olivLaw · European equity research
Echo Investment S.A. ECH.WA
Poland · GPW Warszawa · ISIN PLECHPS00019 · Vertical: Listed companies from Poland
Echo Investment is a Polish property developer that builds residential and office buildings and also leases and manages them. Apartment sales remain the dominant revenue source, and the pipeline of projects under construction and signed sales contracts gives visibility on future activity, while the Polish residential market stays sensitive to macroeconomic conditions. As of 31.12.2022, the company reported 1592.9 million PLN of inventories and 2037.7 million PLN of future revenue from signed contracts.
At the close of 05 Nov 2026, Echo Investment S.A. (ECH.WA) stock was 5.41 PLN (+2.08% on the day), with market capitalisation 2.2 bn PLN, P/E 17.5 on diluted EPS of 0.31 PLN over the last 12 months, dividend yield 8.13%, beta 0.35, 52-week range 4.68–5.98 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)
- 54.6
- neutral
- Bollinger (20, 2)
- 5.29 – 5.47
- in the upper half of the band · %B 0.67 · band width 3.5%
- SMA 50 / 200
- 5.36 / 5.22
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.01 / -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 | −0.6% | −0.6% | +0.1 pp | — |
| 3 months | +7.8% | −4.2% | +11.9 pp | — |
| 6 months | +10.0% | +4.3% | +5.6 pp | — |
| Year to date | +13.9% | +7.5% | +6.4 pp | — |
| 1 year | −8.0% | +9.9% | −17.9 pp | +7.1% |
| 3 years | +32.3% | +49.8% | −17.6 pp | +3.3% |
| 5 years | +18.4% | +42.8% | −24.4 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 3-quarter history (min 8.8, median 11.0, max 13.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 1.2 bn | 1.5 bn | 1.4 bn |
| Revenue YoY | unavailable | +26.4% | −9.0% |
| Net income | 122.1 m | 188.9 m | 127.2 m |
| Net income YoY | unavailable | +54.7% | −32.7% |
| Diluted EPS | 0.30 | 0.46 | 0.31 |
| Diluted EPS YoY | unavailable | +53.3% | −32.6% |
| net % | 10.1% | 12.3% | 9.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 942.0 m PLN
- Financial debt
- 1.6 bn PLN
- Net debt
- 667.0 m PLN
- Equity
- 1.8 bn PLN
- Total assets
- 6.1 bn PLN
- Debt / equity
- 0.89x
- Current ratio
- 1.48x
- ROE
- 6.9%
- ROA
- 2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.2 bn | 1.5 bn | 1.4 bn | esef· 04 May 2023verified |
| Cost of revenue | 969.0 m | 1.1 bn | 901.9 m | esef· 04 May 2023verified |
| Gross profit | 243.8 m | 400.1 m | 492.4 m | esef· 04 May 2023verified |
| Operating income | 338.2 m | 309.3 m | 275.4 m | esef· 04 May 2023verified |
| Interest expense | — | 119.7 m | 154.7 m | esef· 04 May 2023verified |
| Pre-tax income | 176.6 m | 261.9 m | 219.0 m | esef· 04 May 2023verified |
| Income tax | 54.5 m | 56.5 m | 62.5 m | esef· 04 May 2023verified |
| Net income | 122.1 m | 188.9 m | 127.2 m | esef· 04 May 2023verified |
| Diluted EPS | 0.30 | 0.46 | 0.31 | esef· 04 May 2023verified |
| Dividend per share | 0.00 | 0.52 | 0.44 | esef· 04 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 327.1 m | 588.7 m | 942.0 m | esef· 04 May 2023verified |
| Receivables | 112.1 m | 120.2 m | 333.6 m | esef· 04 May 2023verified |
| Inventories | 925.2 m | 1.6 bn | 1.6 bn | esef· 04 May 2023verified |
| Current assets | — | 3.9 bn | 3.4 bn | esef· 04 May 2023verified |
| Property, plant & equipment, net | 27.9 m | 64.3 m | 60.4 m | esef· 04 May 2023verified |
| Intangibles (excl. goodwill) | 3.5 m | 70.5 m | 71.8 m | esef· 04 May 2023verified |
| Total assets | 5.6 bn | 6.4 bn | 6.1 bn | esef· 04 May 2023verified |
| Long-term debt | 1.5 bn | 1.6 bn | 1.6 bn | esef· 04 May 2023verified |
| Current liabilities | — | 2.5 bn | 2.3 bn | esef· 04 May 2023verified |
| Equity | 1.7 bn | 1.9 bn | 1.8 bn | esef· 04 May 2023verified |
| Shares outstanding at year end | 407.0 m | 410.7 m | 410.2 m | esef· 04 May 2023derived |
Cash flow · PLN
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: 2.2 bn 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 | 7.3% | 20 (vs peers) | 24% |
| Net margin · Quality | 9.1% | 72 (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 | 1.8x | 4 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.5x | 56 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 17.5x | 37 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.5% | 64 (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 sheet25/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality39/100 · 2/3 factors with a value
- Returns· partial64/100 · 1/2 factors with a value
- Valuation· partial37/100 · 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
ECHO INVESTMENT SPÓŁKA AKCYJNA (ECH.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.4 bn PLN in 2022; YoY growth -9.0%; net margin 9.1%; ROE 7.7%.
The estimated value range is 3.15–5.39 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 4.10 PLN, the price of 5.41 PLN leaves a potential of -24.2% (value / price − 1) and a margin of safety of -32.0% (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
- Net margin: 9.1%
What contradicts it
- ROIC: 7.3%
- Interest coverage: 1.8x
- The price is above the estimated value range
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% |
| ECH.WAEcho Investment Spółka Akcyjna | 2.2 bn | 17.5 | 7.7% | 9.1% | −9.0% | −7% / +34% |
| 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 ECH.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 | 2.89 Total return -42% · Per year -42% | 5.14 Total return 0% · Per year 0% | 7.78 Total return 50% · Per year 50% |
| 3 years | 2.30 Total return -47% · Per year -19% | 4.64 Total return 1% · Per year 0% | 7.78 Total return 64% · Per year 18% |
| 5 years | 1.82 Total return -50% · Per year -13% | 4.19 Total return 2% · Per year 0% | 7.78 Total return 77% · Per year 12% |
- Exit P/E± 1.16
- Net margin± 0.81
- Annual revenue growth± 0.73
- Annual dilution± 0.07
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
Echo Investment is a Polish property developer that builds residential and office buildings and also leases and manages them. Apartment sales remain the dominant revenue source, and the pipeline of projects under construction and signed sales contracts gives visibility on future activity, while the Polish residential market stays sensitive to macroeconomic conditions 1. As of 31.12.2022, the company reported 1592.9 million PLN of inventories 1 and 2037.7 million PLN of future revenue from signed contracts 1.
SWOT
Strengths
- A diversified portfolio across residential, offices, shopping centres and services, in several major cities.
- Substantial customer advances and signed contracts that provide visibility on future residential revenue.
- Rent-generating assets that bring recurring income alongside apartment sales.
Weaknesses
- Revenue is concentrated in apartment sales, which are sensitive to the economic cycle.
- Dependence on external financing and capitalised interest can weigh on project margins.
- Some asset sales were postponed and certain projects had their timetables changed.
Opportunities
- Recycling mature assets could release capital for new projects with better margins.
- Demand for office space in major cities could support rents on existing assets.
- Developing the residential rental segment could create additional recurring income.
Threats
- More restrictive financing conditions could slow sales and the handover schedule.
- Rising construction costs could reduce the profitability of projects under way.
- Macroeconomic uncertainty could postpone buying and leasing decisions.
Risks
- Dependence on the residential markethigh
Major revenue comes from apartment sales, and a fall in demand could quickly affect results.
- Cost of financinghigh
If interest rates remain high, capitalised costs and the financial burden could rise.
- Delays in project handovermedium
Construction or permit delays could postpone revenue recognition and the return of advances.
- Customer credit riskmedium
Some trade receivables are overdue, and credit losses could affect profit.
- Asset valuationlow
Fair value measurements depend on assumptions that may be revised, which could change reported results.
Investment thesis
What would need to be true (bull case)
- Signed contracts and advances received give visibility on residential revenue for the coming years.
- The office and shopping centre portfolio generates recurring rents that could balance the sales cycle.
- Recycling mature assets could release capital for more profitable projects.
What would break the thesis
- Dependence on apartment sales makes the company sensitive to the economic cycle and the cost of credit.
- Capitalised financing costs and sales delays could reduce project margins.
- Some assets remained in the portfolio after sale processes were interrupted, showing execution difficulties.
What to watch
- Trend in apartment sales and customer advances received2023
- Completion of sales of assets in progress, such as Moje Miejsce II and the Gdansk land2023
- Development of rents in the office and shopping centre portfolio2023
- Level of financing costs and interest capitalised in inventoriesnext 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
Echo Investment develops residential and commercial projects mainly in major Polish cities such as Warsaw, Krakow, Wroclaw, Lodz, Poznan, Katowice and Gdansk 1. Activity is organized around residential development, which generates apartment sales, office and shopping centre leasing whose rental income is reported separately, and interior fit-out services 1. The company partly finances projects through customer advances, which are held in escrow accounts until the property is handed over 1.
The group's accounting policy separates investment properties, held for rent, from housing stock intended for sale, so revenues are reported differently depending on the asset type 1. For projects meeting fair value measurement criteria, the group recognises revaluation gains as construction progresses 1. Several properties were reclassified as held for sale, with the intention to dispose of them within 12 months 1.
The group manages its assets across several lines: residential development, offices, shopping centres, land and services, and in 2022 it sold several office buildings from its portfolio 1. The strategy appears to combine construction for sale with keeping a portfolio of rent-generating assets 1.
Segments
Residential development
Apartment sales were the largest revenue source in 2022, at 1109.4 million PLN, down from the prior year 1. Signed residential contracts provide future revenue of 2037.7 million PLN, part of which is already covered by advances received from customers 1.
Offices and shopping centres
The office segment generated revenue of 166.7 million PLN in 2022, and shopping centres 70.3 million PLN 1. Rental income from investment properties was 194.6 million PLN, up from 2021 1. Office projects under construction, such as those in Krakow and Wroclaw, are reported separately 1.
Market context
The Polish housing market in which Echo Investment operates was marked during the period under review by macroeconomic uncertainty that affected demand and sales timing, and the company noted that some sales were postponed due to changing circumstances 1. Demand for offices is concentrated in major cities, and rents rose in 2022 for existing assets 1. Market developments depend heavily on financing costs and the availability of mortgage loans 1.
For projects under development, construction and financing costs, as well as the capitalisation rate of interest, influence the final margin 1. If financing conditions remain restrictive, the handover and sales timetable could be affected 1.
Trends
- Rising financing costsheadwind
The company capitalises financing costs into inventories, and high costs can increase project values without necessarily adding market value 1.
- Office demand in major citiestailwind
Rents on the group's existing office buildings increased, supporting recurring income from the asset portfolio 1.
- Portfolio recyclingmixed
Selling some office buildings and land may release liquidity for new projects, but it reduces recurring rental income 1.
- Customer advancesmixed
Funding projects through buyer advances can support development but depends on continued apartment sales 1.
Competitive position
Echo Investment competes with other Polish property developers and real estate funds active in the same cities for residential, office and retail space 1. Its advantage depends on land positions, project quality and relationships with customers and investors 1.
The market is fragmented, and competitors may have different access to financing and land, which affects their ability to launch new projects 1.
- Polish property developers listed in Warsaw
Direct competitors in residential and office development in the same cities, with similar access to land and financing.
- Private residential developers
Unlisted companies competing in the same local markets for housing and land.
- Real estate funds with office assets
Compete for tenants and investors in office buildings in major cities.
- Shopping centre operators
Compete for tenants and shoppers in the retail segment.
News & filings
In the press
- Soniox STT v6 Adds Agent Text Input and Echo Filtering for Voice AgentsMarkTechPost (Asia AI) · 03 Nov 2026 · EN
- Inflation Talk Returns to Earnings Calls in Echo of 2022 ShockBloomberg Markets · 02 Nov 2026 · EN
- The HomeView and Echo Show 16 could be the family computers I’ve been asking forThe Verge · 30 Oct 2026 · EN
- Musk and Zuckerberg echo Trump's push to rebrand AI as 'super intelligence' on earnings calls. Others did notCNBC — Top News · 30 Oct 2026 · EN
- Amazon a prezentat mai multe produse de smart home din seria EchoProfit.ro · 29 Oct 2026 · RO
- Inside Amazon’s Echo hardware eventThe Verge · 28 Oct 2026 · EN
- Amazon unveils new lineup of Alexa devices including redesigned Echo ShowCNA (Channel NewsAsia) · 28 Oct 2026 · EN
- Almost all of Amazon’s new Echo gear is available nowThe Verge · 28 Oct 2026 · EN
- Amazon’s new Echo line is here: the 6 biggest updatesThe Verge · 28 Oct 2026 · EN
- Amazon’s new Echo Studio speaker has a cameraThe Verge · 28 Oct 2026 · EN
- Spending time with the Echo Time — a smart clock that senses you sleepingThe Verge · 28 Oct 2026 · EN
- Our first look at Amazon’s big new Echo Show 16The Verge · 28 Oct 2026 · EN
- Threats of political violence soar in Australia’s ‘online echo chamber’The Japan Times · 20 Oct 2026 · EN
- llm-echo 0.5Simon Willison Blog · 18 Oct 2026 · EN
- Film shoot appearing to echo Renee Good killing roils Montana townThe Guardian World · 08 Oct 2026 · EN
- Correction for Callaway et al., Nanoscale dynamics of the cadherin–catenin complex bound to vinculin revealed by neutron spin echo spectroscopyPNAS · 07 Oct 2026 · EN
- Alexa can’t control the aux input on Amazon Echo speakers anymoreThe Verge · 06 Oct 2026 · EN
- Eco devine Echo? Marca „verde” după 27 septembrie 2026 și tentația ocolirii semanticeJuridice.ro · 05 Oct 2026 · RO
- Fulcrum Echo promises AI text in the style of any writer, so I tested itThe Register · 04 Oct 2026 · EN
- An Echo UnheardNew England Journal of Medicine · 30 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202204 May 2023
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Echo Investment S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.