olivLaw · European equity research
ESOTIQ & HENDERSON SPÓŁKA AKCYJNA EAH.WA
Poland · GPW Warszawa · ISIN PLESTHN00018 · Vertical: Listed companies from Poland
ESOTIQ & HENDERSON S.A. is a Gdańsk-based company selling textile products through specialised stores, wholesale and online sales. In fiscal 2023 the group reported net revenue of 275,495 thousand PLN, while net profit fell to 7,386 thousand PLN, making it relevant to examine how the company finances its growth.
At the close of 05 Nov 2026, ESOTIQ & HENDERSON SPÓŁKA AKCYJNA (EAH.WA) stock was 30.60 PLN (+0.00% on the day), with market capitalisation 52.3 m PLN, P/E 9.2 on diluted EPS of 3.31 PLN over the last 12 months, dividend yield 3.92%, beta 0.07, 52-week range 27.90–37.80 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)
- 33.8
- weak (30–45)
- Bollinger (20, 2)
- 29.35 – 33.48
- in the lower half of the band · %B 0.30 · band width 13.1%
- SMA 50 / 200
- 34.36 / 33.29
- mixed trend
- MACD (12, 26, 9)
- -1.07 / -1.16
- MACD above 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 | −6.7% | +0.4% | −7.1 pp | — |
| 3 months | −12.6% | −3.3% | −9.3 pp | — |
| 6 months | −7.3% | +4.0% | −11.2 pp | — |
| Year to date | −6.7% | +8.1% | −14.8 pp | — |
| 1 year | −18.2% | +10.7% | −28.9 pp | +7.1% |
| 3 years | −8.4% | +50.1% | −58.5 pp | +3.3% |
| 5 years | −53.5% | +43.6% | −97.1 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 67 percentile of its own 3-quarter history (min 7.2, median 7.6, max 10.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 205.9 m | 241.8 m | 275.5 m |
| Revenue YoY | unavailable | +17.5% | +13.9% |
| Net income | 17.6 m | 8.1 m | 7.4 m |
| Net income YoY | unavailable | −54.0% | −8.6% |
| Diluted EPS | 7.87 | 3.62 | 3.31 |
| Diluted EPS YoY | unavailable | −54.0% | −8.6% |
| net % | 8.5% | 3.3% | 2.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 9.0 m PLN
- Financial debt
- 0 PLN
- Net debt
- -9.0 m PLN
- Equity
- 61.5 m PLN
- Total assets
- 144.0 m PLN
- Debt / equity
- 0.00x
- Current ratio
- 1.36x
- ROE
- 12.3%
- ROA
- 4.8%
- 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 | 205.9 m | 241.8 m | 275.5 m | esef· 01 May 2024verified |
| Cost of revenue | 72.1 m | 90.2 m | 97.5 m | esef· 01 May 2024verified |
| Gross profit | 133.7 m | 151.6 m | 178.0 m | esef· 01 May 2024verified |
| Operating income | 22.7 m | 13.0 m | 16.0 m | esef· 01 May 2024verified |
| Interest expense | 2.1 m | 4.9 m | 6.9 m | esef· 01 May 2024verified |
| Pre-tax income | 20.7 m | 10.0 m | 9.2 m | esef· 01 May 2024verified |
| Income tax | 4.4 m | 1.9 m | 1.8 m | esef· 01 May 2024verified |
| Net income | 17.6 m | 8.1 m | 7.4 m | esef· 01 May 2024verified |
| Diluted EPS | 7.87 | 3.62 | 3.31 | esef· 01 May 2024verified |
| Dividend per share | 0.00 | 2.00 | 1.20 | esef· 01 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.8 m | 6.4 m | 9.0 m | esef· 01 May 2024verified |
| Receivables | 15.2 m | 17.8 m | 19.8 m | esef· 01 May 2024verified |
| Inventories | 59.5 m | 75.7 m | 50.0 m | esef· 01 May 2024verified |
| Current assets | 84.0 m | 102.9 m | 79.4 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 12.3 m | 12.5 m | 11.2 m | esef· 01 May 2024verified |
| Goodwill | 40.0 k | 40.0 k | 40.0 k | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 20.0 m | 18.7 m | 25.1 m | esef· 01 May 2024verified |
| Total assets | 153.5 m | 166.1 m | 144.0 m | esef· 01 May 2024verified |
| Long-term debt | 1.3 m | 875.0 k | 0 | esef· 01 May 2024verified |
| Current liabilities | 60.6 m | 81.5 m | 58.3 m | esef· 01 May 2024verified |
| Total liabilities | 93.6 m | 107.7 m | 82.6 m | esef· 01 May 2024verified |
| Equity | 60.0 m | 58.4 m | 61.5 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 2.0 m | 1.5 m | 1.7 m | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 23.9 m | 4.9 m | 48.0 m | esef· 01 May 2024verified |
| Investing cash flow | -2.3 m | -6.9 m | -9.4 m | esef· 01 May 2024verified |
| Financing cash flow | -22.2 m | -351.0 k | -36.0 m | esef· 01 May 2024verified |
| Dividends paid | 0 | 3.9 m | 2.4 m | esef· 01 May 2024verified |
| Share repurchases | 10.2 m | 2.3 m | 2.6 m | esef· 01 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 52.3 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · 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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.5% | 80 (vs peers) | 24% |
| Net margin · Quality | 2.7% | 46 (vs peers) | 14% |
| 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 | 2.3x | 12 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.4x | 47 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 9.2x | 63 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 9.6% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet26/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality67/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial63/100 · 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
ESOTIQ & HENDERSON SPÓŁKA AKCYJNA (EAH.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 275.5 m PLN in 2023; YoY growth 13.9%; net margin 2.7%; ROE 12.3%.
The estimated value range is 16.43–36.38 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 24.81 PLN, the price of 30.60 PLN leaves a potential of -18.9% (value / price − 1) and a margin of safety of -23.3% (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 (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 24.5%
- Shareholder yield (distributions): 9.6%
What contradicts it
- Interest coverage: 2.3x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): 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% |
| 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% |
| EAH.WAEsotiq & Henderson Spółka Akcyjna | 52.3 m | 9.2 | 12.3% | 2.7% | +13.9% | −17% / −16% |
| 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 EAH.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 | 25.85 Total return -11% · Per year -11% | 45.50 Total return 55% · Per year 55% | 68.28 Total return 130% · Per year 130% |
| 3 years | 30.07 Total return 13% · Per year 4% | 59.07 Total return 113% · Per year 29% | 96.60 Total return 241% · Per year 51% |
| 5 years | 34.98 Total return 40% · Per year 7% | 76.69 Total return 189% · Per year 24% | 136.65 Total return 398% · Per year 38% |
- Exit P/E± 14.77
- Net margin± 10.34
- Annual revenue growth± 7.78
- Annual dilution± 0.87
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
ESOTIQ & HENDERSON S.A. is a Gdańsk-based company selling textile products through specialised stores, wholesale and online sales. In fiscal 2023 the group reported net revenue of 275,495 thousand PLN 1, while net profit fell to 7,386 thousand PLN 1, making it relevant to examine how the company finances its growth.
SWOT
Strengths
- The company has a stronger capital structure in 2023, with growing equity and reduced debt, according to the financial statements.
- Operating cash flow was strong in 2023, which gives flexibility for financing current operations.
- The group has unused credit lines and relationships with several commercial banks, supporting access to funding.
Weaknesses
- Net profit fell in 2023 compared with the prior year even though revenue rose, pointing to pressure on profitability margins.
- The business depends on leases of commercial space, which create significant lease obligations.
- The report shows reliance on imports and foreign-currency settlement, exposing the company to exchange rate swings.
Opportunities
- Expanding the online channel could diversify revenue sources beyond physical stores, if investment in this area continues.
- Reducing debt could allow funding of new investments without increasing the group's financial risk.
- The European market, accessible through the German subsidiary, could offer growth opportunities if international strategy develops.
Threats
- Higher interest rates could raise the cost of variable-rate bank loans.
- Sharp exchange rate movements could affect the cost of imported goods despite existing hedges.
- Clothing consumption could decline during periods of economic uncertainty, affecting store sales.
Risks
- Interest rate riskmedium
Most of the group's financing carries variable interest, linked to WIBOR or LIBOR 1. A rise in rates could reduce pre-tax profit.
- Currency riskhigh
Purchases of goods from abroad are settled in USD and EUR. Forward hedging does not fully remove the exposure, and an unfavourable exchange rate could raise costs.
- Liquidity riskmedium
The group relies on available credit lines to meet its obligations. If these lines were reduced or not renewed, the company could face difficulty financing current operations.
- Dependence on lease contractsmedium
Commercial premises are rented under contracts classified as leases, and bank guarantees for these contracts are substantial. A reduction in the number of stores or renegotiated rents could affect results.
- Declining profitabilityhigh
Net profit fell in 2023 while revenue grew. If this trend continued, shareholder value could be affected.
Investment thesis
What would need to be true (bull case)
- If debt reduction and strong operating cash generation are sustained, the company could fund investments without excessive pressure on its balance sheet.
- Expansion of online and European channels could bring sales growth that offsets pressure on margins.
- The currency hedging policy and available credit lines could limit the impact of short-term financial shocks.
What would break the thesis
- A fall in net profit despite higher revenue could signal margin erosion if it is not corrected.
- Exposure to variable interest rates and exchange rates could generate extra costs in a volatile financial environment.
- Dependence on lease contracts and store sales could make the company vulnerable to a decline in consumer spending.
What to watch
- Development of net profit and operating margins compared with fiscal 20232024
- Level of bank debt and lease obligations on the balance sheetnext annual report
- Net foreign currency exposure after forward hedges2024
- Growth of online sales and the German subsidiary2025
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 annual report for the year ended 31 December 2023 1, the group's main activity is retail sale of textile products in specialised stores, other specialised wholesale and retail sale via mail order houses or the internet. The parent company, based in Gdańsk, controls two subsidiaries: Luma sp. z o.o. and Esotiq Germany GmbH in Stuttgart, both held at 100%. The statements are prepared in PLN under IFRS as adopted by the EU.
The balance sheet shows total assets of 144,026 thousand PLN at the end of 2023 1, down from 166,097 thousand PLN a year earlier. Liabilities fell significantly while equity rose, which indicates reduced indebtedness. Operating cash flow was strong in 2023, mainly due to lower inventories, and capital spending on fixed assets increased on the prior year.
On the financing side, the company uses variable-rate bank loans, finance leases for commercial premises and credit lines with several commercial banks. The report notes that the group aims to hedge 90% of foreign-currency orders through forward transactions, indicating active management of currency risk on product imports.
Segments
Specialised retail stores
The core activity described in the financial statements 1 is retail sale of textile products through specialised stores. This segment depends on leasing commercial space, which is why lease payments are a significant cost item.
Specialised wholesale
The group also carries out specialised wholesale, listed as a separate activity in the description of business scope 1. The report does not break out revenue for this activity, so its contribution remains difficult to assess from the available information.
Online and mail-order sales
The business scope also includes retail sale via mail order houses or the internet 1. The annual report gives no separate figures for this channel, but its presence in the scope suggests some diversification of distribution.
Market context
The company operates in the market for textile products and apparel for consumers, focused on specialised stores and online channels. The sources provided contain no data on total market size or the company's market share, so its competitive position cannot be quantified from these documents.
Exposure to foreign markets is visible in the report through purchases of goods from abroad, settled mainly in USD, and through the German subsidiary. Sensitivity of results to exchange rates is significant, and the company partly hedges this risk with forward instruments.
Trends
- Inventory reduction and cash releasetailwind
In 2023 the change in inventories contributed significantly to operating cash flow 1. If inventory reduction continued, it could support liquidity, but the documents do not clarify whether this effect is durable.
- Financing costs and variable interest ratesheadwind
Most bank loans of the group are linked to WIBOR or LIBOR 1, so rising interest rates would increase financial costs. The sensitivity analysis in the report shows the impact of rate changes on pre-tax profit.
- Exchange rate fluctuationsmixed
Purchases in USD and EUR expose the group to currency risk, and the report presents a sensitivity analysis for exchange rate moves. The effect depends on the level of forward hedging, so it could be either negative or neutralised.
- Investment in fixed assetsmixed
Capital expenditure increased in 2023 compared with the prior year 1, which may support network expansion or modernisation of systems. Pressure on free cash flow could become visible if these outlays stay at the current level.
Competitive position
The sources provided do not identify the group's competitors and contain no information on market share or performance comparisons. For this reason, any assessment of competitive position must rely on additional documents outside the analysis base.
Attracting and retaining customers in specialised stores and online channels would probably depend on pricing, product range and store locations. The report offers no data that confirms or refutes this assumption for ESOTIQ & HENDERSON.
- Direct competitors not named in the analysed sources
The documents provided do not name direct competitors of the group, so they cannot be identified from them.
- Apparel retailers with own store networks
General category of competitors in specialised stores, without identification of specific companies from the sources.
- Online apparel shopping platforms
General category for internet sales, mentioned only as an analytical principle and not as a fact from the report.
- Textile wholesale distributors
General category for wholesale activity, without company names from the analysed documents.
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 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / ESOTIQ & HENDERSON 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.