ZUE S.A.

ZUE.WA

Engineering & Construction · Industrials

Price

11.65 PLN

+0.05 (+0.43%)

Market Cap

265.2M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Strong

Valuation

Good

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Share count rising — dilution

+1.2% over 4y

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

Diluted shares outstanding: 22.8M (2021) → 23.0M (2025)

Winston Score History

The full picture

ZUE S.A. is a Polish industrial company that builds and maintains railway infrastructure. Its core work includes laying train tracks, repairing rail lines, and upgrading railway systems across Poland. The main customer is PKP PLK, the state-owned company that manages Poland's national rail network.

ZUE earns money by winning government and public contracts to complete rail construction and maintenance projects. It operates almost entirely in Poland and generates roughly $300 million in market value, making it a small but specialized player in a niche market. Its competitive position depends heavily on its long relationship with PKP PLK and its technical expertise in rail work, but this also creates concentration risk — losing favor with one major customer could seriously hurt revenue. The key growth driver is Poland's ongoing use of European Union infrastructure funds to modernize its rail network, though delays in EU funding cycles or budget cuts could slow new contract awards.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

8.1%

Thin — 8.1% gross margin

Profit after running costs

Operating Margin

8.1%

Modest — 8.1% operating margin

Return on the money invested

ROCE

13.2%

Good — 13.2% return on capital

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

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Growth

Sales growth

Sales YoY

-6.5%

Shrinking sales (-6.5% YoY)

Profit growth

EPS YoY

-27.3%

Earnings shrinking (-27.3% 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

360%

Turns 360% of profit into real cash

Spare cash per sale

FCF Margin

2.2%

Thin free cash flow (2.2%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

4.25x

Adequate interest coverage (4.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

40.1x

Pricey — P/E 40.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+31.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (40.1 → 8.2)

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Dividends

Not applicable for this business.

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