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olivLaw · European equity research

TenderHut S.A. THG.WA

Poland · GPW Warszawa · ISIN PLTNDRH00012 · Vertical: Listed companies from Poland

5.32PLN−0.37% · 1 dayClose 04 Nov 2026

TenderHut S.A. is a Polish group offering software outsourcing, LIMS solutions for laboratories and legal services through entities such as SoftwareHut and LegalHut. Revenue from sales fell 18% in 2023, and the group went through a reorganisation that cut costs and included losing control of three start-ups.

At the close of 04 Nov 2026, TenderHut S.A. (THG.WA) stock was 5.32 PLN (−0.37% on the day), with market capitalisation 10.9 m PLN, dividend yield 0.00%, beta 0.01, 52-week range 5.24–6.58 PLN.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
10.9 m PLN
shares as of 31 Dec 2023
P/E (TTM)
unavailable
Diluted EPS TTM -4.93 · TTM to 31 Dec 2023
E/P (TTM)
-92.67%
TTM to 31 Dec 2023
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
0.01
Volatility (1y) 32%
52-week range
5.246.58

Price history

Loading chart…

Technical reading

RSI (14)
42.7
weak (30–45)
Bollinger (20, 2)
5.20 – 5.53
in the lower half of the band · %B 0.36 · band width 6.1%
SMA 50 / 200
5.50 / 5.75
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.07 / -0.07
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−1.8%−0.6%−1.2 pp—
3 months−3.3%−4.2%+0.9 pp—
6 months−9.5%+4.3%−13.9 pp—
Year to date−9.8%+7.5%−17.3 pp—
1 year−17.1%+9.9%−27.1 pp+7.1%
3 years−56.3%+49.8%−106.2 pp+3.3%
5 years−89.3%+42.8%−132.1 pp—
Max drawdown (1y)
−20.4%
12 Nov 2025 → 27 Oct 2026
Max drawdown (5y)
−92.4%
04 Apr 2022 → 13 Jan 2025
Compound annual growth (5y)
−36.0%
EURO STOXX 50 +7.4%

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 year202120222023
Revenue47.3 m67.9 m55.6 m
Revenue YoYunavailable+43.5%−18.1%
Net income4.4 m-10.5 m-10.1 m
Net income YoYunavailable−337.4%unavailable
Diluted EPS2.42-5.14-4.93
Diluted EPS YoYunavailable−312.4%unavailable
net %9.3%-15.5%-18.2%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2023 · 31 Dec 2023

Cash
2.4 m PLN
Financial debt
0 PLN
Net debt
-2.4 m PLN
Equity
21.8 m PLN
Total assets
34.3 m PLN
Debt / equity
0.00x
Current ratio
1.13x
ROE
-35.7%
ROA
-24.7%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (PLN)

Margins

Income statement · PLN

Revenue
2021
47.3 m
2022
67.9 m
2023
55.6 m

esef· 08 May 2024verified

Operating income
2021
3.9 m
2022
1.0 m
2023
-10.5 m

esef· 08 May 2024verified

Depreciation & amortisation
2021
549.0 k
2022
1.0 m
2023
1.1 m

esef· 08 May 2024verified

EBITDA
2021
4.4 m ≈
2022
2.1 m ≈
2023
-9.4 m ≈

esef· 08 May 2024derived

Interest expense
2021
289.0 k
2022
241.0 k
2023
1.3 m

esef· 08 May 2024verified

Pre-tax income
2021
4.3 m
2022
1.9 m
2023
-11.5 m

esef· 08 May 2024verified

Income tax
2021
1.7 m
2022
1.4 m
2023
-1.3 m

esef· 08 May 2024verified

Net income
2021
4.4 m
2022
-10.5 m
2023
-10.1 m

esef· 08 May 2024verified

Diluted EPS
2021
2.42
2022
-5.14
2023
-4.93

esef· 08 May 2024verified

Dividend per share
2021
0.00
2022
0.00
2023
0.00

esef· 08 May 2024derived

Balance sheet · PLN

Cash
2021
16.5 m
2022
7.8 m
2023
2.4 m

esef· 08 May 2024verified

Receivables
2021
14.7 m
2022
18.2 m
2023
11.4 m

esef· 08 May 2024verified

Inventories
2021
60.0 k
2022
10.0 k
2023
10.0 k

esef· 08 May 2024verified

Current assets
2021
31.4 m
2022
28.6 m
2023
13.9 m

esef· 08 May 2024verified

Property, plant & equipment, net
2021
378.0 k
2022
245.0 k
2023
96.0 k

esef· 08 May 2024verified

Goodwill
2021
7.0 m
2022
12.4 m
2023
12.2 m

esef· 08 May 2024verified

Intangibles (excl. goodwill)
2021
10.1 m
2022
3.1 m
2023
1.9 m

esef· 08 May 2024verified

Total assets
2021
52.4 m
2022
47.6 m
2023
34.3 m

esef· 08 May 2024verified

Accounts payable
2021
9.2 m
2022
9.3 m
2023
5.7 m

esef· 08 May 2024verified

Long-term debt
2021
131.0 k
2022
0
2023
0

esef· 08 May 2024verified

Current liabilities
2021
11.8 m
2022
12.0 m
2023
12.3 m

esef· 08 May 2024verified

Total liabilities
2021
12.8 m
2022
12.8 m
2023
12.5 m

esef· 08 May 2024verified

Equity
2021
39.6 m
2022
34.8 m
2023
21.8 m

esef· 08 May 2024verified

Shares outstanding at year end
2021
1.8 m
2022
2.0 m
2023
2.1 m

esef· 08 May 2024derived

Cash flow · PLN

Operating cash flow
2021
4.6 m
2022
-2.6 m
2023
-9.4 m

esef· 08 May 2024verified

Investing cash flow
2021
-5.5 m
2022
-7.2 m
2023
-1.7 m

esef· 08 May 2024verified

Financing cash flow
2021
10.6 m
2022
2.5 m
2023
4.3 m

esef· 08 May 2024verified

Dividends paid
2021
0
2022
0
2023
0

esef· 08 May 2024verified

Computed indicators

Growth

Revenue growth (YoY)
-18.1%
computed by olivLawFY 2023
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-1,100.5%
computed by olivLawFY 2023
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
-16.8%
computed by olivLawFY 2023
EBIT margin
-18.8%
computed by olivLawFY 2023
Net margin
-18.2%
computed by olivLawFY 2023
FCF margin
unavailable
input data missing

Returns

ROE
-36.8%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROA
-24.7%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROIC
-37.9%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROCE
-47.7%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-2.4 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2023
Interest coverage
-8.1x
computed by olivLawFY 2023

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 31 Dec 2023
Quick ratio
1.1x
computed by olivLawbalance sheet at 31 Dec 2023
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2023

Cash

Operating cash flow
-9.4 m PLN
computed by olivLawFY 2023
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
97 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
10.9 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Enterprise value
8.5 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-92.7%
computed by olivLawFY 2023
P/B
0.5x
computed by olivLawbalance sheet at 31 Dec 2023
P/S
0.2x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
0.2x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
0.0%
computed by olivLawFY 2023
Shareholder yield (distributions)
0.0%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

5.32 PLN

04 Nov 2026Source: olivLaw, closing series

Market cap: 10.9 m PLN

Key indicators

Market capitalisation
10.9 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
P/E (TTM)
unavailable
insufficient data
P/B
0.5x
computed by olivLawbalance sheet at 31 Dec 2023
EV/EBITDA
unavailable
insufficient data
ROE
-36.8%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Net margin
-18.2%
computed by olivLawFY 2023
Revenue growth (YoY)
-18.1%
computed by olivLawFY 2023
Dividend yield
0.0%
computed by olivLawFY 2023

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 31 Dec 2023
Latest balance sheet date: 31 Dec 2023
Share count (cover of the latest filing), as of: 31 Dec 2023
Source: esefpublished 08 May 2024
verified 87derived 6

The data is older than the freshness threshold.

Score by group

33% · 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

    FactorValueScoreWeight used
    ROIC · Quality-37.9%0 (vs peers)31%
    Net margin · Quality-18.2%10 (vs peers)19%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet-8.1x0 (on a fixed band)19%
    Current ratio · Balance sheet1.1x28 (on a fixed band)13%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)19%
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet11/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality4/100 · 2/3 factors with a value
    • Returns· partial0/100 · 1/2 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

    TENDERHUT S.A. (THG.WA). Latest full fiscal year: 2023; data up to 2023-12-31.

    Figures computed from the financial statements: revenue 55.6 m PLN in 2023; YoY growth -18.1%; net margin -18.2%; ROE -36.8%.

    Valuation cannot be computed from the available data.

    Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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

    • ROIC: -37.9%
    • Net margin: -18.2%
    • Interest coverage: -8.1x
    • Current ratio: 1.1x
    • Shareholder yield (distributions): 0.0%

    Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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

    P/E
    —
    vertical median 12.1x
    EV/EBITDA
    —
    vertical median —
    P/S
    0.2x
    vertical median 1.3x
    below median (−84.7%)
    P/B
    0.5x
    vertical median 1.0x
    below median (−48.5%)
    ROE
    -36.8%
    vertical median 8.9%
    below median (−512.5%)
    Net margin
    -18.2%
    vertical median 2.8%
    below median (−744.2%)
    EBIT margin
    -18.8%
    vertical median 6.3%
    below median (−397.5%)
    Revenue YoY
    -18.1%
    vertical median 9.9%
    below median (−283.7%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    0.0%
    vertical median 3.6%
    below median (−100.0%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BDX.WABudimex Spółka Akcyjna19.3 bn36.141.5%6.2%+8.9%+21% / +36%
    ACP.WAAsseco Poland S.A.19.2 bn38.17.8%2.9%+19.8%+19% / +202%
    BFT.WABenefit Systems Spółka Akcyjna18.1 bn131.120.8%7.2%+99.9%+74% / +221%
    ASE.WAAsseco South Eastern Europe Spółka Akcyjna3.7 bn19.818.1%12.0%+36.5%+7% / +52%
    1AT.WAAtal Spółka Akcyjna2.3 bn6.429.8%22.2%−1.3%+7% / +8%
    ATT.WAGrupa Azoty Spółka Akcyjna1.7 bn—-37.9%-20.8%−45.1%−10% / −22%
    ARH.WAArchicom Spółka Akcyjna1.3 bn12.115.9%22.1%−21.6%+13% / +89%
    ACT.WAAction S.A.997.4 m27.18.3%1.5%+6.1%+70% / +170%
    BRS.WABoryszew Spółka Akcyjna889.2 m8.36.3%1.6%+8.4%−24% / −26%
    AGO.WAAgora Spółka Akcyjna601.9 m—-14.2%-9.2%+15.2%+40% / +21%
    AMB.WAAmbra S.A.468.0 m7.616.4%7.0%+12.9%+5% / −33%
    ATC.WAArctic Paper Spółka Akcyjna357.2 m1.416.3%7.0%−27.5%−38% / −75%
    ATG.WA"atm Grupa Spółka Akcyjna"299.3 m11.18.9%11.6%−22.0%−11% / +3%
    ART.WAArtifex Mundi S.A.226.6 m17.435.7%33.3%+51.9%+46% / +12%
    APN.WAAPLISENS Spółka Akcyjna194.6 m9.511.4%13.8%+21.8%−1% / −21%
    BMC.WABumech Spółka Akcyjna155.7 m—-3.4%-3.9%−40.0%−37% / −49%
    ALI.WAALTUS Spolka Akcyjna153.9 m16.87.9%16.9%+30.3%+34% / +48%
    BBT.WABoomBit Spółka Akcyjna71.4 m4.520.7%6.4%−16.5%−19% / −57%
    BBD.WABbi Development S.A.54.1 m1.136.0%208.3%+50.2%+1% / +9%
    ALG.WAAll in! Games Spółka Akcyjna39.8 m——-156.9%−72.2%−27% / −56%
    BMX.WABioMaxima Spółka Akcyjna37.0 m63.21.2%1.3%−67.5%−29% / −45%
    06N.WAMagna Polonia Spółka Akcyjna31.3 m0.5115.4%964.7%+13.0%−28% / −42%
    BCM.WABETACOM Spółka Akcyjna26.7 m17.68.0%0.9%+21.3%+8% / +4%
    AWM.WAAirway Medix Spółka Akcyjna14.3 m—-25.8%-117,400.0%−97.7%−23% / −43%
    THG.WATenderhut S.A.10.9 m—-36.8%-18.2%−18.1%−18% / −45%

    1- and 3-year price returns: for THG.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.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (PLN)

    Estimated priceBearBaseBull
    1 years
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    3 years
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    5 years
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    insufficient data
    Total return unavailable · Per year unavailable
    What moves the 3-year price the most

      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

      TenderHut S.A. is a Polish group offering software outsourcing, LIMS solutions for laboratories and legal services through entities such as SoftwareHut and LegalHut 1. Revenue from sales fell 18% in 2023 1, and the group went through a reorganisation that cut costs and included losing control of three start-ups 1.

      SWOT

      Strengths

      • A diversified portfolio of IT, legal and laboratory solution services, which may reduce dependence on a single business line 1.
      • International presence through subsidiaries in several countries, which could support access to clients in different regions 1.
      • A leaner cost base after the 2023 reorganisation, which could improve results if revenue stabilises 1.

      Weaknesses

      • A net loss and falling revenue in 2023 point to limited ability to generate profit 1.
      • Low cash and rising debt leave the group exposed to funding delays 1.
      • Reliance on asset sales and share issues to support liquidity 1.

      Opportunities

      • Closing foreign entities could cut administrative costs, with activity continuing through Polish subsidiaries 1.
      • Consolidating the Brainhint stake could give full control of a software asset 1.
      • Own digital products could generate recurring revenue if developed further 1.

      Threats

      • Continued revenue decline could force further cost cuts or asset sales 1.
      • Dependence on the 2024 financial plan exposes results to execution risk 1.
      • Exchange rate moves between the zloty and foreign currencies may affect reporting of overseas entities 1.

      Risks

      • Going concern and liquidityhigh

        Management noted that going-concern risks exist but considers liquidity risk not significant 1.

      • Rising debthigh

        Higher borrowings could raise financing costs and pressure cash flows 1.

      • Loss of control over start-upsmedium

        Deconsolidation could limit benefits from the development of these entities 1.

      • Execution of the reorganisationmedium

        Closing the Danish and Chinese subsidiaries could bring unexpected costs 1.

      • Currency risklow

        Movements in euro, dollar, sterling and renminbi rates could affect consolidated results 1.

      Investment thesis

      What would need to be true (bull case)

      • If cost reductions hold and revenue stabilises, margins could gradually recover 1.
      • The share issue completed in April 2024 could strengthen short-term liquidity 1.
      • Full consolidation of Brainhint could add a more valuable software asset to the portfolio 1.

      What would break the thesis

      • The 18% revenue fall in 2023 could signal weaker demand for the group's services 1.
      • If debt keeps rising, cash pressure could become hard to manage 1.
      • Selling assets to fund operations could reduce long-term growth potential 1.

      What to watch

      • Trend in revenue and net loss versus 20232024
      • Cash and borrowings level after the share issueQ1 2025
      • Completion of closing the Danish and Chinese subsidiaries2024
      • Outcome of stage III of the Brainhint acquisition2024

      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

      The TenderHut group operates as a holding with operating entities in Poland, Denmark, the US and China, grouped into three lines: software outsourcing services, LIMS/LIS/LES solutions for laboratories, and venture building together with own digital products 1. The parent is TenderHut S.A., subsidiaries are fully consolidated, while Nordic Tech House AB and Stockambit S.A. are accounted for under the equity method 1. For 2023 the group reported a net loss of 11,272 thousand zł 1.

      In 2023 the company cut its offices from 13 to 6, reduced staff and subcontracting costs and lost control over Holo4Med S.A., Holo4Labs S.A. and Zonifero S.A., becoming a technology partner to them 1. SoftwareHut Nordic APS and SolutionForLabs Guangzhou Limited are due to close in 2024, with activity continuing through the Polish entities 1.

      Funding remains under pressure: cash at 31 December 2023 was 2,363 thousand zł, while loans and borrowings rose to 5,734 thousand zł 1. Management noted a share issue completed in April 2024 and the sale of unneeded assets as funding sources 1.

      Segments

      Software outsourcing services

      This line covers software development for clients through SoftwareHut Sp. z o.o., SoftwareHut LLC and other programming entities such as Evertop, Intelilex and Kiss Digital 1.

      LIMS/LIS/LES solutions

      Solution4Labs and SolutionForLabs provide laboratory process optimisation services; this line had its closest links to Holo4Labs and Holo4Med, which later left the consolidation perimeter 1.

      Venture building and digital products

      The group develops own products and holds start-ups such as Grow Uperion, Brainhint and Stockambit, some with varying control stakes 1.

      Market context

      The group's activity takes place in IT outsourcing markets in Central and Northern Europe, with presence in the US and China through dedicated subsidiaries 1. The source document gives no data on market size or shares.

      Demand for software development services depends on corporate client budgets, and for laboratory solutions on investment in laboratory digitalisation 1. The 18% fall in revenue in 2023 points to pressure on that demand 1.

      Trends

      • Lower operating coststailwind

        The company cut office, staff and marketing costs, which could support margins if revenue stabilises 1.

      • Remote workmixed

        The move to remote work allowed smaller office space but could affect how the group collaborates with clients 1.

      • Falling sales revenueheadwind

        Revenue fell in 2023, and if the trend continues liquidity pressure could increase 1.

      • Sale of start-up stakesmixed

        Selling stakes was used as a funding source, which could reduce assets but brings in cash 1.

      Competitive position

      The source document does not name competitors. The IT outsourcing and laboratory software markets are fragmented, and the group likely competes with local and international software development firms 1.

      The group's position depends on keeping clients in a competitive market and holding stable prices; the source gives no market share data 1.

      • IT outsourcing firms

        The source does not name competitors; these are software development firms in Poland and the region.

      • Laboratory software providers

        LIMS vendors comparable to the Solution4Labs line, not identified in the source.

      • Venture building firms

        Investors and builders of start-ups the group could compete with for projects.

      • Social finance platforms

        Competitors of Stockambit, in which the company holds a minority stake.

      News & filings

      In the press

      No news in our archive over the last 180 days.

      Annual reports (ESEF)

      Sources

      1. [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / TenderHut 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.