olivLaw · European equity research
ZUE Spółka Akcyjna ZUE.WA
Poland · GPW Warszawa · ISIN PLZUE0000015 · Vertical: Listed companies from Poland
ZUE is a Polish group of urban and railway infrastructure builders, active in tram lines, railways, traction networks and track materials. In 2022 it generated revenue above 921 million PLN, almost entirely from construction contracts, and a single client, PKP PLK, accounted for about 45% of sales.
At the close of 05 Nov 2026, ZUE Spółka Akcyjna (ZUE.WA) stock was 11.85 PLN (+3.49% on the day), with market capitalisation 273.6 m PLN, P/E 16.7 on diluted EPS of 0.71 PLN over the last 12 months, dividend yield 1.26%, beta 0.38, 52-week range 10.30–14.10 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)
- 49.4
- neutral
- Bollinger (20, 2)
- 11.33 – 12.45
- in the lower half of the band · %B 0.46 · band width 9.5%
- SMA 50 / 200
- 12.08 / 12.27
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.15 / -0.11
- 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 | −2.1% | −0.6% | −1.4 pp | — |
| 3 months | +2.2% | −4.2% | +6.3 pp | — |
| 6 months | −8.5% | +4.3% | −12.8 pp | — |
| Year to date | −4.8% | +7.5% | −12.3 pp | — |
| 1 year | +8.2% | +9.9% | −1.7 pp | +7.1% |
| 3 years | +78.5% | +49.8% | +28.6 pp | +3.3% |
| 5 years | +236.6% | +42.8% | +193.8 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 6.6, median 6.8, max 6.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 901.4 m | 851.5 m | 921.4 m |
| Revenue YoY | unavailable | −5.5% | +8.2% |
| Net income | 4.3 m | 11.8 m | 16.4 m |
| Net income YoY | unavailable | +176.2% | +39.3% |
| Diluted EPS | unavailable | 0.51 | 0.71 |
| Diluted EPS YoY | unavailable | unavailable | +39.2% |
| net % | 0.5% | 1.4% | 1.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 63.3 m PLN
- Financial debt
- 8.7 m PLN
- Net debt
- -54.6 m PLN
- Equity
- 180.8 m PLN
- Total assets
- 674.7 m PLN
- Debt / equity
- 0.05x
- Current ratio
- 1.09x
- ROE
- 9.4%
- ROA
- 2.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 901.4 m | 851.5 m | 921.4 m | esef· 02 May 2023verified |
| Cost of revenue | 870.0 m | 816.4 m | 878.6 m | esef· 02 May 2023verified |
| Gross profit | 31.3 m | 35.0 m | 42.8 m | esef· 02 May 2023verified |
| Operating income | 10.6 m | 14.2 m | 18.1 m | esef· 02 May 2023verified |
| Interest expense | 2.0 m | 1.3 m | 3.9 m | esef· 02 May 2023verified |
| Pre-tax income | 10.0 m | 15.4 m | 22.1 m | esef· 02 May 2023verified |
| Income tax | 5.7 m | 3.5 m | 4.8 m | esef· 02 May 2023verified |
| Net income | 4.3 m | 11.8 m | 16.4 m | esef· 02 May 2023verified |
| Diluted EPS | — | 0.51 | 0.71 | esef· 02 May 2023verified |
| Dividend per share | — | 0.00 | 0.15 | esef· 02 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.5 m | 108.7 m | 63.3 m | esef· 02 May 2023verified |
| Inventories | 25.3 m | 37.8 m | 81.7 m | esef· 02 May 2023verified |
| Current assets | 356.4 m | 402.0 m | 475.3 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 63.6 m | 64.7 m | 72.1 m | esef· 02 May 2023verified |
| Goodwill | 31.2 m | 31.2 m | 31.2 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 2.1 m | 2.7 m | 2.5 m | esef· 02 May 2023verified |
| Total assets | 525.0 m | 577.5 m | 674.7 m | esef· 02 May 2023verified |
| Long-term debt | 4.4 m | 0 | 8.7 m | esef· 02 May 2023verified |
| Current liabilities | 318.0 m | 354.1 m | 434.6 m | esef· 02 May 2023verified |
| Total liabilities | 370.3 m | 411.1 m | 493.9 m | esef· 02 May 2023verified |
| Equity | 154.6 m | 166.4 m | 180.8 m | esef· 02 May 2023verified |
| Shares outstanding at year end | — | 23.1 m | 23.1 m | esef· 02 May 2023derived |
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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 273.6 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · 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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.4% | 53 (vs peers) | 24% |
| Net margin · Quality | 1.8% | 46 (vs peers) | 14% |
| 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 | 4.6x | 48 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 16.7x | 47 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.3% | 18 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality51/100 · 2/3 factors with a value
- Returns· partial18/100 · 1/2 factors with a value
- Valuation· partial47/100 · 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
ZUE Spółka Akcyjna (ZUE.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 921.4 m PLN in 2022; YoY growth 8.2%; net margin 1.8%; ROE 9.5%.
The estimated value range is 4.52–12.49 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.85 PLN, the price of 11.85 PLN leaves a potential of -33.7% (value / price − 1) and a margin of safety of -50.9% (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 (score weight coverage: 43.8% 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
- Current ratio: 1.1x
- Shareholder yield (distributions): 1.3%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| ZUE.WAZUE Spółka Akcyjna | 273.6 m | 16.7 | 9.5% | 1.8% | +8.2% | +14% / +81% |
| 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 ZUE.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 | 7.27 Total return -38% · Per year -38% | 12.82 Total return 10% · Per year 10% | 19.29 Total return 64% · Per year 64% |
| 3 years | 7.59 Total return -33% · Per year -12% | 15.02 Total return 31% · Per year 9% | 24.72 Total return 114% · Per year 29% |
| 5 years | 7.93 Total return -28% · Per year -6% | 17.59 Total return 56% · Per year 9% | 31.69 Total return 178% · Per year 23% |
- Exit P/E± 3.75
- Net margin± 2.63
- Annual revenue growth± 2.08
- 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
ZUE is a Polish group of urban and railway infrastructure builders, active in tram lines, railways, traction networks and track materials. In 2022 it generated revenue above 921 million PLN 1, almost entirely from construction contracts, and a single client, PKP PLK, accounted for about 45% of sales 1.
SWOT
Strengths
- Vertical integration across construction, design and rail materials trade.
- Long track record in tram and railway projects in Poland.
- Capability to execute complex engineering works such as bridges and reinforced concrete structures.
Weaknesses
- Revenue depends heavily on a single public client.
- High working capital needs for long, high-value contracts.
- Margins can be hit by fixed-price contracts and variable material costs.
Opportunities
- Public programmes to modernise urban and rail transport.
- Expansion abroad, including Germany and Romania through the Cluj branch.
- Higher sales of rail materials to other contractors.
Threats
- Rising raw material prices could reduce margins.
- Delays in payments from public clients could strain cash flow.
- Strong competition for public tenders could press prices.
Risks
- Client concentrationhigh
One client accounted for a large share of sales, so changes in its budget would directly affect results.
- Material costshigh
Rising prices for concrete, steel and copper might not be recovered under fixed-price contracts.
- Working capitalmedium
Long contracts need significant funding, and late collections can strain liquidity.
- Currency risklow
Operations in euro and Romanian lei expose the group to exchange rate moves, partly hedged through contracts.
- Interest ratesmedium
Credit lines and leasing with variable rates expose the group to higher financing costs.
Investment thesis
What would need to be true (bull case)
- If public transport investment stays high, the group's contract backlog could support revenue over the medium term.
- Integration with design and materials subsidiaries could improve cost control.
- The Energopol acquisition extends activity into road and bridge works, diversifying the offer.
What would break the thesis
- Dependence on one large client could make revenue vulnerable to budget changes.
- Fixed prices in contracts may limit the ability to absorb cost increases.
- Large working capital needs could strain liquidity if payments are delayed.
What to watch
- Collections from the main client2023
- Construction contract margins versus material costsQ1 2023
- Working capital and debt levels2023
- Results of the Romanian branchnext 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 ZUE group, headquartered in Kraków, consists of the parent ZUE S.A. and several subsidiaries covering construction, design and trade in materials. In 2022 revenue from construction contracts was 819.5 million PLN, out of total revenue of 921.4 million PLN 1. The parent coordinates the group's financial, investment and commercial policy 1.
Segments
Construction
Covers construction and modernisation of tram track, traction networks, street lighting and railway lines, plus road and bridge works carried out by Energopol 1. It is the main segment and accounts for almost all contract revenue 1.
Market context
ZUE operates in a market shaped by public investment in urban and rail transport in Poland. The company provided services in Poland and exported materials to Germany worth 711 thousand PLN in 2022 1. Its main clients are public infrastructure operators.
Trends
- Public rail investmenttailwind
If public spending on rail infrastructure continues, contract volumes for the group could remain high.
- Rising material costsheadwind
Prices of concrete, steel and copper could rise faster than contract rates, pressuring margins.
- Dependence on one large clientmixed
If one client remains very important, changes in its budget could have a large effect on revenue.
- Interest ratesheadwind
If interest rates rise, the cost of financing and leasing could weigh on profitability.
Competitive position
ZUE competes with other railway and urban construction firms in Poland and Central Europe. The company stands out for vertical integration across construction, design and materials trade. The sources analysed do not include a direct comparison of market shares.
- Budimex
Large Polish infrastructure contractor active in similar transport works.
- Torpol
Polish infrastructure and railway construction company.
- Mostostal Warszawa
Polish contractor active in infrastructure and energy.
- Strabag
European construction group with rail and road infrastructure projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202202 May 2023
- Annual report 202108 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / ZUE Spółka Akcyjna · 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.