olivLaw · European equity research
DataWalk S.A. DAT.WA
Poland · GPW Warszawa · ISIN PLPILAB00012 · Vertical: Listed companies from Poland
DataWalk is a Polish enterprise software developer offering a platform for connecting, analysing and searching large data sets (Big Data), sold largely through remote access channels. The annual report for 2022 describes a company that capitalises its development costs and depends on its own technology, which makes financing conditions and the geopolitical conflict described by management relevant to investors.
At the close of 05 Nov 2026, DataWalk S.A. (DAT.WA) stock was 75.00 PLN (−9.31% on the day), with market capitalisation 372.7 m PLN, beta 0.38, 52-week range 75.00–175.00 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)
- 17.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 83.79 – 125.30
- below the lower band · %B -0.21 · band width 39.7%
- SMA 50 / 200
- 113.62 / 131.12
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -7.85 / -5.33
- 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 | −37.0% | −0.6% | −36.3 pp | — |
| 3 months | −43.8% | −4.2% | −39.6 pp | — |
| 6 months | −40.9% | +4.3% | −45.2 pp | — |
| Year to date | −27.3% | +7.5% | −34.8 pp | — |
| 1 year | −14.9% | +9.9% | −24.8 pp | +7.1% |
| 3 years | +86.3% | +49.8% | +36.5 pp | +3.3% |
| 5 years | −69.3% | +42.8% | −112.1 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.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 15.7 m | 30.8 m | 33.4 m |
| Revenue YoY | unavailable | +95.8% | +8.3% |
| Net income | -6.3 m | -1.6 m | -116.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.37 | -0.33 | -22.92 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -40.2% | -5.4% | -350.1% |
| Free cash flow | -621.0 k | -13.5 m | -20.3 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 57.6 m PLN
- Financial debt
- 719.0 k PLN
- Net debt
- -56.9 m PLN
- Equity
- 29.4 m PLN
- Total assets
- 110.6 m PLN
- Debt / equity
- 0.02x
- Current ratio
- 6.39x
- ROE
- -216.5%
- ROA
- -117.0%
- FCF margin
- -61.0%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 15.7 m | 30.8 m | 33.4 m | esef· 09 May 2023verified |
| Gross profit | -6.5 m | -6.6 m | -124.1 m | esef· 09 May 2023verified |
| Operating income | -6.2 m | -5.7 m | -129.5 m | esef· 09 May 2023verified |
| Depreciation & amortisation | 1.3 m | 2.6 m | 3.1 m | esef· 09 May 2023verified |
| EBITDA | -5.0 m ≈ | -3.1 m ≈ | -126.4 m ≈ | esef· 09 May 2023derived |
| Interest expense | 98.0 k | 55.0 k | 73.0 k | esef· 09 May 2023verified |
| Pre-tax income | -6.3 m | -5.2 m | -128.2 m | esef· 09 May 2023verified |
| Income tax | 47.0 k | -3.6 m | -11.5 m | esef· 09 May 2023verified |
| Net income | -6.3 m | -1.6 m | -116.7 m | esef· 09 May 2023verified |
| Diluted EPS | -1.37 | -0.33 | -22.92 | esef· 09 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 73.8 m | 51.7 m | 57.6 m | esef· 09 May 2023verified |
| Inventories | 0 | 0 | — | esef· 03 May 2022verified |
| Current assets | 79.9 m | 65.2 m | 73.1 m | esef· 09 May 2023verified |
| Property, plant & equipment, net | 301.0 k | 472.0 k | 486.0 k | esef· 09 May 2023verified |
| Goodwill | 390.0 k | 390.0 k | 0 | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 9.4 m | 15.5 m | 19.5 m | esef· 09 May 2023verified |
| Total assets | 91.2 m | 89.1 m | 110.6 m | esef· 09 May 2023verified |
| Long-term debt | 1.2 m | 622.0 k | 719.0 k | esef· 09 May 2023verified |
| Current liabilities | 9.5 m | 9.9 m | 11.4 m | esef· 09 May 2023verified |
| Equity | 79.8 m | 78.5 m | 29.4 m | esef· 09 May 2023verified |
| Shares outstanding at year end | 4.5 m | 4.8 m | 5.0 m | esef· 09 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -356.0 k | -13.3 m | -20.1 m | esef· 09 May 2023verified |
| Capex | 265.0 k | 289.0 k | 232.0 k | esef· 09 May 2023verified |
| Free cash flow | -621.0 k ≈ | -13.5 m ≈ | -20.3 m ≈ | esef· 09 May 2023derived |
| Investing cash flow | -812.0 k | -8.2 m | -11.4 m | esef· 09 May 2023verified |
| Financing cash flow | 65.9 m | -652.0 k | 37.4 m | esef· 09 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
- indicators available: 4 of at least 6
- score weight coverage: 25.0% 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: 372.7 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · 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: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -350.1% | 5 (vs peers) | 25% |
| 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 | -1,773.9x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 6.4x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.5% | 0 (on a fixed band) | 33% |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
DATAWALK SPÓŁKA AKCYJNA (DAT.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 33.4 m PLN in 2022; YoY growth 8.3%; net margin -350.1%; ROE -216.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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
- Current ratio: 6.4x
What contradicts it
- Net margin: -350.1%
- Interest coverage: -1,773.9x
- FCF yield: -5.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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% |
| 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% |
| DAT.WADatawalk Spółka Akcyjna | 372.7 m | — | -216.5% | -350.1% | +8.3% | −6% / +141% |
| 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 DAT.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
DataWalk is a Polish enterprise software developer offering a platform for connecting, analysing and searching large data sets (Big Data), sold largely through remote access channels. The annual report for 2022 describes a company that capitalises its development costs and depends on its own technology, which makes financing conditions and the geopolitical conflict described by management relevant to investors 1.
SWOT
Strengths
- A proprietary, internally developed platform with development costs capitalised under IFRS.
- A remote delivery model that allowed activity to continue during periods of restrictions.
- Management supports the going-concern assumption for at least twelve months from the balance sheet date.
Weaknesses
- Dependence on skilled staff, whose availability may be affected by the pandemic or mobilisation.
- Development activity is concentrated at the parent, which limits the flexibility of subsidiaries.
- The company has no supply chain of its own, which is not a weakness in itself but limits operational diversification.
Opportunities
- Growing data volumes could expand the market for the platform.
- Expanding the client base outside Poland could reduce dependence on a single market.
- Capitalising development costs could support the value of intangible assets if the product sells.
Threats
- The armed conflict in Ukraine and sanctions could affect the economy and the group's plans.
- The COVID-19 pandemic could continue to affect clients and the availability of staff.
- The need for new share issues could dilute existing shareholders.
Risks
- Going concernmedium
Management found no indication of a threat but stated that the assessment relies on cash flows and financing plans, which may be affected by unforeseen developments 1.
- Geopolitical riskmedium
The war in Ukraine and sanctions may affect the regional economy and the group's plans, although the company states it does not sell to clients in Russia, Belarus or Ukraine 1.
- Staff dependencehigh
Continuity of operations depends on employee availability, and mobilisation or restrictions could affect product development 1.
- Recoverability of capitalised costsmedium
Capitalised development assets could be impaired if the product does not generate the expected economic benefits, which would affect results 1.
- Dilution through share issueslow
If financing is raised through new shares, the stake of existing shareholders could decline 1.
Investment thesis
What would need to be true (bull case)
- If data volumes in organisations keep growing, the proprietary platform could win new clients and justify the capitalised development assets.
- The remote delivery model could allow faster expansion into other markets without large infrastructure costs.
- If sanctions and the war do not escalate, the impact on activity could remain limited, according to management's assessment.
What would break the thesis
- If the platform does not win sufficient sales, the capitalised intangible assets could require impairment.
- Dependence on skilled staff could limit the ability to meet client demand.
- If financing must come from new share issues, existing shareholders could bear dilution.
What to watch
- Trend in licence and implementation revenue2027
- Level of capitalised intangible assets and any impairmentsnext 10-K
- Financing plans and any share issues2027
- Development of the Ukraine conflict and sanctions on the regional economy2027
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
DataWalk S.A. is the parent of a group of companies that develop and sell an enterprise software platform designed for rapid linking, analysis and exploration of large and varied data sets 1. Research and development is carried out at the parent's seat in Poland, and subsidiaries should not recognise development assets on their own without consulting the parent 1. The product is largely delivered and sold through remote access channels, which reduces dependence on movement restrictions, according to management 1.
Segments
Big Data software platform
The main segment is the DataWalk enterprise platform, an intangible software asset developed in two stages, research and then development, and development costs may be capitalised if IAS 38 criteria are met 1. Amortisation is straight-line, over 3 to 5 years for completed development costs 1.
Licensing and services for clients
Revenue comes from licensing and implementing the platform for clients in Poland and abroad; the annual report does not break out a separate figure for this segment in the text provided 1.
Market context
The targeted market is advanced data analysis for large organisations, where the platform's value depends on its ability to process varied data in real time 1. Currency translation shows that part of operations is in dollars, with the average USD rate rising from 3.8757 to 4.4679 PLN between 2021 and 2022 for profit and loss transactions 1.
Trends
- Digitalisation and data volumestailwind
Growing data volumes in organisations support demand for analytics tools, which could support platform sales if clients extend their projects.
- Remote workmixed
The remote sales and delivery model allowed operations to continue during the pandemic, but makes the company dependent on the availability of skilled staff 1.
- Ukraine conflict and sanctionsheadwind
Management did not identify a significant impact but noted that the war and sanctions could affect the Polish economy and the group's plans if the situation worsens 1.
- Financing costs and share issuesmixed
Management mentioned it may seek additional funds through new share issues to support growth, which could dilute existing shareholders 1.
Competitive position
The annual report does not name specific competitors in the text provided. The Big Data analysis market includes large enterprise software and analytics vendors, and the company differentiates itself with its own platform for connecting and searching data 1.
- Global data analytics platform vendors
Competitors in this category are not named in the source provided, so no ticker is assigned.
- Business intelligence software providers
Companies in this category offer analytics tools but are not identified in the annual report.
- Enterprise systems integrators
Partners or competitors delivering data projects, not identified in the source.
- In-house data tool developers
Large clients may build their own tools, an alternative 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 202209 May 2023
- Annual report 202103 May 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / DataWalk 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.