olivLaw · European equity research
ONDE Spółka Akcyjna OND.WA
Poland · GPW Warszawa · ISIN PLONDE000018 · Vertical: Listed companies from Poland
ONDE S.A. is a Polish construction contractor working mainly on fixed-price contracts for wind farms, solar plants and roads. Its gross margin before provisions fell to 7% in 2022 from 11% in 2021, a signal relevant for investors tracking profitability on renewable energy projects.
At the close of 05 Nov 2026, ONDE Spółka Akcyjna (OND.WA) stock was 7.89 PLN (−2.47% on the day), with P/E 60.7 on diluted EPS of 0.13 PLN over the last 12 months, beta 0.61, 52-week range 7.88–10.14 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)
- 37.9
- weak (30–45)
- Bollinger (20, 2)
- 7.88 – 8.49
- in the lower half of the band · %B 0.02 · band width 7.5%
- SMA 50 / 200
- 8.36 / 8.77
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.12 / -0.11
- 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 | −6.6% | −0.6% | −6.0 pp | — |
| 3 months | −14.9% | −4.2% | −10.7 pp | — |
| 6 months | −13.5% | +4.3% | −17.8 pp | — |
| Year to date | −10.0% | +7.5% | −17.5 pp | — |
| 1 year | −5.3% | +9.9% | −15.2 pp | +7.1% |
| 3 years | −38.3% | +49.8% | −88.1 pp | +3.3% |
| 5 years | −61.3% | +42.8% | −104.2 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.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 0.0, median 38.2, max 76.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 586.3 m | 1.2 bn | 1.1 bn |
| Revenue YoY | unavailable | +107.6% | −10.2% |
| Net income | 32.8 m | 46.2 m | 7.2 m |
| Net income YoY | unavailable | +40.9% | −84.5% |
| Diluted EPS | unavailable | 920.00 | 0.13 |
| Diluted EPS YoY | unavailable | unavailable | −100.0% |
| net % | 5.6% | 3.8% | 0.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 11.1 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 310.9 m PLN
- Total assets
- 618.0 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.99x
- ROE
- 2.2%
- ROA
- 1.2%
- 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 | 586.3 m | 1.2 bn | 1.1 bn | esef· 04 May 2023verified |
| Cost of revenue | 529.6 m | 1.1 bn | 1.0 bn | esef· 04 May 2023verified |
| Gross profit | 56.8 m | 141.0 m | 72.4 m | esef· 04 May 2023verified |
| Operating income | 40.5 m | 62.4 m | 21.9 m | esef· 04 May 2023verified |
| Interest expense | 1.3 m | 2.4 m | 14.4 m | esef· 04 May 2023verified |
| Pre-tax income | 41.1 m | 62.5 m | 11.9 m | esef· 04 May 2023verified |
| Income tax | 8.3 m | 16.3 m | 4.8 m | esef· 04 May 2023verified |
| Net income | 32.8 m | 46.2 m | 7.2 m | esef· 04 May 2023verified |
| Diluted EPS | — | 920.00 | 0.13 | esef· 04 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 112.0 m | 104.7 m | 11.1 m | esef· 04 May 2023verified |
| Inventories | 19.1 m | 64.1 m | 154.3 m | esef· 04 May 2023verified |
| Current assets | 318.9 m | 492.4 m | 510.4 m | esef· 04 May 2023verified |
| Property, plant & equipment, net | 26.5 m | 26.6 m | 37.6 m | esef· 04 May 2023verified |
| Goodwill | 0 | 56.0 k | 56.0 k | esef· 04 May 2023verified |
| Intangibles (excl. goodwill) | 682.0 k | 620.0 k | 1.5 m | esef· 04 May 2023verified |
| Total assets | 370.6 m | 571.3 m | 618.0 m | esef· 04 May 2023verified |
| Current liabilities | 260.4 m | 203.2 m | 255.9 m | esef· 04 May 2023verified |
| Equity | 84.8 m | 333.8 m | 310.9 m | esef· 04 May 2023verified |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 87.3 m | -136.2 m | -78.0 m | esef· 04 May 2023verified |
| Investing cash flow | -16.8 m | -53.5 m | -31.1 m | esef· 04 May 2023verified |
| Financing cash flow | -26.2 m | 182.4 m | 15.5 m | esef· 04 May 2023verified |
| Dividends paid | 20.1 m | 32.4 m | 0 | esef· 04 May 2023verified |
| Share repurchases | — | 0 | 30.0 m | esef· 04 May 2023verified |
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: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.7% | 28 (vs peers) | 23% |
| 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 | 1.5x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 60.7x | 11 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial28/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial11/100 · 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
ONDE Spółka Akcyjna (OND.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.1 bn PLN in 2022; YoY growth -10.2%; net margin 0.7%; ROE 2.2%.
The estimated value range is 0.83–2.29 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.44 PLN, the price of 7.89 PLN leaves a potential of -81.8% (value / price − 1) and a margin of safety of -448.6% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
What contradicts it
- Net margin: 0.7%
- Interest coverage: 1.5x
- P/E (TTM): 60.7x
- The price is above the estimated value range
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, 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% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for OND.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
ONDE S.A. is a Polish construction contractor working mainly on fixed-price contracts for wind farms, solar plants and roads. Its gross margin before provisions fell to 7% in 2022 from 11% in 2021, a signal relevant for investors tracking profitability on renewable energy projects 1.
SWOT
Strengths
- A diversified contract portfolio in renewable energy and road infrastructure, as described in the report 1.
- Experience in large projects, using subcontractors and acting as consortium leader, which may support the delivery of works 1.
- Historically the group has not paid contractual penalties to clients, and the source flags no material penalty risk 1.
Weaknesses
- The gross margin fell in 2022, pointing to exposure to cost overruns on fixed-price contracts 1.
- Reliance on cost budgets estimated at tender stage, which can be exceeded, may affect results of projects in advanced stages 1.
- Guarantees withheld by clients and long payment terms may strain the group's cash flow 1.
Opportunities
Risks
- Cost budget overrunshigh
Fixed-price contracts could become unprofitable if actual costs exceed estimates, and the group must book provisions for foreseeable losses 1.
- Lower gross marginmedium
The gross margin before provisions fell in 2022 compared with 2021, which could continue if cost pressure persists 1.
- Client withholding of guaranteesmedium
Amounts withheld as guarantees may be released only years later, which could limit the group's available cash 1.
- Penalties for delaysmedium
Some contracts provide penalties for late works, which could reduce revenue if applied 1.
- Dependence on subcontractorslow
Execution depends heavily on subcontractors, which may expose the group to delays or variable work quality 1.
Investment thesis
What would need to be true (bull case)
- If the gross margin stabilises after the 2022 decline, the profitability of recently signed contracts could gradually recover 1.
- The portfolio of wind, solar and road projects could support revenue volume over the medium term 1.
- Experience in consortia and with subcontractors could allow the group to access larger projects 1.
What would break the thesis
- The fall in gross margin in 2022 could indicate that contract prices do not fully cover rising costs 1.
- Fixed-price contracts leave the group exposed to cost overruns, and provisions for losses could reduce net income in difficult periods 1.
- Retained guarantees and long payment terms could keep working capital at a high level 1.
What to watch
- Trend in gross margin before provisions versus the 7% level of 20222023
- Changes to cost budgets of the main ongoing contracts2023
- Level of guarantees withheld by clients and their recoverynext 10-K
- Impact of new accounting standards on the group's reporting2024
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 ONDE group signs fixed-price construction contracts, covering mainly wind farms, solar plants and road construction and repair works 1. Construction revenue is recognised over time using a cost-based method, meaning the proportion of costs already incurred against each contract's total budget 1. The group often works with subcontractors and, in some consortia, acts as leader without recognising fees for work done by its partner 1.
Payment terms for construction services run from 30 to 180 days after invoicing, and performance guarantees withheld by clients are generally released after project completion or the warranty period 1. Provisions for loss-making contracts are booked in full as soon as indications appear that a project will close at a loss 1.
Besides construction work, the group sells materials such as aggregates, goods and auxiliary production, with revenue recognised when control passes to the buyer on delivery 1.
Segments
Construction contracts (wind, solar, roads)
This is the main segment: fixed-price contracts with revenue recognised over time based on progress measured by incurred costs 1. Construction revenue reached 1,086,417 thousand PLN in 2022, with a gross result of 70,982 thousand PLN before provisions for future losses 1.
Sales of materials and goods
This covers aggregates, goods and auxiliary production, recognised on delivery. It is a secondary segment with a smaller share of group revenue, and the source gives no separate figures for it 1.
Market context
The source analysed is the group's 2022 annual report and does not describe the size of the Polish market for renewable energy construction or road infrastructure. Still, the gross margin of 7% in 2022 against 11% in 2021 suggests pressure on costs or contract prices 1.
Trends
- Pressure on construction marginsheadwind
The gross margin before provisions fell from 11% to 7% between 2021 and 2022, which could point to rising execution costs above the original contract budgets 1.
- Sensitivity of cost budgetsmixed
The group notes that a 2% change in total cost budgets would move cumulative recognised revenue in the opposite direction for a contract of similar value, with the effect growing as works advance 1.
- New accounting standardsmixed
The group states that new standards effective in 2023 or later, such as IFRS 17, are not expected to have a significant impact on it, if that assessment holds 1.
- Client retention of guaranteesheadwind
Clients may withhold up to 10% of each invoice as a performance guarantee, released within at most 5 years, which could slow the conversion of work into cash over time 1.
Competitive position
The source does not name competitors. The group operates in a construction and infrastructure sector where fixed-price contracts and cost overrun risk are common, but the analysis contains no market share data 1.
- Polish wind and solar farm constructors
Local firms competing for the same types of fixed-price contracts; the source does not name them.
- General road and infrastructure contractors
Companies bidding on similar road works, which the source does not identify.
- International subcontractors and consortium partners
Partners or rivals in consortia, with which the group sometimes shares execution risk, according to the source.
- Local suppliers of aggregates and materials
Competitors in the materials sales segment; they are not identified in the source analysed.
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 202113 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / ONDE 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.