olivLaw · European equity research
Tower Investments S.A. TOW.WA
Poland · GPW Warszawa · ISIN PLTWRNV00013 · Vertical: Listed companies from Poland
Tower Investments S.A. is a developer that sources, prepares and permits land and commercial premises, mainly for discount chains and residential developers in Poland. Revenue fell sharply in 2023 and the company reported a net loss of 15 484 851 PLN, and management explicitly flagged material uncertainty over the going concern assumption.
At the close of 05 Nov 2026, Tower Investments S.A. (TOW.WA) stock was 1.63 PLN (−0.12% on the day), with market capitalisation 2.5 m PLN, dividend yield 0.00%, beta 0.26, 52-week range 1.31–2.35 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)
- 53.2
- neutral
- Bollinger (20, 2)
- 1.50 – 1.83
- in the lower half of the band · %B 0.40 · band width 19.7%
- SMA 50 / 200
- 1.55 / 2.34
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.02
- 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 | +1.9% | −0.6% | +2.5 pp | — |
| 3 months | −3.3% | −4.2% | +0.9 pp | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | +7.1% |
| 3 years | −77.6% | +49.8% | −127.5 pp | +3.3% |
| 5 years | −87.4% | +42.8% | −130.3 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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 50.0 m | 26.6 m | 7.8 m |
| Revenue YoY | unavailable | −46.9% | −70.6% |
| Net income | 261.5 k | -10.2 m | -15.5 m |
| Net income YoY | unavailable | −4,013.2% | unavailable |
| Diluted EPS | 0.17 | -6.61 | -10.18 |
| Diluted EPS YoY | unavailable | −3,988.2% | unavailable |
| net % | 0.5% | -38.5% | -198.5% |
| Free cash flow | 7.0 m | 5.2 m | -9.8 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 2.7 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 34.1 m PLN
- Total assets
- 84.1 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.70x
- ROE
- -37.2%
- ROA
- -18.3%
- FCF margin
- -126.2%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 50.0 m | 26.6 m | 7.8 m | esef· 08 May 2024verified |
| Cost of revenue | 42.9 m | 19.4 m | 7.3 m | esef· 08 May 2024verified |
| Gross profit | 7.1 m | 7.2 m | 541.2 k | esef· 08 May 2024verified |
| Operating income | 2.4 m | -3.8 m | -5.8 m | esef· 08 May 2024verified |
| Interest expense | 3.0 m | 5.9 m | 9.6 m | esef· 08 May 2024verified |
| Pre-tax income | -440.5 k | -8.7 m | -15.0 m | esef· 08 May 2024verified |
| Income tax | 41.9 k | 971.4 k | 803.3 k | esef· 08 May 2024verified |
| Net income | 261.5 k | -10.2 m | -15.5 m | esef· 08 May 2024verified |
| Diluted EPS | 0.17 | -6.61 | -10.18 | esef· 08 May 2024verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | esef· 08 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.8 m | 1.4 m | 2.7 m | esef· 08 May 2024verified |
| Receivables | 14.3 m | 7.1 m | 9.7 m | esef· 08 May 2024verified |
| Inventories | 19.3 m | 16.1 m | 18.3 m | esef· 08 May 2024verified |
| Current assets | 43.1 m | 25.6 m | 31.0 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 3.4 m | 1.2 m | 889.9 k | esef· 08 May 2024verified |
| Goodwill | 14.8 m | 13.7 m | 13.7 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 327.9 k | 18.8 k | 27.4 k | esef· 08 May 2024verified |
| Total assets | 103.8 m | 85.5 m | 84.1 m | esef· 08 May 2024verified |
| Accounts payable | 10.9 m | 11.8 m | 21.1 m | esef· 08 May 2024verified |
| Current liabilities | 27.7 m | 26.7 m | 44.3 m | esef· 08 May 2024verified |
| Total liabilities | 43.8 m | 36.3 m | 49.9 m | esef· 08 May 2024verified |
| Equity | 60.0 m | 49.2 m | 34.1 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 1.5 m | 1.5 m | 1.5 m | esef· 08 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 7.7 m | 5.2 m | -8.4 m | esef· 08 May 2024verified |
| Capex | 620.2 k | 21.0 k | 1.5 m | esef· 08 May 2024verified |
| Free cash flow | 7.0 m ≈ | 5.2 m ≈ | -9.8 m ≈ | esef· 08 May 2024derived |
| Investing cash flow | -2.1 m | -102.2 k | 1.9 m | esef· 08 May 2024verified |
| Financing cash flow | -3.2 m | -10.6 m | 7.8 m | esef· 08 May 2024verified |
| Dividends paid | 0 | 0 | 0 | esef· 08 May 2024verified |
| Share repurchases | 0 | 0 | 0 | esef· 08 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
- indicators available: 5 of at least 6
- score weight coverage: 31.2% 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: 2.5 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · 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: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -198.5% | 5 (vs peers) | 20% |
| 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 | -0.6x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -396.0% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 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
TOWER INVESTMENTS SPÓŁKA AKCYJNA (TOW.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 7.8 m PLN in 2023; YoY growth -70.6%; net margin -198.5%; ROE -37.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -198.5%
- Interest coverage: -0.6x
- Current ratio: 0.7x
- FCF yield: -396.0%
- Shareholder yield (distributions): 0.0%
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, 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 TOW.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
Tower Investments S.A. is a developer that sources, prepares and permits land and commercial premises, mainly for discount chains and residential developers in Poland. Revenue fell sharply in 2023 and the company reported a net loss of 15 484 851 PLN 1, and management explicitly flagged material uncertainty over the going concern assumption 1.
SWOT
Strengths
- The group's balance sheet shows assets, mainly property, well above liabilities, which management cites as a basis for the going concern assumption 1.
- Experience in managing administrative procedures for zoning plans and permits is an advantage in the project preparation stage 1.
- The portfolio of mixed-use projects in several large cities gives a geographically diversified development base 1.
Weaknesses
- Revenue and operating result deteriorated in 2023, and the net loss remained substantial 1.
- Short-term liabilities are far larger than long-term ones, and the company has overdue payments and bank account seizures 1.
- Dependence on a few retail and developer clients makes revenue sensitive to their decisions 1.
Opportunities
- If expansion plans of discount chains turn into site acquisitions, the group could capture existing demand 1.
- A shortage of land for residential developers could open opportunities for land development work 1.
- Focusing on the core business after leaving e-commerce could simplify the group structure 1.
Risks
- Going concern uncertaintyhigh
Management acknowledges significant uncertainty about the group's ability to continue as a going concern, due to the imbalance between assets and liquidity and overdue payments 1.
- Liquidity and short-term debthigh
Short-term obligations are high and some are overdue, which puts pressure on financing 1.
- Administrative decisionsmedium
Activity depends on permits and zoning plans, and delays or refusals could block existing or new projects 1.
- Currency risklow
Some rental contracts are tied to the euro, and a stronger zloty could reduce revenue and the value of retail parks 1.
- Litigationmedium
The company is party to several civil cases over payments and contracts, which could generate unplanned costs 1.
Investment thesis
What would need to be true (bull case)
- Property assets on the balance sheet could provide a collateral and realisation base if the company improves its liquidity.
- Leaving e-commerce could focus resources on property development, the group's core business.
What would break the thesis
- If liquidity problems and overdue payments persist, the company could be forced to sell assets or seek financing on harder terms.
- Inflation and stalled land transactions could delay projects and reduce revenue in the coming years.
- Repeated losses and ongoing litigation could erode equity, which already fell considerably from the prior year.
What to watch
- Development of liquidity and overdue payments2024
- Completion of the share issue proposed by management2024
- Progress of the Tychy, Warsaw and Łódź projects2024
- Resolution of major payment litigationnext 10-K
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 group provides property development services to Polish and foreign clients, covering the entire process from identifying a site to obtaining zoning conditions and local spatial plans and building permits 1. Activity focuses on commercial, service and residential premises, mainly for discount chains and residential developers 1. In 2023 the group ended its e-commerce activity by selling its shares in Deli2 S.A. 1.
Segments
Commercial property development
The core business is preparing projects for retail and service networks, from land acquisition to obtaining permits, acting as an intermediary between investors and local authorities 1.
Residential and mixed-use projects
In 2023 the group prepared mixed-use projects in Tychy, Warsaw and Łódź with a total area of about 40 000 m2 1. Subsidiary Tower Development P.S.A. carries out a residential project in Białołęka, Warsaw 1.
E-commerce (discontinued)
The e-commerce activity through Deli2 S.A. was ended after the share sale in November 2023 1.
Market context
Investment plans of major Polish retail chains, cited in the report, support demand for new locations, and a shortage of land available to residential developers is an argument for expanding land development work 1. However, the report notes that many landowners are holding back from transactions due to high inflation, which makes acquiring new sites harder 1.
Trends
- Discount chains' demand for new sitestailwind
Expansion plans of the client networks could support the group's project volume if those plans turn into new locations 1.
- Inflation and stalled land transactionsheadwind
High inflation leads owners to delay sales, which limits the acquisition of new sites and could slow project development 1.
- Supply and labour shortagesheadwind
Sanctions linked to the conflict in Ukraine have limited the availability of some materials, lengthened delivery times and created a shortage of construction staff 1.
- Credit risk and receivables recoverymixed
Non-collection risk rose amid economic difficulties caused by the pandemic and the war in Ukraine, leading to impairment adjustments and write-offs of receivables 1.
Competitive position
The annual report does not name competitors, so the competitive landscape cannot be described from this source. The group implicitly competes for land, permits and contracts with retail chains and residential developers 1.
- No competitors named in the source
The analysed source does not list competitors, so no verifiable information about them is available.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Tower Investments 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.