olivLaw · European equity research
BBI Development S.A. BBD.WA
Poland · GPW Warszawa · ISIN PLNFI1200018 · Vertical: Listed companies from Poland
BBI Development S.A. is a Polish group that develops real estate projects through special-purpose companies, mainly as a financial holding that lends to and holds stakes in these projects. Its situation depends on the timing of project completion and sales and on the cost of WIBOR-linked bond financing, which matter given current interest rate conditions. This profile is based on the 2023 annual report.
At the close of 04 Nov 2026, BBI Development S.A. (BBD.WA) stock was 5.16 PLN (−0.39% on the day), with market capitalisation 51.9 m PLN, P/E 1.0 on diluted EPS of 5.06 PLN over the last 12 months, beta 0.17, 52-week range 4.90–5.75 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)
- 43.0
- weak (30–45)
- Bollinger (20, 2)
- 5.13 – 5.54
- in the lower half of the band · %B 0.06 · band width 7.6%
- SMA 50 / 200
- 5.28 / 5.36
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / 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 | −0.4% | +0.4% | −0.8 pp | — |
| 3 months | −3.0% | −3.3% | +0.3 pp | — |
| 6 months | −4.1% | +4.0% | −8.0 pp | — |
| Year to date | −3.6% | +8.1% | −11.7 pp | — |
| 1 year | +4.5% | +10.7% | −6.2 pp | +7.1% |
| 3 years | +3.4% | +50.1% | −46.7 pp | +3.0% |
| 5 years | −9.8% | +43.6% | −53.4 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 1-quarter history (min 0.9, median 0.9, max 0.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 20.9 m | 16.3 m | 24.4 m |
| Revenue YoY | unavailable | −22.1% | +50.2% |
| Net income | -6.4 m | -9.4 m | 50.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.63 | -0.93 | 5.06 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -30.7% | -57.8% | 208.3% |
| Free cash flow | -1.2 m | -1.1 m | -15.1 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 6.7 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 166.9 m PLN
- Total assets
- 264.0 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.46x
- ROE
- 36.0%
- ROA
- 21.7%
- FCF margin
- -61.7%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 20.9 m | 16.3 m | 24.4 m | esef· 02 May 2024verified |
| Cost of revenue | 11.9 m | 9.1 m | 9.2 m | esef· 02 May 2024verified |
| Gross profit | 9.0 m | 7.2 m | 15.3 m | esef· 02 May 2024verified |
| Operating income | -1.6 m | -2.0 m | 52.9 m | esef· 02 May 2024verified |
| Interest expense | 7.6 m | 9.4 m | 10.7 m | esef· 02 May 2024verified |
| Pre-tax income | -6.0 m | -7.7 m | 51.6 m | esef· 02 May 2024verified |
| Income tax | 398.0 k | 1.7 m | 708.0 k | esef· 02 May 2024verified |
| Net income | -6.4 m | -9.4 m | 50.9 m | esef· 02 May 2024verified |
| Diluted EPS | -0.63 | -0.93 | 5.06 | esef· 02 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 7.6 m | 11.2 m | 6.7 m | esef· 02 May 2024verified |
| Inventories | 3.6 m | 2.4 m | 3.1 m | esef· 02 May 2024verified |
| Current assets | 66.5 m | 43.7 m | 17.1 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 3.0 m | 2.1 m | 1.3 m | esef· 02 May 2024verified |
| Goodwill | 24.0 m | 24.0 m | 8.6 m | esef· 02 May 2024verified |
| Intangibles (excl. goodwill) | 464.0 k | 333.0 k | 208.0 k | esef· 02 May 2024verified |
| Total assets | 207.3 m | 205.6 m | 264.0 m | esef· 02 May 2024verified |
| Current liabilities | 49.4 m | 84.1 m | 37.4 m | esef· 02 May 2024verified |
| Total liabilities | 81.6 m | 89.4 m | 97.1 m | esef· 02 May 2024verified |
| Equity | 125.7 m | 116.2 m | 166.9 m | esef· 02 May 2024verified |
| Shares outstanding at year end | 10.2 m | 10.1 m | 10.1 m | esef· 02 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -827.0 k | -1.1 m | -15.1 m | esef· 02 May 2024verified |
| Capex | 354.0 k | 14.0 k | 0 | esef· 02 May 2024verified |
| Free cash flow | -1.2 m ≈ | -1.1 m ≈ | -15.1 m ≈ | esef· 02 May 2024derived |
| Investing cash flow | 5.9 m | 16.4 m | 22.5 m | esef· 02 May 2024verified |
| Financing cash flow | -15.9 m | -11.6 m | -11.9 m | esef· 02 May 2024verified |
| Share repurchases | 0 | 133.0 k | 217.0 k | esef· 02 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
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 51.9 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · 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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 208.3% | 97 (vs peers) | 13% |
| FCF conversion · Quality | -29.6% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.0x | 53 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 1.0x | 95 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -29.1% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.4% | 6 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet32/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns· partial6/100 · 1/2 factors with a value
- Valuation53/100 · 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
BBI DEVELOPMENT S.A. (BBD.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 24.4 m PLN in 2023; YoY growth 50.2%; net margin 208.3%; ROE 36.0%.
The estimated value range is 38.16–102.18 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 60.15 PLN, the price of 5.16 PLN leaves a potential of 1,065.8% (value / price − 1) and a margin of safety of 91.4% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 208.3%
- P/E (TTM): 1.0x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -29.6%
- Current ratio: 0.5x
- FCF yield: -29.1%
- Shareholder yield (distributions): 0.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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 | |
|---|---|---|---|---|---|---|
| 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 BBD.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 | 3.37 Total return -35% · Per year -35% | 5.93 Total return 15% · Per year 15% | 8.90 Total return 73% · Per year 73% |
| 3 years | 4.00 Total return -22% · Per year -8% | 7.85 Total return 52% · Per year 15% | 12.82 Total return 148% · Per year 35% |
| 5 years | 4.74 Total return -8% · Per year -2% | 10.38 Total return 101% · Per year 15% | 18.46 Total return 258% · Per year 29% |
- Exit P/E± 1.96
- Net margin± 1.37
- Annual revenue growth± 1.02
- Annual dilution± 0.12
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
BBI Development S.A. is a Polish group that develops real estate projects through special-purpose companies, mainly as a financial holding that lends to and holds stakes in these projects. Its situation depends on the timing of project completion and sales and on the cost of WIBOR-linked bond financing, which matter given current interest rate conditions 1. This profile is based on the 2023 annual report.
SWOT
Strengths
- The special-purpose company model separates the risk of each project and allows detailed oversight of schedules and budgets.
- The group holds loans and stakes whose recovery depends on specific projects, giving it direct insight into project status.
- Land acquisition and obtaining building permits for some projects reduce credit risk on the loans granted.
Weaknesses
- Income depends on project sales and liquidations, which can be irregular and hard to predict.
- Variable-rate bonds linked to WIBOR expose the group to higher financing costs.
- Concentration of loans in a few project companies raises the risk that a single delayed project affects results.
Opportunities
- If interest rates fall, financing costs could decline, supporting projects in progress.
- Monetising the group's land and commercial projects could generate sales income.
- Joint ventures in large projects could share risk and the capital required.
Threats
- Construction delays or lack of financing could leave borrowers unable to repay loans.
- Lower demand or sale prices could reduce asset values and project income.
- Indirect effects of the war in Ukraine on costs and timing could affect results.
Risks
- Credit risk on loanshigh
Borrowers are project companies that depend on project sales; delays or insufficient collateral value could lead to losses for the group 1.
- Interest rate riskmedium
WIBOR-linked bonds make debt cost sensitive to rising rates, and the company's analysed scenario shows an effect on results 1.
- Currency riskmedium
The group has euro-denominated borrowings and receivables, so exchange rate movements could affect earnings and equity 1.
- Construction cost riskmedium
Rising material and labour costs could exceed project budgets and reduce margins 1.
- Liquidity risklow
Dependence on project financing and sale timing could create cash pressure if funds are not available on time 1.
Investment thesis
What would need to be true (bull case)
- If projects in progress are completed and sold on time, income and loan repayments could support the group's results.
- If interest rates stabilise, the cost of WIBOR-linked bonds could remain manageable.
- Obtaining permits and land for projects could reduce risk on existing loans.
What would break the thesis
- If construction delays persist, borrowers could fail to repay loans, directly affecting results.
- If demand for housing or commercial space falls, sales could slow and income could be lower.
- If interest rates rise, financing costs could erode project margins.
What to watch
- Completion and sales progress of the portfolio projects2025
- WIBOR movements and their effect on bond costsnext 10-K
- Recovery of loans granted to project companies2025
- Effects of the war in Ukraine on costs and financingnext 10-K
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 group operates as a financial holding that finances development projects. Each project is carried out in a separate special-purpose company, so the group's income comes mainly from dividends and from selling shares or distributions from liquidated project companies 1. The group lends to these companies and oversees the projects, monitoring budgets and work schedules 1.
The group prepares consolidated financial statements under IFRS as adopted in the EU, with fair value measurement for investment property and certain financial assets 1. Reporting is in PLN, and revenue from customer contracts is recognised when control of the asset passes to the customer 1.
Segments
Loans to project companies
Most financial assets are loans to special-purpose companies carrying out development projects, with a gross value of 60312 thousand PLN at 31 December 2023 1. Repayment depends on cash flows from project sales, and schedule delays could affect the borrowers' ability to pay 1.
Market context
The group operates in Poland's residential and commercial real estate market, where demand and prices depend on macroeconomic conditions, financing costs and land availability 1. The annual report notes that the war in Ukraine could indirectly affect financing costs, construction materials and sales timing 1.
Trends
- Interest rates and financing costheadwind
WIBOR-linked bonds could make debt service more expensive if rates rise, and the company analysed a scenario of higher rates 1. The effect could be negative for earnings if not offset by sales income 1.
- Indirect effects of the war in Ukraineheadwind
Management considers that the war has no direct material impact, but it could indirectly affect access to financing, construction costs and sales timing in Poland 1. The impact would depend on the duration of the conflict and market developments 1.
- Transition to new accounting standardsmixed
IFRS 17 had no impact on the financial statements because the contracts do not meet the definition of insurance contracts; changes effective for 2024 and later are also expected to have no significant impact 1. The net effect for this period is neutral 1.
Competitive position
The annual report does not explicitly identify competitors, but Poland's developer market includes other property developers competing for land, financing and buyers. Competition therefore shows up in the group's ability to secure attractive projects and sell them on time 1.
- Listed Polish property developers
Polish real estate companies competing for land and buyers; the annual report does not name them.
- Private developers in Warsaw
Private developers active in the same urban market, relevant to the group's projects.
- Real estate funds and institutional investors
Investors competing for commercial and office projects, including through joint ventures.
- Banks financing development projects
Lenders providing construction finance, relevant to the group's access to capital.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / BBI Development 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.