olivLaw · European equity research
Adiuvo Investments S.A. ADV.WA
Poland · GPW Warszawa · ISIN PLADVIV00015 · Vertical: Listed companies from Poland
Adiuvo Investments is a Polish investment company active in biomedical and innovation projects, managing holdings through its group and the JPIF fund. Its 2023 financial position is fragile: liabilities exceed assets, and management identifies significant uncertainty about going concern, which makes any financing plan essential.
At the close of 05 Nov 2026, Adiuvo Investments S.A. (ADV.WA) stock was 0.57 PLN (+3.26% on the day), with market capitalisation 5.5 m PLN, beta 0.00, 52-week range 0.39–0.84 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)
- 43.7
- weak (30–45)
- Bollinger (20, 2)
- 0.55 – 0.64
- in the lower half of the band · %B 0.18 · band width 15.2%
- SMA 50 / 200
- 0.61 / 0.56
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -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 | −5.9% | −0.6% | −5.3 pp | — |
| 3 months | +25.3% | −4.2% | +29.4 pp | — |
| 6 months | +1.8% | +4.3% | −2.5 pp | — |
| Year to date | +14.5% | +7.5% | +6.9 pp | — |
| 1 year | −11.2% | +9.9% | −21.1 pp | +7.5% |
| 3 years | −32.1% | +49.8% | −82.0 pp | +4.2% |
| 5 years | −83.2% | +42.8% | −126.1 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.
Fiscal years
| Fiscal year | 2022 | 2023 |
|---|---|---|
| Revenue | 173.0 k | 990.0 k |
| Revenue YoY | unavailable | +472.3% |
| Net income | -55.2 m | -10.8 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -4.40 | -1.12 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -31,927.7% | -1,094.9% |
| Free cash flow | -7.7 m | -5.0 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 641.0 k PLN
- Financial debt
- 0 PLN
- Net debt
- -641.0 k PLN
- Equity
- -44.7 m PLN
- Total assets
- 2.2 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.04x
- ROE
- unavailable
- ROA
- -246.6%
- FCF margin
- -503.6%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 173.0 k | 990.0 k | esef· 08 May 2024verified |
| Depreciation & amortisation | 16.0 k | 5.0 k | esef· 08 May 2024verified |
| Interest expense | 4.8 m | 10.1 m | esef· 28 May 2024verified |
| Pre-tax income | -47.5 m | -13.8 m | esef· 28 May 2024verified |
| Income tax | 4.0 m | -147.0 k | esef· 08 May 2024verified |
| Net income | -55.2 m | -10.8 m | esef· 28 May 2024verified |
| Diluted EPS | -4.40 | -1.12 | esef· 28 May 2024verified |
Balance sheet · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 71.0 k | 641.0 k | esef· 08 May 2024verified |
| Receivables | 1.9 m | 1.1 m | esef· 08 May 2024verified |
| Inventories | 73.0 k | 0 | esef· 08 May 2024verified |
| Current assets | 2.2 m | 1.7 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 163.0 k | 10.0 k | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 23.0 k | 0 | esef· 08 May 2024verified |
| Total assets | 6.6 m | 2.2 m | esef· 08 May 2024verified |
| Long-term debt | 7.2 m | 0 | esef· 08 May 2024verified |
| Current liabilities | 44.0 m | 43.2 m | esef· 28 May 2024verified |
| Total liabilities | 55.6 m | 46.9 m | esef· 28 May 2024verified |
| Equity | -49.0 m | -44.7 m | esef· 28 May 2024verified |
| Shares outstanding at year end | 12.6 m | 9.7 m | esef· 28 May 2024derived |
Cash flow · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -7.6 m | -5.0 m | esef· 08 May 2024verified |
| Capex | 134.0 k | 6.0 k | esef· 08 May 2024verified |
| Free cash flow | -7.7 m ≈ | -5.0 m ≈ | esef· 08 May 2024derived |
| Investing cash flow | -130.0 k | 106.0 k | esef· 08 May 2024verified |
| Financing cash flow | 7.7 m | 5.4 m | esef· 08 May 2024verified |
≈ 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: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.5 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · 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: 3 of at least 6; score weight coverage: 18.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1,094.9% | 3 (vs peers) | 33% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.0x | 0 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -90.4% | 0 (on a fixed band) | 44% |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
ADIUVO INVESTMENTS SPÓŁKA AKCYJNA (ADV.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 990.0 k PLN in 2023; YoY growth 472.3%; net margin -1,094.9%.
The estimated value range is 4.46–5.95 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.09 PLN, the price of 0.57 PLN leaves a potential of 792.3% (value / price − 1) and a margin of safety of 88.8% (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: 3 of at least 6; score weight coverage: 18.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- The price is below the estimated value range
What contradicts it
- Net margin: -1,094.9%
- Current ratio: 0.0x
- FCF yield: -90.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, 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% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| 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% |
1- and 3-year price returns: for ADV.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
Adiuvo Investments is a Polish investment company active in biomedical and innovation projects, managing holdings through its group and the JPIF fund. Its 2023 financial position is fragile: liabilities exceed assets, and management identifies significant uncertainty about going concern, which makes any financing plan essential.
SWOT
Strengths
- Experience managing a biomedical venture fund and links to public funding programmes.
- Significant influence over JPIF and a stake in Airway Medix that could generate future value.
- A portfolio reduced through liquidations, which may simplify the group's management.
Weaknesses
- Large debts relative to assets and negative equity at the end of 2023.
- Significant net loss in 2023 and reliance on asset sales.
- Significant uncertainty about going concern, as stated by management.
Opportunities
- Co-financing through public programmes could unlock capital for new projects.
- Selling Airway Medix shares could provide liquidity to reduce debt.
- A more focused portfolio could concentrate resources on the projects with the greatest potential.
Threats
- If financing is not secured in time, the going concern basis could be called into question.
- Pressure from creditors, including overdue obligations, could reduce financial flexibility.
- Liquidation and insolvency proceedings at some entities could create additional costs or obligations.
Risks
- Going concernhigh
Management identifies significant uncertainty because the group lacks sufficient funds to cover short- and long-term obligations.
- Debt and negative equityhigh
Negative equity points to a fragile capital structure that could limit access to new credit.
- Dependence on asset salesmedium
If share sales do not yield the expected amounts, the debt reduction plan could be delayed.
- Insolvency of subsidiariesmedium
Bankruptcy of one subsidiary and liquidation of others could generate litigation or further losses.
- Value of holdingslow
If the value of JPIF or the Airway Medix stake declines, the group's balance sheet could be further affected.
Investment thesis
What would need to be true (bull case)
- If asset sales and public funding are achieved, the group could reduce debt and return to a sustainable level of activity.
- Influence over the JPIF fund could generate income in future if portfolio investments reach commercialisation stages.
- Simplifying the structure through liquidations could reduce costs and focus management on promising projects.
What would break the thesis
- If financing is not obtained, uncertainty about going concern could become a major issue.
- Negative equity could discourage investors and lenders, limiting refinancing options.
- Stakes may be sold under unfavourable conditions, which could reduce the remaining value of the group.
What to watch
- Confirmation of the financing plan and of measures supporting going concernnext annual report
- Development of debt levels and negative equity2024
- Outcome of share sales in Airway Medix2024
- Status of liquidation and bankruptcy proceedings of subsidiaries2024
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
Adiuvo Investments S.A. is the parent of a group that invests in innovative technologies, especially in the biomedical sector. The group includes operating subsidiaries, such as Adiuvo Management, which manages the JPIF fund, and minority stakes. In 2023 several subsidiaries from the nutraceutical platform and exploration projects were liquidated or sold, and Adiuvo lost control of US entities after the liquidation of Cambridge Chocolate Technologies.
The group's main assets include the 16.65% stake in Airway Medix S.A., which the company continued to sell after the balance sheet date, and significant influence over JPIF, a fund with a ten-year horizon. Management reported a net loss of PLN 14.646 million for 2023, showing the group's reliance on asset sales and external financing.
The group chose to liquidate several subsidiaries from the nutraceutical platform to reduce costs, which suggests a refocus toward a narrower portfolio. Consolidation uses the full method for controlled subsidiaries and the equity method for JPIF.
Segments
Biomedical holdings through JPIF
JPIF invests in companies holding biomedical technologies that need further development, with a planned capitalisation of PLN 157.5 million, of which PLN 82.5 million from NCBiR and PLN 75 million private capital. The group's influence over the fund is treated as significant influence.
Airway Medix stake
Airway Medix S.A. is controlled through voting rights and shared board members, although the stake declined after 2023 sales. The value of this holding depends on the decision to sell the remaining shares.
Market context
Adiuvo operates in the Polish venture capital market for biomedicine, where public funding through programmes such as BRIdge VC, administered by NCBiR, plays an important role alongside private capital. Access to these programmes and private investors determines the group's ability to finance new projects.
The venture capital market for medical technologies remains selective, and companies with large debts and negative equity have lower chances of attracting new capital. Adiuvo's situation reflects this pressure.
Trends
- Public funding for commercialising researchtailwind
The BRIdge VC programme shows public funds can support venture projects in biomedicine, which could open co-investment opportunities.
- Pressure on early-stage financingheadwind
More restrictive financing conditions may limit capital available for early-stage research projects.
- Asset sales as a source of liquiditymixed
Sales of Airway Medix shares and liquidation of subsidiaries can bring cash but reduce the long-term asset base.
- Cost optimisation through liquidationsmixed
Liquidating several companies could reduce administrative expenses, provided the process does not create unforeseen obligations.
Competitive position
Adiuvo competes for capital and projects with other venture funds and biomedical investors in Poland and the region. Its edge lies in experience managing the JPIF fund and links to public funding programmes.
In the near term, competitive pressure is amplified by the financial position, which limits the group's ability to take part in new investment rounds compared with competitors that have solid equity.
- Other Central European venture funds
Funds investing in medical technologies in the same region that compete for projects and public co-financing.
- Institutional biomedical investors
Investors with larger capital that can take on projects Adiuvo cannot finance.
- Biomedical developers with internal funding
Companies that fund their own research and reduce the need for fund intermediaries.
- University technology commercialisation platforms
Entities that take technologies from universities, competing with the group's intermediary role.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202328 May 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Adiuvo Investments 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.