olivLaw · European equity research
EUROCASH S.A. EUR.WA
Poland · GPW Warszawa · ISIN PLEURCH00011 · Vertical: Listed companies from Poland
EUROCASH S.A. is a Polish wholesale distributor and food retailer that runs both franchise and own-store networks. In 2023 the group grew sales of goods by 5%, and its net debt fell, which makes its financial trajectory relevant amid inflation and rising financing costs.
At the close of 05 Nov 2026, EUROCASH S.A. (EUR.WA) stock was 4.84 PLN (−1.14% on the day), with market capitalisation 676.8 m PLN, P/E 6.8 on diluted EPS of 0.71 PLN over the last 12 months, dividend yield 9.11%, beta 0.56, 52-week range 4.21–7.92 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)
- 47.3
- neutral
- Bollinger (20, 2)
- 4.34 – 5.46
- in the lower half of the band · %B 0.45 · band width 22.8%
- SMA 50 / 200
- 5.18 / 5.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.12
- 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 | −8.4% | −0.6% | −7.8 pp | — |
| 3 months | −0.5% | −4.2% | +3.6 pp | — |
| 6 months | −14.7% | +4.3% | −19.1 pp | — |
| Year to date | −22.7% | +7.5% | −30.2 pp | — |
| 1 year | −38.4% | +9.9% | −48.3 pp | +7.1% |
| 3 years | −68.2% | +49.8% | −118.0 pp | +3.3% |
| 5 years | −57.0% | +42.8% | −99.8 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 0 percentile of its own 2-quarter history (min 23.5, median 25.9, max 28.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 26.3 bn | 30.9 bn | 32.5 bn |
| Revenue YoY | unavailable | +17.4% | +5.2% |
| Net income | -113.6 m | 67.1 m | 99.2 m |
| Net income YoY | unavailable | unavailable | +47.8% |
| Diluted EPS | -0.82 | 0.48 | 0.71 |
| Diluted EPS YoY | unavailable | unavailable | +47.9% |
| net % | -0.4% | 0.2% | 0.3% |
| Free cash flow | 490.7 m | 721.7 m | 1.0 bn |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 273.8 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 919.5 m PLN
- Total assets
- 9.1 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 0.65x
- ROE
- 11.5%
- ROA
- 1.1%
- FCF margin
- 3.1%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 26.3 bn | 30.9 bn | 32.5 bn | esef· 01 May 2024verified |
| Cost of revenue | 22.9 bn | 26.6 bn | 28.0 bn | esef· 01 May 2024verified |
| Gross profit | 3.4 bn | 4.2 bn | 4.4 bn | esef· 01 May 2024verified |
| Operating income | 97.5 m | 403.7 m | 436.0 m | esef· 01 May 2024verified |
| Interest expense | 127.4 m | 280.1 m | 308.2 m | esef· 01 May 2024verified |
| Pre-tax income | -939.7 k | 182.6 m | 195.0 m | esef· 01 May 2024verified |
| Income tax | 98.4 m | 93.4 m | 50.3 m | esef· 01 May 2024verified |
| Net income | -113.6 m | 67.1 m | 99.2 m | esef· 01 May 2024verified |
| Diluted EPS | -0.82 | 0.48 | 0.71 | esef· 01 May 2024verified |
| Weighted average diluted shares | 139.2 m | 139.2 m | 139.8 m | esef· 01 May 2024verified |
| Dividend per share | 0.55 | 0.08 | 0.44 | esef· 01 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 120.6 m | 177.8 m | 273.8 m | esef· 01 May 2024verified |
| Inventories | 1.5 bn | 1.6 bn | 2.0 bn | esef· 01 May 2024verified |
| Current assets | 3.2 bn | 3.5 bn | 3.9 bn | esef· 01 May 2024verified |
| Property, plant & equipment, net | 696.4 m | 673.3 m | 662.3 m | esef· 01 May 2024verified |
| Goodwill | 2.1 bn | 2.1 bn | 2.1 bn | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 342.8 m | 322.1 m | 301.3 m | esef· 01 May 2024verified |
| Total assets | 8.5 bn | 8.7 bn | 9.1 bn | esef· 01 May 2024verified |
| Current liabilities | 5.2 bn | 5.8 bn | 6.0 bn | esef· 01 May 2024verified |
| Total liabilities | 7.7 bn | 7.9 bn | 8.1 bn | esef· 01 May 2024verified |
| Equity | 786.6 m | 798.9 m | 919.5 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 138.5 m | 139.8 m | 139.7 m | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 638.2 m | 888.5 m | 1.1 bn | esef· 01 May 2024verified |
| Capex | 147.5 m | 166.9 m | 136.8 m | esef· 01 May 2024verified |
| Free cash flow | 490.7 m ≈ | 721.7 m ≈ | 1.0 bn ≈ | esef· 01 May 2024derived |
| Investing cash flow | -226.7 m | -190.1 m | -175.3 m | esef· 01 May 2024verified |
| Financing cash flow | -408.4 m | -641.2 m | -867.5 m | esef· 01 May 2024verified |
| Dividends paid | 76.2 m | 10.9 m | 61.7 m | esef· 01 May 2024verified |
≈ 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 676.8 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.3% | 23 (vs peers) | 12% |
| FCF conversion · Quality | 1,009.9% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.4x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 6.8x | 74 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 148.0% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 9.1% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 6.2% | 100 (on a fixed band) | 8% |
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
- Quality62/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation85/100 · 2/3 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
EUROCASH S.A. (EUR.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 32.5 bn PLN in 2023; YoY growth 5.2%; net margin 0.3%; ROE 13.1%.
The estimated value range is 4.43–8.92 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 6.32 PLN, the price of 4.84 PLN leaves a potential of 30.5% (value / price − 1) and a margin of safety of 23.4% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,009.9%
- P/E (TTM): 6.8x
- FCF yield: 148.0%
- Shareholder yield (distributions): 9.1%
- Payout ratio (FCF): 6.2%
What contradicts it
- Net margin: 0.3%
- Interest coverage: 1.4x
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| EUR.WAEurocash S.A. | 676.8 m | 6.8 | 13.1% | 0.3% | +5.2% | −34% / −71% |
| 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 EUR.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 | 2.88 Total return -33% · Per year -33% | 5.09 Total return 15% · Per year 15% | 7.67 Total return 70% · Per year 70% |
| 3 years | 2.84 Total return -20% · Per year -7% | 5.63 Total return 47% · Per year 14% | 9.31 Total return 130% · Per year 32% |
| 5 years | 2.79 Total return -7% · Per year -1% | 6.23 Total return 82% · Per year 13% | 11.30 Total return 204% · Per year 25% |
- Exit P/E± 1.41
- Net margin± 0.99
- Annual revenue growth± 0.80
- Annual dilution± 0.08
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
EUROCASH S.A. is a Polish wholesale distributor and food retailer that runs both franchise and own-store networks. In 2023 the group grew sales of goods by 5% 1, and its net debt fell, which makes its financial trajectory relevant amid inflation and rising financing costs.
SWOT
Strengths
Weaknesses
Opportunities
- Sales growth in retail and wholesale could continue if demand stays solid 1.
- Debt reduction could open room for investment and network development.
- Optimising common logistics could bring further economies of scale.
Risks
- Dependence on financingmedium
Negative working capital makes the group sensitive to the availability and cost of credit 1.
- Impairment testingmedium
The value of goodwill and brands depends on cash flow forecasts, which inflation could affect 1.
- Receivables recoverylow
Expected credit losses are estimated and reviewed periodically, introducing uncertainty into results 1.
- Deferred tax assetslow
Recognition of deferred tax assets depends on future taxable profits, which could be lower 1.
- Litigationlow
Provisions for legal cases depend on the judgement of legal advisers, and outcomes may differ from estimates 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Negative working capital and reliance on factoring could become a vulnerability if access to financing worsens 1.
- Inflation and high costs could compress margins in the wholesale segment.
- Regulatory changes on supplier debt reporting could alter how indebtedness is perceived.
What to watch
- Trend in net debt and the ratio to EBITDA2024
- Dynamics of sales of goods in retail and wholesaleQ1 2025
- Application of new rules on factoring and supplier disclosures2024
- Impairment tests of goodwill and brandsnext 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 Eurocash group operates mainly in wholesale distribution and food retail. The parent company is a joint-stock company based in Poznań, listed on the Warsaw Stock Exchange, with the principal business of non-specialised wholesale sales 1. Beyond distribution, the group runs a franchise network that supports independent points of sale.
The group consolidates several companies, some fully owned and some partly owned, with control exercised through franchise contracts and investment agreements 1. This structure lets the group coordinate purchasing and logistics across the network.
The business model relies on negative working capital, typical of the FMCG sector: retail sales are largely cash, inventories are kept low, and suppliers grant deferred payment terms 1. The group funds this gap through bank loans, bonds, reverse factoring and leasing.
Segments
Wholesale distribution
The wholesale segment supplies goods to independent store networks across Poland. It grew in 2023, alongside retail, according to the annual report 1.
Retail
The retail segment covers own stores and franchised stores. It also contributed to the growth in sales and EBITDA in 2023 1.
Market context
The reference market is food and fast-moving consumer goods retail in Poland. The annual report does not detail market share, but shows that group sales of goods grew 5% in 2023 1.
The FMCG sector operates with negative working capital and depends on access to capital markets financing 1. Financing conditions and the cost of credit could influence the group's margins.
Trends
- Sales growth in 2023tailwind
Sales of goods rose 5% in 2023 versus 2022, while EBITDA grew 6% 1. The growth was reported in both retail and wholesale.
- Debt refinancingtailwind
In July 2023 the group signed a syndicated credit facility with eight banks, which completed the refinancing process and improved the maturity structure 1.
- Financing cost and inflationheadwind
The report cites inflation and the war in Ukraine as factors considered in impairment testing 1. If costs stay high, they could compress margins.
- Reliance on reverse factoringmixed
Reverse factoring programmes mainly cover products with long shelf life, and new accounting standards require disclosure of these obligations 1. Regulatory changes could affect how the debt is presented.
Competitive position
The group operates in a competitive food distribution and retail market in Poland. The annual report names no competitors, so the analysis is limited to the sector factors mentioned in the document 1.
The group's advantage lies in joint purchasing volume and common logistics, which generate synergies across network companies 1. Competitive pressure could nonetheless limit margin expansion.
- Polish food retail and wholesale competitors
The annual report does not identify direct competitors; no tickers are given.
- Supermarket and discount chains
Mentioned only as a general sector category, without names in the source reviewed.
- Regional wholesale distributors
Local competition in supplying independent customers; no data in the source.
- Online food retail platforms
Emerging channel, not explicitly named in the annual report.
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 202204 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / EUROCASH 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.