olivLaw · European equity research
UNIBEP Spółka Akcyjna UNI.WA
Poland · GPW Warszawa · ISIN PLUNBEP00015 · Vertical: Listed companies from Poland
Unibep is a Polish construction group active in building construction, industrial-energy projects and property development through its Unidevelopment subsidiary. For 2023 the annual report shows a shrinking order backlog compared with earlier years, operating losses in the industrial segment and efforts to reduce debt.
At the close of 05 Nov 2026, UNIBEP Spółka Akcyjna (UNI.WA) stock was 14.00 PLN (−0.43% on the day), with market capitalisation 454.5 m PLN, dividend yield 4.99%, beta 0.48, 52-week range 12.00–16.85 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)
- 39.3
- weak (30–45)
- Bollinger (20, 2)
- 14.06 – 15.29
- below the lower band · %B -0.05 · band width 8.4%
- SMA 50 / 200
- 14.67 / 14.40
- mixed trend
- MACD (12, 26, 9)
- -0.09 / 0.01
- 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 | −5.5% | −0.6% | −4.9 pp | — |
| 3 months | +1.6% | −4.2% | +5.8 pp | — |
| 6 months | −5.0% | +4.3% | −9.4 pp | — |
| Year to date | −1.1% | +7.5% | −8.6 pp | — |
| 1 year | +11.6% | +9.9% | +1.6 pp | +7.1% |
| 3 years | +40.0% | +49.8% | −9.8 pp | +3.3% |
| 5 years | +17.6% | +42.8% | −25.2 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 | 1.7 bn | 2.3 bn | 2.4 bn |
| Revenue YoY | unavailable | +31.8% | +7.6% |
| Net income | 28.2 m | 7.4 m | -165.9 m |
| Net income YoY | unavailable | −73.6% | −2,328.6% |
| Diluted EPS | 0.89 | 0.23 | -5.11 |
| Diluted EPS YoY | unavailable | −74.2% | −2,321.7% |
| net % | 1.6% | 0.3% | -6.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 311.1 m PLN
- Financial debt
- 214.7 m PLN
- Net debt
- -96.3 m PLN
- Equity
- 213.1 m PLN
- Total assets
- 1.8 bn PLN
- Debt / equity
- 1.01x
- Current ratio
- 1.23x
- ROE
- -55.6%
- ROA
- -9.2%
- 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 | 1.7 bn | 2.3 bn | 2.4 bn | esef· 24 Apr 2024verified |
| Cost of revenue | 1.6 bn | 2.1 bn | 2.5 bn | esef· 24 Apr 2024verified |
| Gross profit | 127.3 m | 148.3 m | -37.8 m | esef· 24 Apr 2024verified |
| Operating income | 55.1 m | 63.8 m | -137.8 m | esef· 24 Apr 2024verified |
| Interest expense | 12.8 m | 23.3 m | 45.0 m | esef· 24 Apr 2024verified |
| Pre-tax income | 52.7 m | 41.9 m | -177.3 m | esef· 24 Apr 2024verified |
| Income tax | 10.6 m | 10.0 m | -20.8 m | esef· 24 Apr 2024verified |
| Net income | 28.2 m | 7.4 m | -165.9 m | esef· 24 Apr 2024verified |
| Diluted EPS | 0.89 | 0.23 | -5.11 | esef· 24 Apr 2024verified |
| Dividend per share | 0.30 | 0.91 | 0.70 | esef· 24 Apr 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 271.5 m | 137.9 m | 311.1 m | esef· 24 Apr 2024verified |
| Receivables | 238.5 m | 384.5 m | 378.9 m | esef· 24 Apr 2024verified |
| Inventories | 406.6 m | 543.5 m | 457.9 m | esef· 24 Apr 2024verified |
| Current assets | 1.2 bn | 1.4 bn | 1.5 bn | esef· 24 Apr 2024verified |
| Property, plant & equipment, net | 141.2 m | 152.3 m | 146.8 m | esef· 24 Apr 2024verified |
| Total assets | 1.5 bn | 1.8 bn | 1.8 bn | esef· 24 Apr 2024verified |
| Long-term debt | 100.1 m | 126.5 m | 214.7 m | esef· 24 Apr 2024verified |
| Current liabilities | 894.1 m | 1.1 bn | 1.2 bn | esef· 24 Apr 2024verified |
| Total liabilities | 1.2 bn | 1.4 bn | 1.6 bn | esef· 24 Apr 2024verified |
| Equity | 372.0 m | 384.0 m | 213.1 m | esef· 24 Apr 2024verified |
| Shares outstanding at year end | 31.7 m | 32.4 m | 32.5 m | esef· 24 Apr 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -3.0 m | -4.2 m | 157.1 m | esef· 24 Apr 2024verified |
| Investing cash flow | -11.2 m | -57.3 m | 3.8 m | esef· 24 Apr 2024verified |
| Financing cash flow | 21.7 m | -72.1 m | 12.3 m | esef· 24 Apr 2024verified |
| Dividends paid | 9.6 m | 29.4 m | 22.7 m | esef· 24 Apr 2024verified |
| Share repurchases | 0 | 14.9 m | 0 | esef· 24 Apr 2024verified |
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: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 454.5 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -47.3% | 0 (vs peers) | 31% |
| Net margin · Quality | -6.8% | 13 (vs peers) | 19% |
| 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 | -3.1x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.0% | 71 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality5/100 · 2/3 factors with a value
- Returns· partial71/100 · 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
UNIBEP Spółka Akcyjna (UNI.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 2.4 bn PLN in 2023; YoY growth 7.6%; net margin -6.8%; ROE -75.6%.
The estimated value range is 6.85–8.47 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.57 PLN, the price of 14.00 PLN leaves a potential of -45.9% (value / price − 1) and a margin of safety of -84.8% (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: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 5.0%
What contradicts it
- ROIC: -47.3%
- Net margin: -6.8%
- Interest coverage: -3.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): 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 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% |
| UNI.WAUNIBEP Spółka Akcyjna | 454.5 m | — | -75.6% | -6.8% | +7.6% | +5% / +58% |
| 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% |
1- and 3-year price returns: for UNI.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Unibep is a Polish construction group active in building construction, industrial-energy projects and property development through its Unidevelopment subsidiary. For 2023 the annual report shows a shrinking order backlog compared with earlier years, operating losses in the industrial segment and efforts to reduce debt 1.
SWOT
Strengths
- The group has a land bank capable of generating outstanding operating results in development.
- The order backlog in building construction and energy gives visibility on future revenue.
- The group structure with consolidated subsidiaries allows diversification across construction, energy and development.
Weaknesses
- The industrial-energy segment posted significant operating losses in 2023 due to fixed-price contracts.
- Operating margins in building construction are squeezed by price-based competition.
- The group depends on external financing for land purchases and project development.
Opportunities
- KPO funds could support new energy and industrial contracts.
- SIM programmes could accelerate after local elections, supporting the modular segment.
- A strategic investor for Unihouse or external development partners could bring capital and expansion.
Threats
- Inflation in labour and material costs could further erode contract margins.
- A slowdown in the property market could reduce investors' ability to pay.
- Exposure to floating rates and foreign currencies could raise financing costs.
Risks
- Fixed-price contractshigh
Fixed-price contracts did not allow cost increases to be recovered, generating losses in the industrial-energy segment 1.
- Land bank funding needhigh
The land bank requires continuous access to financing, which could become problematic if credit markets deteriorate 1.
- Interest rate riskmedium
Most debt carries floating rates linked to WIBOR, so rate changes affect costs and cash flows 1.
- Currency exposuremedium
Revenues and liabilities in EUR, NOK, SEK and DKK create sensitivity to exchange rates, partly hedged with derivatives 1.
- Client credit riskmedium
A possible weakening of the property market could reduce investors' ability to pay, raising the group's credit losses 1.
Investment thesis
What would need to be true (bull case)
- If KPO and SIM funding accelerates, the order backlog could convert into higher revenue and better margins.
- If land in the land bank generates gains through sale or value appreciation, the group could reduce its debt.
- A strategic investor or external partner for Unihouse could unlock value and international expansion.
What would break the thesis
- If cost inflation continues, construction margins could stay under pressure, especially on fixed-price contracts.
- If the property market slows, land monetisation could be slower and lower than management expects.
- If interest rates stay high, financing costs could absorb part of operating gains.
What to watch
- Operating margin trend in the industrial-energy segmentQ1 2025
- Outcome of moving land from inventories to investment property2024
- Decision on a strategic investor for Unihouse SA2024
- Effect of KPO funds on new energy contracts2025
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 Unibep group, led by parent Unibep SA from Bielsk Podlaski, includes several fully consolidated subsidiaries, among them Unidevelopment SA, the property developer with a land bank, and Unihouse SA, active in modular construction 1. Activity is split between building construction, industrial-energy projects and residential development. The 2023 annual report also shows Norwegian subsidiaries Seljedalen AS and Lovsetvegen 4 AS, engaged in property development 1.
The functional currency of the parent and the presentation currency of the statements is the Polish zloty, and the consolidated report is prepared under IFRS as endorsed by the EU 1. The group has significant exposure to EUR, NOK, SEK and DKK, partly hedged with forward contracts 1.
In 2024 management began a process of optimising the group structure: reclassifying some land from inventories to investment property, analysing the rest of the land bank and seeking a strategic investor for Unihouse SA 1.
Segments
Building construction segment (kubaturowy)
At 31 December 2023 the building construction segment had an order backlog of about 1.6 bn PLN, and expected 2024 revenue from signed contracts is 968 mln PLN 1. The report notes very strong competition from small general contractors and price pressure on margins 1.
Industrial-energy segment
The industrial-energy segment recorded significant operating losses in 2023, linked to fixed-price contracts and rising costs. The order backlog was about 0.6 bn PLN at 31 December 2023, and expected 2024 revenue is 496 mln PLN 1.
Property development segment (Unidevelopment)
The development segment rests on a sizeable land bank that offers revenue potential but needs continuous funding. In 2024 management decided to move some land to investment property and to revalue certain projects 1.
Market context
The report describes a Polish construction market with sustained demand in energy, where KPO recovery funds support new investment, and a residential market with strong demand but difficult financing 1. Social housing financed by local governments could gain momentum after the 2024 local elections 1.
Macro risks include inflation of labour and material costs, high interest rates and a possible slowdown in client payments if the property market weakens 1.
Trends
- KPO funds for energytailwind
Funds from the Krajowy Plan Odbudowy channel new contracts into energy, which could support the industrial-energy segment 1.
- Construction cost inflationheadwind
Rising costs of materials, labour and subcontracting have eroded margins on fixed-price contracts 1.
- Demand for social housingtailwind
SIM programmes financed by local governments could accelerate after Polish local elections, according to management 1.
- Cost of financingmixed
Floating-rate debt linked to WIBOR exposes the group to rate changes; management says the effect should not be decisive in 2024, but financing costs are sensitive 1.
Competitive position
In building construction competition is very intense, especially from small general contractors that are not public entities and lack equally complex structures; competition is often on price, which could keep pressuring margins 1. The report suggests Unibep could gain an edge on contracts requiring more technology and capital 1.
Specific competitors are not named in the source material provided, so market share comparison cannot be made from this filing 1.
- Small general contractors in Poland
Price competition in building construction, cited in the report; no listed companies identified.
- Larger contractors with more capital
Competition on complex contracts requiring technology and financing; the report names no entities.
- Polish property developers
Competition in the residential market; the source material names no other companies.
- Scandinavian builders
The group has Norwegian subsidiaries; local competition is not detailed in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202324 Apr 2024
- Annual report 202324 Apr 2024
- Annual report 202217 May 2023
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / UNIBEP 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.