olivLaw · European equity research
BENEFIT SYSTEMS SPÓŁKA AKCYJNA BFT.WA
Poland · GPW Warszawa · ISIN PLBNFTS00018 · Vertical: Listed companies from Poland
Benefit Systems, a Polish company, consolidates in its 2022 annual report a group operating under a parent company and subsidiaries, with segments by product line and by geography, Poland and abroad. The report shows the group applying consolidated IFRS in PLN and that several standard amendments take effect from 2023 and 2024 without significant impact on the financial statements.
At the close of 04 Nov 2026, BENEFIT SYSTEMS SPÓŁKA AKCYJNA (BFT.WA) stock was 6,165.00 PLN (+4.49% on the day), with market capitalisation 18.1 bn PLN, P/E 130.9 on diluted EPS of 47.08 PLN over the last 12 months, dividend yield 0.00%, beta 0.62, 52-week range 3,000.00–6,165.00 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)
- 73.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 5,254.34 – 6,251.66
- in the upper half of the band · %B 0.91 · band width 17.3%
- SMA 50 / 200
- 5,407.50 / 4,634.43
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 192.96 / 178.00
- 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.9% | +0.4% | +20.5 pp | — |
| 3 months | +12.8% | −3.3% | +16.1 pp | — |
| 6 months | +49.3% | +4.0% | +45.4 pp | — |
| Year to date | +75.6% | +8.1% | +67.5 pp | — |
| 1 year | +97.6% | +10.7% | +86.9 pp | +6.3% |
| 3 years | +261.6% | +50.1% | +211.5 pp | +3.0% |
| 5 years | +626.1% | +43.6% | +582.5 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 1-quarter history (min 15.8, median 15.8, max 15.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 1.0 bn | 954.9 m | 1.9 bn |
| Revenue YoY | unavailable | −7.6% | +99.9% |
| Net income | -100.0 m | -25.1 m | 138.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -36.07 | -8.82 | 47.08 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -9.7% | -2.6% | 7.2% |
| Free cash flow | 189.6 m | 203.8 m | 363.9 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 218.3 m PLN
- Financial debt
- 60.6 m PLN
- Net debt
- -157.8 m PLN
- Equity
- 725.4 m PLN
- Total assets
- 2.2 bn PLN
- Debt / equity
- 0.08x
- Current ratio
- 0.76x
- ROE
- 20.8%
- ROA
- 6.3%
- FCF margin
- 19.1%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.0 bn | 954.9 m | 1.9 bn | esef· 02 May 2023verified |
| Cost of revenue | 815.2 m | 774.0 m | 1.4 bn | esef· 02 May 2023verified |
| Gross profit | 218.5 m | 180.9 m | 517.1 m | esef· 02 May 2023verified |
| Operating income | -3.4 m | -4.0 m | 212.8 m | esef· 02 May 2023verified |
| Interest expense | 63.8 m | 22.0 m | 35.4 m | esef· 02 May 2023verified |
| Pre-tax income | -90.6 m | -17.1 m | 176.6 m | esef· 02 May 2023verified |
| Income tax | 8.1 m | 6.7 m | 37.5 m | esef· 02 May 2023verified |
| Net income | -100.0 m | -25.1 m | 138.1 m | esef· 02 May 2023verified |
| Diluted EPS | -36.07 | -8.82 | 47.08 | esef· 02 May 2023verified |
| Dividend per share | 0.28 | 0.61 | 0.12 | esef· 02 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 223.8 m | 253.0 m | 218.3 m | esef· 02 May 2023verified |
| Receivables | 183.8 m | 193.4 m | 236.8 m | esef· 02 May 2023verified |
| Inventories | 4.1 m | 4.4 m | 6.5 m | esef· 02 May 2023verified |
| Current assets | 423.5 m | 452.8 m | 466.3 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 333.7 m | 327.3 m | 294.4 m | esef· 02 May 2023verified |
| Goodwill | 363.3 m | 446.4 m | 460.6 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 73.0 m | 101.3 m | 129.0 m | esef· 02 May 2023verified |
| Total assets | 2.0 bn | 2.2 bn | 2.2 bn | esef· 02 May 2023verified |
| Long-term debt | 188.1 m | 91.4 m | 60.6 m | esef· 02 May 2023verified |
| Current liabilities | 551.9 m | 684.3 m | 611.6 m | esef· 02 May 2023verified |
| Total liabilities | 1.5 bn | 1.6 bn | 1.5 bn | esef· 02 May 2023verified |
| Equity | 523.0 m | 601.7 m | 725.4 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 2.7 m | 2.8 m | 2.9 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 222.1 m | 240.6 m | 439.7 m | esef· 02 May 2023verified |
| Capex | 32.6 m | 36.8 m | 75.7 m | esef· 02 May 2023verified |
| Free cash flow | 189.6 m ≈ | 203.8 m ≈ | 363.9 m ≈ | esef· 02 May 2023derived |
| Investing cash flow | -34.2 m | -125.7 m | -155.1 m | esef· 02 May 2023verified |
| Financing cash flow | -36.2 m | -85.6 m | -319.3 m | esef· 02 May 2023verified |
| Dividends paid | 770.0 k | 1.7 m | 345.0 k | esef· 02 May 2023verified |
≈ 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: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 18.1 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Balance sheet42
- Valuation11
- Quality85
- Returns40
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
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 33.3% | 86 (vs peers) | 17% |
| Net margin · Quality | 7.2% | 69 (vs peers) | 10% |
| FCF conversion · Quality | 263.5% | 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 | 6.0x | 69 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 130.9x | 0 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.0% | 25 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 0.1% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet42/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality85/100 · 3/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation11/100 · 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
BENEFIT SYSTEMS SPÓŁKA AKCYJNA (BFT.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.9 bn PLN in 2022; YoY growth 99.9%; net margin 7.2%; ROE 20.8%.
The estimated value range is 1,004.47–1,588.79 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1,236.56 PLN, the price of 6,165.00 PLN leaves a potential of -79.9% (value / price − 1) and a margin of safety of -398.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral 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
- ROIC: 33.3%
- FCF conversion: 263.5%
- Payout ratio (FCF): 0.1%
What contradicts it
- Current ratio: 0.8x
- P/E (TTM): 130.9x
- FCF yield: 2.0%
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
- The valuation methods diverge
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 BFT.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 | 4,028.61 Total return -35% · Per year -35% | 7,089.75 Total return 15% · Per year 15% | 10,634.62 Total return 73% · Per year 73% |
| 3 years | 4,778.57 Total return -22% · Per year -8% | 9,376.19 Total return 52% · Per year 15% | 15,313.86 Total return 148% · Per year 35% |
| 5 years | 5,668.14 Total return -8% · Per year -2% | 12,400.02 Total return 101% · Per year 15% | 22,051.96 Total return 258% · Per year 29% |
- Exit P/E± 2,344.05
- Net margin± 1,640.83
- Annual revenue growth± 1,223.75
- Annual dilution± 137.88
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
Benefit Systems, a Polish company, consolidates in its 2022 annual report a group operating under a parent company and subsidiaries, with segments by product line and by geography, Poland and abroad. The report shows the group applying consolidated IFRS in PLN and that several standard amendments take effect from 2023 and 2024 without significant impact on the financial statements.
SWOT
Strengths
- A clear reporting structure with segments defined by product line and geographic area, allowing separate tracking of performance.
- Consistent accounting policies already applied by the group to several amended standards, which reduces the risk of major adjustments.
- Performance measured through EBITDA and operating profit gives management coherent internal indicators.
Weaknesses
- The report does not give detailed revenue by segment, which limits independent analysis.
- Differences between internal segment measurement and consolidated principles complicate direct comparison.
- Put options on minority shares can create future obligations that are hard to estimate.
Opportunities
- If activity abroad grows, the Abroad segment could become an additional growth driver.
- Internal software development, recognized as an asset when criteria are met, could support new products.
- Acquisitions accounted for under the acquisition method could expand the service portfolio.
Threats
- Changes to accounting standards could alter how liabilities and lease liabilities are presented.
- The EU deferral of the MSSF 10 and MSR 28 amendments leaves uncertainty over the treatment of transactions with associates.
- Exchange rate movements could affect results of foreign entities if adjustments become significant.
Risks
- Put options held by minority shareholdersmedium
If the exercise price depends on subsidiary results, the obligation could vary considerably and affect equity.
- Exchange rate against the zlotymedium
Entities outside Poland translate results into PLN, and exchange differences accumulate in other comprehensive income.
- Goodwillmedium
Goodwill is not amortized and is tested annually for impairment, so a negative revision could lead to significant losses.
- Concentration on two segmentslow
Reporting across two geographic areas means problems in one segment could have a visible effect on the whole group.
- Application of new standardslow
Some amendments are not yet endorsed by the EU, which could change the timing or form of their application.
Investment thesis
What would need to be true (bull case)
- If the group keeps applying consistent policies, its reporting could remain predictable for investors.
- The limited impact of the standard amendments described in the report suggests a transition without major adjustments.
- The segment structure offers a useful framework for tracking the performance of each area.
What would break the thesis
- The lack of segment revenue detail could make independent assessment of growth difficult.
- Minority put options could generate unforeseen obligations if subsidiary results decline.
- The EU deferral of some amendments may keep uncertainty over the treatment of transactions with associates.
What to watch
- Application of the MSR 1 amendments on liability classification2024
- Development of the Abroad segment and lease liabilitiesnext 10-K
- Impairment test of goodwill2023
- EU endorsement of the MSSF 10 and MSR 28 amendments2024
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 Benefit Systems group is structured as a parent company with fully consolidated subsidiaries, and the source states explicitly that the parent's management tracks segment results at operating profit and EBITDA level. The 2022 annual report describes product lines that represent the main services and products supplied by the group, each managed separately.
The consolidation policy requires full elimination of intragroup balances and transactions, and non-controlling interests are presented separately in equity. Acquisitions are accounted for under the acquisition method with goodwill recognized, and put and call options on minority shareholders' shares are treated according to whether the exercise price is fixed or formula-based.
The group also holds interests in associates accounted for under the equity method and recognizes internally developed software as intangible assets only when the MSR 38 criteria are met. Both presentation and functional currency is the Polish zloty (PLN).
Segments
Poland segment
The Poland segment is one of the two geographic reporting areas of the group, and costs of the incentive programme for key management personnel in this segment are presented within other activities and reconciliations.
Abroad segment
The Abroad segment covers activities outside Poland, and the measurement of lease liabilities for this segment is presented within other activities, which may make comparisons between segments harder without adjustments.
Market context
The available source is the 2022 annual report and contains no data on the size of the employee benefits market or the group's market share. The market analysis remains limited to the segment structure and the applicable accounting framework.
EU accounting rules, such as the amendments to MSR 1 and IFRS 16, could influence how the group classifies liabilities and lease liabilities, especially if lease contract volumes grow in later years.
Trends
- Classification of short- and long-term liabilitiesmixed
The MSR 1 amendments clarify that classification depends on rights existing at the balance sheet date. The group already applies these principles, so the impact is limited, but the rule sets a clear line for assessing liabilities.
- Sale and leaseback transactionsmixed
The IFRS 16 amendments require subsequent measurement of lease liabilities arising from sale and leaseback transactions without recognizing any gain or loss. The group has no such transactions, so the effect for fiscal 2022 is nil.
- Transactions with associatesmixed
The IFRS 10 and MSR 28 amendments limit partial gain recognition on asset sales to associates where the asset is not a business. The change has been deferred by the EU, and the group has not carried out such transactions so far.
- Deferred tax on single transactionstailwind
The MSR 12 amendments clarify recognition of deferred tax on assets and liabilities arising from a single transaction, which may reduce uncertainty at initial recognition. The source describes the impact on the group as not significant.
Competitive position
The source provided does not identify the group's competitors and does not describe its competitive position in the market. Positioning against other operators cannot be assessed from this accounting document.
A competition analysis would require other sources, such as periodic reports or investor presentations, which are not part of the reference material.
- Competitors not named in source
The 2022 annual report names no competitors, so no ticker symbols can be attributed.
- Employee benefits operators in Poland
Identifying direct competitors requires sources external to the group and cannot be done from the accounting report alone.
- Service providers abroad
The Abroad segment implies presence in other markets, but the source does not name competitors there.
- Associated entities of the group
Equity-accounted interests are not direct competitors, and the source does not detail their activities.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202202 May 2023
- Annual report 202121 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / BENEFIT SYSTEMS SPÓŁKA AKCYJNA · 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.