olivLaw · European equity research
INC S.A. INC.WA
Poland · GPW Warszawa · ISIN PLINCLT00015 · Vertical: Listed companies from Poland
INC S.A. is a Poznań-based advisory company serving small and medium-sized enterprises that, through its group, also holds capital investments in companies preparing for capital markets. Its 2023 annual report shows a sharp shift in cash flows, with cash of 4695 thousand PLN at year end, which makes the group's dependence on portfolio results a relevant point of analysis.
At the close of 05 Nov 2026, INC S.A. (INC.WA) stock was 1.23 PLN (−1.20% on the day), with market capitalisation 16.9 m PLN, dividend yield 0.04%, beta 0.50, 52-week range 1.23–2.62 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)
- 33.4
- weak (30–45)
- Bollinger (20, 2)
- 1.21 – 1.47
- in the lower half of the band · %B 0.09 · band width 19.5%
- SMA 50 / 200
- 1.40 / 1.71
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.04
- 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 | −14.6% | −0.6% | −13.9 pp | — |
| 3 months | −27.2% | −4.2% | −23.1 pp | — |
| 6 months | −27.6% | +4.3% | −32.0 pp | — |
| Year to date | −18.8% | +7.5% | −26.3 pp | — |
| 1 year | −25.5% | +9.9% | −35.4 pp | +7.3% |
| 3 years | −44.6% | +49.8% | −94.4 pp | +4.1% |
| 5 years | −75.4% | +42.8% | −118.3 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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 5.4 m | -10.5 m | -7.9 m |
| Net income YoY | unavailable | −294.5% | unavailable |
| Diluted EPS | 0.45 | -0.86 | -0.57 |
| Diluted EPS YoY | unavailable | −291.1% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -3.2 m | -4.2 m | -3.6 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 4.7 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 25.0 m PLN
- Total assets
- 30.9 m PLN
- Debt / equity
- unavailable
- Current ratio
- 9.83x
- ROE
- -27.9%
- ROA
- -22.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 2.0 m | 1.8 m | 2.4 m | esef· 08 May 2024verified |
| Gross profit | 3.4 m | 787.0 k | 1.1 m | esef· 08 May 2024verified |
| Operating income | 8.8 m | -11.9 m | -10.0 m | esef· 08 May 2024verified |
| Interest expense | 41.0 k | 221.0 k | 220.0 k | esef· 08 May 2024verified |
| Pre-tax income | 7.8 m | -12.5 m | -10.5 m | esef· 08 May 2024verified |
| Income tax | 952.0 k | -437.0 k | -1.4 m | esef· 08 May 2024verified |
| Net income | 5.4 m | -10.5 m | -7.9 m | esef· 08 May 2024verified |
| Diluted EPS | 0.45 | -0.86 | -0.57 | esef· 08 May 2024verified |
| Dividend per share | 0.15 | 0.00 | 0.00 | esef· 08 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.2 m | 3.8 m | 4.7 m | esef· 08 May 2024verified |
| Receivables | 2.3 m | 1.8 m | 1.7 m | esef· 08 May 2024verified |
| Inventories | 0 | 0 | 0 | esef· 08 May 2024verified |
| Current assets | 44.8 m | 32.3 m | 24.8 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 332.0 k | 622.0 k | 1.0 m | esef· 08 May 2024verified |
| Goodwill | 581.0 k | 581.0 k | 581.0 k | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 849.0 k | 770.0 k | 266.0 k | esef· 08 May 2024verified |
| Total assets | 52.3 m | 38.8 m | 30.9 m | esef· 08 May 2024verified |
| Accounts payable | 3.1 m | 2.0 m | 1.9 m | esef· 08 May 2024verified |
| Current liabilities | 3.8 m | 2.7 m | 2.5 m | esef· 08 May 2024verified |
| Total liabilities | 10.4 m | 7.6 m | 5.9 m | esef· 08 May 2024verified |
| Equity | 41.9 m | 31.2 m | 25.0 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 12.0 m | 12.1 m | 13.8 m | esef· 08 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -3.0 m | -3.8 m | -3.1 m | esef· 08 May 2024verified |
| Capex | 179.0 k | 395.0 k | 477.0 k | esef· 08 May 2024verified |
| Free cash flow | -3.2 m ≈ | -4.2 m ≈ | -3.6 m ≈ | esef· 08 May 2024derived |
| Investing cash flow | 2.9 m | 704.0 k | 1.8 m | esef· 08 May 2024verified |
| Financing cash flow | -2.3 m | 685.0 k | 2.2 m | esef· 08 May 2024verified |
| Dividends paid | 1.8 m | 15.0 k | 7.0 k | esef· 08 May 2024verified |
| Share repurchases | 0 | 0 | 0 | esef· 08 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 16.9 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · 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: 4 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -45.4x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 9.8x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -21.0% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | 0.0% | 1 (on a fixed band) | 25% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 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
INC SPÓŁKA AKCYJNA (INC.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: ROE -40.0%.
The estimated value range is 0.00–0.01 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.01 PLN, the price of 1.23 PLN leaves a potential of -99.6% (value / price − 1) and a margin of safety of -22,589.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 9.8x
What contradicts it
- Interest coverage: -45.4x
- FCF yield: -21.0%
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| 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% |
1- and 3-year price returns: for INC.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
INC S.A. is a Poznań-based advisory company serving small and medium-sized enterprises that, through its group, also holds capital investments in companies preparing for capital markets. Its 2023 annual report shows a sharp shift in cash flows, with cash of 4695 thousand PLN at year end, which makes the group's dependence on portfolio results a relevant point of analysis.
SWOT
Strengths
- The capital structure is solid, with negative net debt at year end 2023 and cash that is high relative to current obligations 1.
- The group holds a diversified portfolio of unlisted companies and direct experience supporting SMEs, which may reduce dependence on a single project 1.
- The company fully consolidates its subsidiaries, giving a clear picture of control over group activity 1.
Weaknesses
- Financial results are highly sensitive to investment decisions and to realising stakes, which produces large swings in profit 1.
- Liquidity of unlisted holdings is low, and exits can take a long time and depend on favourable market conditions 1.
- The impairment of the Remedis and Mill Games stakes shows that some investments have performed below expectations 1.
Opportunities
- If the Polish capital market regains momentum, listings of portfolio companies could unlock value for the group 1.
- Demand for advisory services from small and medium-sized firms could grow if access to financing becomes harder for them 1.
- Selling stakes to strategic investors could bring additional liquidity without depending on public markets 1.
Threats
Risks
- Dependence on the capital markethigh
Group results are tied to the stock market climate; a fall in markets could reduce investment value and delay listings.
- Portfolio liquidityhigh
Stakes in unlisted companies can be hard to sell quickly, which could limit the ability to realise investments on time.
- Risk of investment impairmentmedium
Some holdings could lose value if portfolio companies run into difficulty, and the report shows such impairment has already occurred.
- Currency exposurelow
Part of the rent obligations is linked to the euro, so a weaker zloty could increase the debt, although the reported impact remains limited.
- Concentration of results on a few investmentsmedium
The report warns that the effect of investments on results can produce large variations from year to year, making profitability hard to forecast.
Investment thesis
What would need to be true (bull case)
- If the capital market regains momentum, realising portfolio companies could bring significant gains to the group.
- A capital structure without large bank debt could allow the company to invest without refinancing pressure.
- SME advisory work could generate steady revenue that offsets investment volatility.
What would break the thesis
- A falling capital market could reduce portfolio value and delay exits from investments.
- Results depend heavily on a few investment decisions, which could produce unexpected losses in a weak year.
- Low liquidity of unlisted holdings could force sales on unfavourable terms if cash needs arise suddenly.
What to watch
- Development of the unlisted portfolio value and impairments2024
- Number of portfolio companies listed on the regulated market or NewConnect2024
- Level of cash and lease obligations in the next reportnext annual report
- Effect of IFRS 18 adoption on how results are presented2027
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, INC S.A. is the parent of a group including Dom Maklerski INC S.A., CARPATHIA CAPITAL Alternatywna Spółka Inwestycyjna S.A., INC Private Equity Alternatywna Spółka Inwestycyjna S.A., INC East&West in liquidation and Raisemana Sp. z o.o. 1. Its core activity is advisory services for small and medium-sized enterprises, with its registered office in Poznań 1. The group fully consolidates its subsidiaries and does not consolidate its minority stakes in Remedis S.A. and Mill Games S.A., which it has fully impaired 1.
The report describes the group as mainly engaged in investing in unlisted companies intended for listing on the regulated market or NewConnect, with a model where gains depend on growth in portfolio value 1. The management board has three members and the supervisory board has seven, with no further personal data relevant here 1.
The group has a financing structure without significant bank debt: at 31.12.2023 net debt was negative, and office rent and leases remained the main fixed obligation 1. The company has no pledged assets 1.
Segments
Advisory for SMEs
The advisory segment, which gives the company its name, serves small and medium-sized enterprises, although the report does not break out its revenues separately 1.
Capital investments (PE/VC)
The CARPATHIA CAPITAL and INC Private Equity subsidiaries manage investments in portfolio companies; their results depend on realising stakes and can fluctuate sharply from year to year, as the report warns 1.
Brokerage services
Dom Maklerski INC S.A. is a wholly owned subsidiary, which the report mentions as part of the group without publishing separate revenue figures for this segment 1.
Market context
The report links the company's performance to the capital market cycle: in boom periods more public and private offerings take place, while in downturns listing companies becomes harder and portfolio price risk rises 1. Sensitivity to the WIG and NCIndex indices is explicitly quantified in the report 1.
For advisory services to SMEs, demand depends on overall financing conditions and the availability of venture capital, factors the report touches on indirectly through market and liquidity risk 1.
Trends
- Capital market cyclemixed
The report notes that a favourable capital market climate facilitates listings and the realisation of investments, while a falling market could reduce portfolio value 1.
- Liquidity of unlisted holdingsheadwind
Unlisted portfolio companies have limited liquidity, and exits could depend on sales to strategic investors or later listings 1.
- Euro exchange rateheadwind
Part of the rent obligations is linked to the euro; a weaker zloty would increase the value of these liabilities, according to the sensitivity analysis in the report 1.
- New accounting standardsmixed
The company applied IFRS 17 and other amendments in 2023 without significant impact and is analysing IFRS 18 for future periods, which could change how results are presented 1.
Competitive position
The annual report does not explicitly name competitors, but advisory for SMEs and investing in unlisted companies take place in a market with many participants, including venture capital funds and brokerage houses 1. No comparison with rivals can be made from this source alone.
In the report's terms, the group's differentiation lies in manager selection and portfolio diversification rather than quantified market shares 1. The company does not disclose its position relative to other participants.
- Other Polish venture capital and private equity funds
Compete for the same target companies and investor capital, following the logic described in the report, without specific names in the source.
- Brokerage and SME advisory firms
Operate in the market for services to small and medium-sized firms, a core segment for the group's advisory business, not named in the report.
- NewConnect and the Warsaw regulated market
Not direct competitors, but they determine when and on what terms portfolio stakes can be realised.
- Strategic investors buying stakes
An alternative exit route to listing, according to the risk description in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202231 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / INC 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.