olivLaw · European equity research
Herkules S.A. HRS.WA
Poland · GPW Warszawa · ISIN PLZRWZW00012 · Vertical: Listed companies from Poland
Herkules S.A. is a Polish group offering crane and heavy transport services, active in construction and infrastructure. In 2023 the group entered a restructuring procedure, and equity fell sharply, making financing and business continuity the main points to follow. The primary source for this analysis is the company's 2023 annual report.
At the close of 05 Nov 2026, Herkules S.A. (HRS.WA) stock was 1.69 PLN (−3.15% on the day), with market capitalisation 57.5 m PLN, dividend yield 0.00%, beta 0.29, 52-week range 1.24–2.30 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)
- 1.47 – 2.27
- in the lower half of the band · %B 0.28 · band width 42.9%
- SMA 50 / 200
- 1.54 / 1.43
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.07
- 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 | +17.0% | −0.6% | +17.6 pp | — |
| 3 months | +21.1% | −4.2% | +25.3 pp | — |
| 6 months | +15.8% | +4.3% | +11.4 pp | — |
| Year to date | +30.0% | +7.5% | +22.5 pp | — |
| 1 year | +22.9% | +9.9% | +13.0 pp | +7.1% |
| 3 years | +150.0% | +49.8% | +100.2 pp | +3.3% |
| 5 years | −8.6% | +42.8% | −51.5 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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 163.6 m | 157.0 m | 125.9 m |
| Revenue YoY | unavailable | −4.0% | −19.8% |
| Net income | 655.0 k | -6.8 m | -71.2 m |
| Net income YoY | unavailable | −1,140.6% | unavailable |
| Diluted EPS | 0.02 | -0.20 | -2.09 |
| Diluted EPS YoY | unavailable | −1,100.0% | unavailable |
| net % | 0.4% | -4.3% | -56.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 11.1 m PLN
- Financial debt
- 8.8 m PLN
- Net debt
- -2.3 m PLN
- Equity
- 89.7 m PLN
- Total assets
- 272.3 m PLN
- Debt / equity
- 0.10x
- Current ratio
- 0.41x
- ROE
- -56.8%
- ROA
- -24.7%
- 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 | 163.6 m | 157.0 m | 125.9 m | esef· 01 May 2024verified |
| Operating income | 5.8 m | 7.6 m | 3.0 m | esef· 01 May 2024verified |
| Depreciation & amortisation | 19.3 m | 19.6 m | 19.5 m | esef· 01 May 2024verified |
| EBITDA | 25.1 m ≈ | 27.2 m ≈ | 22.4 m ≈ | esef· 01 May 2024derived |
| Interest expense | 5.6 m | 15.5 m | 78.5 m | esef· 01 May 2024verified |
| Pre-tax income | 1.9 m | -5.5 m | -69.9 m | esef· 01 May 2024verified |
| Income tax | 1.3 m | 1.3 m | 1.3 m | esef· 01 May 2024verified |
| Net income | 655.0 k | -6.8 m | -71.2 m | esef· 01 May 2024verified |
| Diluted EPS | 0.02 | -0.20 | -2.09 | esef· 01 May 2024verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | esef· 01 May 2024derived |
≈ 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 | 10.5 m | 4.9 m | 11.1 m | esef· 01 May 2024verified |
| Receivables | 37.4 m | 39.8 m | 32.7 m | esef· 01 May 2024verified |
| Inventories | 10.8 m | 7.0 m | 4.3 m | esef· 01 May 2024verified |
| Current assets | 107.7 m | 57.7 m | 52.1 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 227.6 m | 233.8 m | 206.8 m | esef· 01 May 2024verified |
| Goodwill | 12.7 m | 12.7 m | 12.7 m | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 350.0 k | 194.0 k | 67.0 k | esef· 01 May 2024verified |
| Total assets | 349.1 m | 305.0 m | 272.3 m | esef· 01 May 2024verified |
| Accounts payable | 59.4 m | 30.2 m | 97.1 m | esef· 01 May 2024verified |
| Long-term debt | 2.9 m | 5.1 m | 8.8 m | esef· 01 May 2024verified |
| Current liabilities | 124.6 m | 73.8 m | 128.0 m | esef· 01 May 2024verified |
| Total liabilities | 195.2 m | 144.1 m | 182.5 m | esef· 01 May 2024verified |
| Equity | 153.8 m | 160.9 m | 89.7 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 32.8 m | 34.1 m | 34.0 m | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -4.7 m | 28.5 m | 30.0 m | esef· 01 May 2024verified |
| Investing cash flow | 1.2 m | -6.6 m | 6.4 m | esef· 01 May 2024verified |
| Financing cash flow | -19.2 m | -23.4 m | -30.2 m | esef· 01 May 2024verified |
| Dividends paid | 0 | 0 | 0 | esef· 01 May 2024verified |
| Share repurchases | 0 | 0 | 0 | esef· 01 May 2024verified |
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: 54.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 57.5 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
54% · 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: 54.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.0% | 7 (vs peers) | 19% |
| Net margin · Quality | -56.5% | 8 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.1x | 100 (on a fixed band) | 19% |
| Interest coverage · Balance sheet | 0.0x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 2.5x | 100 (on a fixed band) | 19% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet50/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality7/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial100/100 · 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
Herkules spółka akcyjna (HRS.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 125.9 m PLN in 2023; YoY growth -19.8%; net margin -56.5%; ROE -56.8%; net debt/EBITDA -0.1x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.1x
- EV/EBITDA: 2.5x
What contradicts it
- ROIC: 2.0%
- Net margin: -56.5%
- Interest coverage: 0.0x
- Current ratio: 0.4x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), 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% |
| 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% |
| HRS.WAHerkules spółka akcyjna | 57.5 m | — | -56.8% | -56.5% | −19.8% | +28% / +155% |
| 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 HRS.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Herkules S.A. is a Polish group offering crane and heavy transport services, active in construction and infrastructure. In 2023 the group entered a restructuring procedure, and equity fell sharply, making financing and business continuity the main points to follow. The primary source for this analysis is the company's 2023 annual report 1.
SWOT
Strengths
- The group has a specialised fleet of cranes and heavy vehicles with planned overhaul programmes.
- Activity on short contracts allows offers to be adjusted quickly to cost changes.
- Experience in infrastructure and heavy transport projects is an advantage in tenders.
Weaknesses
- Equity fell sharply within one year and the leverage ratio rose.
- Exposure to the subsidiary Herkules Infrastruktura and to an unprofitable contract generated losses.
- Access to external financing is limited, which raises liquidity risk.
Opportunities
- Public infrastructure investment could generate new demand for cranes and heavy transport.
- Restructuring debt through extended repayment schedules could stabilise the financial position.
- Fleet renewal or sale of unused assets could support liquidity.
Threats
- If the restructuring procedure fails, business continuity could be called into question.
- Rising energy, material and labour costs could compress margins.
- A lower number of projects, especially in tower cranes, could weigh on revenue.
Risks
- Liquidity riskhigh
The group has limited capacity to obtain external financing, and some loans and leases need to be restructured, according to the report 1.
- Restructuring procedurehigh
The opening of a restructuring procedure at the parent could affect relations with creditors and clients.
- Exposure to a troubled subsidiaryhigh
Receivables from Herkules Infrastruktura are considered at risk of non-payment, and value adjustments have been recognised for them 1.
- Margin pressuremedium
Rising production costs might not be fully passed on in existing contract prices.
- Geopolitical uncertaintylow
The consequences of the Ukraine conflict for the group's activity cannot be forecast, according to the report 1.
Investment thesis
What would need to be true (bull case)
- If the restructuring succeeds and financing stabilises, the group could benefit from a specialised fleet and infrastructure demand.
- If public infrastructure projects grow, short-term contract volumes could recover to a higher level.
- If the group passes cost increases on to clients, margins could gradually recover.
What would break the thesis
- If financing remains restricted, the capacity to support new contracts could stay limited.
- If losses from the troubled subsidiary continue, equity could decline further.
- If the number of projects stays low, fleet utilisation could remain below expectations.
What to watch
- Outcome of the restructuring procedure and agreement with creditors2024
- Development of exposure to Herkules Infrastruktura and of value adjustments2024
- Management's proposal on covering the 2023 net loss2024
- Level of the leverage ratio and development of equitynext 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 Herkules group operates through the parent company Herkules S.A. and subsidiaries, as described in the annual report 1. Activity relies mainly on short and medium-term service contracts, according to the report 1. The fleet of cranes, trucks and semi-trailers forms the main operating assets, and their periodic overhaul is reflected in the accounting policy 1.
The financial structure is closely tied to the situation of the related company Herkules Infrastruktura Sp. z o.o., which faces problems and took part in a GSMR contract considered highly unprofitable, from which the group withdrew to limit losses 1. Against this background Herkules S.A. opened a restructuring procedure 1.
At 31.12.2023 equity stood at 89732 thousand zł, compared with 160889 thousand zł a year earlier, and the parent company's net loss for 2023 was -71783 thousand zł 1. Management intends to propose covering the loss from future profits 1.
Segments
Cranes and specialised transport
The core segment includes cranes of all types and heavy transport units that require periodic technical inspections, as the report describes 1. The tower crane division saw fewer projects after the third quarter of 2022 1.
Infrastructure and public projects
The group has also been involved in infrastructure projects, including through the subsidiary Herkules Infrastruktura, whose GSMR contract created significant credit exposure 1. The report also mentions possible demand growth in road and rail infrastructure 1.
Construction and ancillary services
Besides cranes, the group offers construction and logistics services on short-term contracts, which allows prices to be adjusted quickly as costs rise 1.
Market context
The construction market in the group's area of activity was affected by rising material and labour costs and higher interest rates, according to the report 1. Management observes a relative stabilisation of the market towards the end of 2022, but at high price levels and with fewer projects 1.
Demand in public infrastructure and residential construction is supported by investment in networks and roads, but the report stresses that developments are hard to forecast 1.
Trends
- Rising financing costsheadwind
Higher interest rates and limited access to credit could make it harder to finance the fleet and new projects, according to the report 1.
- Infrastructure demandtailwind
Public investment in roads, railways and networks could generate new contracts for cranes and heavy transport 1.
- Production costsheadwind
Rising prices of materials, fuel and labour could weigh on margins if they cannot be passed on to clients 1.
- Geopolitical uncertaintymixed
The conflict in Ukraine has caused volatility in commodity and financial markets, and its future impact remains hard to estimate 1.
Competitive position
Herkules operates in a competitive field of crane rental and heavy transport services, where contracts are usually concluded for the short and medium term 1. Larger competitors with stronger balance sheets may have an advantage in tenders for large projects 1.
The report does not explicitly name competitors, so the list below reflects only general categories of companies active in the same fields, without attributing specific performance to them.
- Furmanite (industrial services company)
Industrial services company that could compete for maintenance and inspection projects.
- Regional crane rental operators
Local crane rental firms competing for short-term contracts.
- General contractors with own fleets
Construction companies that can secure lifting equipment in-house.
- Heavy transport operators
Firms specialising in oversized cargo transport and project logistics.
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 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Herkules 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.