olivLaw · European equity research
WASKO Spółka Akcyjna WAS.WA
Poland · GPW Warszawa · ISIN PLHOGA000041 · Vertical: Listed companies from Poland
WASKO S.A. is a Gliwice-based group active in IT services, telecommunications and rail infrastructure, and medical and utility services, with subsidiaries in Poland and Germany. The group reported capital increases in subsidiaries for 2023, and tracking how these investments translate into results remains relevant for analysis.
At the close of 05 Nov 2026, WASKO Spółka Akcyjna (WAS.WA) stock was 7.08 PLN (−4.32% on the day), with market capitalisation 317.5 m PLN, dividend yield 2.07%, beta 0.07, 52-week range 1.65–9.02 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)
- 57.4
- strong (55–70)
- Bollinger (20, 2)
- 5.79 – 7.68
- in the upper half of the band · %B 0.68 · band width 28.1%
- SMA 50 / 200
- 6.30 / 6.28
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.19 / 0.12
- 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 | +9.3% | −0.6% | +9.9 pp | — |
| 3 months | +25.1% | −4.2% | +29.3 pp | — |
| 6 months | −18.6% | +4.3% | −23.0 pp | — |
| Year to date | +238.8% | +7.5% | +231.2 pp | — |
| 1 year | +321.4% | +9.9% | +311.5 pp | +7.1% |
| 3 years | +331.7% | +49.8% | +281.9 pp | +3.3% |
| 5 years | +314.0% | +42.8% | +271.2 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 | 502.2 m | 565.7 m | 534.1 m |
| Revenue YoY | unavailable | +12.6% | −5.6% |
| Net income | 15.9 m | 6.4 m | -897.0 k |
| Net income YoY | unavailable | −59.6% | −114.0% |
| Diluted EPS | 0.18 | 0.07 | -0.02 |
| Diluted EPS YoY | unavailable | −61.1% | −128.6% |
| net % | 3.2% | 1.1% | -0.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 137.9 m PLN
- Financial debt
- 0 PLN
- Net debt
- -137.9 m PLN
- Equity
- 247.3 m PLN
- Total assets
- 480.0 m PLN
- Debt / equity
- 0.00x
- Current ratio
- 1.69x
- ROE
- -0.4%
- ROA
- -0.2%
- 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 | 502.2 m | 565.7 m | 534.1 m | esef· 07 May 2024verified |
| Cost of revenue | 428.8 m | 488.6 m | 459.7 m | esef· 07 May 2024verified |
| Gross profit | 73.4 m | 77.0 m | 74.4 m | esef· 07 May 2024verified |
| Operating income | 22.4 m | 11.8 m | 4.9 m | esef· 07 May 2024verified |
| Interest expense | 570.0 k | 2.4 m | 2.4 m | esef· 07 May 2024verified |
| Pre-tax income | 23.3 m | 12.3 m | 4.8 m | esef· 07 May 2024verified |
| Income tax | 7.1 m | 5.9 m | 5.5 m | esef· 07 May 2024verified |
| Net income | 15.9 m | 6.4 m | -897.0 k | esef· 07 May 2024verified |
| Diluted EPS | 0.18 | 0.07 | -0.02 | esef· 07 May 2024verified |
| Dividend per share | 0.06 | 0.10 | 0.15 | esef· 07 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 62.6 m | 77.5 m | 137.9 m | esef· 07 May 2024verified |
| Receivables | 136.6 m | 144.9 m | 130.1 m | esef· 07 May 2024verified |
| Inventories | 13.4 m | 25.0 m | 9.7 m | esef· 07 May 2024verified |
| Current assets | 279.9 m | 297.0 m | 309.1 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 105.8 m | 125.5 m | 118.3 m | esef· 07 May 2024verified |
| Goodwill | 18.4 m | 18.0 m | 13.8 m | esef· 07 May 2024verified |
| Intangibles (excl. goodwill) | 32.1 m | 20.0 m | 15.3 m | esef· 07 May 2024verified |
| Total assets | 455.8 m | 480.2 m | 480.0 m | esef· 07 May 2024verified |
| Accounts payable | 122.9 m | 125.5 m | 115.7 m | esef· 07 May 2024verified |
| Long-term debt | 1.7 m | 231.0 k | 0 | esef· 07 May 2024verified |
| Current liabilities | 160.8 m | 172.4 m | 182.7 m | esef· 07 May 2024verified |
| Total liabilities | 198.3 m | 225.9 m | 232.7 m | esef· 07 May 2024verified |
| Equity | 257.5 m | 254.3 m | 247.3 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 88.5 m | 91.8 m | 44.9 m | esef· 07 May 2024derived |
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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 317.5 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.9% | 7 (vs peers) | 31% |
| Net margin · Quality | -0.2% | 23 (vs peers) | 19% |
| 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 | 2.1x | 9 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.7x | 74 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.1% | 30 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet35/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality13/100 · 2/3 factors with a value
- Returns· partial30/100 · 1/2 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
WASKO Spółka Akcyjna (WAS.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 534.1 m PLN in 2023; YoY growth -5.6%; net margin -0.2%; ROE -0.4%.
The estimated value range is 1.44–1.78 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.59 PLN, the price of 7.08 PLN leaves a potential of -77.6% (value / price − 1) and a margin of safety of -345.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
What contradicts it
- ROIC: 2.9%
- Net margin: -0.2%
- Interest coverage: 2.1x
- Shareholder yield (distributions): 2.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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% |
| WAS.WAWASKO Spółka Akcyjna | 317.5 m | — | -0.4% | -0.2% | −5.6% | +316% / +340% |
| 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% |
1- and 3-year price returns: for WAS.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
WASKO S.A. is a Gliwice-based group active in IT services, telecommunications and rail infrastructure, and medical and utility services, with subsidiaries in Poland and Germany. The group reported capital increases in subsidiaries for 2023, and tracking how these investments translate into results remains relevant for analysis.1
SWOT
Strengths
- The group has a diversified service portfolio spanning IT, medicine and infrastructure, which reduces dependence on a single segment.1
- Majority stakes in key subsidiaries give operational control over strategic activities.1
- Business continuity is considered secured by management, with no going-concern risk signals in the report.1
Weaknesses
- A structure with many subsidiaries and complex equity holdings may make it harder to track the performance of each segment.1
- Long-term contracts with lump-sum pricing expose the group to the risk of rising costs.1
- The report does not provide a detailed breakdown of revenue by segment, which limits the analysis.1
Opportunities
Risks
- Contract cost riskmedium
Lump-sum contracts could generate losses if costs rise above estimates.1
- Receivables recovery riskmedium
Impairment of receivables from long-term contracts could affect the financial result.1
- Goodwill impairment riskmedium
Goodwill impairment tests depend on estimates of future cash flows, which could be revised.1
- Geopolitical risklow
The regional conflict could affect the activity of subsidiaries in Eastern Europe and Germany.1
- Management change risklow
Appointments and resignations in management could change the group's strategic priorities.1
Investment thesis
What would need to be true (bull case)
- If investments in subsidiaries produce revenue growth, the group could benefit from better value realisation of its holdings.1
- Diversification across segments could reduce the impact of a slowdown in any single industry.1
- Majority control of key subsidiaries could allow faster implementation of growth strategies.1
What would break the thesis
What to watch
- Evolution of subsidiary capital and equity holdings2024
- Application of the new IFRS 18 reporting standard2027
- Trend in margins on long-term contracts2024
- Stability of management after the 2024 changes2024
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 WASKO S.A. capital group includes the parent company and several subsidiaries, among them COIG S.A., Gabos Software Sp. z o.o., D2S Sp. z o.o., Fonon Sp. z o.o. and Centrum Medyczne Gabos Sp. z o.o., according to the 2023 annual report.1 The parent is based in Gliwice and is registered in the Krajowy Rejestr Sądowy under number KRS0000026949.1 The group applies IFRS as endorsed by the EU and reports in Polish złoty.1
The shareholding structure shows majority stakes in most subsidiaries, some at 100%, and COIG S.A. is held at 93.98%.1 In 2023 Gabos Software received a capital increase, and Centrum Medyczne Gabos increased its nominal share value while keeping its stake.1 The group also holds a 30% interest in Szulc-Efekt Sp. z o.o. without significant influence, accounted for as a financial asset.1
The parent's management board was partly reshuffled in 2024, with one new member appointed and two vice presidents named from existing members, which could influence the group's strategic direction.1
Segments
IT services
Subsidiaries COIG S.A. and Gabos Software provide complex, dedicated IT services and represent the largest equity holdings in the group.1
Infrastructure and telecommunications
Subsidiaries D2S, Fonon and Fonon Deutschland cover the design and construction of fibre optic networks, GSM-R networks and design services for railway lines and energy networks.1
Medical and utility services
Centrum Medyczne Gabos provides medical services, and LogicSynergy provides utility services, both forming part of the group's portfolio.1
Market context
The annual report does not provide data on the size of the market in which the group operates, so an estimate of market share cannot be supported from this source.1
The group's activities are concentrated in Poland, with one subsidiary in Germany, which makes local economic conditions and publicly funded infrastructure projects relevant factors.1
Trends
- High inflationmixed
High inflation in 2022 affected the valuation of long-term contracts, but lump-sum pricing clauses reduced the risk of cost adjustments.1
- Infrastructure projectstailwind
Design and construction work on telecommunications and rail networks is tied to infrastructure investment, which could support demand over the medium term.1
- Monitoring of the Ukraine conflictheadwind
Management monitors the conflict between Russia and Ukraine but does not regard it as a threat to the group's continuity.1
- New accounting standardsmixed
New standards such as IFRS 18, applicable from 2027, could change the presentation of financial results without changing the core business.1
Competitive position
The analysed source does not identify direct competitors of the group, so the competitive analysis remains limited to the information in the annual report.1
The group's position in IT services and infrastructure segments could be contested by specialised firms, but the report contains no data to assess this.1
- Not identified in source
The annual report does not name competitors, so none can be indicated from the source.
- Not identified in source
No competing company is mentioned in the documents analysed.
- Not identified in source
The source gives no information about competitors.
- Not identified in source
Assessing competition would require additional sources outside this report.
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 202307 May 2024
- Annual report 202223 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / WASKO 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.