olivLaw · European equity research
M.W. Trade Spółka Akcyjna MWT.WA
Poland · GPW Warszawa · ISIN PLMWTRD00013 · Vertical: Listed companies from Poland
M.W. Trade is a joint-stock company based in Wrocław, listed on the main market of the Warsaw Stock Exchange, which in 2023 shifted its historical debt-restructuring business toward a holding group focused on investments in subsidiaries in railway wagon leasing and in artist management and events. The shift matters for investors tracking whether the new model can generate stable operating income in place of a receivables portfolio in run-off. The group was formed in the second quarter of 2023, and its comparative figures remain those of the parent company.
At the close of 05 Nov 2026, M.W. Trade Spółka Akcyjna (MWT.WA) stock was 2.46 PLN (−1.60% on the day), with beta 0.15, 52-week range 2.26–4.36 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)
- 43.2
- weak (30–45)
- Bollinger (20, 2)
- 2.42 – 2.72
- in the lower half of the band · %B 0.13 · band width 11.6%
- SMA 50 / 200
- 2.66 / 2.99
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.03
- 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 | −11.5% | −0.6% | −10.9 pp | — |
| 3 months | −1.6% | −4.2% | +2.6 pp | — |
| 6 months | −20.1% | +4.3% | −24.5 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | −27.6% | +9.9% | −37.6 pp | +7.1% |
| 3 years | −60.3% | +49.8% | −110.2 pp | +3.3% |
| 5 years | −49.8% | +42.8% | −92.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2022 | 2023 |
|---|---|---|
| Revenue | 1.3 m | 711.0 k |
| Revenue YoY | unavailable | −44.6% |
| Net income | -1.8 m | -2.3 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -137.9% | -320.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 19.3 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 27.1 m PLN
- Total assets
- 29.3 m PLN
- Debt / equity
- unavailable
- Current ratio
- 12.64x
- ROE
- -8.0%
- ROA
- -6.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.3 m | 711.0 k | esef· 01 May 2024verified |
| Operating income | -2.3 m | -3.3 m | esef· 01 May 2024verified |
| Depreciation & amortisation | 136.0 k | 238.0 k | esef· 01 May 2024verified |
| EBITDA | -2.1 m ≈ | -3.1 m ≈ | esef· 01 May 2024derived |
| Interest expense | 39.0 k | 110.0 k | esef· 01 May 2024verified |
| Pre-tax income | -1.8 m | -2.4 m | esef· 01 May 2024verified |
| Income tax | -35.0 k | 139.0 k | esef· 01 May 2024verified |
| Net income | -1.8 m | -2.3 m | esef· 01 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 23.8 m | 19.3 m | esef· 01 May 2024verified |
| Receivables | 100.0 k | 180.0 k | esef· 01 May 2024verified |
| Current assets | 28.2 m | 20.6 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 2.0 m | 6.6 m | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 3.0 k | 25.0 k | esef· 01 May 2024verified |
| Total assets | 36.8 m | 29.3 m | esef· 01 May 2024verified |
| Accounts payable | 761.0 k | 1.4 m | esef· 01 May 2024verified |
| Current liabilities | 3.4 m | 1.6 m | esef· 01 May 2024verified |
| Total liabilities | 7.4 m | 2.1 m | esef· 01 May 2024verified |
| Equity | 29.4 m | 27.1 m | esef· 01 May 2024verified |
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: 3 of at least 6
- score weight coverage: 16.7% 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: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -320.0% | 5 (vs peers) | 38% |
| 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 | -29.9x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 12.6x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
M.W. TRADE SPÓŁKA AKCYJNA (MWT.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 711.0 k PLN in 2023; YoY growth -44.6%; net margin -320.0%; ROE -8.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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
- Current ratio: 12.6x
What contradicts it
- Net margin: -320.0%
- Interest coverage: -29.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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% |
| 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% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for MWT.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
Scenarios are not available. input data missing
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
M.W. Trade is a joint-stock company based in Wrocław, listed on the main market of the Warsaw Stock Exchange, which in 2023 shifted its historical debt-restructuring business toward a holding group focused on investments in subsidiaries in railway wagon leasing and in artist management and events. The shift matters for investors tracking whether the new model can generate stable operating income in place of a receivables portfolio in run-off. The group was formed in the second quarter of 2023, and its comparative figures remain those of the parent company.
SWOT
Strengths
- The newly formed group structure, with two active subsidiaries in different segments, offers the chance to diversify revenue away from a single receivables portfolio.
- The company had no direct financial debt at the end of 2023, which gives it flexibility in choosing investments.
- Experience in restructuring liabilities and financing medical and local government units could be applied in the new business areas.
Weaknesses
- The group is very recent, and its first consolidated report has no consolidated comparative data for the prior year.
- Revenue currently depends on a receivables portfolio in run-off that is not immediately replaced by recurring income.
- The parent's stakes in its subsidiaries were reduced through capital increases subscribed by non-controlling shareholders.
Opportunities
- Growth in railway wagon rental could generate recurring income from tangible assets if demand stays stable.
- The artist management and events segment could grow if the subsidiary wins new marketing and event organisation clients.
- Experience in public-sector financing could open new opportunities in local investment projects.
Threats
- A decline in rail freight demand could reduce revenue from wagon rental.
- Weaker economic conditions could affect cultural and advertising spending, which is relevant to artist management.
- New accounting standards and consolidation rules could complicate reporting during the transition period.
Risks
- Dependence on a business model in transitionhigh
The group is moving from receivables management to investments in subsidiaries, and the outcome of the new model is not yet proven.
- Dilution of stakesmedium
Capital increases in subsidiaries subscribed by non-controlling shareholders reduce the share of profit attributable to the parent.
- Receivables recovery riskmedium
Difficulties in repaying receivables from medical entities and local authorities could affect income from the existing portfolio.
- Exposure to the rail marketmedium
Wagon rental depends on freight transport demand, which can fluctuate.
- Off-balance-sheet guaranteeslow
Guarantees for credits granted through former brokerage services could create obligations if borrowers fail to meet payments.
Investment thesis
What would need to be true (bull case)
- If railway wagon rental develops as planned, the group could earn recurring income from physical assets, more predictable than the legacy receivables portfolio.
- The absence of direct financial debt gives the company room to invest without the pressure of loan repayments.
- The group structure could attract investors interested in diversification within a company listed in Warsaw.
What would break the thesis
- If receivables income falls faster than income from subsidiaries rises, group results could fall short of expectations.
- Dilution of subsidiary stakes could limit the benefits to the parent's shareholders even if the subsidiaries grow.
- The lack of market analysis and consolidated comparative data makes it hard to assess the quality of the new business model.
What to watch
- Primele date comparative consolidate pentru anul precedent2025
- Development of revenue from the two subsidiaries compared with the receivables portfolio2024
- Changes in stakes after registration of the capital increase at MW Rail S.A.2024
- Repayment rate of receivables from medical entities and local government unitsnext 10-K
- First consolidated comparative data for the prior year2025
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 parent company, M.W. Trade S.A., headquartered on ul. Powstańców Śląskich in Wrocław, was until recently active in restructuring liabilities and in direct financing of medical entities and local government units. According to the 2023 annual report, the company will continue its activity through investments in dependent entities, which will become its main business object. It will also operationally manage the existing receivables portfolio until repayment.
The group includes two subsidiaries: MW Rail S.A., which rents, leases and trades in rail vehicles, and MW Artist Sp. z o. o., active in artist management, organisation of cultural and artistic events and marketing services. Both were consolidated from the second quarter of 2023; at the balance sheet date the rail vehicle subsidiary was held at 78%, a stake due to fall to 70% after registration of a capital increase.
At the end of 2023 the company had no loans, bonds or other borrowings, and its off-balance-sheet liabilities included guarantees for credits granted under earlier credit brokerage services. The shareholder structure is dominated by Beyondream Investments Limited.
Segments
Railway wagon rental (MW Rail S.A.)
The subsidiary was held at 78% at the balance sheet date and at 70% after a later capital increase. Its core activity, renting and trading in rail vehicles, is the line through which the group could generate recurring revenue from physical assets, if the new model develops as intended.
Artist management and events (MW Artist Sp. z o. o.)
The subsidiary, held at 51%, provides artist management, organises cultural and artistic events and offers marketing. The 2023 capital increase subscribed by non-controlling shareholders reduced the parent's stake from 85% to 51%, showing that this segment's profit structure is still being consolidated.
Receivables portfolio (historical activity)
Restructuring of liabilities and direct financing of medical entities and local government units continue as an operational run-off activity until the receivables are repaid. Its share of group revenue is expected to decline gradually as investments in subsidiaries become the main business object.
Market context
The company's shares trade on the main market of the Warsaw Stock Exchange, and its activity takes place in the Polish market. The railway wagon rental segment depends on demand in freight rail transport, while artist management and event organisation depend on cultural and advertising spending. The annual report does not include estimates of the size of these markets.
The market for medical receivables and financing of local governments reflects general economic conditions and public budgets. The group did not present a market share or sector comparison in the report, so its relative position remains unclear from the documents reviewed.
Trends
- Refocus from receivables to physical assetsmixed
The move toward investments in subsidiaries with tangible assets, such as railway wagons, could stabilise revenue if rail freight demand remains supportive.
- Dilution of subsidiary stakesheadwind
Capital increases in 2023 reduced the parent's stakes in both subsidiaries, which limits the share of profit attributable to the parent's shareholders.
- Gradual run-off of the receivables portfolioheadwind
The existing portfolio continues to be managed until repayment but is not being replaced with new lending, which reduces revenue from this model.
- Consolidation of the group's first financial yeartailwind
The first consolidated report completes the transition and provides a basis for comparison in later periods, although comparative data remain those of the parent company.
Competitive position
The annual report does not identify direct competitors or compare the group's position with other operators. Railway wagon leasing and artist management both have many participants, and for the receivables portfolio competition comes from debt recovery firms and public-sector financing providers.
Without a market analysis in the document, the group's competitive advantages remain undemonstrated. This is something investors can verify in later reports or in information published by the company.
- Railway wagon leasing operators
Competition from firms specialised in wagon leasing, not detailed in the report.
- Artist management agencies and event organisers
Fragmented competition in the cultural and events sector, with no names given in the document.
- Debt recovery firms
Competition for the management and recovery of receivables portfolios.
- Financing institutions for the medical and public sector
Alternative sources of finance for medical units and local government authorities.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / M.W. Trade Spółka Akcyjna · 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.