olivLaw · European equity research
Artifex Mundi S.A. ART.WA
Poland · GPW Warszawa · ISIN PLARTFX00011 · Vertical: Listed companies from Poland
Artifex Mundi S.A. is a Polish video game developer that earns revenue from producing and publishing games, mainly puzzle and adventure titles. In fiscal 2021 the group reported revenue of 39.08 mln PLN, up from the prior year, pointing to a recovery after a weaker period. The company's financial structure is relatively solid, with a high share of equity financing.
At the close of 04 Nov 2026, Artifex Mundi S.A. (ART.WA) stock was 19.40 PLN (+1.36% on the day), with market capitalisation 231.4 m PLN, P/E 17.8 on diluted EPS of 1.09 PLN over the last 12 months, beta 0.20, 52-week range 11.52–24.40 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)
- 41.3
- weak (30–45)
- Bollinger (20, 2)
- 18.75 – 21.22
- in the lower half of the band · %B 0.26 · band width 12.4%
- SMA 50 / 200
- 20.63 / 19.83
- mixed trend
- MACD (12, 26, 9)
- -0.42 / -0.37
- 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 | −5.4% | −1.5% | −3.9 pp | — |
| 3 months | −7.8% | −5.3% | −2.6 pp | — |
| 6 months | −13.2% | +4.7% | −17.9 pp | — |
| Year to date | +45.9% | +6.0% | +39.9 pp | — |
| 1 year | +39.6% | +8.2% | +31.4 pp | +6.3% |
| 3 years | +12.8% | +47.2% | −34.4 pp | +3.0% |
| 5 years | +70.2% | +41.8% | +28.4 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 8.7, median 10.5, max 12.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | 25.7 m | 39.1 m |
| Revenue YoY | unavailable | +51.9% |
| Net income | 8.2 m | 13.0 m |
| Net income YoY | unavailable | +57.7% |
| Diluted EPS | 0.69 | 1.09 |
| Diluted EPS YoY | unavailable | +58.0% |
| net % | 32.0% | 33.3% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 17.5 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 43.3 m PLN
- Total assets
- 50.7 m PLN
- Debt / equity
- unavailable
- Current ratio
- 8.22x
- ROE
- 35.7%
- ROA
- 30.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 25.7 m | 39.1 m | esef· 05 Apr 2022verified |
| Cost of revenue | 9.9 m | 9.7 m | esef· 05 Apr 2022verified |
| Gross profit | 15.8 m | 29.4 m | esef· 05 Apr 2022verified |
| Operating income | 10.0 m | 15.3 m | esef· 05 Apr 2022verified |
| Interest expense | 5.3 k | 807.8 k | esef· 05 Apr 2022verified |
| Pre-tax income | 10.2 m | 14.7 m | esef· 05 Apr 2022verified |
| Income tax | 2.0 m | 1.7 m | esef· 05 Apr 2022verified |
| Net income | 8.2 m | 13.0 m | esef· 05 Apr 2022verified |
| Diluted EPS | 0.69 | 1.09 | esef· 05 Apr 2022verified |
Balance sheet · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 11.0 m | 17.5 m | esef· 05 Apr 2022verified |
| Receivables | 4.2 m | 5.2 m | esef· 05 Apr 2022verified |
| Current assets | 27.8 m | 44.7 m | esef· 05 Apr 2022verified |
| Property, plant & equipment, net | 3.3 m | 2.4 m | esef· 05 Apr 2022verified |
| Intangibles (excl. goodwill) | 187.9 k | 104.5 k | esef· 05 Apr 2022verified |
| Total assets | 35.7 m | 50.7 m | esef· 05 Apr 2022verified |
| Current liabilities | 3.6 m | 5.4 m | esef· 05 Apr 2022verified |
| Total liabilities | 6.3 m | 7.4 m | esef· 05 Apr 2022verified |
| Equity | 29.4 m | 43.3 m | esef· 05 Apr 2022verified |
| Shares outstanding at year end | 11.9 m | 11.9 m | esef· 05 Apr 2022derived |
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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 231.4 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 33.3% | 95 (vs peers) | 23% |
| 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 | 19.0x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 8.2x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 17.8x | 37 (vs peers) | 38% |
| 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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial95/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial37/100 · 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
Artifex Mundi S.A. (ART.WA). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 39.1 m PLN in 2021; YoY growth 51.9%; net margin 33.3%; ROE 35.7%.
The estimated value range is 6.95–22.01 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 12.13 PLN, the price of 19.40 PLN leaves a potential of -37.5% (value / price − 1) and a margin of safety of -60.0% (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: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 33.3%
- Interest coverage: 19.0x
- Current ratio: 8.2x
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.7 bn | 39.2 | 7.8% | 2.9% | +19.8% | +22% / +211% |
| BDX.WABudimex Spółka Akcyjna | 19.2 bn | 36.0 | 41.5% | 6.2% | +8.9% | +20% / +36% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.9 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 15.5 bn | 22.1 | 17.0% | 3.9% | +18.0% | +94% / +87% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.8 bn | 20.2 | 18.1% | 12.0% | +36.5% | +9% / +55% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −16% / −27% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 11.9 | 15.9% | 22.1% | −21.6% | +11% / +85% |
| ACT.WAAction S.A. | 1.1 bn | 28.7 | 8.3% | 1.5% | +6.1% | +80% / +186% |
| BRS.WABoryszew Spółka Akcyjna | 887.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −27% |
| AGO.WAAgora Spółka Akcyjna | 585.6 m | — | -14.2% | -9.2% | +15.2% | +36% / +17% |
| AMB.WAAmbra S.A. | 463.4 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 386.3 m | 1.6 | 16.3% | 7.0% | −27.5% | −33% / −73% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 301.0 m | 11.1 | 8.9% | 11.6% | −22.0% | −10% / +3% |
| ART.WAArtifex Mundi S.A. | 231.4 m | 17.8 | 35.7% | 33.3% | +51.9% | +49% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 196.8 m | 9.6 | 11.4% | 13.8% | +21.8% | +0% / −20% |
| BMC.WABumech Spółka Akcyjna | 159.1 m | — | -3.4% | -3.9% | −40.0% | −35% / −48% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BBT.WABoomBit Spółka Akcyjna | 72.4 m | 4.6 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 51.9 m | 1.0 | 36.0% | 208.3% | +50.2% | −4% / +5% |
| ALG.WAAll in! Games Spółka Akcyjna | 38.1 m | — | — | -156.9% | −72.2% | −30% / −58% |
| BMX.WABioMaxima Spółka Akcyjna | 37.4 m | 63.8 | 1.2% | 1.3% | −67.5% | −29% / −44% |
| 06N.WAMagna Polonia Spółka Akcyjna | 32.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −26% / −40% |
| BCM.WABETACOM Spółka Akcyjna | 26.4 m | 17.4 | 8.0% | 0.9% | +21.3% | +6% / +3% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for ART.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 | 12.68 Total return -35% · Per year -35% | 22.31 Total return 15% · Per year 15% | 33.47 Total return 73% · Per year 73% |
| 3 years | 15.04 Total return -22% · Per year -8% | 29.50 Total return 52% · Per year 15% | 48.19 Total return 148% · Per year 35% |
| 5 years | 17.84 Total return -8% · Per year -2% | 39.02 Total return 101% · Per year 15% | 69.39 Total return 258% · Per year 29% |
- Exit P/E± 7.38
- Net margin± 5.16
- Annual revenue growth± 3.85
- Annual dilution± 0.43
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
Artifex Mundi S.A. is a Polish video game developer that earns revenue from producing and publishing games, mainly puzzle and adventure titles. In fiscal 2021 the group reported revenue of 39.08 mln PLN, up from the prior year, pointing to a recovery after a weaker period. The company's financial structure is relatively solid, with a high share of equity financing 1.
SWOT
Strengths
- Solid financial structure with high equity relative to total assets.
- Revenue growth in fiscal 2021 compared with the prior year.
- Low financial debt relative to EBITDA.
Weaknesses
- Dependence on capitalised costs of games in development, which can be impaired.
- Revenue concentrated mainly in one segment of activity.
- Limited data on competition and market share in the documents analysed.
Opportunities
- Launching new games could expand the revenue base.
- Reinvesting cash flows in development could support growth.
- Expansion into new markets could diversify revenue sources.
Threats
- Exchange rate changes can affect financial results.
- Intense competition in the games industry can reduce revenue.
- Shifts in player preferences could reduce interest in existing titles.
Risks
- Impairment of development costshigh
Capitalised game costs may need impairment if titles do not generate the expected revenue, which would affect results.
- Currency riskmedium
Receivables and liabilities denominated in foreign currency can produce exchange differences that affect profit.
- Concentration of activitymedium
Reliance on one type of product can make revenue vulnerable to market changes.
- Intense competitionmedium
The video game industry has many competitors, which can pressure prices and market share.
- Dependence on skilled stafflow
Game development relies on a relatively small number of employees, and losing key staff could affect projects.
Investment thesis
What would need to be true (bull case)
- If the fiscal 2021 revenue becomes a stable trend, the group could have a stronger financial base for new releases.
- The high equity share and low financial debt give flexibility against operational shocks.
- Capitalising development costs can support accounting profit as long as games generate revenue.
What would break the thesis
- Capitalised game assets form a large part of the balance sheet, and an impairment could sharply reduce profit.
- Revenue depends on the success of a limited number of titles, making results volatile from year to year.
- Currency exposure and intense competition could pressure margins over the medium term.
What to watch
- Trend in revenue and net result compared with fiscal 20212022
- Level of capitalised games in development and any impairments2022
- Exchange differences recognised in profit2022
- New game releases and their commercial performancenext annual report
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 Artifex Mundi group, based in Poland, operates through the parent Artifex Mundi S.A. and several subsidiaries, two of which are in liquidation. Revenue comes from developing and selling video games, and at 31 December 2021 the group had on average 60 employees, mainly intellectual-work staff. The financial report shows that activity depends on game development costs, which are capitalised on the balance sheet and amortised later 1.
The shareholder base includes several investment and pension funds holding significant stakes, and transactions with related parties, including members of management, are reported as being carried out on market terms 1.
Segments
Production and accounting services for subsidiaries
The parent provides accounting services and cooperation in game production to its subsidiaries, which is part of the group model. These intra-group transactions are eliminated from the consolidated statements, which limits separate visibility of this flow 1.
Other activities
The remaining activity relates to subsidiaries in liquidation, which did not contribute materially to consolidated results in fiscal 2021 and form a residual part of the group 1.
Market context
Market risks include exposure to the exchange rate, since part of receivables and liabilities is denominated in foreign currency, and the reported sensitivity shows that 10% currency moves could affect financial results 1.
Trends
- Growing game revenuetailwind
Group revenue rose in fiscal 2021 compared with 2020, suggesting recent releases supported activity. If this trend holds, it could support the capitalisation of development costs with better coverage.
- Rising capitalised development costsmixed
Capitalisation of games in development increased significantly, which defers the recognition of expenses in profit. This can improve short-term accounting profit but raises the risk of impairment if games do not generate the expected revenue.
- Exchange rate fluctuationsheadwind
Currency exposure of receivables and some liabilities can produce exchange differences that affect financial results. The effect depends on the movement of currencies in which revenues are collected.
- Strengthening financial structuretailwind
The ratio of equity to assets improved and financial debt declined relative to EBITDA, suggesting a better funding capacity. If this continues, financial flexibility could increase.
Competitive position
The analysed sources do not explicitly name the company's competitors, so this section relies on general industry information. Competition in mobile and desktop video games is intense, and the group's relative position cannot be measured with the documents available.
Competitive advantage depends on the ability to release games that attract players and to manage development costs, since capitalised assets form an important part of the balance sheet.
- Video game industry competitors
The sources do not name competitors; no ticker can be identified from the documents analysed.
- Independent puzzle game studios
General category of competitors, with no names given in the sources.
- Mobile game developers
General category; the analysed sources contain no data on them.
- Adventure game publishers
General category, not precisely identified in the documents.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / Artifex Mundi S.A. · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.