ESOTIQ & Henderson S.A.

EAH.WA

Apparel - Manufacturers · Consumer Cyclical

Price

36.50 PLN

+0.50 (+1.39%)

Market Cap

71.6M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Exceptional

Dividends

Good

Track this stock — start free trial

Share count rising — dilution

+12.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.0M (2021) → 2.2M (2025)

Winston Score History

The full picture

Esotiq & Henderson S.A. is a Polish clothing company that sells underwear, lingerie, and sleepwear for women. Its main brand is Esotiq, which targets everyday female shoppers looking for affordable intimate apparel. The company also operates the Henderson brand, which focuses on men's underwear and socks.

The company makes money by selling products through its own retail stores and online channels, primarily in Poland and a handful of other Central and Eastern European markets. It is a small company with a market cap around $100 million, but its high gross margin of 67% suggests strong pricing power on its branded goods. Its main competitive advantage is brand recognition in Poland's mid-market lingerie segment, though its thin operating margin of around 5% leaves little room for error if costs rise or consumer spending weakens in the region.

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

+10.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

66.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~1 months

3M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

ESOTIQ & Henderson S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

65.9%

Premium pricing power — 65.9% gross margin

Profit after running costs

Operating Margin

-1.0%

Losing money on operations — -1.0%

Return on the money invested

ROCE

13.7%

Good — 13.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+9.5%

Steady sales growth (+9.5% YoY)

Profit growth

EPS YoY

-38.5%

Earnings shrinking (-38.5% 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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

473%

Turns 473% of profit into real cash

Spare cash per sale

FCF Margin

6.2%

Modest free cash flow (6.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.50

Conservative — low debt load (0.50)

Covers its interest

Interest Cover

2.20x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

10.9x

Attractive valuation — P/E 10.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+8.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (10.9 → 2.5)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

8.26%

Healthy income — 8.26% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial