olivLaw · European equity research
DIGITREE GROUP S.A. DTR.WA
Poland · GPW Warszawa · ISIN PLSARE000013 · Vertical: Listed companies from Poland
DIGITREE GROUP is a Polish digital services group covering performance marketing, data and e-commerce, with subsidiaries INIS, Salelifter, JU, Fast White Cat and Sales Intelligence. The 2023 annual report shows a clearly defined group structure and a moderate level of borrowing, but it contains no revenue figures or outlook for recent periods, so the market analysis remains incomplete.
At the close of 05 Nov 2026, DIGITREE GROUP S.A. (DTR.WA) stock was 7.45 PLN (+0.68% on the day), with beta 0.16, 52-week range 6.75–13.30 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)
- 42.0
- weak (30–45)
- Bollinger (20, 2)
- 6.64 – 8.49
- in the lower half of the band · %B 0.44 · band width 24.5%
- SMA 50 / 200
- 8.59 / 10.42
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.32 / -0.40
- MACD above 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 | −12.4% | +0.4% | −12.7 pp | — |
| 3 months | −24.0% | −3.3% | −20.7 pp | — |
| 6 months | −28.4% | +4.0% | −32.3 pp | — |
| Year to date | −24.7% | +8.1% | −32.8 pp | — |
| 1 year | −37.9% | +10.7% | −48.6 pp | +7.1% |
| 3 years | −38.9% | +50.1% | −89.0 pp | +3.3% |
| 5 years | +3.5% | +43.6% | −40.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 67.5 m | 79.9 m | 89.5 m |
| Revenue YoY | unavailable | +18.3% | +12.1% |
| Net income | 277.0 k | 195.8 k | -816.8 k |
| Net income YoY | unavailable | −29.3% | −517.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 0.4% | 0.2% | -0.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 2.6 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 20.1 m PLN
- Total assets
- 39.8 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.11x
- ROE
- -3.9%
- ROA
- -2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 67.5 m | 79.9 m | 89.5 m | esef· 24 Apr 2024verified |
| Operating income | 344.6 k | 640.0 k | -89.8 k | esef· 24 Apr 2024verified |
| Depreciation & amortisation | 3.5 m | 2.9 m | 3.4 m | esef· 24 Apr 2024verified |
| EBITDA | 3.8 m ≈ | 3.6 m ≈ | 3.3 m ≈ | esef· 24 Apr 2024derived |
| Interest expense | 167.5 k | 325.9 k | 503.9 k | esef· 24 Apr 2024verified |
| Pre-tax income | 259.5 k | 379.5 k | -578.2 k | esef· 24 Apr 2024verified |
| Income tax | -48.0 k | 100.3 k | 197.7 k | esef· 24 Apr 2024verified |
| Net income | 277.0 k | 195.8 k | -816.8 k | esef· 24 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.0 m | 4.2 m | 2.6 m | esef· 24 Apr 2024verified |
| Current assets | 16.9 m | 20.9 m | 19.3 m | esef· 24 Apr 2024verified |
| Property, plant & equipment, net | 798.6 k | 819.6 k | 630.5 k | esef· 24 Apr 2024verified |
| Goodwill | 1.8 m | 1.8 m | 1.8 m | esef· 24 Apr 2024verified |
| Intangibles (excl. goodwill) | 14.7 m | 14.6 m | 15.0 m | esef· 24 Apr 2024verified |
| Total assets | 37.7 m | 42.7 m | 39.8 m | esef· 24 Apr 2024verified |
| Long-term debt | 140.4 k | 0 | — | esef· 10 May 2023verified |
| Current liabilities | 13.3 m | 18.2 m | 17.4 m | esef· 24 Apr 2024verified |
| Equity | 22.0 m | 21.4 m | 20.1 m | esef· 24 Apr 2024verified |
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
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
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
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.9% | 21 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.2x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.1x | 26 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
DIGITREE GROUP SPÓŁKA AKCYJNA (DTR.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 89.5 m PLN in 2023; YoY growth 12.1%; net margin -0.9%; ROE -4.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
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
- Net margin: -0.9%
- Interest coverage: -0.2x
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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% |
| 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% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for DTR.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
Scenarios are not available. input data missing
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
DIGITREE GROUP is a Polish digital services group covering performance marketing, data and e-commerce, with subsidiaries INIS, Salelifter, JU, Fast White Cat and Sales Intelligence. The 2023 annual report shows a clearly defined group structure and a moderate level of borrowing, but it contains no revenue figures or outlook for recent periods, so the market analysis remains incomplete.
SWOT
Strengths
- The group has a structure of specialised subsidiaries covering several stages of digital marketing.
- Borrowing is moderate, and bank financing carries a variable rate with a fixed margin.
- Ownership is concentrated, which could support strategic continuity.
Weaknesses
- The report contains no segment revenue data, which limits performance analysis.
- Average headcount fell in 2023 and staff turnover was high.
- There are lawsuits to recover receivables from clients, and some amounts have been written down.
Opportunities
- Growth in e-commerce could support demand for the group's online store services.
- Data and performance marketing services could gain share if clients reduce in-house costs.
- Expansion of AI and PWA offerings, mentioned in subsidiary descriptions, could open new services.
Threats
- Inflation and lower purchasing power could reduce clients' advertising budgets.
- Rising SME insolvencies could increase the risk of uncollected receivables.
- Changes in consumer behaviour could reduce demand for some services.
Risks
- Collection of receivablesmedium
The report shows lawsuits for overdue amounts and write-downs of some receivables, including at a subsidiary in bankruptcy proceedings.
- Dependence on client budgetsmedium
Revenue could fall if clients cut advertising spending because of inflation.
- Shareholder concentrationmedium
The majority shareholder can influence major decisions, which could affect minority shareholders.
- Related-party transactionslow
The report mentions amounts owed to entities linked to the management board, which could raise governance questions.
- War impactlow
Indirect effects of the war in Ukraine could affect clients and the group's costs.
Investment thesis
What would need to be true (bull case)
- If demand for e-commerce keeps growing, the group's services could benefit from sustained demand.
- Moderate borrowing could give flexibility for investment or for harder periods.
- A structure of specialised subsidiaries could let the group offer complete service packages to clients.
What would break the thesis
- If inflation and lower purchasing power persist, clients' advertising budgets could be reduced.
- Lawsuits and written-down receivables could weigh on profitability if recovery is delayed.
- The lack of segment revenue data in the report could make it difficult to assess each division's performance.
What to watch
- Publication of segment revenue data and management outlooknext annual report
- Trend in gearing ratio and overdue receivables2024
- Shareholder approval of the 2023 report, planned for June 2024June 2024
- Trend in clients' advertising budgets amid inflation2024
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
According to the 2023 annual report, the parent company DIGITREE GROUP S.A. is listed on the WSE under the symbol DTR, in the sector 'Informatyka – Oprogramowanie' 1. The group includes several subsidiaries specialised in digital marketing, databases, a creative agency and online store development 1. At 31.12.2023 the majority shareholder, Polinvest 7 S.a.r.l., held 60.51% of capital and votes 1.
The consolidated structure includes INIS sp. z o.o., Salelifter sp. z o.o., JU sp. z o.o., Fast White Cat S.A. and Sales Intelligence sp. z o.o. 1. Sales Intelligence also owns the Nokaut.pl service 1.
The gearing ratio was 36.92% at 31.12.2023, compared with 31.22% at 31.12.2022 1. Management stated that the company uses external capital moderately 1.
Segments
Digital marketing and data
INIS and Salelifter offer performance campaigns, e-mail and SMS, affiliate networks, programmatic display and lead-generation databases, including the Expectus system 1. The report does not show separate revenue for this segment.
Market context
The report notes that online sales stayed at a high level in 2022 and fell slightly in 2023 due to inflation 1. Market figures cited in the report come from external sources and are not reproduced here.
Management links demand for the group's services to advertising investment decisions of client companies, which could be affected by inflation and economic conditions 1.
Trends
- Inflation and consumer spendingheadwind
The report says inflation and lower purchasing power could reduce clients' advertising budgets 1.
- European e-commercetailwind
Management cites growth in European B2C e-commerce in 2022 and a forecast of continued growth 1.
- War in Ukrainemixed
Indirect effects of the war on energy prices and clients could affect the group, although direct exposure is small 1.
- SME insolvenciesheadwind
The report warns that insolvencies among SMEs could rise and affect the group's collections 1.
Competitive position
The annual report does not identify competitors or compare the group's market share. The source does not contain enough information for a competitive analysis.
The group operates in digital marketing and e-commerce, where many providers compete; assessing its competitive position would require data from other sources.
- Not given in source
The report does not name competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202324 Apr 2024
- Annual report 202210 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / DIGITREE GROUP S.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.