olivLaw · European equity research
R22 Spółka Akcyjna CBF.WA
Poland · GPW Warszawa · ISIN PLR220000018 · Vertical: Listed companies from Poland
R22 S.A. is a Polish holding company that groups software and digital services businesses, organised into SaaS, cyber_Folks, CPaaS and other activities. In 2022 the group extended its reach by acquiring control of MailerLite, a global email marketing platform, through Vercom S.A. In a digital services sector undergoing consolidation, this structure lets the group combine diverse technology assets under one management.
At the close of 05 Nov 2026, R22 Spółka Akcyjna (CBF.WA) stock was 190.00 PLN (−0.05% on the day), with market capitalisation 2.7 bn PLN, P/E 111.8 on diluted EPS of 1.70 PLN over the last 12 months, beta 0.41, 52-week range 164.00–215.50 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.7
- weak (30–45)
- Bollinger (20, 2)
- 186.73 – 201.54
- in the lower half of the band · %B 0.22 · band width 7.6%
- SMA 50 / 200
- 197.14 / 191.15
- mixed trend
- MACD (12, 26, 9)
- -2.57 / -2.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.5% | −0.6% | −4.8 pp | — |
| 3 months | −4.3% | −4.2% | −0.2 pp | — |
| 6 months | +5.0% | +4.3% | +0.6 pp | — |
| Year to date | −7.8% | +7.5% | −15.3 pp | — |
| 1 year | −0.2% | +9.9% | −10.1 pp | +7.1% |
| 3 years | +150.0% | +49.8% | +100.2 pp | +3.3% |
| 5 years | +264.0% | +42.8% | +221.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 27.6, median 28.0, max 28.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | 296.6 m | 392.2 m |
| Revenue YoY | unavailable | +32.2% |
| Net income | 25.4 m | 24.0 m |
| Net income YoY | unavailable | −5.6% |
| Diluted EPS | 1.80 | 1.70 |
| Diluted EPS YoY | unavailable | −5.6% |
| net % | 8.6% | 6.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 54.1 m PLN
- Financial debt
- 273.6 m PLN
- Net debt
- 219.5 m PLN
- Equity
- 398.2 m PLN
- Total assets
- 865.6 m PLN
- Debt / equity
- 0.69x
- Current ratio
- 0.63x
- ROE
- 7.1%
- ROA
- 3.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 296.6 m | 392.2 m | esef· 02 May 2023verified |
| Operating income | 48.6 m | 74.3 m | esef· 02 May 2023verified |
| Depreciation & amortisation | 21.4 m | 26.6 m | esef· 02 May 2023verified |
| EBITDA | 70.0 m ≈ | 100.9 m ≈ | esef· 02 May 2023derived |
| Interest expense | 8.0 m | 23.3 m | esef· 02 May 2023verified |
| Pre-tax income | 41.1 m | 52.5 m | esef· 02 May 2023verified |
| Income tax | 8.1 m | 12.3 m | esef· 02 May 2023verified |
| Net income | 25.4 m | 24.0 m | esef· 02 May 2023verified |
| Diluted EPS | 1.80 | 1.70 | esef· 02 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 129.7 m | 54.1 m | esef· 02 May 2023verified |
| Current assets | 167.3 m | 91.9 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 19.1 m | 17.9 m | esef· 02 May 2023verified |
| Total assets | 579.3 m | 865.6 m | esef· 02 May 2023verified |
| Long-term debt | 154.7 m | 273.6 m | esef· 02 May 2023verified |
| Current liabilities | 109.1 m | 145.0 m | esef· 02 May 2023verified |
| Total liabilities | 301.2 m | 467.4 m | esef· 02 May 2023verified |
| Equity | 278.1 m | 398.2 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 14.1 m | 14.1 m | esef· 02 May 2023derived |
Cash flow · PLN
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 24 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.7 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality46
- Returns2
- Balance sheet34
- Valuation3
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Unattractive profile · Score 24/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.4% | 40 (vs peers) | 16% |
| Net margin · Quality | 6.1% | 56 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.2x | 52 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | 3.2x | 26 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 111.8x | 5 (vs peers) | 16% |
| EV/EBITDA · Valuation | 28.8x | 0 (on a fixed band) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.2% | 2 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality46/100 · 2/3 factors with a value
- Returns· partial2/100 · 1/2 factors with a value
- Valuation3/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
R22 Spółka Akcyjna (CBF.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 392.2 m PLN in 2022; YoY growth 32.2%; net margin 6.1%; ROE 12.0%; net debt/EBITDA 2.2x.
The estimated value range is 10.83–29.90 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 18.81 PLN, the price of 190.00 PLN leaves a potential of -90.1% (value / price − 1) and a margin of safety of -910.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 24/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 3.2x
- Current ratio: 0.6x
- P/E (TTM): 111.8x
- EV/EBITDA: 28.8x
- Shareholder yield (distributions): 0.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| CBF.WAR22 Spółka Akcyjna | 2.7 bn | 111.8 | 12.0% | 6.1% | +32.2% | +3% / +116% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for CBF.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 124.16 Total return -35% · Per year -35% | 218.50 Total return 15% · Per year 15% | 327.75 Total return 72% · Per year 72% |
| 3 years | 147.27 Total return -22% · Per year -8% | 288.97 Total return 52% · Per year 15% | 471.96 Total return 148% · Per year 35% |
| 5 years | 174.69 Total return -8% · Per year -2% | 382.16 Total return 101% · Per year 15% | 679.62 Total return 258% · Per year 29% |
- Exit P/E± 72.24
- Net margin± 50.57
- Annual revenue growth± 37.71
- Annual dilution± 4.25
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
R22 S.A. is a Polish holding company that groups software and digital services businesses, organised into SaaS, cyber_Folks, CPaaS and other activities. In 2022 the group extended its reach by acquiring control of MailerLite, a global email marketing platform, through Vercom S.A. In a digital services sector undergoing consolidation, this structure lets the group combine diverse technology assets under one management 1.
SWOT
Strengths
- The group has a diversified portfolio of companies in complementary segments, holding majority positions in key subsidiaries.
- The MailerLite acquisition brings access to a platform with global clients and developed markets in the United States and Western Europe.
- The holding structure allows capital to be redistributed among subsidiaries through reorganisations and share contributions.
Weaknesses
- The complexity of the structure, with many indirect stakes and associated companies, may make it harder to analyse the performance of each segment.
- Financing the acquisition with a bank loan increases the group's sensitivity to financing costs.
- The presence of minority shareholders in several subsidiaries may limit the group's decision-making flexibility.
Opportunities
- Integrating CPaaS segment platforms with MailerLite products could create combined offers for corporate clients.
- Rising digital adoption in Central and Eastern Europe could expand the client base of the SaaS and hosting segments.
- Sector consolidation could offer new acquisition opportunities for a group that already has an integration model in place.
Threats
- Competition from global email and communication platforms may put pressure on prices and client retention.
- Regulatory changes on data protection could affect how email and hosting services are offered.
- Fluctuations in the exchange rate between the Polish zloty and the euro may influence the consolidated value of foreign acquisitions.
Risks
- Debt for acquisitionshigh
Partly financing the MailerLite acquisition with a bank loan may increase the debt burden, especially if integrated results fall short of expectations.
- Integration of acquisitionsmedium
Combining several companies from different countries, with different systems and cultures, may delay the expected synergies.
- Interests of minority shareholdersmedium
Minority stakes in the group's subsidiaries may create tensions during reorganisations, mergers or dividend distributions.
- Currency riskmedium
International activity and transactions denominated in euros may expose consolidated results to exchange rate movements.
- Concentration in technology segmentslow
Dependence on software and digital communication markets may make revenues sensitive to rapid technological change.
Investment thesis
What would need to be true (bull case)
- If the integration of MailerLite and the CPaaS segment succeeds, the group could benefit from a more complete global offer for corporate clients.
- A diversified structure across segments may reduce dependence on a single market or product.
- Majority control over several subsidiaries offers flexibility in allocating capital across activities.
What would break the thesis
- The loan used for acquisitions could limit the group's capacity to finance new investments if costs rise.
- The complexity of the structure and the large number of stakes may make performance evaluation difficult for investors.
- Competitive pressure from global platforms could reduce margins in the email and hosting segments.
What to watch
- Results of the MailerLite integration in the CPaaS segment2027
- Evolution of bank debt linked to the Vercom acquisition2027
- Final effects of the cross-border merger of Vercom and UAB Mlr Grupe2027
- Revenue dynamics of the cyber_Folks segment after the share splitnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
R22 S.A. acts as the parent of a group of companies offering software, hosting and digital communication services to business clients. The group structures its activity by segment, each holding entities with varying degrees of control. According to the annual report for the year ended 31 December 2022, the structure includes subsidiaries held fully or by majority, such as cyber_Folks S.A. (with a 99.40% stake at the end of the reported period) and Vercom S.A. (with a combined stake of 50.30%) 1.
The group operates a holding model with controlled participations and significant stakes in associated companies, such as Appchance Group Sp. z o.o., Profitroom S.A. or Sellintegro Sp. z o.o. Capital management and intragroup reorganisations, including cross-border mergers and share contributions, are central tools of its structuring strategy 1.
The acquisition of control over the MailerLite group, completed in June 2022, brought into the portfolio a global provider of email communication tools for corporate clients, with main markets in the United States and Western Europe. The transaction was partly financed by a bank loan and complemented by a share contribution from Itema Ventures, significantly changing the group's profile 1.
Segments
SaaS
The SaaS segment includes companies such as Blugento S.A., Profitroom S.A. and Sellintegro Sp. z o.o., offering software applications as a service for commerce and business operations. As a subscription-based segment, it may contribute to the predictability of group revenues 1.
CPaaS
The CPaaS segment groups Vercom S.A., Oxylion S.A., MailerLite and stakes in Appchance Group, Center.ai and User.com. Oxylion, integrated into the segment in June 2022, provides cloud telephony and VoIP services. The segment was substantially expanded through the share contribution transactions of 2022 1.
cyber_Folks
The cyber_Folks segment comprises hosting and domain services through cyber_Folks S.A. and its subsidiaries, including H88 Web Hosting S.R.L. The capital structure of this entity was changed through share issues and a share split in 2022 1.
Market context
The market for digital business services in Central and Eastern Europe, as well as the global market for email communication and software as a service, is fragmented and competitive. The group's activity is concentrated on business clients in Poland and other European countries, while MailerLite's main markets are the United States and Western Europe. The exact market size is not presented in the analysed source 1.
Demand for marketing automation and cloud telephony tools depends on the digitalisation adoption of small and medium-sized enterprises. The source provides no figures on the group's market share, so the assessment of its competitive position remains limited to the structure described in the report 1.
Trends
- Consolidation through acquisitionsmixed
The group used share contribution transactions and bank loans to acquire major assets, which could accelerate growth but also increases indebtedness.
- Global expansion of email communicationtailwind
Demand for international email marketing and transactional platforms could support growth in the CPaaS segment if the MailerLite integration proceeds as planned.
- Intragroup reorganisationsmixed
Cross-border mergers and capital reductions at subsidiaries can simplify the structure but require careful execution and may affect minority shareholders' interests.
- Pressure from financing costsheadwind
The credit used for the MailerLite acquisition makes the group sensitive to interest conditions, and a rise in costs could reduce margins.
Competitive position
The group operates in competitive markets, where competition comes both from regional hosting and software providers and from global email and communication platforms. The analysed source does not name competitors, so the information below is based on the group's business categories 1.
The competitive position of MailerLite and Vercom depends on the ability to integrate products and retain corporate clients, in an environment where prices and features change rapidly. This cannot be fully assessed from the annual report without additional information 1.
- Global email marketing providers
Companies offering email communication platforms similar to MailerLite, in markets in the United States and Western Europe.
- Cloud telephony and VoIP providers
Operators offering contact centre and voice communication services, comparable to those of Oxylion, integrated into the CPaaS segment.
- Regional hosting providers
Hosting and domain companies competing with the cyber_Folks segment in Poland and other Central European markets.
- Commerce SaaS platforms
E-commerce software providers competing with the group's SaaS segment companies.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / R22 Spółka Akcyjna · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.