olivLaw · European equity research
TERMO-REX SPÓŁKA AKCYJNA TRR.WA
Poland · GPW Warszawa · ISIN PLTRMRX00011 · Vertical: Listed companies from Poland
Termo-Rex is a Polish industrial services group that combines industrial construction (welding and assembly) with trade in electrical installation and thermal insulation articles. In financial year 2023 the group returned to profit after a loss in 2022, as demand became more stable and pressures from earlier years eased. Revenue reached 48.592 mn PLN.
At the close of 05 Nov 2026, TERMO-REX SPÓŁKA AKCYJNA (TRR.WA) stock was 0.54 PLN (+0.00% on the day), with market capitalisation 62.5 k PLN, P/E 0.1 on diluted EPS of 10.00 PLN over the last 12 months, beta 0.08, 52-week range 0.51–0.72 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)
- 52.1
- neutral
- Bollinger (20, 2)
- 0.52 – 0.55
- in the upper half of the band · %B 0.66 · band width 6.9%
- SMA 50 / 200
- 0.54 / 0.64
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | −2.7% | −0.6% | −2.1 pp | — |
| 3 months | −3.6% | −4.2% | +0.6 pp | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | −19.4% | +7.5% | −26.9 pp | — |
| 1 year | −20.6% | +9.9% | −30.5 pp | +7.1% |
| 3 years | −34.9% | +49.8% | −84.8 pp | +3.3% |
| 5 years | −47.1% | +42.8% | −89.9 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 0.1, max 0.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 52.5 m | 44.8 m | 48.6 m |
| Revenue YoY | unavailable | −14.7% | +8.5% |
| Net income | 2.3 m | 1.5 m | 1.2 m |
| Net income YoY | unavailable | −33.3% | −22.9% |
| Diluted EPS | 30.00 | -6.00 | 10.00 |
| Diluted EPS YoY | unavailable | −120.0% | unavailable |
| net % | 4.3% | 3.4% | 2.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 1.2 m PLN
- Financial debt
- 83.0 k PLN
- Net debt
- -1.1 m PLN
- Equity
- 30.4 m PLN
- Total assets
- 39.5 m PLN
- Debt / equity
- 0.00x
- Current ratio
- 1.93x
- ROE
- 3.8%
- ROA
- 2.8%
- 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 | 52.5 m | 44.8 m | 48.6 m | esef· 01 May 2024verified |
| Cost of revenue | 41.1 m | 36.7 m | 39.3 m | esef· 01 May 2024verified |
| Gross profit | 11.4 m | 8.1 m | 9.3 m | esef· 01 May 2024verified |
| Operating income | 4.0 m | -872.0 k | 876.0 k | esef· 01 May 2024verified |
| Interest expense | 158.0 k | 212.0 k | 203.0 k | esef· 01 May 2024verified |
| Pre-tax income | 4.6 m | -352.0 k | 1.5 m | esef· 01 May 2024verified |
| Income tax | 798.0 k | 337.0 k | 404.0 k | esef· 01 May 2024verified |
| Net income | 2.3 m | 1.5 m | 1.2 m | esef· 01 May 2024verified |
| Diluted EPS | 30.00 | -6.00 | 10.00 | esef· 01 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.3 m | 311.0 k | 1.2 m | esef· 01 May 2024verified |
| Receivables | 8.9 m | 15.9 m | 9.0 m | esef· 01 May 2024verified |
| Inventories | 5.6 m | 3.5 m | 3.6 m | esef· 01 May 2024verified |
| Current assets | 19.6 m | 19.7 m | 13.9 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 13.3 m | 13.9 m | 15.9 m | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 83.0 k | 45.0 k | 7.0 k | esef· 01 May 2024verified |
| Total assets | 43.4 m | 44.1 m | 39.5 m | esef· 01 May 2024verified |
| Accounts payable | 4.7 m | 8.9 m | 5.1 m | esef· 01 May 2024verified |
| Long-term debt | 561.0 k | 0 | 83.0 k | esef· 01 May 2024verified |
| Current liabilities | 9.4 m | 12.3 m | 7.2 m | esef· 01 May 2024verified |
| Equity | 31.6 m | 29.9 m | 30.4 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 75.0 k | — | 115.8 k | esef· 01 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: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 62.5 k PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · 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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.2% | 7 (vs peers) | 28% |
| Net margin · Quality | 2.4% | 46 (vs peers) | 17% |
| 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 | 4.3x | 43 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.9x | 94 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 0.1x | 100 (vs peers) | 28% |
| 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 sheet64/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality21/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
TERMO-REX SPÓŁKA AKCYJNA (TRR.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 48.6 m PLN in 2023; YoY growth 8.5%; net margin 2.4%; ROE 4.3%.
The estimated value range is 63.72–175.86 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 110.62 PLN, the price of 0.54 PLN leaves a potential of 20,386.1% (value / price − 1) and a margin of safety of 99.5% (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: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
- P/E (TTM): 0.1x
- The price is below the estimated value range
What contradicts it
- ROIC: 2.2%
Not assessed (insufficient data or a ratio without meaning): 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 TRR.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 | 0.33 Total return -39% · Per year -39% | 0.59 Total return 9% · Per year 9% | 0.88 Total return 63% · Per year 63% |
| 3 years | 0.35 Total return -35% · Per year -14% | 0.69 Total return 28% · Per year 9% | 1.14 Total return 110% · Per year 28% |
| 5 years | 0.37 Total return -32% · Per year -7% | 0.81 Total return 51% · Per year 9% | 1.46 Total return 171% · Per year 22% |
- Exit P/E± 0.17
- Net margin± 0.12
- Annual revenue growth± 0.10
- 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
Termo-Rex is a Polish industrial services group that combines industrial construction (welding and assembly) with trade in electrical installation and thermal insulation articles. In financial year 2023 the group returned to profit after a loss in 2022, as demand became more stable and pressures from earlier years eased. Revenue reached 48.592 mn PLN 1.
SWOT
Strengths
- The group combines assembly and welding services with trade in technical articles, giving a diversified revenue base.
- Bank debt is modest, and management considers external financing risk negligible.
- The return to profit in 2023 shows an ability to recover after the difficult 2022 period.
Weaknesses
- Reliance on imports makes costs sensitive to exchange rates, with no hedging instruments in place.
- Activity depends on investment in a few industrial sectors, especially petrochemicals, where projects can be suspended.
- The net margin is modest, and earlier losses show vulnerability to demand shocks.
Opportunities
- Expansion into new markets, such as Belgium, could diversify revenue beyond Poland.
- If industrial investment recovers, demand for assembly and welding services could grow.
- Using the group's property and investment assets could bring additional income.
Threats
- Higher interest rates and tighter bank lending could weigh on industrial clients.
- Exchange-rate volatility could raise purchase costs and pressure margins.
- Geopolitical uncertainty and fragile supply chains could delay projects.
Risks
- Currency riskhigh
The group does not use hedging instruments, and part of its revenue and purchases is in foreign currency. Adverse exchange-rate moves could reduce margins.
- Concentration on a few industrial clientsmedium
Activity depends on the investment plans of a limited number of sectors, and suspension of a major client's projects could affect revenue.
- Cost of financingmedium
High interest rates could slow client investment and raise the cost of the group's borrowing, although current debt is modest.
- Dependence on importsmedium
More than 45% of purchases came from imports or intra-community acquisitions, exposing the group to supply delays and variable costs.
- Fluctuating resultslow
The move from a loss in 2022 to a profit in 2023 shows that results can vary considerably from year to year.
Investment thesis
What would need to be true (bull case)
- If the recovery in industrial investment continues, the group could benefit from more stable demand for assembly and welding services.
- Low debt and liquidity considered adequate by management give the group flexibility during uncertain periods.
- Diversification between services and technical articles trading could support revenue even when one activity slows.
What would break the thesis
- If exchange rates move unfavourably, import costs could rise faster than selling prices.
- Dependence on a few industrial clients could make revenue sensitive to the suspension of large projects.
- The 2023 profit is modest, and the 2022 loss shows that results can quickly return to negative territory.
What to watch
- Development of revenue and net profit compared with financial year 20232024
- Share of euro-denominated revenue and the effect of exchange rates on margins2024
- Level of current account credit and refinancing conditions2024
- Recovery of investment in the petrochemical sector and in clients' industrial projects2025
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
Termo-Rex SA is the parent company of a group active in Poland with two main activities: industrial construction, meaning welding, assembly and heat treatment of welded joints, and trade in electrical installation and thermal insulation articles 1. The subsidiary CKTiS SA, based in Stara Biała, is 84.185% owned and fully consolidated, with assembly and welding services as its business 1. The group focuses on the Polish market, and the report does not present geographic segment results 1.
The cost and financing structure points to a company with modest bank debt. At 31 December 2023 the current account credit was used at 970 thousand PLN, and the group stated that management considers the risk of external financing negligible 1. Net profit attributable was 1.128 mn PLN, compared with a loss of 689 thousand PLN in 2022 1.
On the asset side the group holds land, buildings and machinery, along with investment property including a fuel station leased to PKN Orlen SA 1. Trading activity was extended in 2022 to Belgium, which increased the share of euro-denominated revenue but also raised currency exposure 1.
Segments
Industrial construction
The segment covers welding and assembly services, installation of equipment and heat treatment of joints, as well as construction and installation works for industrial clients, some of them in the petrochemical sector 1. The report notes that in 2022 investment and maintenance work in petrochemicals was suspended, an effect that eased in 2023 1.
Trade in electrical installation and insulation articles
The segment sells electrical installation and thermal insulation articles, many of them imported from the United Kingdom, the United States and China 1. In 2023 imports and intra-community acquisitions accounted for 45.7% of total purchase value, which makes the segment sensitive to exchange rates 1.
Market context
Termo-Rex operates in the Polish market for industrial services and technical materials distribution, where demand depends on the investment and maintenance activity of industrial clients. Euro-denominated revenue represented 22.7% of turnover in 2023, against 48.5% in 2022, reflecting a shift in the weight of the Belgian market after the 2022 expansion 1.
The report describes a context marked by inflation, rising interest rates and tighter financing for clients, all considered factors affecting industry demand 1. Management says the outlook for 2024 remains uncertain, but that falling inflation and stabilising material availability create a more predictable base 1.
Trends
- Stabilisation of industrial activitytailwind
The report notes that the impact of the pandemic and the conflict in Ukraine on operating activity eased in 2023, supporting the return to profit 1. If industrial investment stays at current levels, demand for assembly and welding services could remain stable.
- Rising financing costsheadwind
Higher interest rates and banks' tighter credit assessment were identified as risks for clients and for the group 1. Although the group's bank debt is modest, a high-rate environment could weigh on client demand.
- Currency exposuremixed
Revenue and purchases in foreign currencies, in particular GBP, USD and EUR, have increased exposure to exchange rates, and the company does not use hedging instruments 1. Currency moves could affect both acquisition costs and selling prices.
- Lower debt and liquidity pressuretailwind
Liquidity indicators remained at levels management considers satisfactory, and the report mentions a lower ratio of debt to equity 1. In the short term this financial base could support continued investment.
Competitive position
The group competes with other Polish industrial services and technical materials distribution companies, and the report's sources do not explicitly name competitors. The stated advantage is the combination of assembly and welding services with trade in electrical installation articles, which may reduce dependence on a single activity 1.
Competition depends on the ability to win stable contracts with industrial clients and to manage import costs. The report shows that in 2023 a significant part of purchases was imported, which makes competitive pressure sensitive to exchange-rate developments 1.
- Other Polish industrial services companies
The report does not name direct competitors, so none are identified by name or ticker.
- Electrical installation distributors in Poland
Competition comes from local or regional technical materials traders, unidentified in the source.
- Thermal insulation and technical ceramics suppliers
The group sources from the United Kingdom, the United States and China, so it competes indirectly with international suppliers.
- Petrochemical assembly contractors
The report names the petrochemical sector as a main client area, so firms in this field compete for the same projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / TERMO-REX 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.