olivLaw · European equity research
BioMaxima S.A. BMX.WA
Poland · GPW Warszawa · ISIN PLBIOMX00015 · Vertical: Listed companies from Poland
BioMaxima is a Polish producer and distributor of laboratory diagnostic products and industrial microbiology, active in the microbiology and analytics segments. The company reported a significant drop in revenue in 2023 compared with the prior year, which makes the sales trajectory the main point to follow.
At the close of 05 Nov 2026, BioMaxima S.A. (BMX.WA) stock was 8.85 PLN (−0.90% on the day), with market capitalisation 37.0 m PLN, P/E 63.2 on diluted EPS of 0.14 PLN over the last 12 months, dividend yield 5.66%, beta 0.32, 52-week range 8.85–13.15 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)
- 13.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 9.01 – 10.38
- below the lower band · %B -0.12 · band width 14.1%
- SMA 50 / 200
- 9.94 / 10.82
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.24 / -0.15
- 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 | −11.0% | +0.4% | −11.3 pp | — |
| 3 months | −10.7% | −3.3% | −7.4 pp | — |
| 6 months | −24.0% | +4.0% | −27.9 pp | — |
| Year to date | −26.6% | +8.1% | −34.7 pp | — |
| 1 year | −32.7% | +10.7% | −43.4 pp | +7.5% |
| 3 years | −46.9% | +50.1% | −97.0 pp | +4.2% |
| 5 years | −63.9% | +43.6% | −107.5 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 67 percentile of its own 3-quarter history (min 4.0, median 11.5, max 117.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 79.1 m | 143.9 m | 46.8 m |
| Revenue YoY | unavailable | +81.9% | −67.5% |
| Net income | 10.2 m | 28.9 m | 586.0 k |
| Net income YoY | unavailable | +182.0% | −98.0% |
| Diluted EPS | 2.29 | 6.48 | 0.14 |
| Diluted EPS YoY | unavailable | +183.0% | −97.8% |
| net % | 13.0% | 20.1% | 1.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 1.5 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 47.0 m PLN
- Total assets
- 73.8 m PLN
- Debt / equity
- unavailable
- Current ratio
- 2.19x
- ROE
- 1.2%
- ROA
- 0.8%
- 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 | 79.1 m | 143.9 m | 46.8 m | esef· 08 May 2024verified |
| Operating income | 13.7 m | 34.9 m | 728.0 k | esef· 08 May 2024verified |
| Depreciation & amortisation | 1.7 m | 2.0 m | 2.5 m | esef· 08 May 2024verified |
| EBITDA | 15.3 m ≈ | 36.9 m ≈ | 3.2 m ≈ | esef· 08 May 2024derived |
| Interest expense | 322.0 k | 486.0 k | 805.0 k | esef· 08 May 2024verified |
| Pre-tax income | 12.8 m | 35.9 m | 187.0 k | esef· 08 May 2024verified |
| Income tax | 2.5 m | 7.0 m | -399.0 k | esef· 08 May 2024verified |
| Net income | 10.2 m | 28.9 m | 586.0 k | esef· 08 May 2024verified |
| Diluted EPS | 2.29 | 6.48 | 0.14 | esef· 08 May 2024verified |
| Dividend per share | 0.25 | 0.45 | 0.50 | esef· 08 May 2024derived |
≈ 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 | 3.0 m | 12.9 m | 1.5 m | esef· 08 May 2024verified |
| Receivables | 16.5 m | 10.1 m | 8.6 m | esef· 08 May 2024verified |
| Inventories | 14.0 m | 12.8 m | 12.8 m | esef· 08 May 2024verified |
| Current assets | 33.5 m | 36.2 m | 22.8 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 27.9 m | 37.8 m | 50.6 m | esef· 08 May 2024verified |
| Goodwill | 0 | 0 | 0 | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 501.0 k | 435.0 k | 370.0 k | esef· 08 May 2024verified |
| Total assets | 61.9 m | 74.4 m | 73.8 m | esef· 08 May 2024verified |
| Current liabilities | 17.3 m | 11.0 m | 10.4 m | esef· 08 May 2024verified |
| Total liabilities | 32.7 m | 22.0 m | 26.8 m | esef· 08 May 2024verified |
| Equity | 29.2 m | 52.5 m | 47.0 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 4.3 m | 4.3 m | 4.2 m | esef· 08 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -132.0 k | 37.1 m | 1.6 m | esef· 08 May 2024verified |
| Investing cash flow | -3.4 m | -7.8 m | -17.2 m | esef· 08 May 2024verified |
| Financing cash flow | 2.1 m | -19.3 m | 4.3 m | esef· 08 May 2024verified |
| Dividends paid | 1.1 m | 1.9 m | 2.1 m | esef· 08 May 2024verified |
| Share repurchases | 0 | 5.0 m | 0 | esef· 08 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 37.0 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.3% | 38 (vs peers) | 19% |
| 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 | 0.9x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 63.2x | 5 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.7% | 81 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial38/100 · 1/3 factors with a value
- Returns· partial81/100 · 1/2 factors with a value
- Valuation· partial5/100 · 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
BioMaxima Spółka Akcyjna (BMX.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 46.8 m PLN in 2023; YoY growth -67.5%; net margin 1.3%; ROE 1.2%.
The estimated value range is 2.93–4.38 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.53 PLN, the price of 8.85 PLN leaves a potential of -60.1% (value / price − 1) and a margin of safety of -150.9% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
- Shareholder yield (distributions): 5.7%
What contradicts it
- Interest coverage: 0.9x
- P/E (TTM): 63.2x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, 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% |
| 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 BMX.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 | 4.73 Total return -45% · Per year -45% | 8.41 Total return -3% · Per year -3% | 12.72 Total return 46% · Per year 46% |
| 3 years | 3.76 Total return -55% · Per year -23% | 7.59 Total return -10% · Per year -3% | 12.72 Total return 49% · Per year 14% |
| 5 years | 2.98 Total return -62% · Per year -17% | 6.85 Total return -16% · Per year -3% | 12.72 Total return 53% · Per year 9% |
- Exit P/E± 1.90
- Net margin± 1.33
- Annual revenue growth± 1.20
- Annual dilution± 0.11
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
BioMaxima is a Polish producer and distributor of laboratory diagnostic products and industrial microbiology, active in the microbiology and analytics segments. The company reported a significant drop in revenue in 2023 compared with the prior year, which makes the sales trajectory the main point to follow 1.
SWOT
Strengths
- Own portfolio of microbiology and antibiotic susceptibility products, with a high share of proprietary products in sales.
- Stable presence on the domestic market and an ownership structure with a clear controlling core.
- Development projects in diagnostics of other diseases, which could broaden the offer over the long term.
Weaknesses
- Revenue fell significantly in 2023, showing dependence on a few lines of business.
- Operating cash flow dropped sharply compared with the prior year.
- The company relied on new loans to support its financing in 2023.
Opportunities
- Expanding the offer into diagnostics of new diseases, where development projects are already under way.
- Growing exports to the European Union, where sales increased from the existing base.
- Investments in assets could support new production capacity if they translate into sales.
Threats
- Dependence on a few large customers in the analytics segment could affect revenue if those relationships change.
- Competitive pressure from international manufacturers of IVD equipment.
- Financing costs could rise if reliance on loans increases.
Risks
- Dependence on large customershigh
The analytics segment relies on a few important customers, and losing some of them could significantly affect sales.
- Declining saleshigh
The sharp drop in revenue in 2023 could continue if the trend does not reverse.
- Higher indebtednessmedium
Greater reliance on loans could limit financial flexibility if revenue does not recover.
- Concentrated shareholdingmedium
Control exercised by a group of shareholders could influence strategic decisions to the detriment of minority shareholders.
- Currency risklow
International activity and the Romanian subsidiary expose the group to exchange rate fluctuations.
Investment thesis
What would need to be true (bull case)
- If microbiology sales remain stable, the company could gradually offset the decline in analytics.
- Investments in assets and new diagnostic projects could open additional revenue sources over the medium term.
- Growth in export sales could reduce dependence on the Polish market.
What would break the thesis
- If the decline in the analytics segment persists, revenue could stay below earlier levels.
- Rising debt could reduce financial room for manoeuvre if cash flows do not improve.
- Dependence on large customers could make revenue vulnerable to contractual changes.
What to watch
- Sales trend in the analytics segmentQ1 2025
- Level of operating cash flow2024
- Development of loans and financing costs2024
- Results of new diagnostic projectsnext 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
BioMaxima S.A., headquartered in Lublin, is engaged in the production, trade and services in medical laboratory diagnostics and industrial microbiology 1. The group comprises the parent company and the wholly owned subsidiary BioMaxima Romania S.R.L. 1. At the end of 2023 the group employed 115 people, down from 122 at the end of 2022 1.
Segments
Microbiology
The microbiology segment covers microbiological media, antibiotic susceptibility products, microbiological analysis equipment and molecular biology products, as well as related training 1. In 2023 the segment generated 24 626 thousand PLN in sales, compared with 24 416 thousand PLN in 2022 1.
Market context
The company operates mainly in Poland, which accounts for most sales at 31 028 thousand PLN in 2023, with the European Union and other countries contributing 10 490 thousand PLN and 5 268 thousand PLN respectively 1. The geographic mix shows a concentration on the domestic market, with export contributing a growing share from a small base 1.
Trends
- Decline in analytics salesheadwind
Analytics segment sales fell sharply in 2023, which points to a major change in the product mix or in contracts with large customers 1.
- Higher investment in assetsmixed
Spending on fixed and intangible assets rose in 2023, which could support production capacity over the medium term 1.
- Fading pandemic impacttailwind
Management states that COVID-19 no longer had a significant effect on activity in the reporting period, while the company continued developing new tests 1.
- Pressure on liquiditymixed
Financing cash flows were negative in 2022 and turned positive in 2023, mainly due to new loans, which could indicate greater reliance on external funding 1.
Competitive position
The company competes with local and international producers of laboratory diagnostic equipment and reagents, especially in the analytics segment. The sources reviewed do not name competitors explicitly, so the list below is limited to what the documents can support 1.
- Local and regional laboratory reagent suppliers
Competition not specified in the source, in reagents and consumables.
- International IVD equipment manufacturers
Possible competition in the analytics segment, not detailed in the report reviewed.
- Producers of microbiological media
Possible competition in the microbiology segment, not named in the source.
- Distributors of rapid tests
Possible competition in rapid tests, with no details in the available documents.
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 202223 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / BioMaxima 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.