olivLaw · European equity research
BUMECH SPÓŁKA AKCYJNA BMC.WA
Poland · GPW Warszawa · ISIN PLBMECH00012 · Vertical: Listed companies from Poland
The Bumech group is a Polish industrial group that combines coal extraction through its subsidiary Przedsiębiorstwo Górnicze Silesia with the manufacture of mining equipment and energy projects based on methane. In 2023 lower coal prices reduced margins, and net debt rose to 245 028 thousand PLN, so coal price developments are central to the group's results.
At the close of 04 Nov 2026, BUMECH SPÓŁKA AKCYJNA (BMC.WA) stock was 11.00 PLN (+0.09% on the day), with market capitalisation 159.1 m PLN, dividend yield 18.18%, beta -0.04, 52-week range 10.99–29.85 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)
- 26.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 11.07 – 14.61
- below the lower band · %B -0.02 · band width 27.6%
- SMA 50 / 200
- 14.35 / 18.50
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.80 / -0.65
- 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 | −16.5% | +0.4% | −16.9 pp | — |
| 3 months | −30.6% | −3.3% | −27.3 pp | — |
| 6 months | −48.6% | +4.0% | −52.6 pp | — |
| Year to date | −38.2% | +8.1% | −46.3 pp | — |
| 1 year | −61.0% | +10.7% | −71.7 pp | +7.1% |
| 3 years | −59.3% | +50.1% | −109.4 pp | +3.8% |
| 5 years | −61.3% | +43.6% | −104.9 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 | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 427.1 m | 1.1 bn | 667.5 m |
| Revenue YoY | unavailable | +160.3% | −40.0% |
| Net income | 404.0 m | 395.0 m | -25.9 m |
| Net income YoY | unavailable | −2.2% | −106.6% |
| Diluted EPS | 27.89 | 27.29 | -1.79 |
| Diluted EPS YoY | unavailable | −2.2% | −106.6% |
| net % | 94.6% | 35.5% | -3.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 55.4 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 736.0 m PLN
- Total assets
- 1.2 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 1.15x
- ROE
- -3.4%
- ROA
- -2.1%
- 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 | 427.1 m | 1.1 bn | 667.5 m | esef· 07 May 2024verified |
| Cost of revenue | 392.8 m | 500.9 m | 645.7 m | esef· 07 May 2024verified |
| Gross profit | 34.4 m | 610.9 m | 21.7 m | esef· 07 May 2024verified |
| Operating income | 216.5 m | 494.9 m | -39.0 m | esef· 07 May 2024verified |
| Interest expense | 14.6 m | 20.4 m | 18.6 m | esef· 07 May 2024verified |
| Pre-tax income | 203.4 m | 483.5 m | -35.3 m | esef· 07 May 2024verified |
| Income tax | -200.5 m | 88.6 m | -9.4 m | esef· 07 May 2024verified |
| Net income | 404.0 m | 395.0 m | -25.9 m | esef· 07 May 2024verified |
| Diluted EPS | 27.89 | 27.29 | -1.79 | esef· 07 May 2024verified |
| Dividend per share | 0.00 | 1.00 | 2.00 | esef· 07 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 27.7 m | 102.3 m | 55.4 m | esef· 07 May 2024verified |
| Inventories | 98.6 m | 173.5 m | 193.1 m | esef· 07 May 2024verified |
| Current assets | 222.6 m | 525.1 m | 425.5 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 419.5 m | 457.2 m | 514.3 m | esef· 07 May 2024verified |
| Goodwill | 3.5 m | 3.5 m | 3.5 m | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 1.1 m | 1.8 m | 2.3 m | esef· 07 May 2024verified |
| Total assets | 937.3 m | 1.2 bn | 1.2 bn | esef· 07 May 2024verified |
| Current liabilities | 278.1 m | 278.8 m | 369.5 m | esef· 07 May 2024verified |
| Total liabilities | 500.2 m | 441.7 m | 445.6 m | esef· 07 May 2024verified |
| Equity | 437.1 m | 790.1 m | 736.0 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 14.5 m | 14.5 m | 14.5 m | esef· 07 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.7 m | 225.0 m | 126.0 m | esef· 07 May 2024verified |
| Investing cash flow | 26.8 m | -114.4 m | -135.4 m | esef· 07 May 2024verified |
| Financing cash flow | -5.5 m | -36.0 m | -37.5 m | esef· 07 May 2024verified |
| Dividends paid | 0 | 14.5 m | 29.0 m | esef· 07 May 2024verified |
| Share repurchases | 0 | 500.0 k | 0 | esef· 07 May 2024verified |
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: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 159.1 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · 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: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.9% | 15 (vs peers) | 27% |
| 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 | -2.1x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.2x | 29 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 18.2% | 100 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet12/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial15/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
BUMECH SPÓŁKA AKCYJNA (BMC.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 667.5 m PLN in 2023; YoY growth -40.0%; net margin -3.9%; ROE -3.4%.
The estimated value range is 19.62–24.24 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 21.68 PLN, the price of 11.00 PLN leaves a potential of 97.1% (value / price − 1) and a margin of safety of 49.3% (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: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 18.2%
- The price is below the estimated value range
What contradicts it
- Net margin: -3.9%
- Interest coverage: -2.1x
- Current ratio: 1.2x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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 | |
|---|---|---|---|---|---|---|
| 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 BMC.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
The Bumech group is a Polish industrial group that combines coal extraction through its subsidiary Przedsiębiorstwo Górnicze Silesia with the manufacture of mining equipment and energy projects based on methane. In 2023 lower coal prices reduced margins, and net debt rose to 245 028 thousand PLN, so coal price developments are central to the group's results.
SWOT
Strengths
- The group has considerable equity and an integration between extraction, equipment production and methane recovery.
- Currency exposure of sales is low, and the sales base is concentrated in the local mining sector.
- Investments in cogeneration and photovoltaics could bring energy savings and reduce the emissions footprint.
Weaknesses
- Results are strongly tied to the coal price, which fell in 2023.
- Net debt rose in 2023 compared with the prior year, which reduces financial flexibility.
- Extraction costs are high, and geological conditions can limit planned production.
Opportunities
- Using methane and renewable energy could open new revenue sources.
- The Shared Services Centre could reduce the group's administrative costs.
- Modernising coal preparation facilities could improve the quality of products sold.
Threats
- Low coal prices and massive imports could keep margins under pressure.
- Disputes with a major customer could affect revenue and cash flows.
- Stricter environmental rules could increase compliance costs.
Risks
- Dependence on the coal pricehigh
The group's results depend on coal prices on world and local markets. A further decline could significantly reduce revenue and operating margin.
- Higher indebtednesshigh
Net debt rose in 2023. If cash flows deteriorate, servicing the debt could become a problem for the group.
- Disputes with EP Resources PL S.A.medium
Proceedings over coal sale contracts may take a long time. The outcome could affect the group's revenue and provisions.
- Geological and operating conditionsmedium
Geological difficulties may prevent planned extraction, which could lead to lower sold volumes.
- Execution of investmentslow
If the cogeneration and photovoltaic installations are delayed, the expected cost savings may not materialise on time.
Investment thesis
What would need to be true (bull case)
- If the coal price recovers and the methane and energy investments work as planned, the group could return to better margins.
- Integration across extraction, equipment and energy could give the group a steadier position than producers dependent on a single segment.
- Efficiencies from the Shared Services Centre could reduce administrative costs over the medium term.
What would break the thesis
- If the coal price stays low, margins could remain under pressure and the ability to repay debt could be affected.
- The increase in net debt could limit the group's financial flexibility in periods of lower revenue.
- Disputes and geological difficulties could disrupt production and revenue, especially if they are prolonged.
What to watch
- Evolution of the coal price and its impact on margins2025
- Level of net debt and of the leverage rationext annual report
- Outcome of the proceedings with EP Resources PL S.A.2025
- Commissioning of the photovoltaic and cogeneration installations2025
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
Grupa Kapitałowa Bumech S.A. includes the parent Bumech S.A. and several subsidiaries, among them Przedsiębiorstwo Górnicze Silesia Sp. z o.o., Modern Solutions for Environment Sp. z o.o. and Bumech Technika Górnicza Sp. z o.o. The group's activity covers coal extraction from the Kopalnia Węgla Kamiennego Silesia deposit, production of mining combines and rubber parts, sale of methane and of heat from recovered methane, and gallery excavation services. Results depend mainly on the world and local coal price, and in 2023 the price decline, together with weaker demand and high extraction costs, reduced margins. The group is investing in methane cogeneration and photovoltaics and set up a Shared Services Centre in 2024 to centralise administrative support.
Foreign currency exposure of sales is limited: according to the 2023 annual report, only 10,7% of the group's sales transactions are denominated in currencies other than the reporting currency of the selling unit. Currency exposure is therefore relatively small, while the main risk remains the coal price.
At 31 December 2023 the group reported equity of 736 023 thousand PLN and net debt of 245 028 thousand PLN, with a leverage ratio of 0,25. Average employment fell from 1 805 in 2022 to 1 619 in 2023, mainly in production and other staff categories.
Segments
Coal extraction (Przedsiębiorstwo Górnicze Silesia)
The coal segment works the Kopalnia Węgla Kamiennego Silesia deposit, and its revenue is most sensitive to the coal price, market demand and extraction costs. The subsidiary is also involved in disputes with EP Resources PL S.A. over coal sale contracts, where the disputed amount was stated as 153 430 200,00 PLN.
Mining equipment and services (Bumech)
The equipment segment produces mining combines, rubber parts and components made in-house, and its services include gallery excavation. This segment depends on investment in the mining industry and on decisions of customers in the extractive sector.
Energy and environment (Modern Solutions for Environment)
The subsidiary Modern Solutions for Environment sells methane and heat obtained from recovered methane and plans a photovoltaic farm. Cogeneration and photovoltaic installations could reduce the group's energy costs if commissioned as planned.
Market context
The Polish coal market is shaped by world and local prices, demand from the energy industry and coal imports. The annual report shows that demand weakened in 2023 and that excessive imports pressured prices, which narrowed margins for producers such as the Bumech group.
The mining equipment market depends on the level of investment in extraction and on the state's energy policy. The group is diversifying through methane energy and photovoltaics, which could reduce its dependence on coal demand.
Trends
- Coal price pressureheadwind
The fall in the coal price in 2023, combined with weaker demand, reduced the group's margins, and a low price could keep pressure on results.
- Cost reduction through technology and cogenerationtailwind
Investments in methane cogeneration and photovoltaics could reduce energy costs and methane emissions if completed as planned.
- Commercial disputesheadwind
Conflicts with a customer over coal sale contracts could affect revenue and cash flows, depending on court outcomes.
- Centralised servicesmixed
The Shared Services Centre set up in 2024 could improve operational efficiency and reduce the group's administrative costs.
Competitive position
The group competes with other coal producers and importers, as well as with mining equipment manufacturers. The annual report does not explicitly name competitors, so information on competitors is limited to what the source provides.
The group's advantage could come from vertical integration across extraction, equipment production and sale of methane energy, although this depends on executing the investments.
- EP Resources PL S.A.
Party to a dispute with subsidiary Przedsiębiorstwo Górnicze Silesia over coal sale contracts, as described in the annual report.
- Coal importers
The annual report cites excessive coal imports as a factor that lowered prices in 2023.
- Other Polish coal producers
They compete in the same local market; the source does not identify them individually.
- Mining equipment suppliers
They compete in the combine and parts segment; the source does not identify them individually.
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 202210 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / BUMECH 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.