olivLaw · European equity research
MDI ENERGIA Spółka Akcyjna MDI.WA
Poland · GPW Warszawa · ISIN PLNFI1000012 · Vertical: Listed companies from Poland
MDI ENERGIA is a Polish group that carries out energy and infrastructure engineering and construction projects as a general contractor. In 2021 the group reported a small net loss and higher bank debt, which makes monitoring its funding capacity relevant.
At the close of 05 Nov 2026, MDI ENERGIA Spółka Akcyjna (MDI.WA) stock was 1.70 PLN (−6.34% on the day), with market capitalisation 81.6 m PLN, dividend yield 0.00%, beta -0.06, 52-week range 0.73–3.09 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)
- 31.1
- weak (30–45)
- Bollinger (20, 2)
- 1.75 – 2.14
- below the lower band · %B -0.13 · band width 20.1%
- SMA 50 / 200
- 2.06 / 1.57
- mixed trend
- MACD (12, 26, 9)
- -0.07 / -0.05
- 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 | −18.7% | −0.6% | −18.0 pp | — |
| 3 months | −18.7% | −4.2% | −14.5 pp | — |
| 6 months | +61.9% | +4.3% | +57.6 pp | — |
| Year to date | +114.1% | +7.5% | +106.6 pp | — |
| 1 year | +74.5% | +9.9% | +64.6 pp | +7.1% |
| 3 years | +12.2% | +49.8% | −37.6 pp | +3.3% |
| 5 years | −45.3% | +42.8% | −88.2 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 |
|---|---|---|
| Revenue | 259.1 m | 252.9 m |
| Revenue YoY | unavailable | −2.4% |
| Net income | 4.8 m | -474.0 k |
| Net income YoY | unavailable | −109.9% |
| Diluted EPS | 0.10 | -0.01 |
| Diluted EPS YoY | unavailable | −110.0% |
| net % | 1.9% | -0.2% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 19.7 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 29.8 m PLN
- Total assets
- 137.2 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.30x
- ROE
- -1.5%
- ROA
- -0.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 259.1 m | 252.9 m | esef· 19 Apr 2022verified |
| Cost of revenue | 246.3 m | 243.5 m | esef· 19 Apr 2022verified |
| Gross profit | 12.7 m | 9.4 m | esef· 19 Apr 2022verified |
| Operating income | 7.4 m | 1.8 m | esef· 19 Apr 2022verified |
| Interest expense | 1.9 m | 2.0 m | esef· 19 Apr 2022verified |
| Pre-tax income | 6.2 m | 24.0 k | esef· 19 Apr 2022verified |
| Income tax | 1.4 m | 498.0 k | esef· 19 Apr 2022verified |
| Net income | 4.8 m | -474.0 k | esef· 19 Apr 2022verified |
| Diluted EPS | 0.10 | -0.01 | esef· 19 Apr 2022verified |
| Dividend per share | 0.00 | — | esef· 19 Apr 2022derived |
Balance sheet · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 24.7 m | 19.7 m | esef· 19 Apr 2022verified |
| Receivables | 75.2 m | 86.6 m | esef· 19 Apr 2022verified |
| Inventories | 1.6 m | 1.4 m | esef· 19 Apr 2022verified |
| Current assets | 122.5 m | 130.3 m | esef· 19 Apr 2022verified |
| Property, plant & equipment, net | 3.1 m | 2.7 m | esef· 19 Apr 2022verified |
| Intangibles (excl. goodwill) | 369.0 k | 86.0 k | esef· 19 Apr 2022verified |
| Total assets | 127.9 m | 137.2 m | esef· 19 Apr 2022verified |
| Accounts payable | 42.7 m | 38.8 m | esef· 19 Apr 2022verified |
| Current liabilities | 90.1 m | 100.3 m | esef· 19 Apr 2022verified |
| Total liabilities | 95.5 m | 107.5 m | esef· 19 Apr 2022verified |
| Equity | 32.4 m | 29.8 m | esef· 19 Apr 2022verified |
| Shares outstanding at year end | 48.0 m | — | esef· 19 Apr 2022derived |
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: 22.9% 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: 81.6 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · 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: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.2% | 23 (vs peers) | 27% |
| 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 | 0.9x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.3x | 42 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.6% | 37 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet17/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial23/100 · 1/3 factors with a value
- Returns· partial37/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
MDI ENERGIA Spółka Akcyjna (MDI.WA). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 252.9 m PLN in 2021; YoY growth -2.4%; net margin -0.2%; ROE -1.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% 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
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.
What contradicts it
- Net margin: -0.2%
- Interest coverage: 0.9x
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, 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% |
| MDI.WAMDI ENERGIA Spółka Akcyjna | 81.6 m | — | -1.5% | -0.2% | −2.4% | +83% / +5% |
| 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 MDI.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
MDI ENERGIA is a Polish group that carries out energy and infrastructure engineering and construction projects as a general contractor. In 2021 the group reported a small net loss and higher bank debt, which makes monitoring its funding capacity relevant.1
SWOT
Strengths
- General contractor model with stage-based invoicing, which limits working capital needs.
- Long-standing key client relationships, according to the annual report.
- Concentrated shareholder structure, with a majority holder that can provide strategic continuity.
Weaknesses
- Net loss in 2021 and declining profitability.
- High bank indebtedness with variable interest rates.
- Non-compliance with some bank covenants at the end of 2021.
Opportunities
- New energy and infrastructure projects could expand the contract portfolio.
- Broader client diversification could reduce dependence on a few investors.
- Growth of the solar subsidiary could open a new segment.
Threats
- Rising interest rates could increase financing costs.
- Insolvency of a client could affect collections and results.
- An ongoing lawsuit with a contractor could generate additional costs.
Risks
- Refinancing riskhigh
Variable-rate bank debt could become more expensive if rates rise or if banks decline to extend credit lines.
- Covenant breacheshigh
The group did not meet some indicators required by banks at year-end 2021; waivers reduce but do not eliminate the risk of early repayment demands.
- Counterparty riskmedium
Clients may delay payments, and contractual guarantees do not ensure full collection of amounts due.
- Contractor litigationmedium
A pending claim over a contractual penalty could produce uncertain outcomes for the group.
- Shareholder concentrationlow
The majority shareholder holds a very large share of votes, which may limit the influence of minority shareholders.
Investment thesis
What would need to be true (bull case)
- If the group maintains its contract portfolio and recovers margins, results could return to profitability.
- Long-standing client relationships and stage-based invoicing could support operational stability.
- Investment in energy and infrastructure could offer new projects for the general contractor.
What would break the thesis
- If interest rates rise, financing costs could absorb a significant part of operating results.
- Unmet covenants could reduce banks' willingness to keep existing funding in place.
- The net loss and shrinking equity could limit the capacity to take on large new projects.
What to watch
- Development of bank covenants and whether waivers are extended2022
- Level of short-term bank debt and cost of financing2022
- Revenue trend and gross margin on construction contracts2022
- Outcome of the lawsuit over the contractual penaltynext 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 MDI ENERGIA group, with parent MDI Energia S.A. listed on the Warsaw Stock Exchange under the symbol MDI, acts as general contractor for investments, with fixed-price contracts for well-defined stages of work. Key clients are investors in the energy sector and residential construction. The consolidation includes subsidiary MDI Solar Sp. z o.o.1
According to the annual report, in 2021 the group ended the year with an average of 54 employees and had no significant operating lease agreements. The auditor is Advantim Sp. z o.o.1
Segments
General contracting for energy investments and construction
The group's core activity is delivering complete projects as general contractor, with clients in energy and residential construction and invoicing by stages of work.1
Activity through subsidiaries
Subsidiary MDI Solar Sp. z o.o. is fully consolidated, while WPM Sp. z o.o. is not included in consolidation as it is considered insignificant to the financial position.1
Market context
The group operates mainly in the Polish energy construction and infrastructure market, where clients are energy investors and residential builders. Demand depends on the pace of public and private investment, and counterparty risk is important because contracts are settled in stages.1
Bank relationships are essential, as the group funds works with bank loans at variable interest. Higher interest rates could raise financing costs.1
Trends
- Rising financing costsheadwind
Variable-rate interest and higher bank debt could increase finance expenses if rates rise.
- Investment in energy and infrastructuretailwind
Demand for energy and construction projects could support the general contractor's contract pipeline.
- Pressure on marginsheadwind
Revenue slipped and gross margin narrowed, suggesting profitability constraints on fixed-price contracts.
- Bank relationships and covenantsmixed
Non-compliance with some bank covenants at end-2021 was covered by waivers, so continued funding depends on banks keeping their support.
Competitive position
The annual report does not explicitly name competitors. The Polish energy construction market includes many general contractors of varying size, and MDI's position depends on its reputation and long-standing client relationships.1
Differentiation rests on general contracting experience and recurring client relationships, but the group must win new clients, which carries higher counterparty risk.1
- Polish energy construction contractors
Not named in the source; the market includes several local general contractors.
- Infrastructure and energy builders
Local companies competing for the same investment contracts.
- Integrated energy developers
Players that execute projects in-house, reducing demand for external contractors.
- Listed construction groups
Larger companies that can offer financing support to their clients.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202119 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / MDI ENERGIA Spółka Akcyjna · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.