olivLaw · European equity research
OCTAVA SPÓŁKA AKCYJNA 08N.WA
Poland · GPW Warszawa · ISIN PLNFI0800016 · Vertical: Listed companies from Poland
OCTAVA SPÓŁKA AKCYJNA is a Warsaw-listed holding whose portfolio includes stakes in property companies, development projects and the leasing of commercial space. The 2023 annual report shows a small structure, with consolidated equity of about 52.9 million zloty at the end of 2022 as the restated reference point.
At the close of 04 Nov 2026, OCTAVA SPÓŁKA AKCYJNA (08N.WA) stock was 0.61 PLN (+0.00% on the day), with market capitalisation 25.2 m PLN, P/E 6.8 on diluted EPS of 0.09 PLN over the last 12 months, beta 0.12, 52-week range 0.61–0.76 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)
- 45.7
- neutral
- Bollinger (20, 2)
- 0.60 – 0.65
- in the lower half of the band · %B 0.24 · band width 7.8%
- SMA 50 / 200
- 0.63 / 0.67
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | −1.6% | +0.4% | −2.0 pp | — |
| 3 months | −1.6% | −3.3% | +1.6 pp | — |
| 6 months | −12.9% | +4.0% | −16.8 pp | — |
| Year to date | −3.9% | +8.1% | −12.0 pp | — |
| 1 year | −15.3% | +10.7% | −26.0 pp | +6.7% |
| 3 years | unavailable | +50.1% | unavailable | +3.2% |
| 5 years | −43.5% | +43.6% | −87.1 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 0 percentile of its own 1-quarter history (min 11.0, median 11.0, max 11.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -3.7 m | -4.7 m | 3.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.09 | -0.09 | 0.09 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 2.3 m PLN
- Financial debt
- 8.1 m PLN
- Net debt
- 5.8 m PLN
- Equity
- 56.7 m PLN
- Total assets
- 81.3 m PLN
- Debt / equity
- 0.14x
- Current ratio
- 2.70x
- ROE
- 6.8%
- ROA
- 4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -5.4 m | -2.7 m | 4.8 m | esef· 01 May 2024verified |
| Depreciation & amortisation | 192.0 k | 392.0 k | 331.0 k | esef· 01 May 2024verified |
| EBITDA | -5.2 m ≈ | -2.3 m ≈ | 5.1 m ≈ | esef· 01 May 2024derived |
| Pre-tax income | -6.5 m | -3.6 m | 4.5 m | esef· 01 May 2024verified |
| Income tax | -1.1 m | 967.0 k | 798.0 k | esef· 01 May 2024verified |
| Net income | -3.7 m | -4.7 m | 3.7 m | esef· 01 May 2024verified |
| Diluted EPS | -0.09 | -0.09 | 0.09 | esef· 01 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.2 m | 5.7 m | 2.3 m | esef· 01 May 2024verified |
| Receivables | 1.7 m | 1.7 m | 1.7 m | esef· 01 May 2024verified |
| Current assets | 29.1 m | 28.5 m | 29.8 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 15.1 m | 14.7 m | 0 | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 12.0 k | 19.0 k | 1.0 k | esef· 01 May 2024verified |
| Total assets | 80.0 m | 77.1 m | 81.3 m | esef· 01 May 2024verified |
| Long-term debt | 8.2 m | 7.8 m | 8.1 m | esef· 01 May 2024verified |
| Current liabilities | 10.4 m | 11.1 m | 11.0 m | esef· 01 May 2024verified |
| Total liabilities | 23.0 m | 24.2 m | 24.7 m | esef· 01 May 2024verified |
| Equity | 57.0 m | 52.9 m | 56.7 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 41.1 m | 52.3 m | 41.4 m | 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 25.2 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
46% · 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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.7% | 20 (vs peers) | 23% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.1x | 82 (on a fixed band) | 23% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 6.8x | 75 (vs peers) | 23% |
| EV/EBITDA · Valuation | 6.0x | 81 (on a fixed band) | 23% |
| 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 sheet87/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial20/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation78/100 · 2/3 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
OCTAVA SPÓŁKA AKCYJNA (08N.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: ROE 6.9%; net debt/EBITDA 1.1x.
The estimated value range is 0.60–1.76 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.04 PLN, the price of 0.61 PLN leaves a potential of 69.8% (value / price − 1) and a margin of safety of 41.1% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: 1.1x
- Current ratio: 2.7x
- P/E (TTM): 6.8x
- EV/EBITDA: 6.0x
What contradicts it
- ROIC: 6.7%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.7 bn | 39.2 | 7.8% | 2.9% | +19.8% | +22% / +211% |
| BDX.WABudimex Spółka Akcyjna | 19.2 bn | 36.0 | 41.5% | 6.2% | +8.9% | +20% / +36% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.9 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 15.5 bn | 22.1 | 17.0% | 3.9% | +18.0% | +94% / +87% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.8 bn | 20.2 | 18.1% | 12.0% | +36.5% | +9% / +55% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −16% / −27% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 11.9 | 15.9% | 22.1% | −21.6% | +11% / +85% |
| ACT.WAAction S.A. | 1.1 bn | 28.7 | 8.3% | 1.5% | +6.1% | +80% / +186% |
| BRS.WABoryszew Spółka Akcyjna | 887.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −27% |
| AGO.WAAgora Spółka Akcyjna | 585.6 m | — | -14.2% | -9.2% | +15.2% | +36% / +17% |
| AMB.WAAmbra S.A. | 463.4 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 386.3 m | 1.6 | 16.3% | 7.0% | −27.5% | −33% / −73% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 301.0 m | 11.1 | 8.9% | 11.6% | −22.0% | −10% / +3% |
| ART.WAArtifex Mundi S.A. | 231.4 m | 17.8 | 35.7% | 33.3% | +51.9% | +49% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 196.8 m | 9.6 | 11.4% | 13.8% | +21.8% | +0% / −20% |
| BMC.WABumech Spółka Akcyjna | 159.1 m | — | -3.4% | -3.9% | −40.0% | −35% / −48% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BBT.WABoomBit Spółka Akcyjna | 72.4 m | 4.6 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 51.9 m | 1.0 | 36.0% | 208.3% | +50.2% | −4% / +5% |
| ALG.WAAll in! Games Spółka Akcyjna | 38.1 m | — | — | -156.9% | −72.2% | −30% / −58% |
| BMX.WABioMaxima Spółka Akcyjna | 37.4 m | 63.8 | 1.2% | 1.3% | −67.5% | −29% / −44% |
| 06N.WAMagna Polonia Spółka Akcyjna | 32.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −26% / −40% |
| BCM.WABETACOM Spółka Akcyjna | 26.4 m | 17.4 | 8.0% | 0.9% | +21.3% | +6% / +3% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for 08N.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
OCTAVA SPÓŁKA AKCYJNA is a Warsaw-listed holding whose portfolio includes stakes in property companies, development projects and the leasing of commercial space. The 2023 annual report shows a small structure, with consolidated equity of about 52.9 million zloty at the end of 2022 as the restated reference point 1.
SWOT
Strengths
- Holding structure with diversified stakes in property and development, run by a stable board.
- Shares listed on the main market of the Warsaw Stock Exchange, which provides transparency.
- Recurring rental income, which provides a relatively stable base.
Weaknesses
- Small size, which limits the capacity to absorb financial shocks.
- Restatements of 2022 comparative data, indicating accounting that needed adjustments.
- Dependence on fair-value property measurements, which can bring volatility to results.
Opportunities
- Monetising development projects through Octava Development, if the projects are completed.
- Expanding the commercial-space portfolio, if market conditions are favourable.
- Reducing debt by selling minority stakes, if the market allows it.
Threats
- A decline in property values could directly reduce the group's equity.
- PLN/EUR exchange-rate movements can affect euro reporting.
- Difficulty recovering receivables from affiliated parties, if they are not repaid.
Risks
- Exposure to property valuationshigh
Fair value of properties depends on the market, and a decline could reduce equity and reported results 1.
- Stake in CUF and bondshigh
The group holds bonds issued by a company in liquidation, and recovery of the receivables could be uncertain if the liquidation process is prolonged 1.
- Accounting adjustmentsmedium
The 2022 corrections on deferred tax and property reclassification show that results may need reworking, which raises the risk of misinterpretation 1.
- Currency riskmedium
EUR reporting depends on NBP rates, and movements could change the converted values 1.
- Small scalelow
A small group has limited capacity to bear unexpected losses or costs, if they arise 1.
Investment thesis
What would need to be true (bull case)
- If development projects and rents hold up, the group's equity could grow gradually.
- The Warsaw listing and detailed reporting could attract investors who value transparency.
- If recovery of the bonds succeeds, the group could reduce its credit-risk exposure.
What would break the thesis
- If the property market declines, fair-value measurements could significantly reduce equity.
- Reliance on a small portfolio and affiliated stakes could amplify the impact of a single adverse event.
- Repeated restatements could reduce confidence in the quality of the financial information.
What to watch
- Development of the property portfolio's value2024
- Status of the liquidation of the bond issuer and recovery of receivablesnext 10-K
- Any new restatements of comparative datanext 10-K
- Timetable of Octava Development's construction 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
According to the consolidated annual report for fiscal 2023, Octava's core activity is exercising rights from shares and other securities, acquiring and holding equity stakes, granting loans and managing property on its own account 1. The group includes five directly held entities, among them Galeria7 (construction and leasing of commercial-service space) and Octava Development (construction projects) 1. The company is listed on the main market of the Warsaw Stock Exchange 1.
The group is small and operates as a holding with majority and minority stakes rather than as an industrial operator. The financial statements are prepared in PLN, while the EUR figures use the NBP rates given in the report 1. The management board and supervisory board were unchanged in 2023 1.
Segments
Property and leasing
This segment includes property-management companies such as Konstancin Nieruchomości and Międzyrzecze, as well as rental income, which in 2022 was 1124 thousand zloty 1.
Development and construction
Octava Development Sp. z o.o. carries out construction projects, while Galeria7 builds and leases commercial-service space; both are wholly owned 1.
Market context
Octava operates in Poland's property and investment market, with shares traded in Warsaw, where zloty figures are converted to EUR at NBP rates, at 4.5437 PLN/EUR for 2023 1. The source document gives no data on market share or the size of the local property market.
Trends
- Fair-value property valuationmixed
Properties are measured at fair value based on market prices of similar assets, so reported results could fluctuate if the property market shifts 1.
- Accounting policy changesmixed
The report notes restatements of 2022 data tied to deferred tax and the reclassification of an investment property as fixed assets, showing closer attention to how results are presented 1.
- New EU-adopted accounting standardsmixed
IFRS amendments effective from 2023 and 2024 were adopted in the EU, and the group expects their impact would not be material if applied 1.
Competitive position
The supplied source does not name direct competitors or compare Octava with other companies in the sector. A competitive analysis would require data from other sources, since the report focuses on group structure and financial statements 1.
- No competitors named in source
The annual report does not mention competing companies; this entry stays empty for lack of data.
- Insufficient data for comparison
Without other sources, it is not possible to determine which Polish companies compete directly with the group.
- Requires additional sources
A comparison with other property owners or holdings would be possible with reports from other companies.
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 202210 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / OCTAVA 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.