olivLaw · European equity research
Centrum Medyczne Enel-Med S.A. ENE.WA
Poland · GPW Warszawa · ISIN PLENLMD00017 · Vertical: Listed companies from Poland
Centrum Medyczne Enel-Med S.A. is a Polish medical group operating exclusively on the domestic market, with major revenue from subscription contracts with patients. The 2023 annual report shows a group whose financing structure relies significantly on loans and borrowings, while subscription contracts provide a relatively stable revenue base that is also an aspect to monitor. Key figures: subscriptions represent about 67% of the parent company's revenue, and loans and borrowings totalled 16 570 thousand PLN at 31.12.2023.
At the close of 05 Nov 2026, Centrum Medyczne Enel-Med S.A. (ENE.WA) stock was 19.60 PLN (−1.51% on the day), with market capitalisation 556.2 m PLN, P/E 67.6 on diluted EPS of 0.29 PLN over the last 12 months, beta 0.16, 52-week range 17.20–27.20 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.3
- weak (30–45)
- Bollinger (20, 2)
- 19.67 – 20.59
- below the lower band · %B -0.08 · band width 4.5%
- SMA 50 / 200
- 20.05 / 19.80
- mixed trend
- MACD (12, 26, 9)
- -0.06 / 0.02
- 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 | −3.0% | −0.6% | −2.3 pp | — |
| 3 months | −1.0% | −4.2% | +3.2 pp | — |
| 6 months | +1.0% | +4.3% | −3.3 pp | — |
| Year to date | +14.0% | +7.5% | +6.4 pp | — |
| 1 year | +5.9% | +9.9% | −4.0 pp | +7.1% |
| 3 years | +11.4% | +49.8% | −38.5 pp | +3.3% |
| 5 years | +16.0% | +42.8% | −26.8 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 65.5, median 65.5, max 65.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 441.1 m | 494.9 m | 618.5 m |
| Revenue YoY | unavailable | +12.2% | +25.0% |
| Net income | -1.4 m | -23.6 m | 8.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.06 | -0.83 | 0.29 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -0.3% | -4.8% | 1.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 34.1 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 160.3 m PLN
- Total assets
- 476.0 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.58x
- ROE
- 5.3%
- ROA
- 1.8%
- 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 | 441.1 m | 494.9 m | 618.5 m | esef· 02 May 2024verified |
| Cost of revenue | 419.0 m | 484.0 m | 592.6 m | esef· 02 May 2024verified |
| Gross profit | 22.1 m | 10.9 m | 26.0 m | esef· 02 May 2024verified |
| Operating income | 4.7 m | -20.8 m | 3.0 m | esef· 02 May 2024verified |
| Interest expense | 5.3 m | 8.7 m | 9.9 m | esef· 02 May 2024verified |
| Pre-tax income | 96.0 k | -27.9 m | 9.8 m | esef· 02 May 2024verified |
| Income tax | 1.5 m | -4.4 m | 1.6 m | esef· 02 May 2024verified |
| Net income | -1.4 m | -23.6 m | 8.2 m | esef· 02 May 2024verified |
| Diluted EPS | -0.06 | -0.83 | 0.29 | esef· 02 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 74.8 m | 23.5 m | 34.1 m | esef· 02 May 2024verified |
| Receivables | 23.3 m | 29.5 m | 37.9 m | esef· 02 May 2024verified |
| Inventories | 3.0 m | 3.5 m | 4.3 m | esef· 02 May 2024verified |
| Current assets | 105.0 m | 59.7 m | 79.4 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 133.3 m | 151.6 m | 151.7 m | esef· 02 May 2024verified |
| Goodwill | 766.0 k | 3.0 m | 3.0 m | esef· 02 May 2024verified |
| Intangibles (excl. goodwill) | 14.1 m | 17.4 m | 18.2 m | esef· 02 May 2024verified |
| Total assets | 437.7 m | 432.2 m | 476.0 m | esef· 02 May 2024verified |
| Accounts payable | 48.1 m | 54.6 m | 73.5 m | esef· 02 May 2024verified |
| Current liabilities | 94.2 m | 104.5 m | 135.8 m | esef· 02 May 2024verified |
| Total liabilities | 262.1 m | 280.1 m | 315.7 m | esef· 02 May 2024verified |
| Equity | 175.6 m | 152.0 m | 160.3 m | esef· 02 May 2024verified |
| Shares outstanding at year end | 23.5 m | 28.4 m | 28.4 m | esef· 02 May 2024derived |
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
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 556.2 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.3% | 41 (vs peers) | 23% |
| 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 | 0.3x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 67.6x | 5 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial41/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 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
Centrum Medyczne ENEL - MED Spółka Akcyjna (ENE.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 618.5 m PLN in 2023; YoY growth 25.0%; net margin 1.3%; ROE 5.3%.
The estimated value range is 1.85–5.10 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.21 PLN, the price of 19.60 PLN leaves a potential of -83.6% (value / price − 1) and a margin of safety of -510.9% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 0.3x
- Current ratio: 0.6x
- P/E (TTM): 67.6x
- The price is above the estimated value range
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, Shareholder yield (distributions), 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% |
| ENE.WACentrum Medyczne ENEL - MED Spółka Akcyjna | 556.2 m | 67.6 | 5.3% | 1.3% | +25.0% | +6% / +10% |
| 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 ENE.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 | 12.81 Total return -35% · Per year -35% | 22.54 Total return 15% · Per year 15% | 33.81 Total return 73% · Per year 73% |
| 3 years | 15.19 Total return -22% · Per year -8% | 29.81 Total return 52% · Per year 15% | 48.69 Total return 148% · Per year 35% |
| 5 years | 18.02 Total return -8% · Per year -2% | 39.42 Total return 101% · Per year 15% | 70.11 Total return 258% · Per year 29% |
- Exit P/E± 7.45
- Net margin± 5.22
- Annual revenue growth± 3.89
- Annual dilution± 0.44
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
Centrum Medyczne Enel-Med S.A. is a Polish medical group operating exclusively on the domestic market, with major revenue from subscription contracts with patients. The 2023 annual report shows a group whose financing structure relies significantly on loans and borrowings, while subscription contracts provide a relatively stable revenue base that is also an aspect to monitor. Key figures: subscriptions represent about 67% of the parent company's revenue 1, and loans and borrowings totalled 16 570 thousand PLN at 31.12.2023 1.
SWOT
Strengths
- The subscription contract revenue base is stable and predictable, and is the main funding source for the parent company 1.
- The group has long-standing relationships with banks and access to several funding sources, including overdraft facilities 1.
- Trade receivables are mostly short-term, and management considers credit risk to be low 1.
Weaknesses
- Trade payables and borrowings are high relative to current assets, making careful liquidity planning necessary 1.
- The group does not use derivative instruments to hedge currency or interest rate risk, leaving the exposure unhedged 1.
- Activity is concentrated exclusively on the Polish market, which limits geographic diversification 1.
Opportunities
- Growth in subscription volume could strengthen recurring revenue if demand for medical services stays high 1.
- Obtaining more favourable financing terms when renegotiating loans could reduce financial costs 1.
- Integration and consolidation of subsidiaries, as in the 2023 merger, could simplify the group structure 1.
Threats
- Pandemics or epidemics could force the group to serve more patients or limit activity, affecting results 1.
- Rising interest rates and the euro exchange rate could increase financing and rent costs 1.
- Termination or reduction of subscription contracts, with a 3-month notice period, could quickly affect the revenue flow 1.
Risks
- Liquidity riskhigh
Short-term and trade liabilities are significant, and a drop in collections could make it harder to meet obligations when due 1.
- Interest rate riskmedium
Variable-rate loans expose the group to higher financing costs if interest rates rise 1.
- Currency riskmedium
EUR-denominated rent and equipment purchases expose the group to exchange rate movements, with no hedging through derivatives 1.
- Epidemic riskmedium
A pandemic could disrupt activity and entails additional costs for organising services 1.
- Geographic concentration risklow
Activity exclusively in Poland exposes the group to economic and healthcare system developments in that country 1.
Investment thesis
What would need to be true (bull case)
- If subscription revenue remains stable and demand for medical services grows, the group could strengthen its results and reduce reliance on external financing 1.
- Long-standing bank relationships and access to several credit lines could support investment plans if conditions are favourable 1.
- A receivables structure with short maturities and verified clients could limit credit risk and losses from uncollected receivables 1.
What would break the thesis
- If interest rates and the euro exchange rate rise, financing and rent costs could significantly reduce the group's margin 1.
- High trade payables and borrowing levels could put pressure on liquidity if collections fall 1.
- Activity concentrated exclusively in the Polish market could make the group vulnerable to local economic or regulatory changes 1.
What to watch
- Development of subscription contract revenue and renewal rate2024
- Cost of variable-rate loans and any renegotiation2024
- Level of trade payables and liquidity2024
- Impact of new reporting requirements on supplier finance arrangements2024
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 Enel-Med Capital Group has Centrum Medyczne Enel-Med S.A. as its parent and includes subsidiaries such as Enel Invest Sp. z o.o. and Pro Care Sp. z o.o., fully consolidated, as well as entities accounted for under the equity method 1. According to the 2023 annual report, the group operates only on the Polish market, using local medical staff and domestic suppliers 1. The report notes that the parent absorbed its subsidiary Dental Nobile Clinic Sp. z o.o. in 2023 1. Subscription contracts, usually of indefinite duration with a 3-month notice period, constitute an important part of cash inflows 1.
From an accounting perspective, the consolidated financial statements are prepared under IFRS as adopted by the EU, with adjustments to Polish statutory ledgers 1. The group applies the going concern assumption for 12 months from the balance sheet date and identifies no factors indicating a threat to it 1. Loans mostly carry variable interest, and the group does not use derivative instruments to hedge currency or interest rate risk 1.
The receivables structure shows that most trade receivables have short maturities, generally under 30 days, and the group deals only with verified customers 1. On the liabilities side, trade payables rose significantly in 2023, so liquidity management depends on periodic cash flow planning 1.
Segments
Market context
The group serves a large number of patients across Poland, and its reference market is exclusively domestic 1. The annual report provides no data on market share or market size 1. The variable-rate loan rate is a relevant factor for financing costs 1.
According to the report, a possible pandemic or epidemic could force the group to serve a much larger number of patients or to restrict activity in some areas, affecting results 1. The war in Ukraine and rising inflation, EUR exchange rates and interest rates are considered factors that could affect results over the longer term 1.
Trends
- Rising financing costsheadwind
Higher interest rates could increase the cost of variable-rate loans, to which the group has significant exposure 1.
- EUR/PLN exchange rate fluctuationsheadwind
Rent, denominated in EUR, and medical equipment purchases are sensitive to the euro rate, which could generate exchange gains or losses 1.
- Stability of subscription revenuetailwind
Indefinite-term subscription contracts provide a predictable revenue base, and management can adjust service volume according to collections 1.
- Regulatory pressure on reportingmixed
New accounting and reporting requirements, such as those on supplier finance arrangements, could increase transparency and the volume of information to be published 1.
Competitive position
The annual report does not explicitly identify the group's competitors and offers no analysis of its competitive position 1. Comparison with other operators would require additional sources.
Since the group operates exclusively in Poland, competition could come from other private medical service providers in the country, but this is not documented in the source analysed 1.
- Private medical service providers in Poland
Local competition not specified in the annual report; the source gives no data on these operators.
- Regional private clinic networks
Possible regional competitors, mentioned only as an analytical hypothesis without source data.
- Hospitals and medical centres offering direct-pay services
Alternatives for patients who pay directly, with no quantitative information in the report.
- International medical operators active in Poland
Possible foreign competitors; the report does not identify them.
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 202218 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Centrum Medyczne Enel-Med 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.