olivLaw · European equity research
Cyfrowy Polsat S.A. CPS.WA
Poland · GPW Warszawa · ISIN PLCFRPT00013 · Vertical: Listed companies from Poland
Cyfrowy Polsat is a Polish group spanning media, telecommunications and digital services, whose perimeter widened considerably in 2022 through acquisitions in real estate, hotels and online commerce, amid an accelerated consolidation of the group's activities.
At the close of 05 Nov 2026, Cyfrowy Polsat S.A. (CPS.WA) stock was 12.55 PLN (−2.37% on the day), with market capitalisation 7.0 bn PLN, P/E 7.7 on diluted EPS of 1.62 PLN over the last 12 months, dividend yield 9.48%, beta 0.52, 52-week range 10.76–18.30 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)
- 27.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 11.95 – 20.53
- in the lower half of the band · %B 0.07 · band width 52.8%
- SMA 50 / 200
- 16.25 / 14.90
- mixed trend
- MACD (12, 26, 9)
- -1.03 / -0.43
- 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 | −24.8% | +0.4% | −25.1 pp | — |
| 3 months | −25.7% | −3.3% | −22.5 pp | — |
| 6 months | −21.7% | +4.0% | −25.7 pp | — |
| Year to date | +2.9% | +8.1% | −5.2 pp | — |
| 1 year | −2.2% | +10.7% | −12.9 pp | +7.1% |
| 3 years | −9.2% | +50.1% | −59.3 pp | +3.3% |
| 5 years | −64.4% | +43.6% | −108.0 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 5.0, median 7.9, max 10.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | 12.4 bn | 12.9 bn |
| Revenue YoY | unavailable | +3.8% |
| Net income | 4.4 bn | 900.0 m |
| Net income YoY | unavailable | −79.6% |
| Diluted EPS | 6.95 | 1.62 |
| Diluted EPS YoY | unavailable | −76.7% |
| net % | 35.4% | 7.0% |
| Free cash flow | 2.3 bn | 984.8 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 808.5 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 15.8 bn PLN
- Total assets
- 32.3 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 1.01x
- ROE
- 5.8%
- ROA
- 2.8%
- FCF margin
- 7.6%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 12.4 bn | 12.9 bn | esef· 10 May 2023verified |
| Operating income | 5.8 bn | 1.6 bn | esef· 10 May 2023verified |
| Pre-tax income | 5.7 bn | 1.1 bn | esef· 10 May 2023verified |
| Income tax | 1.3 bn | 209.2 m | esef· 10 May 2023verified |
| Net income | 4.4 bn | 900.0 m | esef· 10 May 2023verified |
| Diluted EPS | 6.95 | 1.62 | esef· 10 May 2023verified |
| Dividend per share | 1.87 | 1.19 | esef· 10 May 2023derived |
Balance sheet · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 3.6 bn | 808.5 m | esef· 10 May 2023verified |
| Receivables | 2.4 bn | 2.8 bn | esef· 10 May 2023verified |
| Inventories | 595.7 m | 1.2 bn | esef· 10 May 2023verified |
| Current assets | 8.1 bn | 6.4 bn | esef· 10 May 2023verified |
| Goodwill | 10.8 bn | 10.8 bn | esef· 10 May 2023verified |
| Total assets | 32.2 bn | 32.3 bn | esef· 10 May 2023verified |
| Current liabilities | 5.6 bn | 6.3 bn | esef· 10 May 2023verified |
| Total liabilities | 16.9 bn | 16.5 bn | esef· 10 May 2023verified |
| Equity | 15.4 bn | 15.8 bn | esef· 10 May 2023verified |
| Shares outstanding at year end | 634.4 m | 555.6 m | esef· 10 May 2023derived |
Cash flow · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 3.2 bn | 1.8 bn | esef· 10 May 2023verified |
| Capex | 924.1 m | 776.9 m | esef· 10 May 2023verified |
| Free cash flow | 2.3 bn ≈ | 984.8 m ≈ | esef· 10 May 2023derived |
| Investing cash flow | 4.3 bn | -1.9 bn | esef· 10 May 2023verified |
| Financing cash flow | -5.3 bn | -2.7 bn | esef· 10 May 2023verified |
| Dividends paid | 1.2 bn | 660.8 m | esef· 10 May 2023verified |
| Share repurchases | 2.5 bn | 393.9 m | esef· 10 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 weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.0 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
46% · 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: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.0% | 64 (vs peers) | 14% |
| FCF conversion · Quality | 109.4% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 7.7x | 68 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.1% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 15.1% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 67.1% | 76 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial18/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns90/100 · 2/2 factors with a value
- Valuation82/100 · 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
Cyfrowy Polsat Spółka Akcyjna (CPS.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 12.9 bn PLN in 2022; YoY growth 3.8%; net margin 7.0%; ROE 5.9%.
The estimated value range is 11.00–21.45 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 15.41 PLN, the price of 12.55 PLN leaves a potential of 22.8% (value / price − 1) and a margin of safety of 18.6% (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 (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 109.4%
- FCF yield: 14.1%
- Shareholder yield (distributions): 15.1%
- Payout ratio (FCF): 67.1%
What contradicts it
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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 | |
|---|---|---|---|---|---|---|
| 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% |
| CPS.WACyfrowy Polsat Spółka Akcyjna | 7.0 bn | 7.7 | 5.9% | 7.0% | +3.8% | +10% / −2% |
| 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 CPS.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 | 7.37 Total return -34% · Per year -34% | 13.03 Total return 14% · Per year 14% | 19.63 Total return 68% · Per year 68% |
| 3 years | 7.05 Total return -22% · Per year -8% | 14.03 Total return 42% · Per year 13% | 23.23 Total return 124% · Per year 31% |
| 5 years | 6.74 Total return -11% · Per year -2% | 15.11 Total return 73% · Per year 12% | 27.49 Total return 190% · Per year 24% |
- Exit P/E± 3.51
- Net margin± 2.46
- Annual revenue growth± 2.03
- Annual dilution± 0.21
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
Cyfrowy Polsat is a Polish group spanning media, telecommunications and digital services, whose perimeter widened considerably in 2022 through acquisitions in real estate, hotels and online commerce, amid an accelerated consolidation of the group's activities.
SWOT
Strengths
- The group has a diversified portfolio of entities across telecom, media, internet and real estate, which provides several sources of income 1.
- The 2022 acquisitions extended control over new assets, including Port Praski and Vindix 1.
- The legal structure is consolidated and subject to uniform accounting standards, IFRS as adopted in the EU 1.
Weaknesses
- The complexity of the group structure, with numerous entities and stakes, may make internal analysis and control harder 1.
- Many acquisitions and reorganisations within the same year make it difficult to compare results from one year to the next 1.
- Some stakes are minority holdings accounted for under the equity method, which limits control over those assets 1.
Opportunities
- Expansion into real estate and hotels could open new income sources if these activities develop 1.
- Integrating telecommunications with portals and digital services could support combined offers for customers 1.
- The legal reorganisation of some entities could yield administrative savings over the medium term 1.
Threats
- Obligations arising from put options could reduce financial flexibility if they are exercised 1.
- Economic conditions in Poland may affect demand across all segments, including real estate and hotels 1.
- Competition in telecom, media and online commerce could limit margins if the group does not maintain its position 1.
Risks
- Put option obligationshigh
Put options granted to minority holders may create obligations to repurchase at predetermined prices, which could require significant financial resources 1.
- Group complexitymedium
The large number of entities and stakes may hide operational and reporting risks that are hard to track without further detail 1.
- Acquisitions and integrationmedium
Integrating entities acquired during the year, such as Port Praski and Vindix, may delay the expected synergies 1.
- Exposure to real estatemedium
The construction projects of the Port Praski group could be hit by unfavourable property cycles, which would put pressure on results 1.
- Dependence on economic conditionslow
The financial statements are prepared on a going-concern assumption, and an economic deterioration could affect this assumption 1.
Investment thesis
What would need to be true (bull case)
- If diversification into real estate and hotels proves profitable, the group could reduce its dependence on telecom and media.
- Integration of telecom, media and internet could produce combined offers that raise customer loyalty.
- The legal reorganisation of 2022 and 2023 could bring administrative efficiencies over the medium term.
What would break the thesis
- If put options are exercised, the financial obligations could limit the group's capacity to invest in other projects.
- The complexity of the structure and the large number of acquisitions could make it harder to assess the real performance of each segment.
- Competition in the sectors where the group operates could squeeze margins, especially if demand falls.
What to watch
- Evolution of put option obligations granted to minority holders2023
- Contribution of the real estate and hotel segment to group results2023
- Effects of mergers and legal transformations on administrative costs2023
- Integration of the 2022 acquisitions, including Port Praski and Vindixnext 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
According to the annual report for the year ended 31 December 2022, Grupa Kapitałowa Cyfrowy Polsat S.A. includes a broad network of controlled entities, among them Enterpol Sp. z o.o., active in telecommunications services, Oktawave S.A., active in managing websites, and Antyweb Sp. z o.o., active in internet portals 1. In 2022 the group extended its consolidation perimeter through the acquisition of Port Praski Sp. z o.o. on 1 April 2022, an acquisition that gave it control over construction project companies and a hotel 1. The group also holds interests accounted for using the equity method, including Vindix S.A. and Asseco Poland S.A. 1. The structure was also reorganised through mergers, such as the registration on 1 February 2022 of the merger of Netia S.A. with its subsidiary IST Sp. z o.o. 1.
The group's core activity, reflected in the names and business objects of its entities, combines telecommunications, audiovisual media, internet portals and digital services. The entities listed in the report have objects of activity including, among others, telecommunications services, production of films, video recordings and television programmes, and internet portals 1. Diversification towards real estate and hotels, visible through the Port Praski and Laris entities, shows an expansion beyond the core media and telecom business 1.
Structurally, the consolidated report covers companies controlled fully or by majority, such as Enterpol Sp. z o.o. and Oktawave S.A., which appear with a 100% stake in the entity table 1. The 2022 acquisitions, including Vindix S.A., Modivo S.A. and Antyweb Sp. z o.o., changed the group's composition during the year, and the report records them as separate events 1.
Segments
Telecommunications (Netia and Polkomtel)
Telecommunications activities are reflected in the report through entities such as Enterpol Sp. z o.o., acquired by Netia S.A. on 7 June 2022, and through the mergers and transfers within Netia and Polkomtel during 2022 1.
Media and internet
The media and internet segment includes Polsat Media Sp. z o.o., Interia.pl Sp. z o.o., Oktawave S.A. and Antyweb Sp. z o.o.; the report records their legal transformations in January 2023 and the acquisition of Antyweb by the Interia.pl group on 26 September 2022 1.
Real estate and hotels
A new segment, visible in 2022, comprises entities from the Port Praski and Laris groups, active in construction projects, property rental and hotels, as well as the Verano health centre in Kołobrzeg 1.
Market context
The annual report does not provide market data on the size or growth of the Polish telecommunications, media or online commerce markets, so a quantitative analysis of the group's position cannot be made from this document alone 1. The structure of the entities nonetheless shows that the group operates simultaneously in several markets, from telecom and media to real estate and hotels, which may offer diversification but also exposure to different economic cycles 1.
The accounting framework is IFRS as adopted in the EU, and the financial statements were prepared on a going-concern basis for at least 12 months from 31 December 2022 1. This means future market results depend on economic conditions in Poland, an aspect the document flags only in general terms 1.
Trends
- Consolidation through acquisitionsmixed
The group continued to extend its perimeter through acquisitions in 2022, including Port Praski, Vindix and Modivo, which could support revenue growth but also complicates comparability between periods 1.
- Diversification into real estatetailwind
Entry into construction projects and hotels through Port Praski and Laris indicates an expansion of activity beyond telecom and media, which could reduce dependence on a single segment 1.
- Legal reorganisation of entitiestailwind
The January 2023 transformations of Polsat Media and Interia.pl and the 2022 mergers point to a simplified legal structure, with possible effects on administrative efficiency 1.
- Pressure on the capital structureheadwind
Put options granted to holders of non-controlling interests create consolidated financial obligations, and if these are exercised they could affect the group's liquidity 1.
Competitive position
The report does not explicitly name the group's competitors, but the entities presented suggest rivalry with telecommunications, media and internet portal operators, as well as with real estate developers and hotel chains 1.
The group's competitive position depends on integrating assets across different sectors; the stakes in Asseco Poland S.A. and Modivo S.A. show that the group also collaborates with or invests in companies outside its controlled perimeter 1.
- Asseco Poland S.A.
Software company in which the group holds a 22.95% stake, accounted for under the equity method 1.
- Modivo S.A.
Retail company, formerly eObuwie.pl, in which the group held a stake that was later partly sold 1.
- Vindix S.A.
Financial company fully controlled by the group after the January 2022 acquisition 1.
- Pollytag S.A.
Company trading in timber and construction materials, in which the group holds indirect stakes 1.
News & filings
In the press
- Cyfrowy Polsat Pledges to Resume Dividends, Cut Debt in Strategic ResetBloomberg Markets · 29 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202210 May 2023
- Annual report 202210 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Cyfrowy Polsat 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.