olivLaw · European equity research
Novavis Group S.A. NVG.WA
Poland · GPW Warszawa · ISIN PLNFI0500012 · Vertical: Listed companies from Poland
Novavis Group is a Polish group developing solar and energy storage projects, organised through a dedicated special purpose company for each installation. Its 2023 report shows activity focused on building solar farms, with main revenue from long-term contracts with Iberdrola Renewables Polska.
At the close of 05 Nov 2026, Novavis Group S.A. (NVG.WA) stock was 0.40 PLN (+2.31% on the day), with market capitalisation 14.4 m PLN, P/E 2.8 on diluted EPS of 0.14 PLN over the last 12 months, dividend yield 0.00%, beta 0.38, 52-week range 0.39–1.20 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)
- 25.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.36 – 0.45
- in the lower half of the band · %B 0.42 · band width 23.2%
- SMA 50 / 200
- 0.54 / 0.72
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.05
- 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 | −22.1% | −0.6% | −21.5 pp | — |
| 3 months | −42.1% | −4.2% | −37.9 pp | — |
| 6 months | −42.3% | +4.3% | −46.7 pp | — |
| Year to date | −55.8% | +7.5% | −63.3 pp | — |
| 1 year | −67.1% | +9.9% | −77.0 pp | +7.1% |
| 3 years | −82.1% | +49.8% | −131.9 pp | +3.3% |
| 5 years | −66.0% | +42.8% | −108.8 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 0 percentile of its own 2-quarter history (min 14.8, median 16.8, max 18.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 10.2 m | 9.4 m | 10.6 m |
| Revenue YoY | unavailable | −7.3% | +12.0% |
| Net income | -1.5 m | 2.9 m | 5.1 m |
| Net income YoY | unavailable | unavailable | +76.9% |
| Diluted EPS | -0.04 | 0.08 | 0.14 |
| Diluted EPS YoY | unavailable | unavailable | +75.0% |
| net % | -14.5% | 30.2% | 47.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 2.1 m PLN
- Financial debt
- 0 PLN
- Net debt
- -2.1 m PLN
- Equity
- 9.7 m PLN
- Total assets
- 31.1 m PLN
- Debt / equity
- 0.00x
- Current ratio
- 0.41x
- ROE
- 67.4%
- ROA
- 20.4%
- 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 | 10.2 m | 9.4 m | 10.6 m | esef· 07 May 2024verified |
| Operating income | -1.8 m | 4.6 m | 6.5 m | esef· 07 May 2024verified |
| Depreciation & amortisation | 3.0 k | 53.0 k | 50.0 k | esef· 07 May 2024verified |
| EBITDA | -1.8 m ≈ | 4.7 m ≈ | 6.5 m ≈ | esef· 07 May 2024derived |
| Interest expense | 0 | 1.8 m | 403.0 k | esef· 07 May 2024verified |
| Pre-tax income | -1.3 m | 3.0 m | 6.3 m | esef· 07 May 2024verified |
| Income tax | -34.0 k | 810.0 k | 1.5 m | esef· 07 May 2024verified |
| Net income | -1.5 m | 2.9 m | 5.1 m | esef· 07 May 2024verified |
| Diluted EPS | -0.04 | 0.08 | 0.14 | esef· 07 May 2024verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | esef· 07 May 2024derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 819.0 k | 2.0 m | 2.1 m | esef· 07 May 2024verified |
| Receivables | 2.6 m | 1.9 m | 5.0 m | esef· 07 May 2024verified |
| Inventories | 0 | 0 | 0 | esef· 07 May 2024verified |
| Current assets | 5.5 m | 7.2 m | 8.8 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 159.0 k | 133.0 k | 78.0 k | esef· 07 May 2024verified |
| Goodwill | 0 | 0 | 0 | esef· 07 May 2024verified |
| Total assets | 9.1 m | 18.4 m | 31.1 m | esef· 07 May 2024verified |
| Accounts payable | 2.5 m | 11.7 m | 21.1 m | esef· 07 May 2024verified |
| Long-term debt | 0 | 88.0 k | 0 | esef· 07 May 2024verified |
| Current liabilities | 5.1 m | 13.0 m | 21.4 m | esef· 07 May 2024verified |
| Total liabilities | 5.3 m | 13.1 m | 21.5 m | esef· 07 May 2024verified |
| Equity | 3.8 m | 5.3 m | 9.7 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 36.9 m | 35.7 m | 36.1 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
Score: 81 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 14.4 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality98
- Returns0
- Balance sheet80
- Valuation92
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
Neutral profile · Score 81/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 88.4% | 100 (vs peers) | 16% |
| Net margin · Quality | 47.8% | 95 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.3x | 100 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | 16.0x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 2.8x | 84 (vs peers) | 16% |
| EV/EBITDA · Valuation | 1.9x | 100 (on a fixed band) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet80/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality98/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation92/100 · 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
NOVAVIS GROUP SPÓŁKA AKCYJNA (NVG.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 10.6 m PLN in 2023; YoY growth 12.0%; net margin 47.8%; ROE 85.3%; net debt/EBITDA -0.3x.
The estimated value range is 0.89–2.46 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.55 PLN, the price of 0.40 PLN leaves a potential of 289.1% (value / price − 1) and a margin of safety of 74.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 81/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 88.4%
- Net margin: 47.8%
- Net debt / EBITDA: -0.3x
- Interest coverage: 16.0x
- P/E (TTM): 2.8x
- EV/EBITDA: 1.9x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.4x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, 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% |
| 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% |
| NVG.WANovavis Group Spółka Akcyjna | 14.4 m | 2.8 | 85.3% | 47.8% | +12.0% | −65% / −81% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for NVG.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 | 0.25 Total return -36% · Per year -36% | 0.45 Total return 12% · Per year 12% | 0.67 Total return 68% · Per year 68% |
| 3 years | 0.28 Total return -29% · Per year -11% | 0.56 Total return 40% · Per year 12% | 0.92 Total return 130% · Per year 32% |
| 5 years | 0.32 Total return -20% · Per year -4% | 0.70 Total return 76% · Per year 12% | 1.25 Total return 215% · Per year 26% |
- Exit P/E± 0.14
- Net margin± 0.10
- Annual revenue growth± 0.07
- Annual dilution± 0.01
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
Novavis Group is a Polish group developing solar and energy storage projects, organised through a dedicated special purpose company for each installation. Its 2023 report shows activity focused on building solar farms, with main revenue from long-term contracts with Iberdrola Renewables Polska.
SWOT
Strengths
- A structure of special purpose companies dedicated to each project, which separates risks between installations.
- Full control over most project companies, which eases development decisions.
- Long-term contracts with a major energy partner, giving visibility over revenue.
Weaknesses
- Concentrating main revenue on one client increases exposure to changes in that contractual relationship.
- This extract does not present profitability or liquidity indicators, which limits the assessment.
- The complicated reverse acquisition history makes comparing data series over time more difficult.
Opportunities
- Energy storage projects, already set up through dedicated companies, could add a new line of activity.
- The stake in Paged Energy could open further collaborations in project development.
- Developing new solar farms as the remaining project companies reach the required milestones could extend the portfolio.
Threats
- Changes in regulation or support for renewable energy could affect project timing and profitability.
- Financing difficulties or construction delays could slow the pace of contractual milestones.
- Competitive pressure from other developers could affect the terms of future contracts.
Risks
- Client dependencehigh
Main revenue comes from contracts with a single partner, so a change in that relationship could affect results.
- Project timingmedium
Payments are tied to milestones, so construction delays could postpone revenue.
- Regulation and subsidiesmedium
Changes in the support framework for renewable energy could influence project profitability.
- Historical comparabilitylow
The reverse acquisition complicates interpretation of financial series, which may make trend assessment harder.
- Minority stakeslow
The minority stake in Paged Energy gives limited influence over the partner's decisions.
Investment thesis
What would need to be true (bull case)
- If the solar farm projects advance according to contracts, the group could have a predictable revenue flow.
- Full control over project companies could ease execution and reduce coordination costs.
- Expansion into energy storage could add a business line with growth potential.
What would break the thesis
- Dependence on a single partner could turn a contractual problem into a significant shock for the group.
- The lack of detailed profitability and liquidity data in this extract could hide financial pressure.
- The reverse acquisition history could make it hard to judge progress accurately over time.
What to watch
- Evolution of the main partner contract and milestone payments2024
- Construction progress of solar farms and consolidation of excluded companies2024
- Progress of energy storage projects2025
- Next annual report and profitability indicatorsnext 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
According to the 2023 consolidated report, the group operates through Novavis Group S.A. as the parent and a network of special purpose companies, each created to build a solar farm or energy storage facility. Several of these are held directly at 100%, and some are excluded from consolidation because of low significance at 31 December 2023. The group reports in PLN under IFRS, so its statements can be compared with other European issuers applying the same framework.
For accounting purposes, the transaction of 1 October 2020, in which the issuer acquired 56.76% of Voolt S.A., was treated as a reverse acquisition under IFRS 3, meaning the statements published under the Novavis Group name continue the reporting of Voolt S.A. This classification affects how investors read the financial history and comparisons over time.
Per the accounting policy, the main revenue stream comes from solar farm construction services provided to Iberdrola Renewables Polska Sp. z o.o. under long-term contracts, with payments staged on reaching key milestones. This extract does not present a detailed profitability analysis, so conclusions about operating margins remain limited.
Segments
Solar farms
The special purpose companies built for solar farm construction, held 100%, form the core of the activity described in the report and are tied to contracts with Iberdrola Renewables Polska.
Energy storage
Energy storage projects run through companies such as Novavis Storage and NG ESS appear in the group structure but are not yet described in the report with revenue figures.
Market context
The Polish solar and energy storage market is described in the report only indirectly, through solar farm projects and the partnership with an international renewable energy developer. This extract lacks quantified market data, so sector size and growth must be checked in other sources.
Demand for renewable projects depends on the regulatory framework and access to financing, and the report does not detail these conditions. Forward-looking interpretation remains hypothetical without further data.
Trends
- Solar farm developmentmixed
Contracts covering the development and construction of solar farms could support group revenue if projects advance according to the agreed milestones.
- Energy storagetailwind
Growing interest in energy storage could open new projects for the dedicated companies if they reach maturity.
- Dependence on one clientheadwind
Concentrating revenue on contracts with a single partner could become a vulnerability if that relationship changes.
- Reverse acquisition accountingmixed
Classifying the Voolt S.A. transaction as a reverse acquisition complicates comparison of financial history, which could affect the reading of long-term performance.
Competitive position
The report does not identify direct competitors or analyse the group's market share. Any comparison with other solar developers would need to rest on external sources.
The relationship with Paged Energy S.A., in which the group holds a 10% stake, shows that project development can also proceed through partnerships rather than full control.
- Iberdrola
Main contractual partner through Iberdrola Renewables Polska, the source of advance payments tied to project milestones.
- Paged Energy S.A.
Company in which the group holds a minority stake, active in developing solar projects.
- Other solar developers in Poland
The report does not name them, and comparison with them cannot be made from the available source.
- Energy storage suppliers
Potential competitors in the storage segment, not explicitly identified in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202307 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Novavis Group 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.