olivLaw · European equity research
Wikana S.A. WIK.WA
Poland · GPW Warszawa · ISIN PLELPO000016 · Vertical: Listed companies from Poland
Wikana S.A. is a real estate developer based in Lublin, active in residential and commercial construction through a consolidated group. The available source describes only the group structure and reporting context for 2023, without revenue or profit figures in the text.
At the close of 05 Nov 2026, Wikana S.A. (WIK.WA) stock was 9.65 PLN (−2.03% on the day), with market capitalisation 191.6 m PLN, P/E 11.9 on diluted EPS of 0.81 PLN over the last 12 months, dividend yield 2.59%, beta 0.29, 52-week range 6.40–10.60 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.9
- weak (30–45)
- Bollinger (20, 2)
- 9.47 – 10.08
- in the lower half of the band · %B 0.29 · band width 6.2%
- SMA 50 / 200
- 9.75 / 8.21
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.04
- 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 | −1.5% | −0.6% | −0.9 pp | — |
| 3 months | +7.2% | −4.2% | +11.4 pp | — |
| 6 months | +25.3% | +4.3% | +21.0 pp | — |
| Year to date | +35.0% | +7.5% | +27.5 pp | — |
| 1 year | +45.1% | +9.9% | +35.2 pp | +7.1% |
| 3 years | +91.1% | +49.8% | +41.2 pp | +3.3% |
| 5 years | +103.6% | +42.8% | +60.8 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 100 percentile of its own 2-quarter history (min 1.9, median 2.9, max 3.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 138.2 m | 63.3 m | 78.4 m |
| Revenue YoY | unavailable | −54.2% | +23.7% |
| Net income | 36.3 m | 16.1 m | 16.4 m |
| Net income YoY | unavailable | −55.7% | +1.7% |
| Diluted EPS | 1.84 | 0.81 | unavailable |
| Diluted EPS YoY | unavailable | −56.0% | unavailable |
| net % | 26.3% | 25.4% | 20.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 11.4 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 104.2 m PLN
- Total assets
- 274.2 m PLN
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 16.6%
- ROA
- 6.3%
- 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 | 138.2 m | 63.3 m | 78.4 m | esef· 07 May 2024verified |
| Cost of revenue | 84.5 m | 41.6 m | 53.4 m | esef· 07 May 2024verified |
| Gross profit | 53.7 m | 21.8 m | 24.9 m | esef· 07 May 2024verified |
| Operating income | 46.5 m | 17.2 m | 20.1 m | esef· 07 May 2024verified |
| Interest expense | 3.1 m | 1.9 m | 2.6 m | esef· 07 May 2024verified |
| Pre-tax income | 43.3 m | 15.4 m | 17.4 m | esef· 07 May 2024verified |
| Income tax | 7.0 m | 2.5 m | 2.9 m | esef· 07 May 2024verified |
| Net income | 36.3 m | 16.1 m | 16.4 m | esef· 07 May 2024verified |
| Diluted EPS | 1.84 | 0.81 | — | esef· 16 May 2023verified |
| Dividend per share | — | 0.25 | — | esef· 16 May 2023verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 18.6 m | 5.9 m | 11.4 m | esef· 07 May 2024verified |
| Receivables | 8.2 m | 11.5 m | 6.7 m | esef· 07 May 2024verified |
| Inventories | 129.8 m | 158.3 m | 185.2 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 9.2 m | 8.6 m | 2.1 m | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 73.0 k | 21.0 k | 0 | esef· 07 May 2024verified |
| Total assets | 223.7 m | 248.9 m | 274.2 m | esef· 07 May 2024verified |
| Current liabilities | 107.8 m | 123.8 m | 135.9 m | esef· 07 May 2024verified |
| Total liabilities | 142.5 m | 156.2 m | 170.0 m | esef· 07 May 2024verified |
| Equity | 81.1 m | 92.7 m | 104.2 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 19.7 m | 19.9 m | — | esef· 07 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: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 191.6 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
29% · 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: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 20.9% | 85 (vs peers) | 21% |
| 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 | 7.7x | 95 (on a fixed band) | 21% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 11.7x | 53 (vs peers) | 36% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.2% | 3 (on a fixed band) | 21% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial95/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial85/100 · 1/3 factors with a value
- Returns· partial3/100 · 1/2 factors with a value
- Valuation· partial53/100 · 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
WIKANA SPÓŁKA AKCYJNA (WIK.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 78.4 m PLN in 2023; YoY growth 23.7%; net margin 20.9%; ROE 16.6%.
The estimated value range is 3.85–8.76 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 5.91 PLN, the price of 9.65 PLN leaves a potential of -38.8% (value / price − 1) and a margin of safety of -63.3% (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: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 20.9%
- Interest coverage: 7.7x
What contradicts it
- Shareholder yield (distributions): 0.2%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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% |
| 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% |
| WIK.WAWikana Spółka Akcyjna | 191.6 m | 11.7 | 16.6% | 20.9% | +23.7% | +28% / +98% |
| 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 WIK.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 | 6.31 Total return -32% · Per year -32% | 11.10 Total return 18% · Per year 18% | 16.65 Total return 76% · Per year 76% |
| 3 years | 7.48 Total return -15% · Per year -5% | 14.68 Total return 63% · Per year 18% | 23.97 Total return 162% · Per year 38% |
| 5 years | 8.87 Total return 6% · Per year 1% | 19.41 Total return 122% · Per year 17% | 34.52 Total return 285% · Per year 31% |
- Exit P/E± 3.67
- Net margin± 2.57
- Annual revenue growth± 1.92
- Annual dilution± 0.22
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
Wikana S.A. is a real estate developer based in Lublin, active in residential and commercial construction through a consolidated group. The available source describes only the group structure and reporting context for 2023, without revenue or profit figures in the text.
SWOT
Strengths
- A consolidated group structure with a clearly defined parent company and reporting procedures audited by an independent firm.
- A portfolio of investment property measured at fair value, giving a property asset base separate from development activity.
- A compact own workforce that may ease project coordination, though execution relies heavily on external contractors.
Weaknesses
- Dependence on external contractors and on vulnerable supply chains makes execution more exposed to delays.
- The own workforce is small, and the share of blue-collar staff has risen, which may limit operational flexibility.
- The report does not give a detailed breakdown of revenues by segment, which limits assessment of each business line.
Opportunities
- If energy and materials costs stabilise, project margins could return to more predictable levels.
- Monetising investment property through leasing or sale could generate recurring income, depending on management's intentions.
- Diversifying suppliers could reduce the risk of supply interruptions flagged in the report.
Threats
- Higher interest rates could reduce housing demand and make project financing more expensive.
- A weaker złoty could raise the cost of imported materials.
- A shortage of construction labour could delay project delivery and push up wage costs.
Risks
- Energy and materials costshigh
Higher prices for fuel, gas and electricity feed into construction costs and could compress margins.
- Supply chain disruptionhigh
Materials imported from Eastern Europe are exposed to disruption linked to the conflict in Ukraine, which could delay projects.
- Złoty exchange ratemedium
A weaker local currency could raise the cost of imported goods and foreign-currency purchases.
- Interest rates and financingmedium
Possible increases in interest rates could raise financing costs and reduce housing demand.
- Labourmedium
A decline in Ukrainian workers in construction could affect project timelines and costs.
Investment thesis
What would need to be true (bull case)
- If cost pressure eases, project margins could recover and the group could benefit from more predictable execution.
- Investment property measured at fair value could provide a solid asset base and recurring income if monetised.
- The group structure and independent audit of the financial statements could support confidence in its reporting.
What would break the thesis
- Rising energy and materials costs could erode margins and affect the profitability of projects already under way.
- Reliance on external contractors and on supplies from conflict-affected regions could lead to delays and penalties.
- Management acknowledges it cannot precisely estimate the war's impact, leaving uncertainty over the outlook.
What to watch
- Trends in construction costs and project delivery timelines2024
- Movements in the złoty exchange rate and interest rates2024
- How management monetises the investment propertynext annual report
- Availability of construction labour2024
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
Wikana S.A. is the parent company of a consolidated group, consolidated using the full consolidation method, and is headquartered in Lublin. The annual report for the year ended 31 December 2023 was approved by the Management Board on 26 April 2024 1. The parent company's functional currency is the Polish złoty 1.
The group's activity, as referenced in the report, includes developer projects, meaning the development and sale of real estate, which makes construction timelines and costs central factors. The source does not detail the project portfolio, segment revenues or margins.
The group has a small headcount, with employment contracts predominating; this suggests a relatively compact organisation that relies on external contractors for execution 1.
Segments
Real estate development
The main segment described in the report is developer projects, namely the development of residential and commercial premises. The report mentions possible delays and cost increases linked to materials and energy, but gives no figures by segment 1.
Investment property
The group also holds property classified as investment property, measured at fair value using the income approach. Classification depends on management's intended use, and the source provides no values 1.
Market context
The market described by the source is construction and real estate development in Poland. The report stresses that the sector depends on energy and materials costs, supply chain availability and interest rate levels, and the source does not quantify the market's size.
The sector is also affected by labour availability, including the evolution of Ukrainian-origin personnel in construction, a factor management monitors 1.
Trends
- Energy and materials costsheadwind
The report points to rising costs of fuel, gas and electricity, which feed through to materials and execution costs. If these costs stay elevated, project margins could come under pressure.
- War in Ukraine and supply chainsheadwind
The source mentions possible disruption to supplies of materials imported from Eastern Europe and effects on delivery timelines. Management states it cannot precisely estimate the impact.
- Exchange rate and interest ratesmixed
The report flags the risk of a weaker złoty and possible interest rate increases, factors that could affect financing costs and housing demand.
- Labour availabilityheadwind
A decline in Ukrainian workers in construction is flagged as a risk to project execution, given the group's limited own workforce.
Competitive position
The source does not name the group's competitors and does not describe market share. The report focuses on macroeconomic and operational factors, without a comparative analysis of competitors.
Given the nature of the business, competition could come from other regional developers in Poland; this assumption is not supported by the text and would need to be checked against other sources.
- Regional real estate developers in Poland
Not identified in the source; competition could come from companies active in the same local markets.
- Builders and general contractors
The source mentions dependence on external contractors, without naming them.
- Developers with commercial portfolios
Relevant to the commercial premises segment, but not named in the report.
- Residential property investors
Competes for land and projects, without being named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202307 May 2024
- Annual report 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Wikana 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.