olivLaw · European equity research
ULMA Construccion Polska S.A. ULM.WA
Poland · GPW Warszawa · ISIN PLBAUMA00017 · Vertical: Listed companies from Poland
ULMA Construccion Polska is a Polish group that rents and sells formwork systems for construction, with operations that include Ukraine. In fiscal 2022 the group reported a net profit of 14 455 thousand PLN, lower than the year before, and operating cash flow was negative, reflecting large investment in formwork.
At the close of 05 Nov 2026, ULMA Construccion Polska S.A. (ULM.WA) stock was 53.00 PLN (−0.93% on the day), with dividend yield 14.38%, beta 0.10, 52-week range 50.50–65.00 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)
- 52.8
- neutral
- Bollinger (20, 2)
- 50.72 – 54.18
- in the upper half of the band · %B 0.66 · band width 6.6%
- SMA 50 / 200
- 52.10 / 58.14
- mixed trend
- MACD (12, 26, 9)
- 0.22 / 0.10
- 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 | +2.9% | −0.6% | +3.6 pp | — |
| 3 months | +3.9% | −4.2% | +8.1 pp | — |
| 6 months | −13.1% | +4.3% | −17.4 pp | — |
| Year to date | −13.8% | +7.5% | −21.3 pp | — |
| 1 year | −9.4% | +9.9% | −19.3 pp | +7.1% |
| 3 years | −17.8% | +49.8% | −67.7 pp | +3.3% |
| 5 years | −13.1% | +42.8% | −55.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2022 |
|---|---|---|---|
| Revenue | 190.6 m | 209.9 m | 200.9 m |
| Revenue YoY | unavailable | +10.1% | −4.2% |
| Net income | 20.2 m | 25.0 m | 14.5 m |
| Net income YoY | unavailable | +23.7% | −42.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 10.6% | 11.9% | 7.2% |
| Free cash flow | 36.5 m | 26.7 m | -7.5 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 35.2 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 343.2 m PLN
- Total assets
- 396.4 m PLN
- Debt / equity
- unavailable
- Current ratio
- 2.37x
- ROE
- 4.3%
- ROA
- 3.6%
- FCF margin
- -3.7%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 190.6 m | 209.9 m | 200.9 m | esef· 09 May 2023verified |
| Cost of revenue | 145.7 m | 155.0 m | 155.4 m | esef· 09 May 2023verified |
| Gross profit | 44.9 m | 54.8 m | 45.6 m | esef· 09 May 2023verified |
| Operating income | 25.6 m | 32.0 m | 15.3 m | esef· 09 May 2023verified |
| Interest expense | 1.3 m | 600.0 k | 2.8 m | esef· 09 May 2023verified |
| Pre-tax income | 24.9 m | 31.9 m | 18.1 m | esef· 09 May 2023verified |
| Income tax | 4.7 m | 6.9 m | 3.7 m | esef· 09 May 2023verified |
| Net income | 20.2 m | 25.0 m | 14.5 m | esef· 09 May 2023verified |
| Dividend per share | — | 7.62 | — | esef· 09 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 57.8 m | 49.7 m | 35.2 m | esef· 09 May 2023verified |
| Receivables | 32.3 m | 58.7 m | 41.2 m | esef· 09 May 2023verified |
| Inventories | 7.4 m | 8.4 m | 8.8 m | esef· 09 May 2023verified |
| Current assets | 107.1 m | 117.3 m | 85.8 m | esef· 09 May 2023verified |
| Property, plant & equipment, net | 245.7 m | 260.5 m | 270.2 m | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 261.0 k | 241.0 k | 149.0 k | esef· 09 May 2023verified |
| Total assets | 390.7 m | 400.9 m | 396.4 m | esef· 09 May 2023verified |
| Accounts payable | 26.9 m | 42.7 m | 32.1 m | esef· 09 May 2023verified |
| Current liabilities | 31.2 m | 47.4 m | 36.2 m | esef· 09 May 2023verified |
| Total liabilities | 44.2 m | 65.4 m | 53.2 m | esef· 09 May 2023verified |
| Equity | 346.5 m | 335.4 m | 343.2 m | esef· 09 May 2023verified |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 38.1 m | 29.1 m | -4.6 m | esef· 09 May 2023verified |
| Capex | 1.7 m | 2.5 m | 2.9 m | esef· 09 May 2023verified |
| Free cash flow | 36.5 m ≈ | 26.7 m ≈ | -7.5 m ≈ | esef· 09 May 2023derived |
| Investing cash flow | -10.2 m | 7.2 m | -3.5 m | esef· 09 May 2023verified |
| Financing cash flow | -18.1 m | -44.4 m | -4.8 m | esef· 09 May 2023verified |
| Dividends paid | 13.7 m | 40.0 m | 0 | esef· 09 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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%
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
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.2% | 67 (vs peers) | 27% |
| FCF conversion · Quality | -51.8% | 0 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.5x | 62 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 2.4x | 100 (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 | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet77/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality33/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 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
"ULMA CONSTRUCCION POLSKA " SPÓŁKA AKCYJNA (ULM.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 200.9 m PLN in 2022; YoY growth -4.2%; net margin 7.2%; ROE 4.3%.
The estimated value range is 74.75–92.34 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 82.62 PLN, the price of 53.00 PLN leaves a potential of 55.9% (value / price − 1) and a margin of safety of 35.8% (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: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -51.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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 ULM.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
ULMA Construccion Polska is a Polish group that rents and sells formwork systems for construction, with operations that include Ukraine. In fiscal 2022 the group reported a net profit of 14 455 thousand PLN, lower than the year before, and operating cash flow was negative, reflecting large investment in formwork.
SWOT
Strengths
- High equity relative to total liabilities and equity, giving the group financial stability.
- Own formwork fleet, a central item of non-current assets and of the business model.
- Ability to move equipment between regions, shown during the war in Ukraine.
Weaknesses
- Net profit fell compared with the previous year, and margins appear to have narrowed.
- Operating cash flow was negative in 2022, showing dependence on heavy investment.
- Exposure to a Ukrainian subsidiary with high geopolitical risk and partly unconfirmed assets.
Opportunities
- Construction demand could support higher formwork rental if investment continues.
- Selling used equipment or moving the fleet to regions with higher demand could generate extra revenue.
- Development of the Ukrainian subsidiary's potential, if the security situation stabilises.
Threats
- Escalation of the Ukraine conflict could lead to large equipment losses.
- Rising material and energy costs could reduce profit margins.
- Slower construction investment could reduce demand for formwork.
Risks
- War risk in Ukrainehigh
The subsidiary ULMA Opałubka Ukraina operates in areas exposed to military attacks. Management limited the impairment to the portion not confirmed by clients and to assets in occupied territory, which could lead to further losses if the situation worsens.
- Going concern of the Ukrainian subsidiarymedium
The annual report states there is no risk to continuity of operations, but this conclusion rests on the current course of the conflict. A sudden change in the situation could affect this assessment.
- Negative operating cash flowmedium
In 2022 the group had negative operating cash flow, driven by heavy investment. If investment is not offset by receipts, liquidity could become a concern.
- Lower net profitmedium
Net profit fell from the previous year, which may limit the capacity to pay dividends and fund growth internally.
- Material and energy costslow
Rising material and energy costs can reduce margins, especially on fixed-price contracts. The source does not quantify this impact.
Investment thesis
What would need to be true (bull case)
- If investment in formwork turns into stable rental contracts, the group could recover its cash flow in the following periods.
- High equity provides a safety margin that could let the group get through periods of uncertainty.
- The experience of moving equipment during wartime shows an operational capacity that could be used in other markets.
What would break the thesis
- Falling net profit and negative cash flow could signal margin pressure that persists.
- Exposure to Ukraine could generate asset losses if the conflict widens, and current provisions might prove insufficient.
- Dependence on constant equipment investment could become a burden if construction demand declines.
What to watch
- Trend in operating cash flow and formwork investment2023
- Situation of the subsidiary ULMA Opałubka Ukraina and the going-concern assessment2023
- Trend in net profit and operating marginsnext annual report
- Dividend decision after no distribution in 20222023
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 ULMA Construccion Polska S.A. group operates mainly formwork systems and support equipment for construction sites. According to the annual report for 2022, total assets were 396 390 thousand PLN at 31 December 2022, and equity was 343 205 thousand PLN 1. Formwork systems make up most of the non-current assets, so the level of equipment investment is central to the financial position.
The group includes the subsidiary ULMA Opałubka Ukraina, which operates formwork equipment on sites in Ukraine. The annual report shows its activity continued through 2022 despite the war, with equipment moved between more exposed and safer regions 1. Management limited the impairment to 436 thousand PLN, based on amounts confirmed by clients and assets in occupied territory 1.
Segments
Formwork systems
Formwork systems are the main segment and account for most of the group's non-current assets. The annual report presents their value as a distinct item in the asset statement, which shows the business depends heavily on the equipment fleet 1.
Ukraine (ULMA Opałubka Ukraina)
The Ukrainian subsidiary holds a small share of total assets but was directly affected by the 2022 war. Management said the risk of equipment destruction had become incidental rather than systemic, based on the course of the conflict and confirmations received from clients 1.
Equipment rental and sale
The annual report indicates sales of fixed assets, suggesting the group manages its formwork fleet and can monetise it. The source does not allow a clear split of revenue for this line of activity 1.
Market context
The group's main market is building and infrastructure construction in Poland and the wider Central and Eastern European region, where formwork is needed to pour concrete. Demand depends on the pace of construction investment, and the source contains no external market data. The group is also exposed to the Ukrainian market, where activity was disrupted by the conflict 1.
The business depends on constant investment in equipment, so profitability may be sensitive to material costs and site activity levels. Figures in the annual report show that spending on formwork purchases stayed high in 2022, while net profit fell from 2021 1.
Trends
- Heavy investment in formworkmixed
Spending on acquiring and expanding formwork systems stayed high in 2022, pushing operating cash flow negative. If construction demand holds, these investments could support rental volumes over the medium term.
- Geopolitical risk in Ukraineheadwind
The war forced management to reassess risk for the Ukrainian subsidiary and to move equipment between regions. If the conflict widens, asset losses could increase and continuity of operations in the region could be affected.
- Lower profitabilityheadwind
Net profit fell from 24 978 thousand PLN in 2021 to 14 455 thousand PLN in 2022, amid higher operating and financial costs. If the trend continues, margins could stay below their previous level.
- High solvencytailwind
Equity is a large share of total liabilities and equity, which provides a financial safety margin. This structure may allow the group to finance investment without heavy borrowing.
Competitive position
The source does not explicitly name the group's competitors. The European formwork market includes several manufacturers and equipment rental firms, and ULMA's position depends on its ability to maintain its formwork fleet and respond to site demand. The annual report contains no comparative data on market share.
Competition can play out on price, equipment availability and technical services offered to clients. A full comparison would require competitors' reports and market data, which are not included in the source provided.
- European formwork and scaffolding suppliers
The source names no competitors. European producers and rental firms of formwork systems exist, but the annual report does not confirm their identity.
- Regional equipment rental firms
Local construction equipment rental companies can compete for small and medium projects. The source does not identify them.
- Asian formwork manufacturers
Producers in Asia can influence material and equipment prices. The source does not confirm their presence in the group's market.
- Other formwork system providers
Providers with different product portfolios may compete for large contracts. Their list is not supplied in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202209 May 2023
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / ULMA Construccion Polska S.A. · 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.