Budimex SA

WSE:BDX Stock Report

Market Cap: zł17.2b

Budimex Management

Management criteria checks 3/4

We currently do not have sufficient information about the CEO.

Key information

Artur Popko

Chief executive officer

zł3.8m

Total compensation

CEO salary percentage44.07%
CEO tenure5.1yrs
CEO ownershipn/a
Management average tenure3.4yrs
Board average tenure7.1yrs

Recent management updates

Analysis Article • May 23

Here's Why Budimex SA's (WSE:BDX) CEO May Have Their Pay Bumped Up

Key Insights Budimex to hold its Annual General Meeting on 29th of May CEO Artur Popko's total compensation includes...

Recent updates

Analysis Article • Jan 30

Is Budimex SA (WSE:BDX) Expensive For A Reason? A Look At Its Intrinsic Value

Key Insights Budimex's estimated fair value is zł504 based on 2 Stage Free Cash Flow to Equity Budimex is estimated to...
Analysis Article • Jan 09

Does Budimex (WSE:BDX) Have A Healthy Balance Sheet?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • Oct 06

Is Budimex (WSE:BDX) Using Too Much Debt?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analysis Article • Sep 15

Estimating The Fair Value Of Budimex SA (WSE:BDX)

Key Insights The projected fair value for Budimex is zł452 based on 2 Stage Free Cash Flow to Equity With zł524 share...
Analysis Article • Aug 03

With Budimex SA (WSE:BDX) It Looks Like You'll Get What You Pay For

With a price-to-earnings (or "P/E") ratio of 22.4x Budimex SA ( WSE:BDX ) may be sending very bearish signals at the...
Analysis Article • Jun 28

Is Budimex (WSE:BDX) A Risky Investment?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article • Jun 10

Calculating The Fair Value Of Budimex SA (WSE:BDX)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Budimex fair value estimate is zł501 Current share price of...
Analysis Article • May 23

Here's Why Budimex SA's (WSE:BDX) CEO May Have Their Pay Bumped Up

Key Insights Budimex to hold its Annual General Meeting on 29th of May CEO Artur Popko's total compensation includes...
Analysis Article • May 13

Budimex (WSE:BDX) Has Announced That Its Dividend Will Be Reduced To PLN25.43

The board of Budimex SA ( WSE:BDX ) has announced that the dividend on 13th of June will be reduced by 29% from last...
Analysis Article • Apr 27

Budimex (WSE:BDX) Has Announced That Its Dividend Will Be Reduced To PLN25.43

Budimex SA's ( WSE:BDX ) dividend is being reduced by 29% to PLN25.43 per share on 13th of June, in comparison to last...
Analysis Article • Apr 13

Budimex SA's (WSE:BDX) Popularity With Investors Is Under Threat From Overpricing

With a price-to-earnings (or "P/E") ratio of 20.3x Budimex SA ( WSE:BDX ) may be sending very bearish signals at the...
Analysis Article • Apr 13

Budimex (WSE:BDX) Is Reducing Its Dividend To PLN25.43

Budimex SA's ( WSE:BDX ) dividend is being reduced by 29% to PLN25.43 per share on 13th of June, in comparison to last...
Analysis Article • Mar 17

Budimex (WSE:BDX) Has A Rock Solid Balance Sheet

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • Dec 15

Budimex (WSE:BDX) Has A Rock Solid Balance Sheet

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Analysis Article • Nov 23

There's Reason For Concern Over Budimex SA's (WSE:BDX) Price

Budimex SA's ( WSE:BDX ) price-to-earnings (or "P/E") ratio of 16.8x might make it look like a strong sell right now...
New Narrative • Nov 05

Budimex - a diversified and flexible company

Budimex is the leading Polish company in the construction sector, accounting for about 57% of the overall WIG-construction index. Thanks to the diversification of its operations, the company has been
Analysis Article • Nov 02

Budimex SA (WSE:BDX) Just Reported Third-Quarter Earnings: Have Analysts Changed Their Mind On The Stock?

It's been a sad week for Budimex SA ( WSE:BDX ), who've watched their investment drop 11% to zł501 in the week since...
Analysis Article • Aug 24

Budimex SA (WSE:BDX) Investors Are Less Pessimistic Than Expected

With a price-to-earnings (or "P/E") ratio of 20.4x Budimex SA ( WSE:BDX ) may be sending very bearish signals at the...
Analysis Article • Aug 02

Calculating The Fair Value Of Budimex SA (WSE:BDX)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Budimex fair value estimate is zł607 Budimex's zł623 share...
Analysis Article • Jul 12

Is Budimex (WSE:BDX) A Risky Investment?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
Analysis Article • May 25

Budimex's (WSE:BDX) Dividend Will Be Increased To PLN35.69

Budimex SA ( WSE:BDX ) has announced that it will be increasing its dividend from last year's comparable payment on the...
Analysis Article • May 08

What Budimex SA's (WSE:BDX) P/E Is Not Telling You

With a price-to-earnings (or "P/E") ratio of 25.3x Budimex SA ( WSE:BDX ) may be sending very bearish signals at the...
Analysis Article • Mar 25

Does Budimex (WSE:BDX) Have A Healthy Balance Sheet?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Analysis Article • Jan 03

Some Confidence Is Lacking In Budimex SA's (WSE:BDX) P/E

With a price-to-earnings (or "P/E") ratio of 25.9x Budimex SA ( WSE:BDX ) may be sending very bearish signals at the...
Analysis Article • Dec 07

Budimex (WSE:BDX) Has A Rock Solid Balance Sheet

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analysis Article • Sep 08

We Think Budimex (WSE:BDX) Can Manage Its Debt With Ease

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article • Aug 12

A Look At The Fair Value Of Budimex SA (WSE:BDX)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Budimex fair value estimate is zł455 Budimex's zł487 share...
Analysis Article • May 20

Budimex's (WSE:BDX) Shareholders Will Receive A Smaller Dividend Than Last Year

Budimex SA ( WSE:BDX ) has announced that on 5th of June, it will be paying a dividend ofPLN17.99, which a reduction...
Analysis Article • May 01

Is Budimex (WSE:BDX) Using Too Much Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article • Mar 01

Budimex SA (WSE:BDX) Shares Could Be 31% Above Their Intrinsic Value Estimate

Key Insights The projected fair value for Budimex is zł214 based on Dividend Discount Model Budimex is estimated to be...
Analysis Article • Jan 20

Here's Why Budimex (WSE:BDX) Can Manage Its Debt Responsibly

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...
Analysis Article • Oct 07

Here's Why Budimex (WSE:BDX) Can Manage Its Debt Responsibly

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analysis Article • Sep 14

A Look At The Fair Value Of Budimex SA (WSE:BDX)

Today we will run through one way of estimating the intrinsic value of Budimex SA ( WSE:BDX ) by taking the forecast...
Analysis Article • Jun 21

These 4 Measures Indicate That Budimex (WSE:BDX) Is Using Debt Safely

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
Analysis Article • May 21

Budimex's (WSE:BDX) Upcoming Dividend Will Be Larger Than Last Year's

Budimex SA ( WSE:BDX ) has announced that it will be increasing its dividend on the 14th of June to zł23.47. This makes...

CEO Compensation Analysis

How has Artur Popko's remuneration changed compared to Budimex's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

zł720m

Dec 31 2025n/an/a

zł748m

Sep 30 2025n/an/a

zł610m

Jun 30 2025n/an/a

zł610m

Mar 31 2025n/an/a

zł611m

Dec 31 2024zł4mzł2m

zł616m

Sep 30 2024n/an/a

zł735m

Jun 30 2024n/an/a

zł740m

Mar 31 2024n/an/a

zł751m

Dec 31 2023zł4mzł2m

zł738m

Sep 30 2023n/an/a

zł626m

Jun 30 2023n/an/a

zł608m

Mar 31 2023n/an/a

zł584m

Dec 31 2022zł4mzł2m

zł534m

Sep 30 2022n/an/a

zł508m

Jun 30 2022n/an/a

zł452m

Mar 31 2022n/an/a

zł465m

Dec 31 2021zł3mzł149k

zł451m

Sep 30 2021n/an/a

zł444m

Jun 30 2021n/an/a

zł442m

Mar 31 2021n/an/a

zł316m

Dec 31 2020zł3mzł2m

zł302m

Sep 30 2020n/an/a

zł248m

Jun 30 2020n/an/a

zł215m

Mar 31 2020n/an/a

zł226m

Dec 31 2019zł2mzł2m

zł226m

Compensation vs Market: Artur's total compensation ($USD1.04M) is above average for companies of similar size in the Polish market ($USD771.16K).

Compensation vs Earnings: Artur's compensation has been consistent with company performance over the past year.

CEO

Artur Popko

5.1yrs
Tenure
zł3,819,000
Compensation

Mr. Artur Popko serves as Chief Executive Officer and President of the Management Board at Budimex SA since May 20, 2021 and also serves as its Director General. Mr. Popko served as the Vice President of t...

Leadership Team

NamePositionTenureCompensationOwnership
Artur Popko
CEO, Director General & President of the Management Board5.1yrszł3.82mno data
Marcin Weglowski
CFO & Member of the Management Board25.4yrszł1.89mno data
Jacek Daniewski
Chief Legal and Organisational Officer & Member of Management Board19.3yrszł1.87mno data
Anna Karys-Sosinska
Chief HR Officer & Member of the Management Board3.4yrszł1.46mno data
Cezary Lysenko
COO of Infrastructure & General Construction and Member of the Management Board3.4yrszł2.77mno data
Maciej Olek
COO of Railway3.4yrszł2.99mno data
Igor Chalupec
Secretary of the Board & Member of the Supervisory Boardno datazł256.00kno data
Grzegorz Fafara
Chief Accountantno datano datano data
Michal Kielin
Head of Affairs Investor Relations and Analysisless than a yearno datano data
Ewelina Karp-Kreglicka
Director of the ESGno datano datano data
3.4yrs
Average Tenure

Experienced Management: BDX's management team is considered experienced (3.4 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Igor Chalupec
Secretary of the Board & Member of the Supervisory Board19.4yrszł256.00kno data
Janusz Dedo
Independent Member of the Supervisory Boardno datazł272.00kno data
Marek Michalowski
Chairman of Supervisory Board16.8yrszł379.00kno data
Artur Kucharski
Member of the Supervisory Board6yrszł217.00kno data
Ignacio Garcia Bilbao
Independent Member of Supervisory Boardno datazł256.00kno data
Danuta Dabrowska
Independent Member of Supervisory Board7.1yrszł296.00kno data
Juan Gaston Najarro
Vice Chairman of Supervisory Board7.5yrszł217.00kno data
Mario Manuel Montoya
Member of the Supervisory Board4.1yrszł217.00kno data
Silvia Hueso
Member of the Supervisory Board3.2yrszł237.00kno data
7.1yrs
Average Tenure
58yo
Average Age

Experienced Board: BDX's board of directors are considered experienced (7.1 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/15 22:01
End of Day Share Price 2026/06/15 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Budimex SA is covered by 14 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Beata Szparaga-WasniewskaBiuro maklerskie mBanku
Rafal WiatrCitigroup Inc
Tomasz KrukowskiDeutsche Bank