olivLaw · European equity research
Betacom S.A. BCM.WA
Poland · GPW Warszawa · ISIN PLBTCOM00016 · Vertical: Listed companies from Poland
Betacom S.A. is a Polish software company headquartered in Warsaw, active in developing IT solutions through its group, which includes the subsidiary Control System Software. Its financial statements for fiscal 2024 show that a significant part of receipts depends on one major client, a point relevant to the group's stability.
At the close of 04 Nov 2026, Betacom S.A. (BCM.WA) stock was 5.04 PLN (+0.80% on the day), with market capitalisation 26.4 m PLN, P/E 17.4 on diluted EPS of 0.29 PLN over the last 12 months, dividend yield 4.56%, beta -0.02, 52-week range 4.44–6.25 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)
- 46.8
- neutral
- Bollinger (20, 2)
- 4.92 – 5.28
- in the lower half of the band · %B 0.34 · band width 7.1%
- SMA 50 / 200
- 5.13 / 5.10
- mixed trend
- MACD (12, 26, 9)
- -0.04 / -0.03
- 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 | −2.7% | +0.4% | −3.1 pp | — |
| 3 months | −2.7% | −3.3% | +0.6 pp | — |
| 6 months | −0.8% | +4.0% | −4.7 pp | — |
| Year to date | +7.2% | +8.1% | −0.9 pp | — |
| 1 year | +5.9% | +10.7% | −4.8 pp | +7.1% |
| 3 years | +5.0% | +50.1% | −45.1 pp | +3.8% |
| 5 years | +34.4% | +43.6% | −9.2 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 50 percentile of its own 2-quarter history (min 5.1, median 13.0, max 20.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 128.6 m | 145.8 m | 176.9 m |
| Revenue YoY | unavailable | +13.4% | +21.3% |
| Net income | 1.7 m | 64.0 k | 1.5 m |
| Net income YoY | unavailable | −96.1% | +2,273.4% |
| Diluted EPS | 0.84 | -0.44 | 0.29 |
| Diluted EPS YoY | unavailable | −152.4% | unavailable |
| net % | 1.3% | 0.0% | 0.9% |
| Free cash flow | -2.1 m | 7.5 m | 4.8 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Mar 2024
- Cash
- 5.2 m PLN
- Financial debt
- 0 PLN
- Net debt
- -5.2 m PLN
- Equity
- 20.1 m PLN
- Total assets
- 49.2 m PLN
- Debt / equity
- 0.00x
- Current ratio
- 1.36x
- ROE
- 7.6%
- ROA
- 3.1%
- FCF margin
- 2.7%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 128.6 m | 145.8 m | 176.9 m | esef· 04 Jul 2024verified |
| Cost of revenue | 115.0 m | 127.5 m | 154.8 m | esef· 04 Jul 2024verified |
| Gross profit | 13.6 m | 18.3 m | 22.1 m | esef· 04 Jul 2024verified |
| Operating income | 1.4 m | -467.0 k | 2.1 m | esef· 04 Jul 2024verified |
| Interest expense | 260.0 k | 511.0 k | 584.0 k | esef· 04 Jul 2024verified |
| Pre-tax income | 1.6 m | -718.0 k | 1.7 m | esef· 04 Jul 2024verified |
| Income tax | -62.0 k | 164.0 k | 512.0 k | esef· 04 Jul 2024verified |
| Net income | 1.7 m | 64.0 k | 1.5 m | esef· 04 Jul 2024verified |
| Diluted EPS | 0.84 | -0.44 | 0.29 | esef· 04 Jul 2024verified |
| Dividend per share | 0.00 | 0.36 | 0.23 | esef· 04 Jul 2024verified |
Balance sheet · PLN
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.3 m | 11.5 m | 5.2 m | esef· 04 Jul 2024verified |
| Receivables | 25.1 m | 18.2 m | 22.7 m | esef· 04 Jul 2024verified |
| Inventories | 769.0 k | 884.0 k | 1.4 m | esef· 04 Jul 2024verified |
| Current assets | 39.4 m | 32.9 m | 34.7 m | esef· 04 Jul 2024verified |
| Property, plant & equipment, net | 3.8 m | 3.2 m | 2.7 m | esef· 04 Jul 2024verified |
| Goodwill | 326.0 k | 326.0 k | 326.0 k | esef· 04 Jul 2024verified |
| Intangibles (excl. goodwill) | 6.8 m | 5.7 m | 8.6 m | esef· 04 Jul 2024verified |
| Total assets | 55.7 m | 47.3 m | 49.2 m | esef· 04 Jul 2024verified |
| Long-term debt | 238.0 k | 0 | 0 | esef· 04 Jul 2024verified |
| Current liabilities | 31.5 m | 22.6 m | 25.5 m | esef· 04 Jul 2024verified |
| Total liabilities | 34.2 m | 27.4 m | 29.1 m | esef· 04 Jul 2024verified |
| Equity | 21.5 m | 19.9 m | 20.1 m | esef· 04 Jul 2024verified |
| Shares outstanding at year end | 2.0 m | — | 5.2 m | esef· 04 Jul 2024derived |
Cash flow · PLN
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -1.2 m | 8.7 m | 5.3 m | esef· 04 Jul 2024verified |
| Capex | 827.0 k | 1.2 m | 512.0 k | esef· 04 Jul 2024verified |
| Free cash flow | -2.1 m ≈ | 7.5 m ≈ | 4.8 m ≈ | esef· 04 Jul 2024derived |
| Investing cash flow | -1.9 m | -1.7 m | -7.9 m | esef· 04 Jul 2024verified |
| Financing cash flow | 1.0 m | -4.8 m | -3.7 m | esef· 04 Jul 2024verified |
| Dividends paid | 0 | 727.0 k | 929.0 k | esef· 04 Jul 2024verified |
| Share repurchases | 0 | 0 | 0 | esef· 04 Jul 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
Score: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 26.4 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Balance sheet38
- Valuation68
- Quality53
- Returns70
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
Unattractive profile · Score 58/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.3% | 36 (vs peers) | 17% |
| Net margin · Quality | 0.9% | 33 (vs peers) | 10% |
| FCF conversion · Quality | 316.8% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.5x | 31 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.4x | 47 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 17.4x | 42 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 18.2% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.5% | 50 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 19.3% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality53/100 · 3/3 factors with a value
- Returns70/100 · 2/2 factors with a value
- Valuation68/100 · 2/3 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
BETACOM Spółka Akcyjna (BCM.WA). Latest full fiscal year: 2024; data up to 2024-03-31.
Figures computed from the financial statements: revenue 176.9 m PLN in 2024; YoY growth 21.3%; net margin 0.9%; ROE 8.0%.
The estimated value range is 2.26–5.86 PLN per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 3.23 PLN, the price of 5.04 PLN leaves a potential of -36.0% (value / price − 1) and a margin of safety of -56.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 58/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 316.8%
- FCF yield: 18.2%
- Payout ratio (FCF): 19.3%
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): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 BCM.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 | 3.29 Total return -31% · Per year -31% | 5.80 Total return 20% · Per year 20% | 8.69 Total return 79% · Per year 79% |
| 3 years | 3.91 Total return -9% · Per year -3% | 7.67 Total return 70% · Per year 19% | 12.52 Total return 171% · Per year 39% |
| 5 years | 4.63 Total return 16% · Per year 3% | 10.14 Total return 137% · Per year 19% | 18.03 Total return 305% · Per year 32% |
- Exit P/E± 1.92
- Net margin± 1.34
- Annual revenue growth± 1.00
- Annual dilution± 0.11
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
Betacom S.A. is a Polish software company headquartered in Warsaw, active in developing IT solutions through its group, which includes the subsidiary Control System Software. Its financial statements for fiscal 2024 show that a significant part of receipts depends on one major client, a point relevant to the group's stability.
SWOT
Strengths
- The group has a clear consolidated structure, with subsidiaries controlled wholly or by majority.
- Available liquidity and credit lines offer a margin of safety.
- Long-term contracts offer some visibility on future revenue.
Weaknesses
- Dependence on one major client exposes results to changes in that relationship.
- Activity is concentrated in one principal line of business and one main market.
- Currency exposure remains partial, since offsetting through subcontractors does not cover everything.
Opportunities
- Diversifying the client base could reduce dependence on a single partner.
- Extending the offering through specialised subsidiaries could open new segments.
- New contracts in the same category could strengthen the group's position.
Threats
- Changes in the relationship with the major client could significantly affect revenue.
- The geopolitical context and high inflation may raise costs and delay projects.
- Exchange rate fluctuations may affect results on unsettled transactions.
Risks
- Dependence on one major clienthigh
A single client represented a significant share of revenue, and losing or reducing this relationship could affect the group.
- Credit riskmedium
Late receipts can affect liquidity, although the group limits exposure through monthly settlements.
- Currency riskmedium
Transactions in euro and dollars can produce losses from exchange differences, only partly offset.
- Interest rate risklow
Bank financing is linked to WIBOR, so higher rates could increase costs.
- Operating contextmedium
The war in Ukraine and hyperinflation may affect costs and project timing.
Investment thesis
What would need to be true (bull case)
- The group has available liquidity and credit lines, which may give it operational stability.
- Long-term contracts may bring revenue visibility, if client relationships are maintained.
- The consolidated structure with controlled subsidiaries could ease expansion of the offering in the same line of business.
What would break the thesis
- Dependence on one major client could become a source of pressure on revenue.
- Currency exposure and the inflationary context could reduce margins if not fully offset.
- Lack of diversification across markets and clients could limit the group's capacity to absorb shocks.
What to watch
- Evolution of the relationship with the major client and its share of revenuenext annual report
- Level of liquidity and use of credit lines2025
- Evolution of exchange differences on euro and dollar transactions2025
- Impact of the geopolitical context and inflation on project costsnext 10-K
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
Betacom S.A. is the parent company of a group registered in Poland whose principal activity is software, per code 62.01.Z 1. The group includes Control System Software sp. z o.o., controlled at 51% 1, which in turn wholly owns Control System VIA MARE Sp. z o.o. 1. Both subsidiaries are fully consolidated 1.
The group runs contracts, some of them long-term, whose revenue is recognised according to the stage of completion, based on budgets updated at least at each balance sheet date 1. It reports under IFRS, with the Polish zloty as presentation currency 1.
The management structure includes a president of the management board and a vice-president, plus a supervisory board 1. The annual report for the year ended 31 March 2024 was approved on 28 June 2024 1.
Segments
Market context
The available sources do not offer an analysis of the size of the software market in Poland. The annual report focuses on the group's situation and risks, without market share data. Concentration of revenue in one major client is nonetheless a visible element 1.
The group's activity is expressed in a local currency, while part of its transactions is in euro and US dollars, exposing the company to exchange rate movements 1. The sources do not describe other market developments.
Trends
- Customer concentrationheadwind
A single client accounted for a large share of revenue in fiscal 2023, which makes the group vulnerable if that relationship changes 1.
- Liquidity and credit linestailwind
The group maintained cash and credit lines with several banks, which may support financing of operations under pressure 1.
- Exchange rate exposuremixed
Transactions in euro and dollars can generate exchange differences; the company partly offsets this through contracts with subcontractors in the same currency 1.
- Operating contextheadwind
The group continues to operate amid the war in Ukraine and hyperinflation, external factors that may affect costs and deadlines 1.
Competitive position
The sources do not explicitly identify the group's competitors. The company operates in the local Polish software market, where several IT solution providers exist, but these details are not described in the report analysed 1.
Any comparative advantage could stem from long-term contracts and client relationships, but the sources offer no data allowing a direct comparison with other providers 1.
- Local Polish software providers
Not identified in the sources analysed; no US listing can be confirmed.
- IT consulting firms
General category, with no names in the available sources.
- Project-based software developers
Possible competition on individual contracts, with no data in the source.
- Regional providers in Central Europe
Regional competition not detailed in the report analysed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202404 Jul 2024
- Annual report 202311 Jul 2023
Sources
- [1] Annual report, fiscal year ended 2024-03-31 (ESEF) · SEC / Betacom S.A. · 31 Mar 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.