olivLaw · European equity research
KCI Spółka Akcyjna KCI.WA
Poland · GPW Warszawa · ISIN PLPONAR00012 · Vertical: Listed companies from Poland
KCI SA is a Polish holding company which, after losing control of Gremi Media in August 2023, manages mainly financial investments, loan receivables and bonds. Its financial position now depends mainly on recovering these receivables and on realising its remaining stakes.
At the close of 05 Nov 2026, KCI Spółka Akcyjna (KCI.WA) stock was 0.81 PLN (+0.00% on the day), with market capitalisation 54.8 m PLN, P/E 2.4 on diluted EPS of 0.34 PLN over the last 12 months, dividend yield 3.66%, beta 0.11, 52-week range 0.80–0.97 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)
- 37.7
- weak (30–45)
- Bollinger (20, 2)
- 0.80 – 0.85
- in the lower half of the band · %B 0.09 · band width 5.1%
- SMA 50 / 200
- 0.86 / 0.89
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −3.1% | −0.6% | −2.5 pp | — |
| 3 months | −12.6% | −4.2% | −8.4 pp | — |
| 6 months | −14.6% | +4.3% | −18.9 pp | — |
| Year to date | −8.8% | +7.5% | −16.3 pp | — |
| 1 year | −16.4% | +9.9% | −26.3 pp | +7.3% |
| 3 years | −6.7% | +49.8% | −56.5 pp | +4.1% |
| 5 years | −32.7% | +42.8% | −75.5 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 1-quarter history (min 2.7, median 2.7, max 2.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -13.9 m | 23.1 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.20 | 0.34 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 13.3 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 354.4 m PLN
- Total assets
- 372.4 m PLN
- Debt / equity
- unavailable
- Current ratio
- 21.00x
- ROE
- 6.0%
- ROA
- 5.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Income statement · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Interest expense | 472.0 k | 4.8 m | esef· 07 May 2024verified |
| Pre-tax income | -65.2 m | 2.6 m | esef· 07 May 2024verified |
| Income tax | -9.0 m | 4.9 m | esef· 07 May 2024verified |
| Net income | -13.9 m | 23.1 m | esef· 07 May 2024verified |
| Diluted EPS | -0.20 | 0.34 | esef· 07 May 2024verified |
| Dividend per share | 0.06 | 0.03 | esef· 07 May 2024derived |
Balance sheet · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 12.1 m | 13.3 m | esef· 07 May 2024verified |
| Receivables | 41.0 m | 30.3 m | esef· 07 May 2024verified |
| Inventories | 486.0 k | 0 | esef· 07 May 2024verified |
| Current assets | 64.6 m | 135.9 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 3.0 m | 0 | esef· 07 May 2024verified |
| Goodwill | 28.9 m | 0 | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 106.9 m | 10.4 m | esef· 07 May 2024verified |
| Total assets | 469.1 m | 372.4 m | esef· 07 May 2024verified |
| Accounts payable | 25.4 m | 4.7 m | esef· 07 May 2024verified |
| Current liabilities | 39.6 m | 6.5 m | esef· 07 May 2024verified |
| Equity | 416.0 m | 354.4 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 69.6 m | 67.9 m | esef· 07 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: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 54.8 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · 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: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | 21.0x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 2.4x | 85 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.7% | 52 (on a fixed band) | 30% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial52/100 · 1/2 factors with a value
- Valuation· partial85/100 · 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
KCI SPÓŁKA AKCYJNA (KCI.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: ROE 6.7%.
The estimated value range is 2.27–6.55 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.94 PLN, the price of 0.81 PLN leaves a potential of 387.8% (value / price − 1) and a margin of safety of 79.5% (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: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 21.0x
- P/E (TTM): 2.4x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| 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% |
1- and 3-year price returns: for KCI.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
Scenarios are not available. input data missing
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
KCI SA is a Polish holding company which, after losing control of Gremi Media in August 2023, manages mainly financial investments, loan receivables and bonds. Its financial position now depends mainly on recovering these receivables and on realising its remaining stakes.
SWOT
Strengths
- The group holds significant financial participations and receivables, which can generate interest income and proceeds from asset sales. The balance sheet includes liquid assets and guarantees for part of the loans.
- Renegotiating loans to a market-linked rate offers partial protection against rate increases. This may improve the predictability of financial income.
- The purchase option on the Gremi Park bonds gives a contractual mechanism for recovering the investment, with priority over other bondholders in certain situations.
Weaknesses
- Losing control over Gremi Media reduced visibility into, and decision-making over, one of the main subsidiaries. Its results are no longer fully consolidated.
- Concentration of receivables on a few debtors makes the balance sheet sensitive to delays or non-repayment. Some guarantees depend on third parties, and their value is not always liquid.
- Many assets have no active market price, so their valuation relies on internal assumptions. This uncertainty can affect reported results.
Opportunities
- Realising the remaining Gremi Media blocks could bring liquidity and reduce dependence on large receivables. Timing and sale price remain uncertain.
- If projects linked to the receivables, such as the Nieporaz project, are completed successfully, they could support repayment of loans. This would be a positive change for the balance sheet.
- A possible stabilisation of Polish money-market conditions could ease pressure on the cost of debt and make interest flows more predictable.
Threats
- If debtors or bond issuers cannot meet their obligations, the value of the receivables could fall significantly. Existing guarantees do not necessarily cover the full exposure.
- Volatility in the value of securities without a liquid market could lead to significant accounting adjustments, which could affect the group's net result.
- Currency exposure on euro-denominated bonds could generate losses if the zloty strengthens against the euro, although management considers the risk acceptable.
Risks
- Credit risk on loanshigh
Loans granted by KCI SA represent a major part of the assets. If debtors fall behind on payments, the group could be required to recognise impairment losses.
- Concentration risk on bondshigh
Bonds issued by Gremi Park and Maris Luxembourg represent a concentrated exposure. Guarantees and contractual options reduce the risk but do not eliminate it entirely.
- Valuation risk on participationsmedium
For some assets there is no sufficiently liquid market price, so valuation relies on internal models. If the assumptions change, carrying amounts could be revised.
- Currency riskmedium
Euro-denominated bonds and dollar loans expose the group to exchange-rate movements. Management considers the effect limited, but it could become relevant in volatile periods.
- Liquidity riskmedium
The group depends on collecting receivables and selling stakes to support its cash flow. If these sources are delayed, short-term obligations could become difficult to cover.
Investment thesis
What would need to be true (bull case)
- If the remaining Gremi Media stake is realised on favourable terms, the group could significantly reduce debt and strengthen the balance sheet.
- If the projects backing the group's receivables are completed, loan repayment could come faster than currently expected.
- Renegotiated rates tied to the market can partly protect financial income if interest rates keep moving up or down.
What would break the thesis
- If the main debtors do not meet their obligations, impairment losses could weigh on the group's results and equity.
- Losing control over Gremi Media could limit investors' access to the actual results of the most important subsidiary.
- Valuing many assets on internal assumptions could lead to later adjustments, which reduces confidence in the reported values.
What to watch
- Progress on repayment of loan receivables and the related guarantees2024
- Timing and value of any sales of Gremi Media stakes2024
- Progress of the Alvernia Planet project in Nieporaznext 10-K
- Valuation adjustments applied to bonds without an active marketnext 10-K
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 KCI Group operates through the parent KCI SA and its subsidiaries, including Gremi Media and other entities in media and professional services. On 24 August 2023 KCI SA sold 240,416 Gremi Media preference shares for 33658 thousand zł, which resulted in the loss of control over that subsidiary, now treated as an associate.
After the August 2023 transaction KCI SA holds 19.21% of Gremi Media's share capital, and its share of voting rights fell to 21.20%. Gremi Media is therefore accounted for under the equity method rather than full consolidation, so its results appear only partially in the financial statements.
The group's lending and investment activity is supported by loans granted by KCI SA totalling 96151 thousand zł at 31 December 2023, together with bonds and financial participations. The balance sheet therefore depends heavily on the ability of debtors and issuers to pay on time.
Segments
Stake in Gremi Media
The stake in Gremi Media, reclassified as an associate after control was lost, forms a significant part of the assets. Its value depends on the performance of that company and on the ability to realise the remaining blocks.
Loan receivables
Loans granted by KCI SA are secured by in-blank promissory notes and, in some cases, personal guarantees. Management considers repayment not to be at risk, but these receivables remain the main concentration of credit risk.
Bonds and financial investments
The group holds bonds issued by Gremi Park and Maris Luxembourg, partly measured at fair value through profit or loss. Their value can vary considerably, and for some securities there is no sufficiently liquid market price.
Market context
The group operates in the Polish capital market and in investment segments in media and real estate. Figures in the annual report are expressed in Polish zloty, and currency exposure was calculated against the EUR and USD rates at 31 December 2023.
Interest-rate conditions in Poland have affected the cost of the loans granted, which were renegotiated to follow the WIBOR 3M rate. This change reduces fixed-rate risk but makes interest income dependent on developments in the money market.
Trends
- Renegotiation of loan interest ratesmixed
Loans granted were moved to a rate linked to WIBOR, which partly protects the receivables against interest-rate increases. The effect is mixed, because income depends on how the reference rate develops.
- Loss of control over Gremi Mediaheadwind
Gremi Media's move to associate status changes the consolidation method and reduces visibility into its operating results. For investors this means less transparency about the subsidiary's income.
- Monetisation of minority stakestailwind
Selling blocks of shares, such as those in Gremi Media, may bring liquidity to repay debts. If these transactions go ahead, they could support the group's liquidity position.
- Real estate projects in the portfoliomixed
The Nieporaz project carried out through Alvernia Planet suffered delays due to the pandemic and a fire. If the project is completed, it could generate value for the related receivables, although the timetable remains uncertain.
Competitive position
KCI SA does not operate in a single market segment, and competition differs according to each subsidiary's activity. For receivables and financial investments, the relevant comparison is with other investors and funds in the Polish capital market.
In media, Gremi Media competes with other publishers and digital platforms in Poland. As a minority participant, however, KCI SA has limited influence over this entity's strategy.
- Gremi Media S.A.
Associate of KCI SA, with which the group competes indirectly in media and professional information.
- Other Polish publishers and media platforms
Competition in economic and legal information, where Gremi Media operates alongside other local players.
- Polish investment funds
Competition for capital and investment opportunities within the financial participations portfolio.
- Corporate bond investors
Other participants in the bond market who may compete for the same assets and issuers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202307 May 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / KCI Spółka Akcyjna · 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.