QM · rank #18 · 2026-09-09
BDX
GPW · PLN · $4.92B (USD)
The exact numbers the algorithm saw.
| Momentum 12-1 Return from 12 months ago to 1 month ago. | +38.33% |
|---|---|
| ROE TTM Return on equity, trailing 12 months. | +85.4% |
| Profit margin Net profit margin, trailing 12 months. | +7.5% |
| Market cap (USD) Size filter: > $300M required (USD-equivalent). | $4.92B |
| Anchor (recent) Close on 2026-08-10 | $760.00 |
| Anchor (far) Close on 2025-08-08 | $549.41 |
The AI research card
Independent qualitative review of each pick before the order is placed. On the rare day the research service is unavailable, the paper book trades on the quant ranking alone and no card appears here.
Summary
Budimex S.A. (BDX@GPW) is Poland's leading infrastructure and railway contractor, operating a PLN 17.9–18.8bn order backlog with revenue visibility extending through at least end-2027.
Rationale
The quality_momentum signal is reinforced by a 38% trailing momentum, an exceptional 85% ROE driven by capital-light contract execution, and H1 2026 results showing accelerating revenue growth and expanding operating profit on a record backlog that provides durable earnings quality.
Material risks
- 1Roughly three-quarters of the profitable backlog is tied to Polish public-sector infrastructure and railway budgets, meaning a political spending freeze or EU co-financing delay could stall backlog conversion and break the earnings trajectory underpinning both the quality and momentum legs of the thesis.
- 2Expansion into PPP and cross-border projects (Czech D35, Rail Baltica) introduces financing complexity and cross-border regulatory risk that could compress returns or tie up working capital, as already evidenced by the PLN 400m seasonal working capital swing in Q2 2026.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 3 of 3 voted to proceed.