olivLaw · European equity research
RESBUD SPÓŁKA EUROPEJSKA EQU.WA
Poland · GPW Warszawa · ISIN PLRESBD00032 · Vertical: Listed companies from Poland
RESBUD SE is a Polish group active in construction and construction services, with a new energy-sector footprint after it took control of Elektroqishloqqurilish JSC in Uzbekistan in September 2023. The year 2023 brought a major change in the group's profile, with consolidated sales of 41.641 bn PLN and a net profit of 23.069 mn PLN.
At the close of 05 Nov 2026, RESBUD SPÓŁKA EUROPEJSKA (EQU.WA) stock was 1.45 PLN (+1.76% on the day), with market capitalisation 475.6 m PLN, P/E 20.6 on diluted EPS of 0.07 PLN over the last 12 months, dividend yield 0.00%, beta 0.10, 52-week range 0.86–1.59 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)
- 48.8
- neutral
- Bollinger (20, 2)
- 1.39 – 1.52
- in the lower half of the band · %B 0.43 · band width 9.4%
- SMA 50 / 200
- 1.47 / 1.31
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −3.3% | −0.6% | −2.7 pp | — |
| 3 months | −4.9% | −4.2% | −0.8 pp | — |
| 6 months | +29.0% | +4.3% | +24.7 pp | — |
| Year to date | +56.0% | +7.5% | +48.5 pp | — |
| 1 year | +60.6% | +9.9% | +50.6 pp | +7.1% |
| 3 years | +92.7% | +49.8% | +42.8 pp | +3.3% |
| 5 years | +87.2% | +42.8% | +44.4 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 50 percentile of its own 2-quarter history (min 8.6, median 17.5, max 26.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 279.5 m | 291.8 m | 41.6 m |
| Revenue YoY | unavailable | +4.4% | −85.7% |
| Net income | -2.1 m | 6.5 m | 23.0 m |
| Net income YoY | unavailable | unavailable | +255.2% |
| Diluted EPS | unavailable | 0.02 | 0.07 |
| Diluted EPS YoY | unavailable | unavailable | +250.0% |
| net % | -0.8% | 2.2% | 55.3% |
| Free cash flow | 13.4 m | -79.6 m | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 9.6 m PLN
- Financial debt
- 4.8 m PLN
- Net debt
- -4.9 m PLN
- Equity
- 277.0 m PLN
- Total assets
- 447.8 m PLN
- Debt / equity
- 0.02x
- Current ratio
- 0.94x
- ROE
- 10.8%
- ROA
- 5.8%
- 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 | 279.5 m | 291.8 m | 41.6 m | esef· 02 May 2024verified |
| Operating income | 1.7 m | 10.1 m | 2.4 m | esef· 02 May 2024verified |
| Depreciation & amortisation | 2.6 m | 3.0 m | 5.4 m | esef· 02 May 2024verified |
| EBITDA | 4.3 m ≈ | 13.1 m ≈ | 7.7 m ≈ | esef· 02 May 2024derived |
| Interest expense | 5.8 m | 3.1 m | 13.3 m | esef· 02 May 2024verified |
| Pre-tax income | -431.0 k | 9.5 m | 18.7 m | esef· 02 May 2024verified |
| Income tax | 1.7 m | 3.0 m | 61.0 k | esef· 02 May 2024verified |
| Net income | -2.1 m | 6.5 m | 23.0 m | esef· 02 May 2024verified |
| Diluted EPS | — | 0.02 | 0.07 | esef· 02 May 2024verified |
| Dividend per share | — | 0.00 | — | esef· 31 May 2023derived |
≈ 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 | 16.3 m | 3.0 m | 9.6 m | esef· 02 May 2024verified |
| Receivables | 139.5 m | 139.4 m | 14.8 m | esef· 02 May 2024verified |
| Inventories | 10.6 m | 26.3 m | 16.0 m | esef· 02 May 2024verified |
| Current assets | 186.7 m | 194.5 m | 45.7 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 24.9 m | 10.5 m | 379.7 m | esef· 02 May 2024verified |
| Goodwill | 143.9 m | 143.9 m | 2.9 m | esef· 02 May 2024verified |
| Total assets | 356.4 m | 351.2 m | 447.8 m | esef· 02 May 2024verified |
| Accounts payable | 150.7 m | 119.0 m | 15.7 m | esef· 02 May 2024verified |
| Long-term debt | 83.0 k | 7.6 m | 4.8 m | esef· 02 May 2024verified |
| Current liabilities | 196.9 m | 178.0 m | 48.6 m | esef· 02 May 2024verified |
| Total liabilities | 201.5 m | 200.3 m | — | esef· 31 May 2023verified |
| Equity | 154.9 m | 150.9 m | 277.0 m | esef· 02 May 2024verified |
| Shares outstanding at year end | — | 324.3 m | 329.1 m | esef· 02 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 23.0 m | -79.6 m | 161.9 m | esef· 02 May 2024verified |
| Capex | 9.6 m | 0 | — | esef· 31 May 2023verified |
| Free cash flow | 13.4 m ≈ | -79.6 m ≈ | — | esef· 31 May 2023derived |
| Investing cash flow | -10.0 m | 24.9 m | -150.5 m | esef· 02 May 2024verified |
| Financing cash flow | 3.4 m | 41.4 m | -4.8 m | esef· 02 May 2024verified |
| Dividends paid | 0 | 0 | — | esef· 31 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 46 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 475.6 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality53
- Returns40
- Balance sheet52
- Valuation38
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
Neutral profile · Score 46/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.1% | 0 (vs peers) | 13% |
| Net margin · Quality | 55.3% | 95 (vs peers) | 8% |
| FCF conversion · Quality | 702.9% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.6x | 100 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 0.2x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.9x | 12 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.6x | 26 (vs peers) | 13% |
| EV/EBITDA · Valuation | 60.8x | 0 (on a fixed band) | 13% |
| FCF yield · Valuation | 34.1% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet52/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality53/100 · 3/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation38/100 · 3/3 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
RESBUD SPÓŁKA EUROPEJSKA (EQU.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 41.6 m PLN in 2023; YoY growth -85.7%; net margin 55.3%; ROE 18.0%; net debt/EBITDA -0.6x.
The estimated value range is 2.35–3.44 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.81 PLN, the price of 1.45 PLN leaves a potential of 94.4% (value / price − 1) and a margin of safety of 48.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 46/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 55.3%
- FCF conversion: 702.9%
- Net debt / EBITDA: -0.6x
- FCF yield: 34.1%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- ROIC: 1.1%
- Interest coverage: 0.2x
- Current ratio: 0.9x
- P/E (TTM): 20.6x
- EV/EBITDA: 60.8x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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% |
| EQU.WAResbud Spółka Europejska | 475.6 m | 20.6 | 18.0% | 55.3% | −85.7% | +61% / +54% |
| 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 EQU.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 | 0.77 Total return -47% · Per year -47% | 1.37 Total return -5% · Per year -5% | 2.08 Total return 44% · Per year 44% |
| 3 years | 0.61 Total return -58% · Per year -25% | 1.24 Total return -14% · Per year -5% | 2.08 Total return 44% · Per year 13% |
| 5 years | 0.49 Total return -66% · Per year -20% | 1.12 Total return -23% · Per year -5% | 2.08 Total return 44% · Per year 8% |
- Exit P/E± 0.31
- Net margin± 0.22
- Annual revenue growth± 0.20
- Annual dilution± 0.02
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
RESBUD SE is a Polish group active in construction and construction services, with a new energy-sector footprint after it took control of Elektroqishloqqurilish JSC in Uzbekistan in September 2023. The year 2023 brought a major change in the group's profile, with consolidated sales of 41.641 bn PLN 1 and a net profit of 23.069 mn PLN 1.
SWOT
Strengths
- The group expanded into the energy sector by taking control of a company with a recognised role in Central Asia.
- The group structure includes several companies fully consolidated, which gives a coherent overview of activity.
- Capital position strengthened in 2023, with consolidated equity higher than in the prior year.
Weaknesses
- Activity in Poland was limited in 2023 by weak construction conditions.
- The Uzbek segment recorded a pre-tax loss in the year of acquisition.
- Revenue from materials trading fell markedly from the previous year.
Opportunities
- Power network works in Central Asia could become a steady source of revenue for the group.
- If construction activity in Poland recovers, existing capacity could be used more intensively.
- Integrating the new subsidiary could bring operational synergies between construction and energy divisions.
Threats
- Price competition in Polish construction may lead to lower margins over the long term.
- Rising costs of energy, materials and financing may limit project profitability.
- Operational and regulatory risks in Uzbekistan may affect the results of the segment.
Risks
- Dependence on the Polish construction markethigh
Lower demand in local construction could reduce order volumes for the domestic subsidiaries.
- Uzbekistan exposurehigh
Operating in a Central Asian market may bring political, regulatory and currency risks that are hard to anticipate.
- Loss-making new segmentmedium
The acquired energy segment posted a loss in its year of takeover, which could persist if integration is delayed.
- Margin pressure from tendersmedium
Aggressive pricing across the sector may force the group to accept contracts with low profitability.
- Financing costslow
Reliance on borrowing and higher financial costs may weigh on the group's cash flow.
Investment thesis
What would need to be true (bull case)
- If the Uzbek energy segment improves its results, the acquisition could substantially change the group's revenue profile.
- Positive operating cash flows in 2023 show the group's capacity to generate cash from current activity.
- A recovery in demand in Polish construction could quickly make use of the existing capacity of the subsidiaries.
What would break the thesis
- Sales from materials trading fell sharply, and consolidated revenue now depends on one new segment that was loss-making in its first year.
- The business climate in Poland remains difficult, and price competition could prevent margins from recovering.
- Activity in a new foreign market carries risks that are hard to quantify and could affect group results.
What to watch
- Performance of the Uzbek segment after the acquisition2024
- Recovery of order volumes in Polish construction2024
- Effects of integrating Elektroqishloqqurilish JSC on group marginsnext annual report
- Trends in financing costs and group debtnext 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
The RESBUD group consists of a parent company and several subsidiaries focused on construction, notably Conpol, which provides subcontracting services for reinforced concrete works, assembly and heavy equipment. According to the 2023 annual report 1, in September 2023 the group acquired control over Elektroqishloqqurilish JSC, an Uzbek company active in producing, building and modernising power transmission lines and substations. The transaction led to the exclusion of ENEGROKOMPLEKT OOO from the group. If the integration of the new subsidiary proceeds as expected, the group's revenue mix could gradually shift towards energy.
Segments
Market context
According to the group's report 1, the Polish construction sector went through a period of weaker demand in 2023, with clients postponing investment decisions due to high energy, material and financing costs. The power market in Central Asia, where Elektroqishloqqurilish JSC operates, is another area of interest for the group, although the report offers no figures on its size.
Trends
- Downturn in Polish constructionheadwind
The report describes a downturn in construction, with a lack of new orders and aggressive price competition, which limited Conpol's activity in 2023.
- Investment in energy infrastructuretailwind
The Uzbek acquisition opens access to power network works, a segment where long-term demand could support the group's revenue.
- High energy and financing costsheadwind
Rising costs of energy, materials and financing weigh on margins and on clients' investment decisions.
- Application of new accounting standardsmixed
The group reports that standards adopted from 2023 had no material impact on its financial statements, but it is assessing the effects of amendments taking effect later.
Competitive position
The report 1 shows that price competition in Polish construction is intense, with firms offering very low prices to win contracts, which could affect long-term profitability. In the Central Asian power segment, Elektroqishloqqurilish JSC is described as one of the main executors of power network construction in the region, but the source does not name other competitors.
- Polish construction firms competing in tenders
The report mentions aggressive price competition between sector firms without naming specific companies.
- Regional power network contractors in Central Asia
Elektroqishloqqurilish JSC is described as one of the main players in the region, with no other competitors named.
- Suppliers of construction materials and equipment
The materials trading activity places the group against general distributors of the market, not named in the source.
- Reinforced concrete subcontractors
Conpol competes with other subcontractors for assembly and reinforced concrete work, including on bid prices.
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 202231 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / RESBUD SPÓŁKA EUROPEJSKA · 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.