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olivLaw · European equity research

Atende S.A. ATD.WA

Poland · GPW Warszawa · ISIN PLATMSI00016 · Vertical: Listed companies from Poland

4.26PLN−9.75% · 1 dayClose 05 Nov 2026

Atende is a Polish IT group that develops and integrates software and services for public and private sector clients, with net debt turning negative at the end of 2022. The 2022 annual report shows a stronger cash position and EBITDA, which makes the group's financial situation worth close reading for those following digital transformation in Poland.

At the close of 05 Nov 2026, Atende S.A. (ATD.WA) stock was 4.26 PLN (−9.75% on the day), with beta 0.43, 52-week range 2.60–5.74 PLN.

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

Market cap
unavailable
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
unavailable
Beta (2y)
0.43
Volatility (1y) 54%
52-week range
2.605.74

Price history

Loading chart…

Technical reading

RSI (14)
36.7
weak (30–45)
Bollinger (20, 2)
4.27 – 5.62
below the lower band · %B -0.01 · band width 27.2%
SMA 50 / 200
4.71 / 3.80
mixed trend
MACD (12, 26, 9)
-0.11 / -0.01
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−21.1%−0.6%−20.5 pp—
3 months+8.7%−4.2%+12.8 pp—
6 months+27.9%+4.3%+23.6 pp—
Year to date+63.8%+7.5%+56.3 pp—
1 year+36.1%+9.9%+26.2 pp+7.1%
3 years+26.0%+49.8%−23.8 pp+3.3%
5 years−12.2%+42.8%−55.0 pp—
Max drawdown (1y)
−25.8%
07 Oct 2026 → 05 Nov 2026
Max drawdown (5y)
−54.6%
10 Nov 2021 → 11 Dec 2024
Compound annual growth (5y)
−2.6%
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

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 year20212022
Revenue205.3 m225.6 m
Revenue YoYunavailable+9.9%
Net income-2.3 m1.3 m
Net income YoYunavailableunavailable
Diluted EPSunavailableunavailable
Diluted EPS YoYunavailableunavailable
net %-1.1%0.6%
Free cash flowunavailableunavailable

Balance sheet & financial health

Fiscal year 2022 · 31 Dec 2022

Cash
17.2 m PLN
Financial debt
558.0 k PLN
Net debt
-16.6 m PLN
Equity
75.1 m PLN
Total assets
164.0 m PLN
Debt / equity
0.01x
Current ratio
1.44x
ROE
1.8%
ROA
0.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (PLN)

Margins

Income statement · PLN

Revenue
2021
205.3 m
2022
225.6 m

esef· 04 May 2023verified

Cost of revenue
2021
157.1 m
2022
171.5 m

esef· 04 May 2023verified

Gross profit
2021
48.2 m
2022
54.0 m

esef· 04 May 2023verified

Operating income
2021
148.0 k
2022
3.0 m

esef· 04 May 2023verified

Interest expense
2021
1.2 m
2022
1.4 m

esef· 04 May 2023verified

Pre-tax income
2021
-1.0 m
2022
2.3 m

esef· 04 May 2023verified

Income tax
2021
181.0 k
2022
534.0 k

esef· 04 May 2023verified

Net income
2021
-2.3 m
2022
1.3 m

esef· 04 May 2023verified

Balance sheet · PLN

Cash
2021
9.7 m
2022
17.2 m

esef· 04 May 2023verified

Inventories
2021
4.8 m
2022
11.3 m

esef· 04 May 2023verified

Current assets
2021
116.9 m
2022
108.6 m

esef· 04 May 2023verified

Property, plant & equipment, net
2021
18.1 m
2022
17.0 m

esef· 04 May 2023verified

Goodwill
2021
2.6 m
2022
2.6 m

esef· 04 May 2023verified

Intangibles (excl. goodwill)
2021
18.8 m
2022
20.1 m

esef· 04 May 2023verified

Total assets
2021
177.9 m
2022
164.0 m

esef· 04 May 2023verified

Long-term debt
2021
1.3 m
2022
558.0 k

esef· 04 May 2023verified

Current liabilities
2021
85.3 m
2022
75.6 m

esef· 04 May 2023verified

Equity
2021
73.3 m
2022
75.1 m

esef· 04 May 2023verified

Cash flow · PLN

Operating cash flow
2021
-24.5 m
2022
15.2 m

esef· 04 May 2023verified

Investing cash flow
2021
-5.7 m
2022
-5.6 m

esef· 04 May 2023verified

Financing cash flow
2021
-50.8 m
2022
-2.1 m

esef· 04 May 2023verified

Dividends paid
2021
36.3 m
2022
0

esef· 04 May 2023verified

Computed indicators

Growth

Revenue growth (YoY)
9.9%
computed by olivLawFY 2022
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
1,928.4%
computed by olivLawFY 2022
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
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
24.0%
computed by olivLawFY 2022
EBITDA margin
unavailable
input data missing
EBIT margin
1.3%
computed by olivLawFY 2022
Net margin
0.6%
computed by olivLawFY 2022
FCF margin
unavailable
input data missing

Returns

ROE
1.9%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROA
0.8%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROIC
3.8%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROCE
3.4%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-16.6 m PLN
computed by olivLawbalance sheet at 31 Dec 2022
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2022
Interest coverage
2.2x
computed by olivLawFY 2022

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2022
Quick ratio
1.3x
computed by olivLawbalance sheet at 31 Dec 2022
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2022

Cash

Operating cash flow
15.2 m PLN
computed by olivLawFY 2022
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
17 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%
  • valuation methods computed: 0 of at least 1

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

Closing price

4.26 PLN

05 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
1.9%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Net margin
0.6%
computed by olivLawFY 2022
Revenue growth (YoY)
9.9%
computed by olivLawFY 2022
Dividend yield
unavailable
input data missing

Coverage and freshness

22/37 reporting lines present
Latest full fiscal year: 2022
Latest reported period: 31 Dec 2022
Latest balance sheet date: 31 Dec 2022
Source: esefpublished 04 May 2023
verified 50

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%; valuation methods computed: 0 of at least 1

    FactorValueScoreWeight used
    ROIC · Quality3.8%7 (vs peers)38%
    Net margin · Quality0.6%23 (vs peers)23%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet2.2x10 (on a fixed band)23%
    Current ratio · Balance sheet1.4x53 (on a fixed band)15%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

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

    Score groups

    • Balance sheet27/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality13/100 · 2/3 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

    ATENDE SPÓŁKA AKCYJNA (ATD.WA). Latest full fiscal year: 2022; data up to 2022-12-31.

    Figures computed from the financial statements: revenue 225.6 m PLN in 2022; YoY growth 9.9%; net margin 0.6%; ROE 1.9%.

    Valuation cannot be computed from the available data.

    Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% 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: 3.8%
    • Net margin: 0.6%
    • Interest coverage: 2.2x

    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, 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

    P/E
    —
    vertical median 14.5x
    EV/EBITDA
    —
    vertical median —
    P/S
    —
    vertical median 1.2x
    P/B
    —
    vertical median 1.0x
    ROE
    1.9%
    vertical median 11.4%
    below median (−83.5%)
    Net margin
    0.6%
    vertical median 2.9%
    below median (−79.8%)
    EBIT margin
    1.3%
    vertical median 6.3%
    below median (−79.0%)
    Revenue YoY
    9.9%
    vertical median 10.5%
    below median (−6.1%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    —
    vertical median 2.8%

    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%
    CAR.WAInter Cars Spółka Akcyjna14.8 bn21.217.0%3.9%+18.0%+86% / +79%
    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%

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

    Atende is a Polish IT group that develops and integrates software and services for public and private sector clients, with net debt turning negative at the end of 2022. The 2022 annual report shows a stronger cash position and EBITDA, which makes the group's financial situation worth close reading for those following digital transformation in Poland. 1

    SWOT

    Strengths

    • The group ended 2022 with a positive cash position and negative net debt, giving it financial flexibility 1.
    • The structure of specialised subsidiaries allows coverage of distinct technology niches, from hardware components to proprietary software products 1.
    • Equity improved over the previous year, strengthening the group's internal funding capacity 1.

    Weaknesses

    • The business depends on prompt collection of receivables, and part of them are overdue or considered hard to recover 1.
    • Trade payables and leasing obligations make up a large share of liabilities, and short-term maturities require attention 1.
    • Management composition changed several times in the period reviewed, which can affect strategic continuity 1.

    Opportunities

    • If public digitalisation projects expand, the group could leverage its systems integration experience for new contracts 1.
    • The specialised subsidiaries' proprietary products could become a source of recurring revenue if sold more widely 1.
    • A more focused portfolio after the Atende Medica sale could make it easier to invest in core areas 1.

    Threats

    • Dependence on public contracts can expose the group to payment delays and budget changes, affecting liquidity 1.
    • Competition from large integrators could erode margins on standardised projects 1.
    • Credit risk linked to clients in difficulty could lead to impairment losses if conditions worsen 1.

    Risks

    • Liquidity riskmedium

      The group monitors the risk of insufficient funds through periodic liquidity planning, but short-term debt maturities could pressure cash if collections are delayed 1.

    • Customer credit riskmedium

      Part of receivables is overdue, and non-recovery risk could rise if clients face financial difficulties 1.

    • Dependence on individual projectslow

      Revenue is tied to multi-element contracts with delivery deadlines; delays or scope changes can affect a period's result 1.

    • Management and governance changeslow

      Management and supervisory board terms expire in 2023, and recent composition changes could influence strategic continuity 1.

    • Related-party relationshipslow

      The controlling shareholder and key persons have links to affiliated entities, and their decisions could warrant closer investor attention 1.

    Investment thesis

    What would need to be true (bull case)

    • The net cash position and rising EBITDA give the group a solid financial base to fund development 1.
    • If public sector digitalisation continues, the group's integration experience could generate new and repeatable contracts 1.
    • A more focused portfolio after the Atende Medica sale could improve operating efficiency 1.

    What would break the thesis

    • A large volume of overdue receivables could reduce available cash if collections keep lagging 1.
    • Dependence on public contracts and budgets could produce volatility in the group's revenue 1.
    • Frequent management changes could affect medium-term strategy execution 1.

    What to watch

    • Development of trade receivables and overdue collections2023
    • Renewal of the management and supervisory board2023
    • Evolution of EBITDA and the net cash positionnext annual report
    • Impact of new IFRS standards on the financial statements2023

    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 Atende group consists of the parent Atende S.A. and several specialised subsidiaries, including Atende Industries, TrustIT, Codeshine, A2 Customer Care, OmniChip and Phoenix Systems, as detailed in the group structure note 1. Revenue comes from contracts with customers, recognised as control of goods or services passes, typically under multi-element contracts that combine design, equipment supply, installation and post-implementation services 1. In 2021 the group sold its 69.91% stake in Atende Medica, with the gain booked in other operating income 1.

    Capital management aims to keep a good credit rating and solid capital ratios, and the group uses interest-bearing debt only to optimise its capital structure and cost 1. The company paid no dividend in 2022 1.

    Segments

    IT services and systems integration

    The core activity consists of implementing software and hardware solutions under multi-element contracts covering design, delivery, installation, training and support 1.

    Proprietary products and solutions

    Specialised subsidiaries such as Codeshine or OmniChip develop components with their own intellectual property, whose share of revenue is not broken out in the source reviewed 1.

    Market context

    The Polish IT services market is only indirectly described in the report, through the public and private sector clients and digitalisation projects the group implements 1. The balance sheet structure shows the group depends on timely collection of trade receivables, which make up a large part of assets 1.

    Trends

    • Public sector digitalisationtailwind

      Digital transformation projects in the public sector could support demand for systems integration, if public funding remains available; the source does not quantify this demand 1.

    • Cost pressure and liquidityheadwind

      Rising operating costs and long collection periods could strain liquidity, particularly on projects with staggered payments 1.

    • Accounting standard changesmixed

      New IFRS standards, such as IFRS 17 or the IAS 1 amendments, carry accounting impacts that the group does not expect to be significant 1.

    • Portfolio reorganisation of subsidiariesmixed

      The sale of Atende Medica and the narrowing of the extended management board could simplify the group, but structural changes can affect comparability of results 1.

    Competitive position

    The source reviewed does not explicitly name the group's competitors, so the competitive landscape must be inferred from the services offered 1. Atende probably competes with Polish IT integrators and international digital services firms active in the same public and private sectors 1.

    • Polish IT integrators

      Local firms delivering similar systems integration projects for the public sector, not named in the source reviewed.

    • International digital services providers

      Global consulting and integration firms that could compete for large projects, not named in the source.

    • Specialised software developers

      Firms developing proprietary products similar to those of the specialised subsidiaries, not named in the source.

    • Public administration solution providers

      Operators offering systems to public administration that may compete in tenders, not named in the source.

    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 2022-12-31 (ESEF) · SEC / Atende S.A. · 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.