olivLaw · European equity research
Polski Holding Nieruchomości S.A. PHN.WA
Poland · GPW Warszawa · ISIN PLPHN0000014 · Vertical: Listed companies from Poland
Polski Holding Nieruchomości S.A. is a Warsaw-based commercial property holding whose portfolio spans office, retail and logistics assets, with over 150 properties. For 2023 the company reported a net loss, driven mainly by a negative revaluation of investment property, while rental income grew.
At the close of 06 Nov 2026, Polski Holding Nieruchomości S.A. (PHN.WA) stock was 8.82 PLN (−0.90% on the day), with market capitalisation 452.2 m PLN, dividend yield 0.91%, beta 0.15, 52-week range 8.80–10.00 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)
- 37.2
- weak (30–45)
- Bollinger (20, 2)
- 8.76 – 9.27
- in the lower half of the band · %B 0.12 · band width 5.6%
- SMA 50 / 200
- 9.13 / 9.38
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.07
- 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 | −3.5% | −0.2% | −3.3 pp | — |
| 3 months | −5.2% | −5.4% | +0.3 pp | — |
| 6 months | −7.9% | +4.4% | −12.3 pp | — |
| Year to date | −7.5% | +6.5% | −14.0 pp | — |
| 1 year | −10.5% | +10.0% | −20.5 pp | +5.9% |
| 3 years | −24.9% | +48.6% | −73.5 pp | +2.3% |
| 5 years | −41.8% | +41.4% | −83.2 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 | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 78.7 m | 30.8 m | -161.5 m |
| Net income YoY | unavailable | −60.9% | −624.4% |
| Diluted EPS | 1.54 | 0.60 | -3.15 |
| Diluted EPS YoY | unavailable | −61.0% | −625.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 102.9 m PLN
- Financial debt
- 1.5 bn PLN
- Net debt
- 1.4 bn PLN
- Equity
- 2.2 bn PLN
- Total assets
- 4.6 bn PLN
- Debt / equity
- 0.66x
- Current ratio
- 0.54x
- ROE
- -6.9%
- ROA
- -3.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 168.6 m | 150.2 m | -73.7 m | esef· 08 May 2024verified |
| Interest expense | 37.4 m | 71.9 m | 92.4 m | esef· 08 May 2024verified |
| Pre-tax income | 135.5 m | 81.7 m | -104.9 m | esef· 08 May 2024verified |
| Income tax | 61.8 m | 51.7 m | 62.1 m | esef· 08 May 2024verified |
| Net income | 78.7 m | 30.8 m | -161.5 m | esef· 08 May 2024verified |
| Diluted EPS | 1.54 | 0.60 | -3.15 | esef· 08 May 2024verified |
| Dividend per share | 0.35 | 0.36 | 0.08 | esef· 08 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 135.3 m | 88.4 m | 102.9 m | esef· 08 May 2024verified |
| Inventories | 187.9 m | 122.7 m | 205.9 m | esef· 08 May 2024verified |
| Current assets | 437.0 m | 359.2 m | 557.5 m | esef· 08 May 2024verified |
| Total assets | 4.3 bn | 4.6 bn | 4.6 bn | esef· 08 May 2024verified |
| Accounts payable | 119.9 m | 207.0 m | 159.5 m | esef· 08 May 2024verified |
| Short-term debt | 224.8 m | 567.2 m | 684.1 m | esef· 08 May 2024verified |
| Long-term debt | 976.4 m | 781.6 m | 788.6 m | esef· 08 May 2024verified |
| Current liabilities | 483.5 m | 875.2 m | 1.0 bn | esef· 08 May 2024verified |
| Total liabilities | 1.9 bn | 2.2 bn | 2.4 bn | esef· 08 May 2024verified |
| Equity | 2.4 bn | 2.4 bn | 2.2 bn | esef· 08 May 2024verified |
| Shares outstanding at year end | 51.1 m | 51.3 m | 51.3 m | esef· 08 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: 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
06 Nov 2026Source: olivLaw, closing series
Market cap: 452.2 m PLN
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 | -1.7% | 0 (vs peers) | 38% |
| 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 | -0.8x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.9% | 13 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial13/100 · 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
Polski Holding Nieruchomości S.A. (PHN.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: ROE -7.0%.
The estimated value range is 0.78–0.97 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.87 PLN, the price of 8.82 PLN leaves a potential of -90.2% (value / price − 1) and a margin of safety of -916.9% (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
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
- ROIC: -1.7%
- Interest coverage: -0.8x
- Current ratio: 0.5x
- Shareholder yield (distributions): 0.9%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net margin, 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 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.0 bn | 37.8 | 7.8% | 2.9% | +19.8% | +18% / +199% |
| BDX.WABudimex Spółka Akcyjna | 18.9 bn | 35.3 | 41.5% | 6.2% | +8.9% | +18% / +33% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.7 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 15.0 bn | 21.4 | 17.0% | 3.9% | +18.0% | +89% / +82% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.6 | 18.1% | 12.0% | +36.5% | +6% / +50% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −15% / −26% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +88% |
| ACT.WAAction S.A. | 999.4 m | 27.2 | 8.3% | 1.5% | +6.1% | +71% / +171% |
| BRS.WABoryszew Spółka Akcyjna | 874.1 m | 8.2 | 6.3% | 1.6% | +8.4% | −25% / −28% |
| AGO.WAAgora Spółka Akcyjna | 588.0 m | — | -14.2% | -9.2% | +15.2% | +37% / +18% |
| AMB.WAAmbra S.A. | 462.9 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 344.7 m | 1.4 | 16.3% | 7.0% | −27.5% | −40% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 298.5 m | 11.0 | 8.9% | 11.6% | −22.0% | −11% / +2% |
| ART.WAArtifex Mundi S.A. | 229.7 m | 17.7 | 35.7% | 33.3% | +51.9% | +48% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 192.4 m | 9.4 | 11.4% | 13.8% | +21.8% | −2% / −22% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BMC.WABumech Spółka Akcyjna | 156.9 m | — | -3.4% | -3.9% | −40.0% | −36% / −49% |
| BBT.WABoomBit Spółka Akcyjna | 71.9 m | 4.5 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.6 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 36.3 m | 62.0 | 1.2% | 1.3% | −67.5% | −31% / −46% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.1 m | 0.5 | 115.4% | 964.7% | +13.0% | −29% / −43% |
| BCM.WABETACOM Spółka Akcyjna | 26.3 m | 17.3 | 8.0% | 0.9% | +21.3% | +6% / +2% |
| AWM.WAAirway Medix Spółka Akcyjna | 13.8 m | — | -25.8% | -117,400.0% | −97.7% | −26% / −45% |
1- and 3-year price returns: for PHN.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
Polski Holding Nieruchomości S.A. is a Warsaw-based commercial property holding whose portfolio spans office, retail and logistics assets, with over 150 properties. For 2023 the company reported a net loss, driven mainly by a negative revaluation of investment property, while rental income grew.
SWOT
Strengths
- A large and diversified portfolio of commercial properties across several cities.
- Rising rental income provides a stable operating base.
- Long experience in managing and developing commercial properties.
Weaknesses
- A net loss in 2023, mostly driven by negative revaluations.
- Significant debt and high financing costs.
- Development revenue declined compared with the prior year.
Opportunities
- Adding value to existing properties through modernisation and re-letting.
- Developing logistics and retail projects in regional cities.
- Optimising the financing structure to reduce costs.
Threats
- Falling property valuations could again weigh on net results.
- High interest rates could add pressure on debt servicing.
- Competition for tenants in the retail segment.
Risks
- Valuation riskhigh
Portfolio value depends on periodic valuations, and declines could reduce results and equity.
- Leverage riskhigh
High short- and long-term debt exposes the company to refinancing costs.
- Interest rate riskmedium
Rising financing costs could reduce profitability.
- Vacancy riskmedium
Lower space occupancy could affect rental income.
- Control risklow
The State Treasury is the controlling entity, which can influence strategic decisions.
Investment thesis
What would need to be true (bull case)
- If rental income keeps growing, the operating base could support results over the long term.
- A portfolio diversified across several cities could reduce concentration in a single market.
- If valuations stabilise, the negative impact from revaluations could ease.
What would break the thesis
- If negative revaluations recur, the net loss could persist.
- High leverage and financing costs could limit the company's flexibility.
- If development activity keeps declining, revenue from this segment could stay below earlier levels.
What to watch
- Trend in the fair value of investment property2024
- Debt level and financing costs2024
- Rental income and space occupancy2024
- Net result and dividend decisionsnext 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 group manages and develops commercial properties, mainly in Warsaw and major regional cities, across office, retail and logistics sectors. Its main revenue comes from renting investment property, and development and construction activities complement the business model.
Market context
The company operates in the commercial property market in Poland, concentrated in Warsaw and major regional cities. Portfolio value depends on periodic valuations, which had a significant negative impact on results in 2023.
Trends
- Property revaluationheadwind
A decline in the fair value of investment property reduced net profit, showing how sensitive earnings are to valuations.
- Rising rental incometailwind
Rental income grew significantly in 2023, supporting the core operating result.
- Financing costsheadwind
High financing costs could limit net profit if interest rates remain elevated.
- Demand for logistics and retail spacemixed
Diversification across offices, retail and logistics could support occupancy if demand in those segments holds.
Competitive position
The company competes with other commercial property developers and managers in Poland for tenants and projects. The sources reviewed contain no data on market share or on US-listed competitors.
- Other commercial property developers in Poland
Competition for tenants and projects in Warsaw and regional cities; no data in the sources reviewed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202216 May 2023
- Annual report 202116 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Polski Holding Nieruchomości 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.