BBI Development S.A.

BBD.WA

Real Estate - Development · Real Estate

Price

5.20 PLN

+0.04 (+0.78%)

Market Cap

52.0M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Share count falling — buybacks

−1.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 10.1M (2021) → 10.0M (2025)

Winston Score History

The full picture

BBI Development S.A. is a Polish real estate developer based in Warsaw. The company builds and sells residential apartments and mixed-use properties, primarily targeting individual homebuyers and investors in urban markets. It operates mainly in Warsaw, one of Poland's largest and most active property markets.

The company earns money by developing properties and selling completed units to buyers. It is a small-cap developer with a market value around $100 million, competing in a fragmented Polish residential market alongside larger domestic and international players. Its operating margin is currently negative, which means it is spending more than it earns from operations — a common challenge for smaller developers dealing with rising construction costs and slower sales cycles. The key risk the company faces is sensitivity to interest rates, since higher borrowing costs reduce how many people can afford to buy new apartments, directly pressuring revenue and profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+8.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

7.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

182M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

182M PLN cash & investments at current burn rate

Growth context

BBI Development S.A. is growing revenue at 11% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

55.4%

Premium pricing power — 55.4% gross margin

Profit after running costs

Operating Margin

7.2%

Modest — 7.2% operating margin

Return on the money invested

ROCE

-1.1%

Weak — -1.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+30.9%

Fast-growing sales (+30.9% YoY)

Profit growth

EPS YoY

-373.3%

Earnings shrinking (-373.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-31.9%

Burning cash (-31.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.55

Conservative — low debt load (0.55)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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