olivLaw · European equity research
GRUPA KAPITAŁOWA IMMOBILE S.A. GKI.WA
Poland · GPW Warszawa · ISIN PLMAKRM00019 · Vertical: Listed companies from Poland
Grupa Kapitałowa IMMOBILE S.A. is a Polish group with operations across several segments, including fashion, which was undergoing reorganisation in 2023. The 2023 annual report flags the indirect risk from the war in Ukraine to group results, while loans at nominal value stood at 'PLN 53 108 thousand' at 31 December 2023.
At the close of 05 Nov 2026, GRUPA KAPITAŁOWA IMMOBILE S.A. (GKI.WA) stock was 4.35 PLN (+0.00% on the day), with market capitalisation 109.8 m PLN, P/E 62.1 on diluted EPS of 0.07 PLN over the last 12 months, dividend yield 4.63%, beta 0.62, 52-week range 3.00–5.26 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)
- 40.5
- weak (30–45)
- Bollinger (20, 2)
- 4.21 – 4.67
- in the lower half of the band · %B 0.31 · band width 10.5%
- SMA 50 / 200
- 4.69 / 4.62
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.11
- 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 | −4.8% | −0.6% | −4.2 pp | — |
| 3 months | −11.4% | −4.2% | −7.2 pp | — |
| 6 months | −14.0% | +4.3% | −18.4 pp | — |
| Year to date | −1.8% | +7.5% | −9.3 pp | — |
| 1 year | +38.5% | +9.9% | +28.6 pp | +7.1% |
| 3 years | +42.6% | +49.8% | −7.2 pp | +3.3% |
| 5 years | +53.2% | +42.8% | +10.3 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 8.0, median 13.1, max 38.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 575.8 m | 886.5 m | 940.1 m |
| Revenue YoY | unavailable | +54.0% | +6.1% |
| Net income | 12.5 m | 9.1 m | 1.8 m |
| Net income YoY | unavailable | −27.8% | −80.5% |
| Diluted EPS | 0.20 | 0.25 | 0.07 |
| Diluted EPS YoY | unavailable | +25.0% | −72.0% |
| net % | 2.2% | 1.0% | 0.2% |
| Free cash flow | 1.3 m | 52.4 m | 72.8 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 29.5 m PLN
- Financial debt
- 87.0 m PLN
- Net debt
- 57.5 m PLN
- Equity
- 261.3 m PLN
- Total assets
- 960.4 m PLN
- Debt / equity
- 0.33x
- Current ratio
- 0.95x
- ROE
- 0.7%
- ROA
- 0.2%
- FCF margin
- 7.7%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 575.8 m | 886.5 m | 940.1 m | esef· 07 May 2024verified |
| Cost of revenue | 468.2 m | 730.1 m | 783.5 m | esef· 07 May 2024verified |
| Gross profit | 107.6 m | 156.4 m | 156.6 m | esef· 07 May 2024verified |
| Operating income | 17.7 m | 49.1 m | 41.7 m | esef· 07 May 2024verified |
| Interest expense | 11.4 m | 23.1 m | 31.8 m | esef· 07 May 2024verified |
| Pre-tax income | 17.1 m | 32.0 m | 15.7 m | esef· 07 May 2024verified |
| Income tax | 1.4 m | 13.4 m | 10.7 m | esef· 07 May 2024verified |
| Net income | 12.5 m | 9.1 m | 1.8 m | esef· 07 May 2024verified |
| Diluted EPS | 0.20 | 0.25 | 0.07 | esef· 07 May 2024verified |
| Dividend per share | 0.01 | 0.13 | 0.20 | esef· 07 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 26.7 m | 34.8 m | 29.5 m | esef· 07 May 2024verified |
| Inventories | 197.4 m | 259.5 m | 201.0 m | esef· 07 May 2024verified |
| Current assets | 381.3 m | 443.8 m | 391.8 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 208.3 m | 215.3 m | 232.9 m | esef· 07 May 2024verified |
| Goodwill | — | 0 | 2.6 m | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 15.7 m | 11.8 m | 19.4 m | esef· 07 May 2024verified |
| Total assets | 908.4 m | 1.0 bn | 960.4 m | esef· 07 May 2024verified |
| Accounts payable | — | 157.8 m | 171.9 m | esef· 07 May 2024verified |
| Long-term debt | 135.1 m | 112.0 m | 87.0 m | esef· 07 May 2024verified |
| Current liabilities | 357.3 m | 417.4 m | 410.4 m | esef· 07 May 2024verified |
| Total liabilities | 663.9 m | 739.3 m | 699.1 m | esef· 07 May 2024verified |
| Equity | 244.6 m | 264.8 m | 261.3 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 62.7 m | 36.2 m | 25.2 m | esef· 07 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 22.6 m | 66.9 m | 92.1 m | esef· 07 May 2024verified |
| Capex | 21.3 m | 14.5 m | 19.4 m | esef· 07 May 2024verified |
| Free cash flow | 1.3 m ≈ | 52.4 m ≈ | 72.8 m ≈ | esef· 07 May 2024derived |
| Investing cash flow | -18.7 m | -18.2 m | -34.3 m | esef· 07 May 2024verified |
| Financing cash flow | 9.2 m | -40.6 m | -63.1 m | esef· 07 May 2024verified |
| Dividends paid | 689.0 k | 4.7 m | 5.1 m | esef· 07 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: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 109.8 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality49
- Returns80
- Balance sheet5
- Valuation50
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 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.6% | 33 (vs peers) | 17% |
| Net margin · Quality | 0.2% | 23 (vs peers) | 10% |
| FCF conversion · Quality | 4,117.3% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.0x | 13 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 62.1x | 11 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 66.3% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.6% | 66 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 7.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet5/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 3/3 factors with a value
- Returns80/100 · 2/2 factors with a value
- Valuation50/100 · 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
GRUPA KAPITAŁOWA IMMOBILE SPÓŁKA AKCYJNA (GKI.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 940.1 m PLN in 2023; YoY growth 6.1%; net margin 0.2%; ROE 0.8%.
The estimated value range is 1.97–2.44 PLN per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 2.18 PLN, the price of 4.35 PLN leaves a potential of -49.9% (value / price − 1) and a margin of safety of -99.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, 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
- FCF conversion: 4,117.3%
- FCF yield: 66.3%
- Payout ratio (FCF): 7.0%
What contradicts it
- Net margin: 0.2%
- Interest coverage: 1.3x
- Current ratio: 1.0x
- P/E (TTM): 62.1x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): 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% |
| 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% |
| GKI.WAGrupa Kapitałowa Immobile Spółka Akcyjna | 109.8 m | 62.1 | 0.8% | 0.2% | +6.1% | +34% / +58% |
| 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 GKI.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 | 2.61 Total return -39% · Per year -39% | 4.61 Total return 8% · Per year 8% | 6.94 Total return 62% · Per year 62% |
| 3 years | 2.61 Total return -36% · Per year -14% | 5.19 Total return 25% · Per year 8% | 8.56 Total return 104% · Per year 27% |
| 5 years | 2.62 Total return -33% · Per year -8% | 5.84 Total return 44% · Per year 8% | 10.56 Total return 156% · Per year 21% |
- Exit P/E± 1.30
- Net margin± 0.91
- Annual revenue growth± 0.73
- 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
Grupa Kapitałowa IMMOBILE S.A. is a Polish group with operations across several segments, including fashion, which was undergoing reorganisation in 2023. The 2023 annual report flags the indirect risk from the war in Ukraine to group results, while loans at nominal value stood at 'PLN 53 108 thousand' at 31 December 2023 1.
SWOT
Strengths
- The group has cash flow projections across several operating segments, which could reduce dependence on a single activity 1.
- The extension of loan maturities shows some ability to negotiate with lenders, if this translates into more stable conditions 1.
- A structure spanning several countries and currencies may offer operational flexibility against local shocks 1.
Weaknesses
- The fashion segment recorded a loss and is in reorganisation, pointing to profitability problems 1.
- The report mentions uncertainties related to continuity of operations, although these are not considered material 1.
- Exposure to foreign exchange rates adds complexity to valuations and consolidated results 1.
Opportunities
Risks
- Indirect effects of the Ukraine conflicthigh
Management considers there is a high risk that the war will have indirect effects on results through raw materials, markets and prices 1.
- Losses in the fashion segmentmedium
The fashion segment recorded a loss and is being reorganised, which could affect group results if it does not recover 1.
- Going concernmedium
Although no material uncertainty is reported, management notes that external developments could change its projections 1.
- Currency exposuremedium
Activities in EUR and GBP expose the group to exchange rate movements that can influence consolidated value in PLN 1.
- Debt and maturitieslow
The loan balance, although extended, remains a financial obligation that must be served in an uncertain economic context 1.
Investment thesis
What would need to be true (bull case)
- If the reorganisation of the fashion segment succeeds, the group could return to profitability and strengthen confidence in its cash flow projections 1.
- Extending loan maturities could create room for financial manoeuvre to fund investment and support existing activities 1.
- Diversification across several segments could cushion the negative effect of one area on total results 1.
What would break the thesis
- If the effects of the war intensify, costs and demand could pressure margins and the capacity to repay debt 1.
- If the fashion segment does not recover, losses could persist and raise questions about the value of related assets 1.
- Currency volatility could erode the PLN value of foreign assets and complicate the interpretation of results 1.
What to watch
- Progress and results of the fashion segment reorganisation2024
- Impact of the war in Ukraine on costs and demand in subsequent reports2024
- Evolution of the loan balance and compliance with new maturitiesnext annual report
- EUR and GBP movements against PLN and their effect on consolidated results2024
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
Grupa Kapitałowa IMMOBILE S.A. is a group headquartered in Poland, with IMMOBILE S.A. as its parent entity and subsidiaries it controls directly or indirectly 1. The consolidated financial statements are presented in PLN, the parent's functional currency, while foreign subsidiaries use the euro or pound sterling as functional currency 1. The group includes entities such as PROMStahl GmbH and PROMStahl Ltd., which keep their books under local accounting rules 1.
Management reports that the fashion segment generated a loss in 2023 and is in a reorganisation process, while the going-concern basis is supported by cash flow projections across the group's operating segments 1. As of the approval date, the report identifies no material uncertainty about going concern, but notes the war in Ukraine could affect the group 1.
Accounting policies include fair value measurement for investment property, shares and interests with a three-level hierarchy, along with straight-line depreciation of tangible assets 1. These reference points help readers understand how the group values its assets and tracks currency exposure 1.
Segments
Fashion
The fashion segment is explicitly described as being in a reorganisation process after recording a loss in fiscal 2023 1. Its position is relevant to assessing the group's ability to sustain operations in the coming period 1.
Other operating segments
The annual report refers to several operating segments for which management prepared cash flow projections, but the source does not detail the composition or results of each segment 1.
Market context
According to the report, the war in Ukraine has had a direct negative effect on the Polish and wider European economy, undermining stability and predictability of economic processes 1. Management estimates indirect effects on results could come from limited access to raw materials, loss of eastern sales markets, rising prices and weaker domestic demand 1.
Exchange rates used for balance sheet valuation were 'EUR 4,3480' in PLN at 31 December 2023, showing the group's exposure to the euro through its foreign subsidiaries 1. Movements in these rates can affect the PLN value of assets and liabilities of foreign entities 1.
Trends
- War in Ukraine and indirect effectsheadwind
The conflict could indirectly affect group results through raw materials, prices and demand, although the group has no direct trading relationships with the countries involved 1.
- Longer-dated loan maturitiestailwind
Extending the maturity of loans by one year could support the group's financial planning if the cash flow projections hold 1.
- Reorganisation of the fashion segmentmixed
Reorganising the fashion segment could reduce losses if the measures prove effective, but the duration of the process remains uncertain 1.
- Currency volatilitymixed
Movements in EUR and GBP against PLN could change consolidated results, particularly if costs or revenues of foreign subsidiaries rise 1.
Competitive position
The analysed sources do not provide a list of the group's competitors or its relative market position. Competition can only be assessed on a case-by-case basis using the operating segments mentioned in the report 1.
The competitors identified in the source are only general market categories rather than named entities, and the available information does not allow a comparison of market shares 1.
- Fashion segment competitors
The source does not name direct competitors for the fashion segment; competitive analysis would need additional sources.
- Raw material suppliers in Eastern Europe
The report mentions the risk around access to raw materials but does not identify specific suppliers.
- Eastern sales markets
The source cites loss of eastern markets as a risk, without naming competing players.
- Similar businesses in Europe
No clear identification of these entities appears in the source, and no ticker can be confirmed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202307 May 2024
- Annual report 202231 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / GRUPA KAPITAŁOWA IMMOBILE 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.