olivLaw · European equity research
IPOPEMA Securities S.A. IPE.WA
Poland · GPW Warszawa · ISIN PLIPOPM00011 · Vertical: Listed companies from Poland
IPOPEMA Securities S.A. is a brokerage and investment bank on the Polish market, active in brokerage, investment banking, fund management through its subsidiary IPOPEMA TFI and advisory, with a focus on institutional clients and individual investors. The annual report for 2022 shows a four-entity group structure, which allows income to be diversified beyond brokerage activity.
At the close of 05 Nov 2026, IPOPEMA Securities S.A. (IPE.WA) stock was 8.46 PLN (−1.63% on the day), with market capitalisation 246.9 m PLN, P/E 44.5 on diluted EPS of 0.19 PLN over the last 12 months, beta 0.34, 52-week range 3.12–10.00 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)
- 42.8
- weak (30–45)
- Bollinger (20, 2)
- 8.28 – 8.88
- in the lower half of the band · %B 0.30 · band width 7.0%
- SMA 50 / 200
- 8.94 / 6.99
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.12
- 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 | −5.8% | −0.6% | −5.1 pp | — |
| 3 months | +0.7% | −4.2% | +4.9 pp | — |
| 6 months | +27.0% | +4.3% | +22.7 pp | — |
| Year to date | +111.5% | +7.5% | +104.0 pp | — |
| 1 year | +164.4% | +9.9% | +154.5 pp | +7.1% |
| 3 years | +156.4% | +49.8% | +106.5 pp | +3.3% |
| 5 years | +127.4% | +42.8% | +84.6 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 3-quarter history (min 4.4, median 7.4, max 10.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 258.0 m | 256.4 m | 260.1 m |
| Revenue YoY | unavailable | −0.6% | +1.4% |
| Net income | 29.7 m | 13.1 m | 5.5 m |
| Net income YoY | unavailable | −55.8% | −57.7% |
| Diluted EPS | 0.99 | 0.44 | 0.19 |
| Diluted EPS YoY | unavailable | −55.6% | −56.8% |
| net % | 11.5% | 5.1% | 2.1% |
| Free cash flow | 246.0 m | -146.8 m | 45.0 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 163.5 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 112.7 m PLN
- Total assets
- 379.7 m PLN
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 4.8%
- ROA
- 1.4%
- FCF margin
- 17.3%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 258.0 m | 256.4 m | 260.1 m | esef· 09 May 2023verified |
| Operating income | 37.6 m | 18.5 m | 5.7 m | esef· 09 May 2023verified |
| Interest expense | 1.4 m | 2.7 m | 2.4 m | esef· 09 May 2023verified |
| Pre-tax income | 37.9 m | 16.5 m | 7.8 m | esef· 09 May 2023verified |
| Income tax | 7.7 m | 3.1 m | 1.7 m | esef· 09 May 2023verified |
| Net income | 29.7 m | 13.1 m | 5.5 m | esef· 09 May 2023verified |
| Diluted EPS | 0.99 | 0.44 | 0.19 | esef· 09 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 313.2 m | 146.7 m | 163.5 m | esef· 09 May 2023verified |
| Property, plant & equipment, net | 2.4 m | 2.0 m | 1.4 m | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 1.6 m | 1.6 m | 2.8 m | esef· 09 May 2023verified |
| Total assets | 589.1 m | 420.9 m | 379.7 m | esef· 09 May 2023verified |
| Total liabilities | 475.1 m | 304.7 m | 267.0 m | esef· 09 May 2023verified |
| Equity | 114.0 m | 116.2 m | 112.7 m | esef· 09 May 2023verified |
| Shares outstanding at year end | 30.0 m | 29.8 m | 29.2 m | esef· 09 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 247.6 m | -146.2 m | 45.4 m | esef· 09 May 2023verified |
| Capex | 1.6 m | 608.0 k | 389.0 k | esef· 09 May 2023verified |
| Free cash flow | 246.0 m ≈ | -146.8 m ≈ | 45.0 m ≈ | esef· 09 May 2023derived |
| Investing cash flow | -1.1 m | -1.1 m | -13.1 m | esef· 09 May 2023verified |
| Financing cash flow | 3.6 m | -19.1 m | -15.3 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: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 246.9 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · 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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.1% | 46 (vs peers) | 17% |
| FCF conversion · Quality | 811.1% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.4x | 13 (on a fixed band) | 17% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 44.5x | 11 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 18.2% | 100 (on a fixed band) | 22% |
| 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 sheet· partial13/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation50/100 · 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
IPOPEMA Securities S.A. (IPE.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 260.1 m PLN in 2022; YoY growth 1.4%; net margin 2.1%; ROE 5.1%.
The estimated value range is 1.21–3.34 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.10 PLN, the price of 8.46 PLN leaves a potential of -75.2% (value / price − 1) and a margin of safety of -302.5% (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 (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 811.1%
- FCF yield: 18.2%
What contradicts it
- Interest coverage: 2.4x
- P/E (TTM): 44.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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% |
| 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% |
| IPE.WAIPOPEMA Securities S.A. | 246.9 m | 44.5 | 5.1% | 2.1% | +1.4% | +166% / +134% |
| 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 IPE.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 | 4.85 Total return -43% · Per year -43% | 8.58 Total return 1% · Per year 1% | 12.94 Total return 53% · Per year 53% |
| 3 years | 4.42 Total return -48% · Per year -19% | 8.83 Total return 4% · Per year 1% | 14.66 Total return 73% · Per year 20% |
| 5 years | 4.03 Total return -52% · Per year -14% | 9.08 Total return 7% · Per year 1% | 16.60 Total return 96% · Per year 14% |
- Exit P/E± 2.21
- Net margin± 1.54
- Annual revenue growth± 1.31
- Annual dilution± 0.13
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
IPOPEMA Securities S.A. is a brokerage and investment bank on the Polish market, active in brokerage, investment banking, fund management through its subsidiary IPOPEMA TFI and advisory, with a focus on institutional clients and individual investors. The annual report for 2022 shows a four-entity group structure, which allows income to be diversified beyond brokerage activity.
SWOT
Strengths
- The group has a diversified structure with brokerage, investment banking, fund management and advisory services, which reduces dependence on a single income stream 1.
- Relationships with institutional investors and listed issuers provide a stable client base for public offerings and buy-back programmes 1.
- The analyst team covers a large number of companies, and this capacity supports brokerage and investment banking activity 1.
Weaknesses
- Investment banking income is sensitive to the cycle of public offerings and capital transactions, which can lead to fluctuations in results 1.
- The multi-entity structure, with some entities not consolidated for reasons of immateriality, makes a full assessment of each activity's performance harder 1.
- Dependence on a few business lines may limit the company's ability to quickly offset a fall in transaction volumes 1.
Opportunities
- Expanding depositary and register services could create recurring income if the funds under administration grow 1.
- Offering investment products to individual clients could widen the brokerage client base 1.
- Restructuring advisory and infrastructure project financing could become an additional source of mandates 1.
Risks
- Dependence on the capital market cyclehigh
Income from public offerings and M&A transactions could fall if market activity slows, and this dependence can affect results from one year to the next 1.
- Concentration of activitymedium
The group depends on a few main business lines, and a simultaneous weakening of these could have a visible effect on total income 1.
- Regulatory riskmedium
Brokerage and fund management activities are subject to strict regulatory requirements, and changes to them could impose additional costs 1.
- Development risk of new entitiesmedium
Companies newly established or acquired in 2022 need time and investment before making a significant contribution to group results, which can delay expected benefits 1.
- Accounting presentation risklow
New IFRS standards applied from 2023 may change how results and liabilities are presented, which could make comparison with earlier periods harder 1.
Investment thesis
What would need to be true (bull case)
- If public offerings and capital transactions recover, investment banking could quickly generate significant income, supported by existing relationships with issuers 1.
- Expanding depositary and register services could turn part of the income into recurring amounts as the funds under management grow 1.
- The diversified group structure could offset declines in one segment with performance in another, especially if individual client volumes grow 1.
What would break the thesis
- If public offering volumes remain low, investment banking income could stay below expectations, putting pressure on results 1.
- Newly acquired or established entities could require investment before contributing, which could reduce profitability in the short term 1.
- Competition from large banks and international houses could limit winning major mandates and could force fee reductions 1.
What to watch
- Trend in public offering volumes and investment banking mandates2027
- Growth of assets managed by IPOPEMA TFI and the contribution of depositary services2027
- Effects of IFRS 17 and the IAS 1 amendments on how results are presented2027
- Contribution of entities acquired or established in 2022 to group incomenext 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
The IPOPEMA Group specialises in brokerage and company analysis services, investment banking services, distribution of investment products and investment advisory aimed at individual investors 1. The parent controls IPOPEMA Towarzystwo Funduszy Inwestycyjnych S.A., which manages closed and open funds, and IPOPEMA Business Consulting Sp. z o.o., held at 50.02% 1. The group also includes IPOPEMA Financial Advisory, active in financial restructuring advisory and financing of infrastructure projects 1.
In investment banking, the company coordinates public share offerings, mergers and acquisitions, management buyouts and buy-back programmes for issuers listed on the GPW 1. Clients include both international financial institutions and major domestic institutional investors, including open pension funds, fund management companies and insurers, as well as individual clients 1.
The legal structure of the group was extended in 2022: in March 2022 a joint-stock company was set up to provide depositary services for closed-end funds, and in September 2022 IPOPEMA TFI acquired a company that keeps the register of fund participants 1. These changes point to a move towards services both upstream and downstream of fund administration.
Segments
Brokerage and analysis
The brokerage business provides intermediation in securities trading on the secondary market and intermediation in debt instruments outside the regulated market, supported by a team of analysts who produce reports on dozens of listed companies 1.
Investment banking
This segment covers preparation and execution of capital market transactions in shares, corporate bonds and hybrid instruments, with a focus on public share offerings, mergers and acquisitions and financing from private equity funds 1.
Fund management (IPOPEMA TFI)
The wholly owned subsidiary creates and manages closed funds for wealthy clients, open funds for the broader public and securitisation funds, and also offers individual portfolio management for institutional clients 1.
Market context
The annual report does not describe the size of the Polish capital market in detail, so the market analysis remains limited to the structure of the company's activity, which relies on the GPW secondary market, public offerings and institutional clients 1. The group is classified on the GPW under other finance 1.
The company's activity depends on the volume of public offerings, mergers and acquisitions transactions and inflows into pension and investment funds, factors that can evolve differently depending on market conditions, and the annual report does not offer quantitative forecasts 1.
Trends
- Consolidation of fund servicestailwind
The creation of a depositary company and the acquisition of a register entity show the group's intent to cover more stages of the fund administration chain, which could increase recurring income if the funds under administration expand 1.
- Revival of public offeringsmixed
Dependence on public offerings and capital transactions makes investment banking sensitive to the market cycle; if the number of issues falls, advisory income could be affected 1.
- Growing interest from individual investorsmixed
Expanding the range of investment products and advisory for individual clients could support brokerage volume, but it implies higher distribution and regulatory costs 1.
- Stricter reporting requirementsheadwind
New IFRS standards, such as IFRS 17 and amendments to IAS 1, will produce presentation effects for the company, mainly regarding the classification of liabilities and the information published 1.
Competitive position
The company competes with other brokerage houses and investment banks active on the GPW, as well as fund management companies, especially in public offering and transaction advisory segments 1. The annual report does not provide a full list of competitors, so this remains a general assessment.
The company's edge rests on relationships with institutional investors and its analyst team, but competition from large banks and international brokerage houses could limit market share gains, especially in high-value transactions 1.
- Polish brokerage houses and investment banks
Direct competitors in transaction intermediation and public offerings on the GPW; the annual report does not name them.
- Investment fund management companies
Competition for capital in open and closed funds managed by the subsidiary IPOPEMA TFI.
- International banks with investment banking divisions
Competition for M&A advisory mandates and high-value capital market transactions.
- Depositary and register service providers
Competition for the ancillary services the group expanded in 2022.
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 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / IPOPEMA Securities 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.