.3 m |
| Net income YoY | unavailable | unavailable | +58.0% |
| Diluted EPS | -0.26 | 0.48 | 0.76 |
| Diluted EPS YoY | unavailable | unavailable | +58.3% |
| net % | -77.4% | 14.6% | 10.9% |
| Free cash flow | -2.8 m | -3.2 m | 14.2 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 7.4 m PLN
- Financial debt
- 3.7 m PLN
- Net debt
- -3.6 m PLN
- Equity
- -4.0 m PLN
- Total assets
- 25.1 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.92x
- ROE
- unavailable
- ROA
- 11.9%
- FCF margin
- 29.2%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.4 m | 23.0 m | 48.7 m | esef· 04 May 2023verified |
| Cost of revenue | 1.9 m | 19.0 m | 38.8 m | esef· 04 May 2023verified |
| Gross profit | 467.0 k | 4.0 m | 9.8 m | esef· 04 May 2023verified |
| Operating income | -2.3 m | 2.9 m | 4.7 m | esef· 04 May 2023verified |
| Interest expense | 909.6 k | 473.4 k | 558.7 k | esef· 04 May 2023verified |
| Pre-tax income | -1.9 m | 2.5 m | 6.4 m | esef· 04 May 2023verified |
| Income tax | -55.1 k | -855.9 k | 1.1 m | esef· 04 May 2023verified |
| Net income | -1.8 m | 3.4 m | 5.3 m | esef· 04 May 2023verified |
| Diluted EPS | -0.26 | 0.48 | 0.76 | esef· 04 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 7.4 m | 8.0 m | 7.4 m | esef· 04 May 2023verified |
| Inventories | 28.2 m | 44.4 m | 14.9 m | esef· 04 May 2023verified |
| Current assets | 37.0 m | 61.9 m | 23.3 m | esef· 04 May 2023verified |
| Property, plant & equipment, net | 848.5 k | 678.5 k | 502.0 k | esef· 04 May 2023verified |
| Goodwill | 0 | 0 | 0 | esef· 04 May 2023verified |
| Intangibles (excl. goodwill) | 0 | 10.5 k | 5.0 k | esef· 04 May 2023verified |
| Total assets | 61.7 m | 63.9 m | 25.1 m | esef· 04 May 2023verified |
| Long-term debt | 6.9 m | 13.2 m | 3.7 m | esef· 04 May 2023verified |
| Current liabilities | 67.0 m | 59.7 m | 25.3 m | esef· 04 May 2023verified |
| Total liabilities | 74.3 m | 73.2 m | 29.1 m | esef· 04 May 2023verified |
| Equity | -12.7 m | -9.3 m | -4.0 m | esef· 04 May 2023verified |
| Shares outstanding at year end | 7.0 m | 7.0 m | 7.0 m | esef· 04 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.8 m | -2.9 m | 14.2 m | esef· 04 May 2023verified |
| Capex | 26.7 k | 319.4 k | 0 | esef· 04 May 2023verified |
| Free cash flow | -2.8 m ≈ | -3.2 m ≈ | 14.2 m ≈ | esef· 04 May 2023derived |
| Investing cash flow | 4.2 m | 14.7 m | 40.0 k | esef· 04 May 2023verified |
| Financing cash flow | 634.5 k | -11.2 m | -14.9 m | esef· 04 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: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.9 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · 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: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.9% | 72 (vs peers) | 15% |
| FCF conversion · Quality | 267.6% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.4x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 0.9x | 10 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 1.7x | 84 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 158.9% | 100 (on a fixed band) | 20% |
| 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 sheet64/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality86/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation91/100 · 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
INTERBUD-LUBLIN SPÓŁKA AKCYJNA (ITB.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 48.7 m PLN in 2022; YoY growth 111.5%; net margin 10.9%.
The estimated value range is 18.04–29.06 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 22.55 PLN, the price of 1.28 PLN leaves a potential of 1,661.8% (value / price − 1) and a margin of safety of 94.3% (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 (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 10.9%
- FCF conversion: 267.6%
- Interest coverage: 8.4x
- P/E (TTM): 1.7x
- FCF yield: 158.9%
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| 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% |
| ITB.WAInterbud-Lublin Spółka Akcyjna | 8.9 m | 1.7 | — | 10.9% | +111.5% | −40% / −31% |
1- and 3-year price returns: for ITB.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 | 0.84 Total return -35% · Per year -35% | 1.47 Total return 15% · Per year 15% | 2.21 Total return 73% · Per year 73% |
| 3 years | 0.99 Total return -22% · Per year -8% | 1.95 Total return 52% · Per year 15% | 3.18 Total return 148% · Per year 35% |
| 5 years | 1.18 Total return -8% · Per year -2% | 2.57 Total return 101% · Per year 15% | 4.58 Total return 258% · Per year 29% |
- Exit P/E± 0.49
- Net margin± 0.34
- Annual revenue growth± 0.25
- Annual dilution± 0.03
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
INTERBUD-LUBLIN is a real estate development group based in Lublin, focused on residential development through its subsidiaries after temporarily withdrawing from construction works. Its financial position remains fragile, with negative equity at the end of 2022, so the pace at which it restarts projects matters a great deal.
SWOT
Strengths
- The group has a structure of wholly owned subsidiaries and a portfolio of land and projects in Lublin, which gives it flexibility in planning launches.
- Management has shown the ability to complete stages of the creditor arrangement and to meet most of the staggered payment plan.
- The positive net result for 2022 indicates a return to profitability after earlier periods, although equity remains negative.
Weaknesses
- The group's equity is negative at the end of 2022, and liquidity indicators show limited coverage of short-term obligations.
- The group has temporarily stopped construction activity, which limits direct control over project execution and costs.
- Trade payables are large relative to current assets, and part of them has long maturities, which puts pressure on cash flows.
Opportunities
- If the market absorbs its oversupply and the loan programme stimulates demand, the group could sell its stock faster and launch its next stages.
- Using the land in the portfolio, including the Felin area, could open new projects without additional land purchases.
- Developing the rental and management activity could bring more predictable income if the related subsidiaries are expanded.
Threats
- A prolonged oversupply or a fall in housing prices could reduce margins and slow sales receipts.
- Rising construction costs and supply chain disruption linked to the war in Ukraine could increase project budgets.
- If interest rates stay high, buyers' access to credit could remain difficult, weighing on demand for housing.
Risks
- Negative equityhigh
At 31 December 2022 total equity was negative, which raises questions about the group's ability to finance its plans without new resources.
- Limited liquidityhigh
Current and quick liquidity ratios are below full coverage, so short-term obligations depend on receipts from sales.
- Restructuring and creditor arrangementmedium
Remaining instalments under the creditor arrangement must be paid on time; any delay could reopen tensions with creditors.
- Housing market oversupplymedium
If absorption of the stock is delayed, sales and prices could be weaker than management expects.
- Construction costsmedium
The war in Ukraine and rising material prices could increase project costs and delay launches.
Investment thesis
What would need to be true (bull case)
- If the first-home loan programme materialises and oversupply eases faster, the group could sell its stock and return to a more balanced financial position.
- The land bank and project pipeline in Lublin offer growth options, and launching new stages could generate additional income.
- The positive net result for 2022 suggests the group can generate profit from ongoing activity, which could help rebuild equity.
What would break the thesis
- If equity stays negative and liquidity stays below full coverage, the group could depend on external financing or on rapid sales of assets.
- If oversupply lasts longer than management expects, sales could slow and prices could pressure margins.
- If construction costs keep rising, projects could become more expensive or be postponed, delaying cash receipts.
What to watch
- Development of equity and liquidity in the interim report2023
- Launch of the 'Pierwsze mieszkanie' programme and its effect on salesQ3 2023
- Payment of remaining instalments under the creditor arrangement2023
- Start of stage 3 of Osiedle Lotników after obtaining the building permitnext annual report
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 INTERBUD-LUBLIN Group has Interbud-Lublin S.A. as its parent, headquartered on Aleje Racławickie in Lublin, which provides investor supervision services, sales support and administrative-accounting services for the group's subsidiaries 1. The subsidiaries, all wholly owned directly or indirectly, are active in the construction of residential and non-residential buildings, property development and rental 1. The company's shares are listed on the regulated market in Warsaw, in the WIG-BUDOWNICTWO sector index 1.
During 2022 the group temporarily withdrew from construction execution, concentrating on property development and on activities carried out by its subsidiaries 1. A restructuring context remains: an arrangement with creditors, approved in 2019 and final in February 2020, set staggered payments, and most instalments had been paid by the reporting date 1.
The project pipeline described in the report includes stage 3 of Osiedle Lotników with 36 dwellings and 2 service units, stage 4 on ulica Urbanowicza, a project on Kalinowszczyzna and a land bank in the Felin district, but starting them depends on obtaining building permits and on market conditions 1.
Segments
Residential property development
The main segment is housing development carried out through the subsidiaries Interbud-Apartments and Interbud-Construction, with projects in Lublin and in Wólka Lubelska, where a building permit was obtained for seven twin houses 1. Sales are generally launched after a building permit is obtained, and project timing is calibrated to avoid a large stock of unsold homes 1.
Rental and management of property
The subsidiary Apartments Inwestycje, owned in equal parts by Interbud-Apartments and RUPES, has property rental and management as its main purpose, while Węglin Retail Park handles residential and non-residential building projects 1. This segment is smaller in weight within the business but could provide recurring income 1.
Market context
Management describes the Polish housing market as being in a phase of oversupply, which it expects to be absorbed at the turn of 2023 and 2024, based on reports by JLL and PKO BP 1. Expectations also include the effect of the government's 'Pierwsze mieszkanie' fixed-rate loan programme, planned for July 2023, which could stimulate demand 1.
Market risks identified by the company include rising construction costs and material availability linked to the war in Ukraine, although management did not identify an impact on the group at the report date 1. Forecasts for housing prices are cautious, as developments depend on global conditions 1.
Trends
- First-home loan programmetailwind
If the fixed-rate 'Pierwsze mieszkanie' programme is launched, demand for new homes could rise and help absorb the existing stock 1.
- Housing market oversupplyheadwind
Excess unsold homes slow sales and can press prices, although management expects it to be absorbed gradually 1.
- Construction costs and materialsheadwind
The war in Ukraine could raise construction costs and affect the availability of materials, a risk cited by management 1.
- Interest rates and inflationmixed
Management does not identify a significant impact from inflation and interest rates, but the sensitivity of demand to credit remains a factor to monitor 1.
Competitive position
The annual report does not name competitors for the group, so such information cannot be confirmed from the source analysed. The local development market in Lublin is described only in general terms, by reference to regional market data 1.
The competitive position depends on the group's ability to launch new projects on time and sell during the oversupply period, and the source offers no comparison with other developers 1.
- No competitors named in the source
The annual report analysed does not name other developers or competitors, so none can be indicated here without going beyond the source.
- Unnamed regional developers
Regional competition exists implicitly in the Lublin market, but it is not documented in the source with names or data.
- Unnamed national developers
Pressure from developers across the Polish market is mentioned generically, without identifying companies.
- Unnamed developers with competing projects
The source does not identify other players, so the list stays open and cannot be completed from the text.
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 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / INTERBUD-LUBLIN 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.