olivLaw · European equity research
REINO Capital SA RNC.WA
Poland · GPW Warszawa · ISIN PLWDM0000029 · Vertical: Listed companies from Poland
REINO Capital SA is a Warsaw-based property and investment holding that manages stakes in subsidiaries and associates, including logistics. In 2023 the group returned to a net profit after the prior year's loss, but it remains dependent on bond financing and on the values of illiquid assets.
At the close of 05 Nov 2026, REINO Capital SA (RNC.WA) stock was 1.44 PLN (+0.70% on the day), with beta -0.11, 52-week range 0.68–1.89 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.0
- neutral
- Bollinger (20, 2)
- 1.34 – 1.45
- in the upper half of the band · %B 0.87 · band width 8.1%
- SMA 50 / 200
- 1.45 / 1.11
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.02
- 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 | −2.0% | −0.6% | −1.4 pp | — |
| 3 months | +3.6% | −4.2% | +7.8 pp | — |
| 6 months | +50.8% | +4.3% | +46.5 pp | — |
| Year to date | +75.6% | +7.5% | +68.1 pp | — |
| 1 year | +98.6% | +9.9% | +88.7 pp | +7.1% |
| 3 years | unavailable | +49.8% | unavailable | +3.3% |
| 5 years | −27.3% | +42.8% | −70.1 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 | 10.7 m | 14.2 m | 27.6 m |
| Revenue YoY | unavailable | +32.9% | +94.5% |
| Net income | 474.6 k | -821.3 k | 298.0 k |
| Net income YoY | unavailable | −273.1% | unavailable |
| Diluted EPS | 0.01 | -0.01 | 0.00 |
| Diluted EPS YoY | unavailable | −200.0% | unavailable |
| net % | 4.5% | -5.8% | 1.1% |
| Free cash flow | -2.2 m | 1.9 m | 2.3 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 3.0 m PLN
- Financial debt
- 0 PLN
- Net debt
- -3.0 m PLN
- Equity
- 39.4 m PLN
- Total assets
- 63.7 m PLN
- Debt / equity
- 0.00x
- Current ratio
- 0.49x
- ROE
- 0.8%
- ROA
- 0.5%
- FCF margin
- 8.3%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 10.7 m | 14.2 m | 27.6 m | esef· 01 May 2024verified |
| Operating income | 649.2 k | 847.4 k | 1.9 m | esef· 01 May 2024verified |
| Depreciation & amortisation | 512.7 k | 657.0 k | 691.5 k | esef· 01 May 2024verified |
| EBITDA | 1.2 m ≈ | 1.5 m ≈ | 2.5 m ≈ | esef· 01 May 2024derived |
| Interest expense | 282.7 k | 2.2 m | 2.1 m | esef· 01 May 2024verified |
| Pre-tax income | 670.5 k | -880.0 k | 456.5 k | esef· 01 May 2024verified |
| Income tax | 196.0 k | -58.6 k | 158.5 k | esef· 01 May 2024verified |
| Net income | 474.6 k | -821.3 k | 298.0 k | esef· 01 May 2024verified |
| Diluted EPS | 0.01 | -0.01 | 0.00 | esef· 01 May 2024verified |
≈ 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 | 27.6 m | 3.8 m | 3.0 m | esef· 01 May 2024verified |
| Receivables | 3.2 m | 3.6 m | 4.7 m | esef· 01 May 2024verified |
| Current assets | 35.9 m | 7.9 m | 10.0 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 166.4 k | 161.5 k | 143.6 k | esef· 01 May 2024verified |
| Goodwill | 6.9 m | 6.9 m | 6.9 m | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 0 | 0 | 0 | esef· 01 May 2024verified |
| Total assets | 60.7 m | 60.3 m | 63.7 m | esef· 01 May 2024verified |
| Long-term debt | 17.5 m | 16.9 m | 0 | esef· 01 May 2024verified |
| Current liabilities | 1.8 m | 3.1 m | 20.4 m | esef· 01 May 2024verified |
| Total liabilities | 20.3 m | 20.6 m | 24.3 m | esef· 01 May 2024verified |
| Equity | 40.5 m | 39.6 m | 39.4 m | esef· 01 May 2024verified |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.1 m | 2.0 m | 2.4 m | esef· 01 May 2024verified |
| Capex | 55.4 k | 71.5 k | 120.0 k | esef· 01 May 2024verified |
| Free cash flow | -2.2 m ≈ | 1.9 m ≈ | 2.3 m ≈ | esef· 01 May 2024derived |
| Investing cash flow | -1.7 m | -23.5 m | -210.7 k | esef· 01 May 2024verified |
| Financing cash flow | 31.4 m | -2.4 m | -3.0 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: 43.8% 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
44% · 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: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.7% | 7 (vs peers) | 24% |
| Net margin · Quality | 1.1% | 38 (vs peers) | 14% |
| FCF conversion · Quality | 771.9% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.2x | 100 (on a fixed band) | 24% |
| Interest coverage · Balance sheet | 0.9x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 10% |
| 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 sheet50/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality41/100 · 3/3 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
REINO Capital Spółka Akcyjna (RNC.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 27.6 m PLN in 2023; YoY growth 94.5%; net margin 1.1%; ROE 0.8%; net debt/EBITDA -1.2x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% 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
- FCF conversion: 771.9%
- Net debt / EBITDA: -1.2x
What contradicts it
- ROIC: 2.7%
- Interest coverage: 0.9x
- Current ratio: 0.5x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, 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 RNC.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
REINO Capital SA is a Warsaw-based property and investment holding that manages stakes in subsidiaries and associates, including logistics. In 2023 the group returned to a net profit after the prior year's loss, but it remains dependent on bond financing and on the values of illiquid assets. 1
SWOT
Strengths
- Clear group structure, with fully controlled subsidiaries and well documented holdings in the annual report.
- Return to net profit in the latest reported year, after a loss in the prior year.
- Balance sheet assets are spread across associates in Poland and the United Kingdom.
Weaknesses
- Dependence on bond financing and short-term debt, which grew noticeably in 2023.
- External service and personnel costs are growing faster than sales revenue.
- The lack of detail on each segment's profitability makes independent performance assessment difficult.
Opportunities
- If demand for logistics and property recovers, income from holdings could grow.
- Reduced regional uncertainty could unlock transactions that investors have postponed.
- Growing sales revenue could help absorb the group's fixed costs.
Threats
- Investor caution in the region could prolong delays to strategic projects.
- A worsening economic perception of Poland could lower the valuations of portfolio assets.
- Euro currency exposure and higher financing costs could weigh on net results.
Risks
- Dependence on bond financinghigh
Short-term financial liabilities grew sharply in 2023, which could limit the group's flexibility if refinancing becomes more costly. 1
- Valuation of property assetshigh
The value of long-term investments depends on portfolio valuations, which could fall if the economic perception of Poland deteriorates. 1
- Currency exposuremedium
Euro-denominated financial instruments could generate losses if the exchange rate moves significantly, according to the sensitivity analysis in the report. 1
- Project delays from the conflictmedium
Management does not rule out that the war in Ukraine could delay strategic projects and change partners' strategies. 1
- Concentration in a small number of entitieslow
Results depend on a few subsidiaries and associates, so problems in one of them could affect the whole group. 1
Investment thesis
What would need to be true (bull case)
- If sales revenue keeps growing after the 2023 recovery, the group could show a clearer upward trend. 1
- If investors return to the regional market, postponed projects could resume and generate additional revenue. 1
- A portfolio of diversified holdings could support results even if one segment declines. 1
What would break the thesis
- Short-term debt has risen considerably, which could leave the group exposed to difficult refinancing. 1
- The 2023 net profit is small relative to assets, so a fall in valuations could wipe out the result. 1
- Management acknowledges that geopolitical uncertainty could prolong delays and reduce investor interest. 1
What to watch
- Trend in sales revenue and external service costs2024
- Level of short-term debt and refinancing terms2024
- Valuations of long-term investments in other entitiesnext annual report
- Impact of the Ukraine conflict on strategic projects2025
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 REINO Capital SA group includes the parent and four fully consolidated subsidiaries (REINO Partners, REINO Dywidenda Plus, Yatre and REINO CO-Invest), as well as associated entities such as REINO IO Co Invest LLP and REINO IO Logistics. Consolidated sales revenue was 27.56 million PLN in 2023, against 14.18 million PLN in 2022, according to the annual report. 1
In 2023 the parent neither paid nor declared a dividend, and the group's composition did not change from the prior year. The consolidated report was approved for publication by the management board in April 2024. 1
Segments
Real estate investments and holdings
Most assets come from investments in other entities, which form a core part of the group's activity. Sales revenue is generated from managing and developing these holdings. 1
Logistics through associates
REINO IO Logistics Sp. z o.o. is jointly controlled by REINO Partners with a 60% stake, and its general partner entities are treated as associates. The contribution of this segment to consolidated results is not broken out separately in the annual report. 1
Market context
The annual report does not describe the size of the Polish property or logistics market, but notes that investors in the region became more cautious after 2022. The group operates only in Poland and, through its London-based associate, in the United Kingdom. 1
Sales revenue rose from 14.18 million PLN in 2022 to 27.56 million PLN in 2023, while external service costs roughly doubled. Market performance therefore depends on the group's ability to turn its assets into recurring revenue. 1
Trends
- Investor caution after the Ukraine conflictheadwind
Management observed that investors postponed decisions and delayed strategic projects, which could weigh on results in the coming years. 1
- Growth in sales revenuetailwind
Revenue increased within one year, suggesting demand for the group's services is recovering, although the comparison base is low. 1
- Pressure on property valuationsheadwind
Management notes that a worsening economic perception of Poland could affect the valuations of properties in the portfolio. 1
- Return to net profitmixed
After the 2022 net loss, the group reported a profit in 2023, but this remains sensitive to investee results and financing costs. 1
Competitive position
The annual report does not identify direct competitors. The group's position against other asset managers or property developers in Poland cannot be assessed from the document alone. 1
Competition for investor capital in the region appears heightened by the geopolitical context management describes, which could influence the group's financing conditions. 1
- Other Polish real estate fund managers
Not named explicitly in the source; the group could compete for the same investors and assets.
- Central European logistics developers
Relevant to the logistics activity through associates, but not named in the report.
- Foreign institutional real estate investors
Management notes a decline in their interest in the region, which could reduce competition for assets.
- Other investment holding companies in Warsaw
Potential competitors for capital and transactions, not identified in the source.
News & filings
In the press
- Reino Unido acusa China de espionar pesquisas sobre IASurge — GDELT DOC · 30 Sept 2026 · RO
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / REINO Capital SA · 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.