P.A. Nova S.A.

NVA.WA

Engineering & Construction · Industrials

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

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

Weak

Stability

Good

Valuation

Strong

Dividends

Exceptional

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Winston Score History

The full picture

P.A. Nova S.A. is a Polish construction and real estate development company based in Gliwice, Poland. It builds shopping centers, commercial properties, and residential projects, primarily serving retail tenants, businesses, and individual homebuyers in Poland. The company is a regional player in the Polish construction and property development market.

P.A. Nova earns money through a mix of property development sales, rental income from commercial properties it owns, and general construction contracting services. It operates mainly in southern Poland, and its relatively small market cap of around $0.2 billion reflects its regional scale. The company's portfolio of owned commercial properties provides some recurring rental income, which offers a degree of stability compared to pure construction contractors. The main risk the business faces is exposure to Poland's commercial real estate cycle, where rising construction costs, higher interest rates, and weaker retail tenant demand could pressure both development margins and property valuations going forward.

Score breakdown

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Quality

Profit per sale

Gross Margin

32.6%

Modest — 32.6% gross margin

Profit after running costs

Operating Margin

27.1%

Excellent — 27.1% operating margin

Return on the money invested

ROCE

4.6%

Weak — 4.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-24.3%

Shrinking sales (-24.3% YoY)

Profit growth

EPS YoY

-1.6%

Earnings shrinking (-1.6% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

-19%

Weak — only -19% of profit becomes cash

Spare cash per sale

FCF Margin

-3.5%

Burning cash (-3.5%)

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

0.71

Moderate — manageable debt (0.71)

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.

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Valuation

Price vs profit

P/E Ratio (TTM)

7.2x

no trend

Attractive valuation — P/E 7.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+2.0

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

5.62%

no trend

Healthy income — 5.62% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+12.7%

no trend

Dividend growing fast (12.7% YoY)

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