olivLaw · European equity research
Atende S.A. ATD.WA
Poland · GPW Warszawa · ISIN PLATMSI00016 · Vertical: Listed companies from Poland
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.
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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical 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 | — |
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 |
|---|---|---|
| Revenue | 205.3 m | 225.6 m |
| Revenue YoY | unavailable | +9.9% |
| Net income | -2.3 m | 1.3 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -1.1% | 0.6% |
| Free cash flow | unavailable | unavailable |
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
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 205.3 m | 225.6 m | esef· 04 May 2023verified |
| Cost of revenue | 157.1 m | 171.5 m | esef· 04 May 2023verified |
| Gross profit | 48.2 m | 54.0 m | esef· 04 May 2023verified |
| Operating income | 148.0 k | 3.0 m | esef· 04 May 2023verified |
| Interest expense | 1.2 m | 1.4 m | esef· 04 May 2023verified |
| Pre-tax income | -1.0 m | 2.3 m | esef· 04 May 2023verified |
| Income tax | 181.0 k | 534.0 k | esef· 04 May 2023verified |
| Net income | -2.3 m | 1.3 m | esef· 04 May 2023verified |
Balance sheet · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 9.7 m | 17.2 m | esef· 04 May 2023verified |
| Inventories | 4.8 m | 11.3 m | esef· 04 May 2023verified |
| Current assets | 116.9 m | 108.6 m | esef· 04 May 2023verified |
| Property, plant & equipment, net | 18.1 m | 17.0 m | esef· 04 May 2023verified |
| Goodwill | 2.6 m | 2.6 m | esef· 04 May 2023verified |
| Intangibles (excl. goodwill) | 18.8 m | 20.1 m | esef· 04 May 2023verified |
| Total assets | 177.9 m | 164.0 m | esef· 04 May 2023verified |
| Long-term debt | 1.3 m | 558.0 k | esef· 04 May 2023verified |
| Current liabilities | 85.3 m | 75.6 m | esef· 04 May 2023verified |
| Equity | 73.3 m | 75.1 m | esef· 04 May 2023verified |
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%
- 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
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
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.8% | 7 (vs peers) | 38% |
| Net margin · Quality | 0.6% | 23 (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 | 2.2x | 10 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.4x | 53 (on a fixed band) | 15% |
| 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 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
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% |
| 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 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
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 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)
- Annual report 202204 May 2023
Sources
- [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.